Trust and controllability in venture capital fundraising |
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| Authors: | Tobias Kollmann Andreas Kuckertz Nils Middelberg |
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| Institution: | 1. University of Duisburg-Essen, Department of Economics and Business Administration, Germany;2. University of Hohenheim, Faculty of Business, Economics and Social Sciences, Wollgrassweg 49, 70599 Stuttgart, Germany;3. University of Hohenheim, Faculty of Business, Economics and Social Sciences, Germany |
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| Abstract: | This study discusses a model of success in venture capital (VC) fundraising. We develop this model based on agency and trust theory. The model is tested against quantitative data collected from 151 limited partners (LP) with headquarters predominantly in North America and Europe. Beyond the well-known criterion of the VC firm's track record, results suggest that trust and perceived controllability shape the investment decisions of those LPs. Moreover, antecedents of these main factors are evaluated. In sum, this study shows how fundraising VC firms can systematically manage the fundraising process. |
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| Keywords: | Trust Controllability Track record Venture capital Fundraising |
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