Field Editor: D. Jennings This study examines how the performance of cross-border venture capital investments is affected by national institutional and cultural distances between the environments of venture capitalists (VCs) and investee ventures. We propose that institutional and cultural distances will decrease VCs' effectiveness in conducting venture capital activities and negatively affect ...

The term ‘investor relations’ (IR) often refers only to the very formal and primarily anonymous relations and communication between publicly traded companies and their (potential) shareholders. Especially for young and not yet publicly traded companies (socalled start-ups), it can be shown that the individual contact to a very small and well-known group of investors (e.g., venture capital inves...

This paper provides an overview of the venture capital industry, and its development in Asia and Singapore. Venture capital plays an important role in innovation and economic growth. Indeed, the resurgence of the United States as a technology leader is intimately linked to the success of Silicon Valley. As Singapore enters the next phase of economic development, the creation of internal engines...

This paper analyzes the relation between the patenting behavior of startup firms and the progress of those firms through the venture capital cycle. Linking data relating to venture capital financing of software startup firms with data concerning the patents obtained by those firms, we find significant and robust positive correlations between patenting and several variables measuring the firm’s ...

The question of how initial resource endowments—the stocks of resources that entrepreneurs contribute to their new ventures at the time of founding—affect organizational life chances is one of significant interest in organizational ecology, evolutionary theory, and entrepreneurship research. Using data on the life histories of all 134 firms founded to exploit MIT-assigned inventions during the ...

Article history: Received 26 August 2015 Received in revised form 6 April 2016 Accepted 6 April 2016 Available online xxxx Venture creation generates value in a variety of forms both for the entrepreneur him or herself and the venture's stakeholders. Recent research explores entrepreneurial action as a vehicle for personal transformation and development for the individual, especially as it pert...

We analyze venture capital (VC) investments in twenty-three non-U.S. countries and compare them to U.S. VC investments. We describe how the contracts allocate cash flow, board, liquidation, and other control rights. In univariate analyses, contracts differ across legal regimes. However, more experienced VCs implement U.S.-style contracts regardless of legal regime. In most specifications, legal...

This paper analyzes the goals, the organizational structures and processes, and the investment criteria that underlie venture strategies in Germany today, using a sample of 20 corporate venture capital organizations (CVCs). The performance of these CVCs is examined and the data are compared with those generated by studies on German independent venture capital organizations (VCs) as well as with...

Recent years have seen an upsurge of novel sources of new venture financing through crowdfunding (CF). We draw on 54,943 successfully crowdfunded projects and 3,313 venture capital (VC) investments throughout the period 04/2012-06/2015 to investigate, on the aggregate level, how crowdfunding is related to a more traditional source of entrepreneurial finance, venture capital. Granger causality t...