Journal articles: 'Private venture capital'

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Sato, Alexej. "Venture capital (private equity)." Acta Oeconomica Pragensia 13, no. 2 (June 1, 2005): 122–31. http://dx.doi.org/10.18267/j.aop.189.

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Balboa, Marina, and José Martí. "From Venture Capital to Private Equity." Journal of Private Equity 7, no. 2 (February 29, 2004): 54–63. http://dx.doi.org/10.3905/jpe.2004.391049.

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Khatri, Palash, and V. R. Sudindra. "Private Equity and Venture Capital – Preamble." Shanlax International Journal of Management 8, S1-Feb (February 26, 2021): 133–37. http://dx.doi.org/10.34293/management.v8is1-feb.3766.

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Private equity investment can offer very strong returns in comparison to any stock market returns or public market investment opportunity.Private equity invests in companies which are not listed in the recognized stock exchange. Every business comes across six stages of the life cycle which include; Development, Start-up, early-stage growth, expansion, maturity, and decline/crisis stage. PE firms invest in the initial three stages. In today’s fast-moving world with technological changes very great business plan may hit by various events and successes of companies. Private equity not only invests in companies, but they also provide management support and assist in the overall success of companies. The present study discussed on Birth of US Private equity, Indian Private Equity major players, steps in venture capital funding.

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Chesbrough, Henry. "Designing Corporate Ventures in the Shadow of Private Venture Capital." California Management Review 42, no. 3 (April 2000): 31–49. http://dx.doi.org/10.2307/41166041.

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Cadle, S. W., and J. H. van Rooyen. "The importance of knowledge and skills transfer in the private equity, venture capital and angel investing process." Corporate Ownership and Control 8, no. 3 (2011): 518–34. http://dx.doi.org/10.22495/cocv8i3c5p3.

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New business development is one of the most important contributors to economic growth, job creation and economic prosperity of any country. The successful creation of new ventures is a difficult process with many risks involved. The reward of a successful venture is such that many investors are prepared to accept a certain level of risk in the hope of achieving high returns on their capital invested. Many different aspects contributing to the success of a new venture and specifically the importance of the transfer of knowledge and skills in the investment process, was researched. Venture capital investment in the broader sense, including angel investing, venture capital and private equity investment, are important contributors to economic growth and prosperity. Venture capital and Angel investing are seen to be risky ways to invest. However, the risk may be reduced through the active involvement investment process thereby transferring knowledge. The investor is not only a provider of funds but also the provider of knowledge and skills to assist the venture to become successful. The literature review included the results from research recently conducted in the United States of America and Europe. This research highlighted factors, other than merely having a good business idea, that influence the success of a new venture. The global research clearly indicates that the active involvement of the angel investors, venture capitalists and private equity investors in new ventures, through the transfer of knowledge and skills, determines the success of the investment in new business development. The survey that was done in the SA venture capital environment support this outcome although the SA venture capital market sector is in the early stages of development and focuses on private equity investment and not so much new business development. The SA venture capital market discounts their risk through tangible securities taken in the investment process. Investments made are large amounts in well-established ventures with complete management teams where the investor’s involvement is restricted to control and ensuring that the venture complies too the expectation of the providers of the funds. The SA market concentrates much more on control and monitoring as their counterpart in the USA. The main objective of the study, to determine the impact of the transfer of knowledge and skills by the investor to the investee, is supported by the research done in the USA. The effect of the transfer of knowledge and skills is further supported by the effect on the long term return. The transfer of knowledge and skills and active participation increases the expected IRR. The findings are also supported by the literature research done indicating important elements needed to enhance the venture’s chances of success.

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Zinecker, Marek, and Tomas Meluzin. "Private Equity and Venture Capital: an Empirical Analysis." Equilibrium 6, no. 2 (June 30, 2011): 47–64. http://dx.doi.org/10.12775/equil2011.011.

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The paper deals with the analysis of the private equity and venture capital investment and divestment trends and activities on the European market, particularly on the market of Central and Eastern Europe (CEE), in times of economic crises 2007-2009. The analysis is based on the data published by the European Private Equity and Venture Capital Association (EVCA), the Czech Private Equity and Venture Capital Association (CVCA) and the Bundesverband Deutscher Kapitalbeteiligungsgesellschaften (BVK). The economic crisis in 2008-2009 caused a rapid cooling of the European market. Private equity and venture capital management companies located in Europe have decreased significantly both investment and divestment activity. The economic crisis on CEE market showed a delay and a lower intensity in comparison with Western Europe. CEE market is, however, underdeveloped. This argument is supported by the data indicating annual investment and divestment value, and number of companies received private equity financing.

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Fałat–Kilijańska, Ilona. "Private equity and the competitiveness of Polish enterprises." Oeconomia Copernicana 3, no. 1 (March 31, 2012): 88–112. http://dx.doi.org/10.12775/oec.2012.005.

