Staged Financing of Start-ups
Tóm tắt
From a theoretical perspective, staged financing of start-ups mainly serves to reduce agency risks for investors dealing with founders. This risk reduction is partly offset by the transaction costs caused by staged financing. From the perspective of founders, staging can reduce the cost of equity, but it also increases the share of external company and market risks they have to bear. Our empirical study of a sample of German start-ups confirms the importance of transaction costs and shifting external risk for staging decisions, but does not support agency theoretical explanations of staged financing.
Tài liệu tham khảo
Admati A.R., Pfleiderer P. (1994) Robust Financial Contracting and the role of venture capitalists. J. Finan. 49, 371–402
Albach, H. Zur Versorgung der deutschen Wirtschaft mit Risikokapital, Stuttgart: Schäffer -Poeschel (1983)
Armstrong J.S., Overton T.S. (1977) Estimating nonresponse bias in mail surveys. J. Market. Res. 14, 396–402
Bagozzi R.P., Yi Y., Phillips L.W. (1991) Assessing construct validity in organizational research. Administrat. Sci. Q. 36, 421–458
Bascha, A., Walz, U. Financing practices in the German venture Capital industry – an empirical assessment, CFS Working Paper No. 2002/08 (2002)
Bergemann D., Hege U. (1998) Venture capital financing, moral hazard, and learning. J. Banking Finan. 22, 703–735
Block Z., Macmillan I.C. (1985) Milestones for successful venture planning. Harvard Business Rev 35, 184–196
Brachtendorf G., Witt P. (2004) Gründungsfinanzierung und optimale Kassenhaltung. Kredit Kapital 37, 86–116
Brettel M. (2002) Entscheidungskriterien von Venture Capitalists, eine empirische Analyse im internationalen Vergleich. Die Betriebswirtschaft 62, 305–325
Bygrave, W., Timmons, J. Venture capital at the crossroads, HBS Press Boston (1992)
Cameron, A.C., Trivedi, P.K. Regression Analysis of Count Data, Cambridge University Press Cambridge (1998)
Cornelli F., Yosha O. (2003) Stage financing and the role of convertible securities. Rev. Econ. Stud. 7, 1–32
Ernst, H. Erfolgsfaktoren neuer Produkte. Gabler Wiesbaden (2001)
Fingerle C.H. (2005) Smart money – influence of venture capitalists on High Potential Companies. Verlag Wissenschaft & Praxis, Sternenfels
Franck E., Opitz C. (2001) Internet-Start-ups – Ein neuer Wettbewerber unter den “Filteranlagen” für Humankapital. Z Betriebswirtschaft 71, 453–469
Gompers P.A. (1995) Optimal investment, monitoring, and the staging of venture capital. J. Finan. 50, 1461–1489
Greene W.H. (2002) Econometric analysis, 5th edn. Prentice Hall, Upper Saddle River
Hellmann T. (1994) Financial Structure and Control in Venture Capital, Working Paper. Stanford University, stanford
Hellmann T. (1998) The allocation of control rights in venture capital contracts. RAND J. Econ. 29, 57–76
Homburg C., Giering A. (1996) Konzeptualisierung und Operationalisierung komplexer Konstrukte. Market Z für Forsch und Praxis 18, 5–24
Jaworski B.J., Kohli A.K. (1993) Market orientation: antecedents and consequences. J. Market 57, 53–70
Kaplan S.N., StrÖmberg P. (2003) Financial contracting theory meets the real world: an empirical analysis of venture capital contracts. Rev. Econ. Studi. 70, 281–315
Kulatilaka N., Trigeorgis L. (1994) The general flexibility to Switch: real options revisited. Int. J. Finan. 6, 778–798
Neher D.V. (1999) Staged financing: an agency perspective. Rev of Econ Stud. 66, 255–274
Reißig-Thust S. (2003) Venture-Capital-Gesellschaften und Gründungsunternehmen. Gabler, Wiesbaden
Sahlmann W.A. (1990) The structure and governance of venture-capital organizations. J. Finan. Econ. 27, 473–521
Sapienza, H.J. Variations in venture capitalist-entrepreneur relations: Antecedents and consequences. Ph.D Dissertation, University of Maryland (1989)
Sapienza H., Gupta A. (1994) Impact of agency risks and task uncertainty on venture capitalist-CEO interaction. Acad. Manage. J. 37, 1618–1632
Schefczyk M. (2004) Erfolgsstrategien deutscher Venture Capital-Gesellschaften, 3rd edn. Schäffer -Poeschel, Stuttgart
Schefczyk M., Gerpott T. (1998) Beratungsunterstützung von Portfoliounternehmen durch deutsche Venture Capital Gesellschaften: Eine empirische Untersuchung. Z Betriebswirtschaft 68, 143–166
Shepherd D.A., Zacharakis A.L. (2002) Time between Rounds of Raising Venture Capital: a Research Note. Working paper, University of Colorado, Boulder
Welpe I. (2004) Venture-Capital-Geber und ihre Portfoliounternehmen. Gabler, Wiesbaden
Witt P. (2004) Entrepreneurs’ networks and the success of start-ups. Entrepreneurship Regi. Dev. 16, 391–412
Wupperfeld U. (1996) Management und Rahmenbedingungen von Beteiligungsgesellschaften auf dem deutschen Seed-Capital-Markt. Peter Lang, Frankfurt
Wooldridge J.M. (2001) Econometric Analysis of Cross Section and Panel Data. MIT Press, Cambridge
Zemke I. (1995) Die Unternehmensverfassung von Beteiligungskapitalgesellschaften: Analyse des institutionellen Designs deutscher Venture Capital-Gesellschaften. Gabler, Wiesbaden