Focusing on the role of government industrial funds in bridging the equity gap, in this paper, we examine how the establishment of government industrial funds (GIFs) affects enterprise innovation and the underlying mechanism of the guiding and synergistic effects on social capital. By conducting...

Accumulated entrepreneurial experience, as a form of human capital, plays a critical role in shaping current venture revenue. Building on insights from entrepreneurship and human capital theory, the study establishes a causal inverted U-shaped relationship between prior entrepreneurial...

Despite the growing role of business incubators in fostering digital startups in emerging economies, the mechanism through which business incubator characteristics, specifically relational capital and structural embeddedness, influence startup innovation performance remains underexplored,...

This study empirically investigates the determinants of financial success for startups engaged in impact versus conventional investment, performing a landscape analysis of the MENA region's financial ecosystem. Using the total equity funding amount (TEFA) as a performance proxy, we analyzed data...

Der Bericht analysiert Unternehmensdynamiken in Deutschland und im Speziellen hinsichtlich der deutschen Wissenswirtschaft. Dabei werden Informationen zum Gründungs- und Schließungsgeschehen in Deutschland von 2005 bis 2024 bezüglich unterschiedlicher Branchen und Bundesländer untersucht und...

Despite the growing prominence of impact investing in both research and practice, the definition of social and environmental impact remains contested. Rather than resolving the elusiveness of impact, we examine how impact venture capitalists (IVCs) leverage this ambiguity in their everyday...

Objective: This study examines the competitive and collaborative dynamics between entrepreneurship through acquisition (ETA) and small- and micro-cap private equity (PE) in acquiring small and medium-sized enterprises (SMEs). Focusing on the DACH region (Germany, Austria, Switzerland), it...

Der Bericht analysiert Unternehmensdynamiken in Deutschland und im Speziellen hinsichtlich der deutschen Wissenswirtschaft. Dabei werden Informationen zum Gründungs- und Schließungsgeschehen in Deutschland von 2005 bis 2023 bezüglich unterschiedlicher Branchen und Bundesländer untersucht und...

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...

In this paper we analyze the effects of investment screening on cross-border venture capital investments in Europe between 2007 and 2022. The data we work with is originally based on PRISM data which has been extended by Eichenauer and Wang and which we combine with deal data from Preqin to...

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...

After initial coin offerings (ICOs), decentralized digital platforms (DDPs) decide whether to go public or remain private. We explore the implications of the public-versus-private decision for the growth and decentralization of DDPs. Employing a difference-in-differences framework, we find that...

We challenge the widely accepted premise that the valuation of an early-stage firm is simply the capital invested (USD) divided by the equity received (%). Instead, we argue that this calculation determines the break-even point for the investor; for example, investing USD 1.0 in exchange for 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...

How does patent examination influence access to finance for innovative firms? We exploit a reform to the UK's patent system that introduced substantive examination to the patent application process, improving the information available to potential investors on the value of firms' patents. Using...

This study advances the understanding of cleantech commercialisation by adopting a market validation approach to analyse equity capital’s role in navigating the ‘Valley of Death’. Focusing on the three core financial milestones – revenue generation, profitability and retained earnings...

The EU is challenged by a persistent leadership gap in the global health innovation landscape, with the US leading in corporate health innovation and venture capital (VC) funding. The EU health innovation landscape is more concentrated in older "incumbent leading firms," while the US has a more...

Scholars have highlighted the critical role of funding targets in determining the amount of funding acquired in equity crowdfunding campaigns. However, there is little equity crowdfunding research that incorporates funding targets as a focal variable of interest. Moreover, the findings in these...

While Equity Crowdfunding (ECF) platforms are a virtual space for raising funds, geography remains relevant. To determine how location matters for entrepreneurs using equity crowdfunding (ECF), we analyze the spatial distribution of successful ECF campaigns and the spatial relationship between...