Why do entrepreneurs refuse venture capital?

被引：6
|
作者：
Croce, Annalisa [1 ]
Grilli, Luca [1 ]
Murtinu, Samuele [2 ]
机构：
[1] Politecn Milan, Dept Management Econ & Ind Engn, Via R Lambruschini 4b, I-20156 Milan, Italy
[2] Univ Groningen, Dept Innovat Management & Strategy, Groningen, Netherlands
来源：
INDUSTRY AND INNOVATION | 2019年 / 26卷 / 06期
关键词：
Venture capital; high-tech entrepreneurship; human capital; family ownership; FAMILY OWNERSHIP; AGENCY COSTS; PERFORMANCE; INVESTMENT; FIRMS; GROWTH; TECHNOLOGY; PRIVATE; IMPACT; MODEL;
D O I：
10.1080/13662716.2018.1495063
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Despite the evidence on the positive effect of venture capital (VC) on portfolio firm performance, such evidence badly pulls up alongside the non-negligible number of entrepreneurial firms that choose to refuse VC. This is the first study that investigates the determinants behind the missed realizations of VC investor-investee dyads by focusing on the Italian VC market. We theorize and empirically document that entrepreneurs' human capital background and venture-specific characteristics influence the decision to accept or refuse VC. Specifically, our findings show that technically literate founders decrease the likelihood to refuse VC while family linkages in the ownership structure increase the likelihood to refuse VC.
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页码：619 / 642
页数：24
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