Who are the active investors? Evidence from venture capital

• 成果类型: Article
• 署名作者: Bottazzi, Laura; Da Rin, Marco; Hellmann, Thomas
• 署名单位: University of British Columbia; European Corporate Governance Institute; Tilburg University; Bocconi University; University of Bologna
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2007.09.003
• 发表日期: 2008
• 页码: 488-512
• 关键词: Financial intermediation; venture capital; Investor activism; human capital; corporate governance

摘要

This paper examines the determinants and consequences of investor activism in venture capital. Using a hand-collected sample of European venture capital deals, it shows the importance of human capital. Venture capital firms with partners that have prior business experience are more active recruiting managers and directors. helping with fundraising, and interacting more frequently with their portfolio companies. Independent venture capital firms are also more active than 'captive' (bank-, corporate-, or government-owned) firms. After controlling for endogeneity, investor activism is shown to be positively related to the success of portfolio companies. (C) 2008 Elsevier B.V. All rights reserved.