Venture capital ("VC") has built a solid reputation for spurring innovation and economic growth, thus emerging as a crown jewel of the U.S. economy since the 1980s. The development of the U.S. VC market has benefited from the enabling nature of U.S. (Delaware) corporate law, which allows parties...

Policymakers around the globe have sought to stimulate Venture Capital (VC) investments, and an extensive literature has inquired into the institutional determinants of a vibrant VC market, including corporate law. We contribute to that literature by exploring the significance of corporate law...

Venture capital ("VC") has built a solid reputation for spurring innovation and economic growth, thus emerging as a crown jewel of the U.S. economy since the 1980s. The development of the U.S. VC market has benefited from the enabling nature of U.S. (Delaware) corporate law, which allows parties...

Policymakers around the globe have sought to stimulate Venture Capital (VC) investments, and an extensive literature has inquired into the institutional determinants of a vibrant VC market, including corporate law. We contribute to that literature by exploring the significance of corporate law...

Private ordering enables investors to design firm-specific governance arrangements. Aided by specialized lawyers, sophisticated contracting parties can engage in complex private ordering exercises yielding agency cost-minimizing governance structures. Venture capital ('VC') contracting is a...

We examine the growing gender gap in venture capital funding, focusing on accelerator programs in the U.S. We collect a unique dataset with detailed information on accelerators and startups. Using a two-stage methodology, we first estimate a matching model between startups and accelerators, and...

Successful technology start-ups can be a significant driver of a country’s economic development and could transform entire industries with new technological innovations. For this reason, in research and practice, special attention is always paid to one particular type of start-up: a successful...

Startups face a trade-off between short-term profitability versus long-term growth where investors tolerate prolonged financial losses. We present a new theory and empirical evidence about the existence and shape of so-called J-curves. The theory predicts that investors facing better exit...

This research provides the first deep and empirical look into Brazil's increasing equity crowdfunding, or crowdinvest, market, and examines its peculiarities. It is a pioneering work dedicated to understanding which characteristics most impact the success of offers in the country, and whether...

The creation and scaling of startups are inherently linked to risk-taking, with various types of owners handling these risks differently. This paper investigates the influence of an active venture capital (VC) market on startups’ decisions regarding research and scaling. It outlines conditions...

We examine how investor-level tax incentives affect financing for start-ups using the introduction of a generous tax deduction for qualified angel and VC investment in China as a quasi-natural experiment. We find that the tax incentive increases funding for eligible start-ups, with stronger...

Objective: The objective of the article is to explore the investment decision criteria of venture capitalists (VCs) in the cellular agriculture industry, focusing particularly on the initial screening phase. It seeks to understand the relative importance of various criteria that VCs consider...

This article explores venture capital (VC) as a means and process of accumulating future social necessity. It explores the mechanisms of growth that make VC-backed firms distinct. I argue that a distinctive feature of surplus value capture through VC is valorization via socially necessary...

From 2010 to 2021, 639 US VC-funded firms achieved unicorn status. We investigate why there are so many unicorns and why controlling shareholders give investors privileges to obtain unicorn status. We show that unicorns rely more than other VC-funded firms on organizational capital as well as...

This article maps and verifies the dependence relation between risks faced by startup investors. Thus, a systematic review of 33 articles and a meta-analysis using the Apriori algorithm were used. We mapped 14 investment risks faced by startup investors, classifying them into four dimensions:...

In this paper we analyze how different types of venture capital investments - private, public and indirect public - affect performance of "cleantech" start-ups in Europe. We hand collected a unique dataset on the institutional setting (public/indirect/private) of almost 15000 investors in...

The working paper examines the role and development of the Central and Eastern European venture capital sector in the five years between 2016 and 2020. This period includes both the end of the recovery after the economic crisis in 2008 and the downturn due to the coronavirus crisis in 2019. A...

Objective: The objective of the article is to examine the role of foreign venture capital and foreign business angels in companies' early internationalization based on the example of Polish ICT start-ups. Research Design & Methods: We based the scientific argument on an analysis of the existing...

In this paper, we empirically examine the impact of venture capital investment on the dividend policy of the invested companies using a sample of list companies from China's ChiNext market during the period 2014 to 2019. Our empirical results show that different types of VC investments have...

As historical data are typically unavailable for a start-up, risk assessment is always complex and challenging. Traditional methods are incapable of capturing all facets of this complexity; therefore, more sophisticated tools are necessary. Using an expert-elicited Bayesian networks (BNs)...