New insights into venture capitalists' activity: IPO and time-to-exit forecast as antecedents of their post-investment involvement

被引：23

作者：

Gerasymenko, Violetta ^{[1
]}

Arthurs, Jonathan D. ^{[2
]}

机构：

[1] INOVA Univ Nova Lisboa, Nova Sch Business & Econ, P-1099032 Lisbon, Portugal

[2] Oregon State Univ, Dept Strategy & Entrepreneurship, Coll Business, Corvallis, OR 97330 USA

来源：

JOURNAL OF BUSINESS VENTURING | 2014年 / 29卷 / 03期

关键词：

Venture capital; IPO exit; Forecast; Attention; Post-investment involvement; VALUATION PREMIUM; PERFORMANCE; FIRMS; FOUNDER; ENTREPRENEURS; ACQUISITIONS; PERCEPTION; EVOLUTION; ATTENTION; COGNITION;

D O I：

10.1016/j.jbusvent.2013.06.003

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We examine how VCFs' forecast of an IPO exit affects their breadth of advising and the likelihood of founder-CEO replacement shortly after they invest in a new venture. Moreover, we examine how the expected time-to-exit moderates these relationships. Our findings show that the likelihood of founder-CEO replacement upon receiving venture capital funding is significantly greater if a VCF perceives this company as a potential IPO as opposed to a trade sale, and this likelihood increases if the forecasted time-to-exit is short. We also illustrate how the breadth of advice varies as a function of the forecasted IPO and time-to-exit. (c) 2013 Elsevier Inc. All rights reserved.

引用

页码：405 / 420

页数：16