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The objective of the article is private equity and venture capital investments and their influence for companies activity. The article presents author’s own studies of the private equity investment influence for the enterprise activity. Comparing venture-backed firms and others shows, that venture-backed companies patent more than others firms and their ideas are higher technological and economic values. The vast majority of polish managers believe their company would not have existed or would have grown less rapidly without venture capital. Respondents also believe that venture capital funding encouraged employment, investment, R&D spending and export. An important source of empirical data are performed author’s own surveys and interviews with representatives of shareholding companies, as well as with private equity fund managers. Years of research: 1998-2009. The study used several research methods: a descriptive method, the method of comparative analysis, using the method of critical analysis and synthesis applications.

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Ilona Dumanska. "VENTURE FINANCING OF INNOVATIVE PROCESSES IN AN AGRICULTURE OF UKRAINE." World Science, no. 9(37) (September 30, 2018): 62–65. http://dx.doi.org/10.31435/rsglobal_ws/30092018/6137.

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The article reveals the peculiarities of ventures investigated the sources of their funding. The problems of venture financing innovation enterprises of the agricultural sector. The problems and prospects of development of venture investment in Ukraine. Found that in Ukraine is a source of venture capital organizations, large companies and commercial banks. Today, almost every company has its own venture capital fund that invests in innovative businesses related fields. Unlike the developed foreign countries in Ukraine basic research in the agricultural sector financed only by the state. This fact provokes the creation of favorable conditions for attracting private and foreign investments for the development of research and innovation in agriculture.

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Simic Saric, Marija. "Does a Venture Capital Market Exist in the Countries of Former Yugoslavia?" KnE Social Sciences 1, no. 2 (March 19, 2017): 197. http://dx.doi.org/10.18502/kss.v1i2.657.

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Venture capital investments spread all over the world during the last few decades. Until then, they were considered only as an American phenomenon. Countries worldwide are interested in attracting venture capital investments because of their undisputable effects on the economy. The effects of the investments are visible through the impact on innovation, creation of new companies, jobs, economic growth, corporate governance and etc.Venture capital is a subset of Private equity focused on start-up companies and companies having difficulties in attracting necessary capital. It represents an equity investment made for the launch, early development, or expansion of a business.The countries of former Yugoslavia (Croatia, Bosnia and Herzegovina, Former Yugoslav Republic of Macedonia - FYROM, Montenegro, Slovenia and Serbia) are part of the Central and Eastern Europe countries and represent relatively a new market for venture capitalists. They moved from the planned economies to a free market system in the 90s of 20 century. As well as other countries in the World, these countries are also interested in attracting venture capital because of the proven impact on economic growth. Despite the presence of Venture capital and Private equity funds in this region for more than twenty years, the venture capital and private equity market in the countries of former Yugoslavia is underdeveloped compared to other countries of CEE. Indeed, the venture capital investments are so small for some countries of former Yugoslavia that the data about venture capital investment are published jointly. The objective of this paper is to examine and analyze the development of Venture Capital market in countries o former Yugoslavia. The research is both qualitative and quantitative, and involves an identification, analysis and comparison of PE/VC investments data for selected countries. The time frame for this research is between 2007 and 2014. The total volume of venture capital investments per year, the number of companies invested and the ratio of PE investments to the gross domestic product (GDP) will be used to demonstrate the existence of the venture capital market in countries of former Yugoslavia. The data necessary for the current research were taken from the yearbook of EVCA/PEREP Analytics for 2014 for Baltics and Ex-Y. „PEREP Analytics” is a centralized, non-commercial pan-European private equity database. The „PEREP Analytics” statistics platform monitors the development of private equity and venture capital in 25 European countries.

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Pandey, I. M., Rajesh Nair, Dinesh Awasthi, Kaushal Mehta, Vishnu Varshney, Rakesh Rewari, and K. Ramachandran. "Entrepreneurship and Venture Capital." Vikalpa: The Journal for Decision Makers 28, no. 1 (January 2003): 99–112. http://dx.doi.org/10.1177/0256090920030109.

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Entrepreneurship is the driver of growth. It helps creating innovative enterprises which provide foundation for building a nation's competitiveness. Enterprise creation needs risk capital. Venture capitalists provide risk capital and facilitate the development of entrepreneurship. There are several issues relating to entrepreneurship development and venture capital that deserve serious discussion. To put these issues into perspective, the Centre for Innovation, Incubation, and Entrepreneurship and Entre Club at IIMA organized a panel discussion which was coordinated by I M Pandey, Professor at Indian Institute of Management, Ahmedabad. Some of the key questions that the panel has addressed to are: What is the contribution of entrepreneurship in the economic development of India? What factors have facilitated or hindered the development of entrepreneurship in India? What role has venture capital played in fostering the growth of entrepreneurship in India? What do entrepreneurs look for from venture capitalists other than the capital in the growth of their enterprises? What are the experiences of venture capitalists and entrepreneurs vis-a-vis the interface between venture capital and entrepreneurship? The following are some important points that emerged from the panel discussion: There is a direct link between entrepreneurship and the economic growth. There is some evidence that entrepreneurship has made contribution to India's growth. Factors responsible for the slow growth of entrepreneurship and lack of innovative spirit included the faulty education system, absence of proper incentives and environment to innovate, lack of proactive and favourable government policies, non-availability of risk capital, and the Indian mindset favouring comfortable and secured career choices. Entrepreneurship is a prerequisite for building our nation's global competitiveness. There is no short-cut. The liberalization of the Indian economy and the increased access to the global capital have paved way for entrepreneurship development and for facing international competition. The role of venture capital in fuelling the growth of entrepreneurship is inevitable. Venture capitalists need to play a proactive role. The Indian experience shows that venture capital is capable of creating a facilitating environment to build entrepreneurship culture and help entrepreneurship develop as a preferred career option. Venture capitalists should play the dual role of financiers and mentors. They should facilitate the networking of entrepreneurs with customers, distributors, financial institutions, consultants, etc. Efforts should be made by public and private sectors to create critical mass of venture capital funds, especially to finance start-ups and ventures of the first-time entrepreneurs. The education system in India should focus on developing entrepreneurship skills and risk-taking abilities of students.

