Product market competition, venture capital, and the success of entrepreneurial firms

被引：6

作者：

Cumming, Douglas J. ^{[1
,2
]}

Nguyen, Giang ^{[3
]}

Nguyen, My ^{[4
]}

机构：

[1] Florida Atlantic Univ, Coll Business, 777 Glades Rd, Boca Raton, FL 33431 USA

[2] Univ Birmingham, Birmingham Business Sch, Univ House,116 Edgbaston Pk Rd, Birmingham B15 2TY, W Midlands, England

[3] Waseda Univ, Fac Polit Sci & Econ, Shinjuku Ku, 1-6-1 Nishi Waseda, Tokyo 1698050, Japan

[4] RMIT Univ, Sch Econ Finance & Mkt, 124 La Trobe St, Melbourne, Vic 3000, Australia

来源：

JOURNAL OF BANKING & FINANCE | 2022年 / 144卷

关键词：

Product market competition; Monitoring; Venture capital staging; Success; CORPORATE GOVERNANCE; INVESTMENT; PERFORMANCE; EFFICIENCY; CHOICE; IMPACT; IPOS;

D O I：

10.1016/j.jbankfin.2022.106561

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We document a positive effect of product market competition (PMC) on venture capital (VC) staging. Employing large tariff rate reductions as an exogenous shock to PMC, we find that large tariff reductions lead to a greater likelihood of staged financing and a larger number of financing rounds. Cross-sectional analyses reveal that the effect is stronger for entrepreneurial firms that are younger, operate in hightech and manufacturing industries, or receive investments from less reputable and inexperienced VCs. Our findings are consistent with the notion that by mitigating business uncertainty and survival risk, VC staging acts as a complement to PMC for enhancing entrepreneurial firms' success. (c) 2022 Elsevier B.V. All rights reserved.

引用

页数：16

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