The impact of venture capital on family businesses: Evidence from Spain

被引：32
|
作者：
Marti, Jose [1 ]
Menendez-Requejo, Susana [2 ]
Rottke, Olaf M. [3 ]
机构：
[1] Univ Complutense Madrid, Fac CC EE & EE, Madrid 28223, Spain
[2] Univ Oviedo, Fac Econ, E-33071 Oviedo, Spain
[3] Zeppelin Univ, D-80045 Friedrichshafen, Lake Of Constan, Germany
来源：
JOURNAL OF WORLD BUSINESS | 2013年 / 48卷 / 03期
关键词：
Venture capital; Family business; Management culture; Succession; Growth; Socioemotional wealth; CORPORATE ENTREPRENEURSHIP; FIRM PERFORMANCE; VOTING-RIGHTS; OWNERSHIP; AGENCY; GROWTH; MARKET; INVOLVEMENT; MANAGERIAL; BUYOUTS;
D O I：
10.1016/j.jwb.2012.07.025
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We analyzed growth in family and non-family Spanish venture capital-backed firms. When the venture capital (VC) firm does not hold a majority stake, the usual risk aversion attitudes in family firms may lead to conflicts between the management cultures of the existing and new shareholders, which may affect growth. We found lower firm growth after the initial round in family firms only when the investor holds a minority stake. Our results may explain the under-representation of family firms in VC portfolios and highlight the need to align the objectives of family managers and VC investors before the initial VC round. (c) 2012 Elsevier Inc. All rights reserved.
引用
收藏
页码：420 / 430
页数：11
相关论文
共 50 条
  • [1] The impact of venture capital on investee companies: evidence from Spain
    Arturo Haro-de-Rosario
    María del Carmen Caba-Pérez
    Leonardo Cazorla-Papis
    Review of Managerial Science, 2016, 10 : 577 - 600
  • [2] The impact of venture capital on investee companies: evidence from Spain
    Haro-de-Rosario, Arturo
    del Carmen Caba-Perez, Maria
    Cazorla-Papis, Leonardo
    REVIEW OF MANAGERIAL SCIENCE, 2016, 10 (03) : 577 - 600
  • [3] Efficiency of venture capital firms: evidence from Spain
    Arturo Haro-de-Rosario
    Mª del Carmen Caba-Pérez
    Leonardo Cazorla-Papis
    Small Business Economics, 2014, 43 : 229 - 243
  • [4] Efficiency of venture capital firms: evidence from Spain
    Haro-de-Rosario, Arturo
    del Carmen Caba-Perez, Ma
    Cazorla-Papis, Leonardo
    SMALL BUSINESS ECONOMICS, 2014, 43 (01) : 229 - 243
  • [5] The impact of air pollution on venture capital: evidence from China
    Gan, Tian
    Li, Yumin
    Jiang, Yan
    ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH, 2022, 29 (60) : 90615 - 90631
  • [6] The impact of air pollution on venture capital: evidence from China
    Tian Gan
    Yumin Li
    Yan Jiang
    Environmental Science and Pollution Research, 2022, 29 : 90615 - 90631
  • [7] The impact of venture capital on the digital industry development: evidence from China
    Li, Yan
    Zhu, Qina
    Mao, Fengfu
    ASIAN-PACIFIC ECONOMIC LITERATURE, 2024, 38 (01) : 93 - 109
  • [8] Venture Capital Funding for Information Technology Businesses
    Dos Santos, Brian L.
    Patel, Pankaj C.
    D'Souza, Rodney R.
    JOURNAL OF THE ASSOCIATION FOR INFORMATION SYSTEMS, 2011, 12 (01): : 57 - 87
  • [9] The impact of social media on venture capital financing: evidence from Twitter interactions
    Onur Bayar
    Emre Kesici
    Review of Quantitative Finance and Accounting, 2024, 62 : 195 - 224
  • [10] The impact of social media on venture capital financing: evidence from Twitter interactions
    Bayar, Onur
    Kesici, Emre
    REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING, 2024, 62 (01) : 195 - 224
12345