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Karsai, Judit. "Venture capital and private equity industry in Hungary." Acta Oeconomica 63, no. 1 (March 1, 2013): 23–42. http://dx.doi.org/10.1556/aoecon.63.2013.1.2.

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Hungary represents the second most developed venture capital and private equity (VC&PE) market in Central and Eastern Europe. This article is based on a detailed survey of the entire VC industry between 1989–2010. It demonstrates that while there was a relatively strong correlation between the allocation of capital to VC&PE funds and the capital flow into the Budapest Stock Exchange, the changes in investment activities were closely related to election years. Investments had been hampered primarily not by the shortage of capital, but by a lack of demand and attractive business plans. The article illustrates the different roles and approaches of global, regional and country VC&PE funds in Hungary. It points out that VC investments hardly satisfied their principal function or mission, namely to support innovative start-up and small businesses. Government interventions in the VC market proved to be ineffective as well. Similarly to the whole region, the Hungarian market profited from a transitory situation in the case of high-value PE transactions between 2007 and 2008, at the beginning of the crisis, when the investment problems in Western Europe had yet not extended to the CEE region. From 2009 onward, however, the crisis has resulted in a drop in investments despite the significant amount of uninvested capital accumulated in recent years. As to the prospects for 2013, the early-stage VC segment in Hungary is expected to flourish owing to the Jeremie funds, while the high-value buyout segment of the market will suffer from both the euro zone debt crisis and the loss of transparency in economic policy.

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Metrick, Andrew, and Ayako Yasuda. "Venture Capital and Other Private Equity: a Survey." European Financial Management 17, no. 4 (May 22, 2011): 619–54. http://dx.doi.org/10.1111/j.1468-036x.2011.00606.x.

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Naqi, Sayed Ahmed, and Samanthala Hettihewa. "Venture capital or private equity? The Asian experience." Business Horizons 50, no. 4 (July 2007): 335–44. http://dx.doi.org/10.1016/j.bushor.2007.03.001.

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Madi, Maria Alejandra C. "Private Equity and Venture Capital in China in the Aftermath of the Sino-American Trade Disputes." Global Journal of Emerging Market Economies 12, no. 1 (January 2020): 69–79. http://dx.doi.org/10.1177/0974910119896643.

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In the last decade, private equity and venture capital funds have shifted to the Asia-Pacific region. This article aims to contribute to the understanding of the trends in fundraising and capital allocation in the context of the US–China trade disputes and, therefore, to fill the gap in the literature on private equity and venture capital industry.

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Janicka-Michalak, Teresa. "Venture Capital and Private Equity Funds as Source of Financing Enterprises in Poland." Economic and Regional Studies / Studia Ekonomiczne i Regionalne 13, no. 3 (September 1, 2020): 307–27. http://dx.doi.org/10.2478/ers-2020-0023.

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SummarySubject and purpose of work: The main issue of the work is to present the essence of venture capital, i.e. Venture Capital funds and Private Equity funds. The aim of the article is to indicate the size of the share and the role of funds in financing enterprises located in Poland. The time horizon of the presented data covers the years 2012-2019.Materials and methods: The material for analysis is available statistical data, reports of commercial companies and other entities researching the size of the Venture Capital and Private Equity sector in Poland. For the purposes of the study, the literature on the subject was used as well as the data of: Narodowy Centrum Badań i Rozwoju, KPMG Sp. z o.o., the State Development Fund, the Startup Poland Foundation and the European Association of Venture Capital and Private Equity Investors. The method of analysis and criticism of the literature and the method of examining documents were used.Results: The research carried out in Poland makes it possible to assess the size of the implemented venture capital investments, i.e. VC and PE funds, over the years 2012-2019. The presented data indicate that the share of funds in financing Polish enterprises has a variable tendency. The percentage share of VC and PE investors in Europe in 2017-2018 is also variable.Conclusions: The Polish economic market is an attractive investment area in terms of cash allocation needs by venture capital funds. Increasing awareness of enterprise managers about the benefits of using these capitals to subsidize the activities of entrepreneurs allows them to discount VC and PE funds in innovative startups and in other processes, the implementation of which takes place in further phases of the company’s operations. The studies conducted so far cover the entire territory of Poland and are of an overview nature. The VC and PE funds, which are a new financial instrument, allow Polish enterprises to implement innovative projects.

