Dokument: Three essays on venture capital: Exploring investment decisions of investors and selection decisions of investees
| Titel: | Three essays on venture capital: Exploring investment decisions of investors and selection decisions of investees | |||||||
| URL für Lesezeichen: | https://docserv.uni-duesseldorf.de/servlets/DocumentServlet?id=55052 | |||||||
| URN (NBN): | urn:nbn:de:hbz:061-20201215-141036-6 | |||||||
| Kollektion: | Dissertationen | |||||||
| Sprache: | Englisch | |||||||
| Dokumententyp: | Wissenschaftliche Abschlussarbeiten » Dissertation | |||||||
| Medientyp: | Text | |||||||
| Autor: | Granz, Christian [Autor] | |||||||
| Dateien: |
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| Beitragende: | Prof. Dr. Lutz, Eva [Gutachter] Univ.-Prof. Dr. Engelen, Andreas [Gutachter] | |||||||
| Dewey Dezimal-Klassifikation: | 300 Sozialwissenschaften, Soziologie » 330 Wirtschaft | |||||||
| Beschreibung: | The dissertation is about venture capital and explores the investment decisions of investors and the selection decisions of investees.
First, the dissertation reviews the differences in investment criteria between venture capitalists (VCs) and business angels (BAs). Research has shown a persistent interest in examining VCs’ and BAs’ investment criteria; however, inconsistent findings demonstrate the need for a review of the aggregate extant knowledge. The dissertation clarifies what is known about the controversial debate on VCs’ and BAs’ investment criteria and sheds light on key issues that can lead to a better understanding of why VCs and BAs focus on certain investment criteria. To achieve these objectives, the dissertation develops a conceptual framework grounded on agency theory for investment criteria that VCs and BAs use for funding decisions. The review reveals that VCs in the first instance focus on the business and financial traction, whereas BAs initially employ investment criteria related to the management team. These differences between VCs’ and BAs’ investment decision policies support the agency view. Second, the dissertation investigates the impact of different types of value-added services on entrepreneurs’ venture capitalist selection by drawing upon resource dependence theory. A mixed-method research design based on a choice experiment with 122 entrepreneurs in Germany, Austria, and Switzerland and semi-structured interviews with the participating entrepreneurs has been used. Results indicate that entrepreneurs focus on selecting venture capitalists that act as scouts rather than as coaches. In particular, scouting activities such as the extension of the operational network and exit support are important for entrepreneurs in their selection process, whereas coaching activities such as strategic advice and help in internal business development are less relevant. Furthermore, entrepreneurs perceive value-added services as an active resource management tool to take advantage of interdependencies between their own and the venture capitalist’s resources, rather than as primarily filling their resource gaps. Third, the dissertation investigates German bank-affiliated venture capitalists’ (BVCs) investment practices and the emergence of their investment logics. The dissertation uses an exploratory qualitative research approach based on 27 semi-structured interviews with the top management of BVCs and industry experts to develop a conceptual model that explains the investment logics of BVCs. The results indicate that BVCs either follow an autonomous, a contingent, or a hybrid investment logic. The BVCs’ focus of isomorphism on whether they feel isomorphic to the external venture capital environment or the internal parent bank’s environment explains the emergence of multiple investment logics. | |||||||
| Lizenz: |  Urheberrechtsschutz | |||||||
| Fachbereich / Einrichtung: | Wirtschaftswissenschaftliche Fakultät | |||||||
| Dokument erstellt am: | 15.12.2020 | |||||||
| Dateien geändert am: | 15.12.2020 | |||||||
| Promotionsantrag am: | 24.09.2020 | |||||||
| Datum der Promotion: | 10.12.2020 |
