排序方式: 共有22条查询结果,搜索用时 31 毫秒
1.
Sophie Manigart Veroniek Collewaert Mike Wright Sarika Pruthi Andy Lockett Hans Bruining Ulrich Hommel Hans Landstrom 《The International Entrepreneurship and Management Journal》2007,3(1):109-125
We examine the neglected area of internationalisation by VCs. Using a representative sample of 195 VCs, we show that the decision
of a European VC firm to invest internationally is driven by its human resources. Having more VC executives in general and
more VC executives with previous international experience in specific, results in a higher probability of investing internationally.
In contrast, more VC executives with experience in the VC industry or with an engineering background lead to a higher probability
of remaining domestic. 相似文献
2.
Pecking order and debt capacity considerations for high-growth companies seeking financing 总被引:1,自引:0,他引:1
This paper examines incremental financing decisions within high-growth businesses. A large longitudinal dataset, free of survivorship
bias, to cover financing events of high-growth businesses for up to 8 years is analyzed. The empirical evidence shows that
profitable businesses prefer to finance investments with retained earnings, even if they have unused debt capacity. External
equity is particularly important for unprofitable businesses with high debt levels, limited cash flows, high risk of failure
or significant investments in intangible assets. These findings are consistent with the extended pecking order theory controlling
for constraints imposed by debt capacity. It suggests that new equity issues are particularly important to allow high-growth
businesses to grow beyond their debt capacity. 相似文献
3.
Financial Reporting Quality in Private Equity Backed Companies: The Impact
of Ownership Concentration 总被引:2,自引:1,他引:2
We empirically show on a sample of 270 unquoted, private equity backed companies that the shareholder structure of private
companies impacts the quality of their publicly available accounting information. More precisely, companies in which private
equity (PE) investors have a high equity stake produce lower quality accounting information than companies in which PE investors
have a low equity stake, after controlling for factors like company size and age. We explain our findings by arguing that
PE investors with low equity stakes have a higher need for high quality accounting information whereas PE investors with high
equity stakes have other means to closely monitor their portfolio companies.
This paper has benefited form discussions with workshop participants at the Max Planck Institute. We specifically want to
thank Lorraine Uhlaner and Mike Wright (guest editors), two anonymous referees as well as ignace De Beelde, Wouter De Maeseneire,
Marc Deloof, Miguel Meuleman and Lloyd Steier for helpful suggestions. Part of this research was completed when Christof Beuselinck
was an FWO Scholar at Ghent University. Financial support from the Fonds of Wetenschappelijk Onderzoek (Grant G.0012.02) is
kindly appreciated. The usual disclaimer applies. 相似文献
4.
Sofie Balcaen Sophie Manigart Jozefien Buyze Hubert Ooghe 《Small Business Economics》2012,39(4):949-975
This paper examines firm-level determinants of mature firm exits after economic distress. Using nested logit models and a sample of 6,118 distress-related exits in Belgium, we analyze the type of exit that distressed firms experience. We show that 41% of the firms in our sample exit through a court driven exit procedure (mainly bankruptcy), 44% are voluntarily liquidated and 14% are acquired, merged or split (hereafter M&A). Distressed firm exit follows two distinct stages. First, a firm either decides to exit voluntarily or is forced into bankruptcy, which is the least efficient exit strategy. Compared to bankruptcy, the probability of a voluntary exit increases with higher levels of cash, lower leverage, holding no secured debt and being embedded in a group. If a firm exits voluntarily, it enters a second stage and decides either to exit through voluntary liquidation or through a M&A. Conditional on not going bankrupt, the likelihood of voluntary liquidation compared to M&A increases with higher levels of cash or secured debt, with smaller size and with an absence of group relations. We contribute to the firm exit literature by jointly analyzing three exit types and showing that bankruptcy and voluntary liquidation are fundamentally different exit routes. While voluntary liquidation is an important exit route for distressed firms, most previous studies have failed to distinguish between bankruptcy and liquidation. We hence contribute to the exit literature by showing that bankruptcy, voluntary liquidation and M&A are fundamentally distinct exit routes for distressed firms, driven by different firm level characteristics and following a two-stage process. 相似文献
5.
Sophie Manigart 《Journal of Small Business Management》2016,54(1):356-372
This article examines how angel investors' human capital affects the valuation of their portfolio companies, based on the pre‐money valuation of 123 investment rounds in 58 Belgian companies. We argue that angel investors with higher levels of human capital will perceive a higher value‐creating potential in entrepreneurial opportunities through their ability to see more value‐creating options, a higher value‐adding potential post‐investment, and an enhanced legitimacy provided to the venture. Economic theories suggest they appropriate these rents through lower valuations, whereas stewardship theory suggests they share value creation with entrepreneurs. Consistent with stewardship theory, we show angel investors negotiate higher valuations when they have higher levels of human capital, more specifically if they studied longer, have a business degree, more entrepreneurial experience, or previous professional law experience. As such, our results contrast with the behavior of venture capital investors who negotiate lower valuations when they have more experience. 相似文献
6.