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Heung Soon Kwon and Byungseop Yoon. "A Study on the Analysis of Investment Performance of Government Venture Capital and Private Venture Capital." Korean Journal of Financial Engineering 18, no. 1 (March 2019): 167–92. http://dx.doi.org/10.35527/kfedoi.2019.18.1.007.

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Zasępa, Piotr. "Effectives of private equity and venture capital investments comparing with stock and bond market." Zeszyty Naukowe Wyższej Szkoły Humanitas Zarządzanie 18, no. 2 (June 30, 2017): 57–70. http://dx.doi.org/10.5604/01.3001.0010.2923.

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This paper examines approach and possibility of comparison of venture capital rate of returns with specific public benchmarks. Rate of return that are used by the public market analytics do not fit within venture capital cash flow characteristics. One of the methods that are presented in this article is Public Market Equivalent which enable simple comparison of venture capital rate of returns with effects of the public index or bond market for Bond Market Equivalent method.

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Portmann, David, and Chipo Mlambo. "Private equity and venture capital in South Africa: A comparison of project financing decisions." South African Journal of Economic and Management Sciences 16, no. 3 (September 2, 2013): 258–78. http://dx.doi.org/10.4102/sajems.v16i3.354.

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This paper investigates the manner in which private equity and venture capital firms in South Africa assess investment opportunities. The analysis was facilitated using a survey containing both Likert-scale and open-ended questions. The key findings show that both private equity and venture capital firms rate the entrepreneur or management team higher than any other criterion or consideration. Private equity firms, however, emphasise financial criteria more than venture capitalists do. There is also an observable shift in the investment activities away from start-up funding, towards later-stage deals. Risk appetite has also declined post the financial crisis.

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Bertoni, Fabio, Massimo G. Colombo, and Anita Quas. "The Role of Governmental Venture Capital in the Venture Capital Ecosystem: An Organizational Ecology Perspective." Entrepreneurship Theory and Practice 43, no. 3 (October 29, 2017): 611–28. http://dx.doi.org/10.1177/1042258717735303.

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We use the theory of organizational ecology to study how governmental venture capital (GVC) affects the investment behavior of private venture capital (PVC). Because of its objectives and dominant competencies, GVC is a unique organizational species that occupies a different niche than PVC. GVC is conceived to establish mutualistic relations with PVC. Accordingly, the greater the presence of GVC in a venture capital (VC) ecosystem, the more PVC investors should be attracted toward GVC’s niche. We consider several relevant niche dimensions at the company (age and size), industry (biotechnology), and regional (competitiveness) levels. Our analysis of 1,239 PVC investments in Europe confirms most of our predictions.

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Jakusonoka, Ingrida, and Kristine Zarina. "ATTRACTIVENESS OF LATVIAN, LITHUANIAN AND ESTONIAN VENTURE CAPITAL MARKETS FOR INTERNATIONAL INVESTORS." Science and Studies of Accounting and Finance Problems and Perspectives 12, no. 1 (December 19, 2018): 20–27. http://dx.doi.org/10.15544/ssaf.2018.03.

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Business start-ups, small and medium sized companies face financial difficulties to finance their innovative activities, which hinders innovative products from commercialization. This mainly results from the high risks and information asymmetries involved in such projects. Standard debt financers are reluctant to take these risks, besides the young enterprises lack collateral to receive the credit. However, the risk tolerance for investors differs as well. One of the alternatives for bank loans is venture capitalists, who rather become partners than creditors of young, innovative companies with growth potential. Particularly venture capital or the so-called “smart money” is what financially supports such business ventures, provides funding for technological transfer and commercialization. The authors of the present paper have chosen to examine and compare the venture capital attraction possibilities in the Baltic States using Venture Capital and Private Equity Country Attractiveness Index (by Groh et al.) data for 2012-2018. Venture capital market development is currently a very topical issue for the Latvian government, taking into consideration the critical importance of venture capital for financing innovation. Becoming the leader in the venture capital sector and No. 1 choice of start-up companies in the Baltics are now the objectives of the government of Latvia. It was therefore relevant and important to compare venture capital attraction possibilities in Latvia, Estonia and Lithuania to see and analyse in which aspects Latvia lags behind its neighbouring countries and in which it succeeds. The paper compares the six main factors or key drivers which determine the attractiveness of venture capital markets. According to Groh et al. (2016), these factors are: 1) Economic Activity; 2) Depth of Capital Market; 3) Taxation; 4) Investor Protection & Corporate Governance; 5) Human & Social Environment and 6) Entrepreneurial Culture & Deal Opportunities. However, the results of the research reveal that the main problems for international investor attraction in the Baltic States are underdeveloped capital markets and low economic activity. Latvia, unfortunately, is the most unattractive for international venture capital investors. Nevertheless, it has experienced the fastest growth during six years, which means that there is potential for becoming a leader in the venture capital sector. The present paper reveals the aspects to be improved for becoming more attractive for venture capital investments.

