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

共 50 条

[41] HOW VENTURE CAPITAL FIRMS DIFFER
ELANGO, B
FRIED, VH
HISRICH, RD
POLONCHEK, A
[J]. JOURNAL OF BUSINESS VENTURING, 1995, 10 (02) : 157 - 179
[42] Venture Capital Investors and Portfolio Firms
Manigart, Sophie
Wright, Mike
[J]. FOUNDATIONS AND TRENDS IN ENTREPRENEURSHIP, 2013, 9 (4-5): : 365 - 570
[43] Capital Market Returns to New Product Development Success: Informational Effects on Product Market Advertising
Park, Kyung M.
Chintagunta, Pradeep K.
Suk, Inho
[J]. JOURNAL OF MARKETING RESEARCH, 2019, 56 (01) : 37 - 56
[44] Skills or networks? Success and fundraising determinants in a low performing venture capital market
Milosevic, Miona
[J]. RESEARCH POLICY, 2018, 47 (01) : 49 - 60
[45] Experienced entrepreneurial founders, organizational capital, and venture capital funding
Hsu, David H.
[J]. RESEARCH POLICY, 2007, 36 (05) : 722 - 741
[46] Entrepreneurial finance: Banks versus venture capital
Winton, Andrew
Yerramilli, Vijay
[J]. JOURNAL OF FINANCIAL ECONOMICS, 2008, 88 (01) : 51 - 79
[47] Corporate governance, product market competition and dynamic capital structure
Chang, Ya-Kai
Chen, Yu-Lun
Chou, Robin K.
Huang, Tai-Hsin
[J]. INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2015, 38 : 44 - 55
[48] How do capital markets influence product market competition?
Riordan, MH
[J]. REVIEW OF INDUSTRIAL ORGANIZATION, 2003, 23 (3-4) : 179 - 191
[49] Entrepreneurial Finance and Venture Capital Markets: Introduction
Cumming, Douglas
Suret, Jean-Marc
[J]. EUROPEAN FINANCIAL MANAGEMENT, 2011, 17 (03) : 420 - 422
[50] Entrepreneurial Strategies to Seek Venture Capital Funding
Jalalabadi, Faryan
Grome, Luke
Shahrestani, Navid
Izaddoost, Shayan A.
Reece, Edward M.
[J]. SEMINARS IN PLASTIC SURGERY, 2018, 32 (04) : 179 - 181

← 1 2 3 4 5 →