In the current study, we dynamically analyze unlisted firms' voluntary disclosure decisions around private equity (PE) participation. First, we disentangle the role of disclosure in attracting PE investments. In addition, we examine the extent to which a firm's disclosure policy is affected by the changing corporate setting and intensified corporate governance after having received PE. We find no evidence that firms would employ increased disclosure to signal their quality in the years preceding the PE financing. However, we document a significant switch to increased financial disclosure from the PE investment year onwards, consistent with the hypothesis that PE investor presence positively affects portfolio firms' disclosure decisions. Further, we show that the proportional PE ownership stake is positively related to increased disclosure, but only at very high ownership levels. We explain these results in that both internal and external information demands call for higher public disclosure in PE firms. We conclude that the changing information environment resulting from a PE investment stimulates increased public financial disclosure. Our results contribute to illustrate how an indisputable change in governance resulting from a PE investment affects inter-temporal corporate disclosure decisions in unlisted firms. 相似文献
7.
Resources access needs and capabilities as mediators of the relationship between VC firm size and syndication 总被引:2,自引:0,他引:2
Ernst Verwaal Hans Bruining Mike Wright Sophie Manigart Andy Lockett 《Small Business Economics》2010,34(3):277-291
Drawing from the resource-based view and transaction costs economics, we develop a theoretical framework to explain why small
and large firms face different levels of resource access needs and resource access capabilities, which mediate the relationship
between firm size and hybrid governance. Employing a sample of 317 venture capital firms, drawn across six European countries,
we empirically assess our framework in the context of venture capital syndication. We estimate a path model using structural
equation modeling and find, consistent with our theoretical framework, mediating effects of different types of resource access
needs and resource access capabilities between VC firm size and syndication frequency. These findings advance the small business
literature by highlighting the trade-offs that size imposes on firms that seek to manage their access to external resources
through hybrid governance strategies. 相似文献
8.
The role of domestic and cross-border venture capital investors in the growth of portfolio companies
David Devigne Tom Vanacker Sophie Manigart Ine Paeleman 《Small Business Economics》2013,40(3):553-573
This paper studies how the presence of cross-border as opposed to domestic venture capital investors is associated with the growth of portfolio companies. For this purpose, we use a longitudinal research design and track sales, total assets and payroll expenses in 761 European technology companies from the year of initial venture capital investment up to seven years thereafter. Findings demonstrate how companies initially backed by domestic venture capital investors exhibit higher growth in the short term compared to companies backed by cross-border investors. In the medium term, companies initially backed by cross-border venture capital investors exhibit higher growth compared to companies backed by domestic investors. Finally, companies that are initially funded by a syndicate comprising both domestic and cross-border venture capital investors exhibit the highest growth. Overall, this study provides a more fine-grained understanding of the role that domestic and cross-border venture capital investors can play as their portfolio companies grow and thereby require different resources or capabilities over time. 相似文献
9.
Christof Beuselinck Marc Deloof Sophie Manigart 《Journal of Business Finance & Accounting》2009,36(5-6):587-615
Abstract: This paper examines the relation between private equity (PE) investors' involvement and their portfolio firms' earnings quality. We operationalize earnings quality through comparative analyses of conditional loss recognition timeliness. For a sample of unlisted Belgian firms, we find that PE involvement increases a firm's willingness to recognize losses more timely as compared to industry, size and life-cycle matched non-PE backed firms. Further, we document more powerful earnings quality effects for firms backed by independent and captive PE-investors as compared to firms backed by government-related PE-investors. Finally, we find no systematic variation in earnings quality across different levels of PE ownership. Our results are robust to the inclusion of various controls and remain unaffected when we consider the endogeneity of PE investments and compare pre- and post PE investment years. The current results provide novel evidence towards the understanding of PE investors' governance implications for portfolio firms' earnings quality. 相似文献
10.
Tom Vanacker Sophie Manigart Miguel Meuleman Luc Sels 《Entrepreneurship & Regional Development》2013,25(9-10):681-705
While bootstrap finance is widely used in entrepreneurial ventures, both scholars and practitioners have presented conflicting views on the relation between financial bootstrapping and venture growth. This article empirically investigates the association between bootstrap strategies used at startup and subsequent venture growth. For this purpose, we use a longitudinal database comprising data from both questionnaires and financial accounts of 214 new ventures. Findings demonstrate that the association between financial bootstrapping and venture growth is either nonexistent or positive. More specifically, new ventures that use more owner funds, employ more interim personnel, encourage customers to pay more quickly, and apply for more subsidy programs exhibit higher growth over time. We discuss the managerial and policy implications of these results and suggest avenues for future research. 相似文献