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Fazekas, Balázs, and Patrícia Becsky-Nagy. "A new theoretical model of government backed venture capital funding." Acta Oeconomica 71, no. 3 (September 21, 2021): 487–506. http://dx.doi.org/10.1556/032.2021.00024.

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Abstract Government involvement in the venture capital (VC) market has become an important catalyst of the entrepreneurial ecosystem of young and innovative firms. There is an extensive literature describing the VC model, but the models of its government backed variants are not comprehensively discussed. The article focuses on the model of purely government backed venture capital (GVC) and hybrid venture capital (HGVC). The conclusion of this article is that, by the logic of their models, GVCs are destined to underperform than private VCs. Many articles see HGVCs as a step forward compared to GVCs, as they involve private participants. The novelty of the current article lies in bringing out the drawbacks deriving from the system of hybrid venture capital funding by creating a complex theoretical framework of the HGVC model. We show that due to the crowding in of private participants, this scheme creates a two-goal system where the private profit maximising interests conflict with the economic policy goals. The complex system of HGVC is exposed to increased moral hazard issues that might lead to higher distortions than GVC. The conclusions are especially relevant in the case of developing industries.

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Karsai, J. "What has the state got to do with the venture capital market?" Acta Oeconomica 53, no. 3 (September 2003): 271–91. http://dx.doi.org/10.1556/aoecon.53.2003.3.3.

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Since the development of young companies with a good growth potential can also be expected to boost economic growth, reduce unemployment and enhance competitiveness, economic policy makers consider it a matter of prime importance that the venture capital industry provide appropriate capital supply for their development. Many countries implement central programmes to promote the venture capital financing of the development of enterprises that would have no access to venture capital on a purely market basis. The experience in Hungary is that state intervention in the venture capital industry mainly has political reasons, it uses budgetary sources sparingly and it is isolated from the private sector. But for its almost complete inefficiency, state activity would have softened the conditions of competition, crowded out the private sector and given preferential treatment to the political clientele. Realizing the abortive nature of its intervention, the state made no effort to identify the causes of failure and the role of supply and demand factors, respectively, hindering the venture capital supply of the small and medium-size enterprise (SME) sector. The intervention practice chosen by the state most recently is contrary to the practice of the European Union in several respects — a circumstance dooming government measures to boost the venture capital industry to failure again.

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Arango Vásquez, Leonel, and María Patricia Durango Gutiérrez. "Private equity y venture capital: Diferenciación y principales características." Clío América 8, no. 16 (July 30, 2014): 173. http://dx.doi.org/10.21676/23897848.1351.

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El propósito de este artículo es explicar, desde la teoría, dos posibles opciones de financiación que tienen las empresas cuando éstas no pueden acceder a las fuentes tradicionales. La industria del Capital Riesgo surge así como una fuente alternativa de financiación. Esta industria opera a través de vehículos especiales de inversión llamados fondos Private Equity y fondos Venture Capital. En general, los primeros invierten en compañías maduras y desarrolladas, mientras que los segundos lo hacen en empresas nacientes y pequeñas. El ciclo de financiación que proveen estos fondos se estructura en tres etapas principales: captación de recursos, inversión y desinversión. En este artículo se explica la diferencia entre los términos Private Equity y Venture Capital, así como las principales características de las etapas mencionadas.

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Checa, Gonzalo, Ernesto Leme, and Claudio Schreier. "The Venture Capital and Private Equity Industry in Brazil." Journal of Private Equity 4, no. 4 (August 31, 2001): 46–67. http://dx.doi.org/10.3905/jpe.2001.319995.

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Dugar, Poonam, and Nirali Pandit. "Growth of Venture Capital and Private Equity in India." Journal of Private Equity 21, no. 1 (November 27, 2017): 79–93. http://dx.doi.org/10.3905/jpe.2017.21.1.079.

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Collins, Michael. "Current Issues Affecting Venture Capital and Private Equity Funds." CFA Institute Conference Proceedings 2005, no. 2 (March 2, 2005): 26–32. http://dx.doi.org/10.2469/cp.v2005.n2.3469.

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Sullivan, Edgar J. "The Venture Capital and Private Equity Industry in Brazil." CFA Digest 32, no. 2 (May 2002): 9–11. http://dx.doi.org/10.2469/dig.v32.n2.1054.

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Koskinen, Yrjö, Michael J. Rebello, and Jun Wang. "Private Information and Bargaining Power in Venture Capital Financing." Journal of Economics & Management Strategy 23, no. 4 (October 25, 2014): 743–75. http://dx.doi.org/10.1111/jems.12072.

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Reiter, Lauren, and Celia Ross. "Special issue on private equity and venture capital topics." Journal of Business & Finance Librarianship 22, no. 3-4 (October 2, 2017): 181. http://dx.doi.org/10.1080/08963568.2017.1372009.

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Tripepi, Chubing. "Pratt's guide to private equity & venture capital sources." Journal of Business & Finance Librarianship 22, no. 3-4 (October 2, 2017): 258–59. http://dx.doi.org/10.1080/08963568.2017.1372023.

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Mathonet, Pierre-Yves, and Gauthier Monjanel. "Valuation Guidelines for Private Equity and Venture Capital Funds." Journal of Alternative Investments 9, no. 2 (September 30, 2006): 59–70. http://dx.doi.org/10.3905/jai.2006.655937.

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Wright, Mike. "Venture Capital and Private Equity: A Review and Synthesis." Journal of Business Finance Accounting 25, no. 5&6 (June 1998): 521–70. http://dx.doi.org/10.1111/1468-5957.00201.

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Zinecker, Marek. "Private equity and venture capital: investment fund structures in the Czech Republic." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 59, no. 7 (2011): 541–52. http://dx.doi.org/10.11118/actaun201159070541.

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A working private equity and venture capital market (PE/VC market) stimulates the business environment in a positive manner and impacts the level of economic growth of national economies. A study of the Austrian Private Equity and Venture Capital Organisation/AVCO (2004, p. 6) defines prerequisites for a correct operation of the PE/VC market. It views the legislative provision for suitable legal fund structures for PE/VC investments and their tax treatment as a key factor. In its publication, Private Equity & Venture Capital in the Czech Republic (2010, p. 14), the Czech Venture Capital Association/CVCA stresses that legal barriers are an important reason behind the limited scope of resources available to domestic PE/VC funds. Legal barriers prevent the establishment of a standard PE/VC fund in the territory of the Czech Republic, which fact in turn has a negative impact on the level of development of the domestic PE/VC market (fundraising, investment volumes, establishment of the infrastructure required for the operation of PE/VC funds). The purpose of this article is, based on an analysis of the relevant information sources, to assess how the current Czech legislation regulates the legal fund structures for PE/VC investments and their tax treatment. Proposals for a potential improvement of the situation are based on a comparison of the legislative framework applicable in the Czech Republic and the requirements defined by the European Venture Capital Association/EVCA, as well as the AVCO study (2004, 2006).

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Dziekoński, Krzystof, and Sławomir Ignatiuc. "Venture Capital and Private Equity Investment Preferences in Selected Countries." e-Finanse 11, no. 3 (September 1, 2015): 128–37. http://dx.doi.org/10.1515/fiqf-2016-0124.

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Abstract Sources of capital to finance companies in the SME sector is one of the basic conditions for the functioning and development of enterprises, especially in the early phase of their development. Increasingly popular is the use of capital market instruments, Private Equity, Venture Capital, Business Angels or Mezzanine. Funding of this kind can finance risky investments in return for a higher expected rate of return on capital. Access to financial resources and the conditions under which entrepreneurs can use them can determine the introduction of new technology, new products and services, expand distribution channels, implement changes that may lead to the growth in competitiveness and above all, innovation, thus the growth of the company. The paper presents results of statistical analysis of the venture capital and private equity funds investment strategies in selected countries. As a result investment profiles are created.

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Gebhardt, Georg, and Klaus M. Schmidt. "Der Markt für Venture Capital: Anreizprobleme, Governance Strukturen und staatliche Interventionen." Perspektiven der Wirtschaftspolitik 3, no. 3 (August 2002): 235–55. http://dx.doi.org/10.1111/1468-2516.00090.

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Abstract In this paper we give an overview, with special emphasis on Germany, of the recent development of the market for venture capital. We analyse the financial contracting problems that arise when entrepreneurs need capital from outside investors, and demonstrate how these problems are addressed by the institutions and contracts observed in the market for venture capital. Finally, we discuss the arguments in favour of government subsidies for private R&D, and argue that there are positive incentive effects if these subsidies are given to venture capital financed projects, rather than to established firms.

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Zinecker, Marek, and Jaroslava Rajchlová. "Private equity and venture capitalists' investment criteria in the Czech Republic." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 58, no. 6 (2010): 641–52. http://dx.doi.org/10.11118/actaun201058060641.

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For investment decision making to be rational, the existence of investment criteria is required. In the theory of financial management, the effectiveness of investment is traditionally judged by the degree to which an investment proposal contributes to achieving the main financial goal of business, i.e. market value maximization of the firm.So far, potential businesses for Private Equity and Venture Capital financing in the Czech Republic have not had information regarding investment criteria and their significance, when considered by investors, at their disposal, which is due to absence of relevant research results.This article presents results of the research project whose aim is to establish which criteria are considered to perform an essential role in the selection of business proposals by firms investing Private Equity and Venture Capital in the Czech Republic as well as the most common reasons for rejecting the proposals. Based on practical experience of financing by Private Equity and Venture Capital, the research made it possible to identify the most significant criteria, namely characterization of management, market, product and the rate of investment capital appreciation. The results of the research are consequently compared with findings which were published in similar studies undertaken in the past (e.g. Tyebjee, Bruno, 1984; Fried, Hisrich, 1994; MacMillan et al., 1985, 1987; Muzyka et al., 1996; Eisele, 2002).The research supports the thesis that, when considering business proposals, above-average weight is attached to criteria concerning the characterization of management, i.e. experience and competencies in all stages of business life cycle. Nevertheless, the fulfilment of the criteria is not sufficient for investors to evaluate a business proposal positively. They also place an emphasis on selected criteria related to market and product. By publishing empirical data, an important signal regarding up-to-date evaluative criteria and their weight is sent to those interested in financing by means of Private Equity/Venture Capital as well as investors in Private Equity and Venture Capital funds and to investment companies.

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Zata Poutziouris, Panikkos. "The Views of Family Companies on Venture Capital: Empirical Evidence from the UK Small to Medium-Size Enterprising Economy." Family Business Review 14, no. 3 (September 2001): 277–91. http://dx.doi.org/10.1111/j.1741-6248.2001.00277.x.

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This explorative research paper draws evidence from a database of small to medium-size unquoted private companies (n = 240) in the UK and reports on the family business and venture capital relationship from the demand side. Following the review of literature relating to financial affairs of private companies, the main research inquiries are outlined and a set of generic hypotheses is elicited based on the pecking order theory—that is, private companies, including family-controlled ventures, have a propensity to finance their operations in a hierarchical fashion, first using internally available funds, followed by debt and, finally, external equity (Petitt & Singer, 1985). Univariate statistical analyses confirm that family companies adhere strongly to the pecking order principles of financial development. The paper explores factors governing the rationale of owner-managing directors of private and family companies for considering venture capital dealings as well as main areas of concern about the deal structures. The paper then concludes with a discussion of the policy implications from the perspective of the owner-manager, financier, and enterprise policy maker. To encourage equity development of smaller privately held companies, particularly family firms, there is room for policy initiatives that respect the financial philosophy of private companies.

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Rasimin, Rasimin. "Pengembangan Usaha melalui Modal Ventura: Solusi Alternatif dalam Perspektif Islam." Muqtasid: Jurnal Ekonomi dan Perbankan Syariah 1, no. 2 (December 1, 2010): 303. http://dx.doi.org/10.18326/muqtasid.v1i2.303-321.

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Capital venture was a financing that involved high risk to establish a newbusiness for extension or refinancing without obligatory collateral. Capitalventure was a kind of additional capital from investors managed by a stateenterprise or a private enterprise. The capital was distributed to small businessor middle business which is looking for capital to increase the effort. Thedistribution of capital was based on sincerity and mutual assistance. So,investors and the institution of venture did not receive the profit from theirbusiness partners. In classical Islamic contract law (fiqh muamalah), theterm of capital venture has not been discussed yet, because it was acontemporary economic problem appeared by economist. Thus, it wasnecessary to conduct a study to know the view of Islamic law about thecapital venture, particularly about the practice of capital venture and thesystem of profit sharing. From this research, it was hoped that capital venturecould be a means of developing for the Moslem’s economics

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Ozmel, Umit, Deniz Yavuz, Tim Trombley, and Ranjay Gulati. "Interfirm Ties Between Ventures and Limited Partners of Venture Capital Funds: Performance Effects in Financial Markets." Organization Science 31, no. 3 (May 2020): 698–719. http://dx.doi.org/10.1287/orsc.2019.1325.

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We argue that strong indirect ties are conducive to the transfer of private information, which provides an advantage in identifying profitable investment opportunities. In our context, a strong indirect tie is generated between an investor and a focal firm if the investor was a limited partner of the focal firm’s lead venture capital fund. We suggest that an investor can access private information on the focal firm’s underlying value through its strong indirect tie to the focal firm via the focal firm’s lead venture capitalist. Supporting our theory, we show that after the focal firm’s initial public offering, the investor with a strong indirect tie to the focal firm receives high risk-adjusted return when the investor chooses to invest in the focal firm’s stock in the stock exchange market. We also show that the investor’s private information attained through its strong indirect tie to the focal firm is more valuable (i) when there is higher exogenous market uncertainty and (ii) when the investor faces higher information asymmetry.

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Yin, Linsen, and Ane Pan. "Replacing Management or Not: Contract Renegotiation to Prevent Double Moral Hazards of Venture Capital Investments." Scientific Programming 2021 (May 5, 2021): 1–10. http://dx.doi.org/10.1155/2021/9974235.

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During the venture capital development, replacing the management work team or keeping up the status quo is a key strategy choice for venture capitalist and venture entrepreneur about the long-term development of enterprise and the control right transferring. In fact, the contract designing focuses on the distribution of cash flow to encourage both efforts in order to avoid double moral hazard, and the strategy behavior has similar effects according to the developing condition of venture enterprise. In this paper, we consider both contract design and strategic behavior, regarding this strategic behavior choice as a motivator and combining strategic behavior with financial instrument options. The main innovation is to redesign and optimize the contract based on dynamic perspective, which will analyze initial contract designed to motivate both sides’ effort if a venture enterprise is in good state, and then renegotiate whether to replace the management work team or keep up the status quo according to the venture enterprise’s development state in the process of venture investment cooperation. The paper also puts forward some conclusions: joint effort of both sides can be motivated through strategic behavior choice and then lead to increasing the overall value of the venture enterprise; after the venture enterprise has gained private benefits in the early stage, the venture capitalist needs to make appropriate assignments and demisability in benefits to remotivate the venture enterprise’s efforts, aiming to further balance venture enterprise’s private benefits and the earnings redistributed by venture capitalist.

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Schwienbacher, Armin. "International capital flows into private equity funds." Maandblad Voor Accountancy en Bedrijfseconomie 81, no. 7/8 (July 1, 2007): 335–43. http://dx.doi.org/10.5117/mab.81.20839.

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In this study the investment behavior of US institutional investors in selecting private equity funds isanalyzed. The results show that, while this group of investors predominantly selected US funds, their interest in directly investing in foreign funds has increased over time. Insurance companies, financial corporations (banks), and public pension funds in the US are ‘global players’ that are likely to invest directly in foreign private equity funds. This conclusion holds for investments in European funds as well as for investments in Asia. More experienced funds providers are more likely to invest abroad, and when doing so they are more likely to invest in venture capital funds as opposed to buyout funds.

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Bernile, Gennaro, Douglas Cumming, and Evgeny Lyandres. "The size of venture capital and private equity fund portfolios." Journal of Corporate Finance 13, no. 4 (September 2007): 564–90. http://dx.doi.org/10.1016/j.jcorpfin.2007.04.004.

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Groh, Alexander Peter, Heinrich von Liechtenstein, and Karsten Lieser. "The European Venture Capital and Private Equity country attractiveness indices." Journal of Corporate Finance 16, no. 2 (April 2010): 205–24. http://dx.doi.org/10.1016/j.jcorpfin.2009.09.003.

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Andrea Maria Accioly Fonseca, Minardi, Ricardo Vinicius Kanitz, and Rafael Honório Bassani. "Private Equity and Venture Capital IndustryPerformance in Brazil: 1990–2013." Journal of Private Equity 17, no. 4 (August 31, 2014): 48–58. http://dx.doi.org/10.3905/jpe.2014.17.4.048.

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Koryak, Oksana, and Jan Smolarski. "Perception of Risk by Venture Capital and Private Equity Firms." Journal of Private Equity 11, no. 2 (February 29, 2008): 30–42. http://dx.doi.org/10.3905/jpe.2008.702788.

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Marti, Jose, and Marina Balboa. "Self-regulation in European venture capital and private equity markets." International Journal of Entrepreneurship and Innovation Management 6, no. 4/5 (2006): 395. http://dx.doi.org/10.1504/ijeim.2006.010373.

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Kadeřábková, Božena, and Petr Ptáček. "VENTURE CAPITAL AND PRIVATE EQUITY INVESTMENT IN THE CZECH REPUBLIC." Business & IT VII, no. 2 (2017): 2–9. http://dx.doi.org/10.14311/bit.2017.02.01.

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Thillai, Rajan A. "Soliton Technologies – financing growth in uncertain times." Emerald Emerging Markets Case Studies 2, no. 6 (August 13, 2012): 1–18. http://dx.doi.org/10.1108/20450621211275174.

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Subject area Venture capital and private equity. Study level/applicability This case is suitable for II MBA/Executive MBA (venture capital and private equity/entrepreneurship/business models/managing family business) courses. Case overview Soliton is a technology and software services company with operations in India and the USA providing machine vision products and virtual instrumentation services. Soliton was started by Ganesh Devaraj in 1998 after his return from the United States after higher studies. Ganesh hails from a business family in Coimbatore that had interests in the textile spinning sector. The family had been in the textile business since the early 1940s and had revenues of Rs 400 million and employed about 700 people. Ganesh, not wanting to continue in the traditional family business, ventured into the technology sector using his academic and professional experience. His family was supportive of his venture and funded his company for the first two years of operation and for scaling up operations. Ganesh is now evaluating various sources of raising additional capital at a time when there was general slowdown in the automobile sector as a result of the global financial crisis. Expected learning outcomes The goal of this case study is to illustrate the complexities that exist in financing growth of companies in uncertain times. This following are the expected learning outcomes: discuss and understand the nuances between different sources of early stage funding: personal wealth, family, and angels; compare and contrast the differences between family funding and venture funding; and highlight the benefits and limitations of family funding. Supplementary materials Teaching notes are available.

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Zasępa, Piotr. "Multipliers of venture capital and private equity investments on the example of Polish IPO." Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse, Rynki Finansowe, Ubezpieczenia 2015 (June 30, 2015): 567–75. http://dx.doi.org/10.18276/frfu.2015.75-46.

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Dzeboyev, T. S. "Venture investments in context of private international law." Courier of Kutafin Moscow State Law University, no. 1 (April 10, 2020): 108–10. http://dx.doi.org/10.17803/2311-5998.2020.65.1.108-110.

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In today’s world, venture investments are of great importance for scientific and technological progress, as they link together ideas and capital. Often such investments are cross-border, which determines the specifics of these investments. At the same time, there are no legal acts regulating crossborder investments in international law. In this work, an attempt is made to understand the need for the adoption of such a legal act and to determine the place of cross-border venture investments in private international law.

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Journal articles on the topic 'Private venture capital'

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