Academic literature on the topic 'Ventur capital'

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Journal articles on the topic "Ventur capital"

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Siregar, Melly Moraito Trianita. "Investasi Modal Ventura Asing Kepada Start-Up Company (Perusahaan Rintisan) di Indonesia." Jurist-Diction 4, no. 4 (July 1, 2021): 1567. http://dx.doi.org/10.20473/jd.v4i4.28487.

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AbstractThis study aims to identify the position of foreign venture capital companies in Indonesia and to identify investment activities that occur between foreign venture capital companies and domestic start-ups. A venture capital company in Indonesia is one of the financing institutions. The development of the technology-based company industry or commonly known as start-up can not be separated from the role of foreign venture capital.There are different regulation enacted to foreign venture capital and domestic venture capital. One of the most striking features is the requirement for domestic venture capital to divest after ten years of investment. This study conclude that foreign venture capital investing in Indonesia considered as foreign direct investment. Therefore, all rules relating to direct investment are applied to foreign venture capital companies.Keywords: Iventure Capital; Foreign Venture Capital; Foreign Investment; Start-up Company.AbstrakPenelitian ini bertujuan untuk mengidentifikasi kedudukan perusahaan modal ventura asing di Indonesia serta untuk mengidentifikasi kegiatan investasi yang terjadi antara perusahaan modal ventura asing dengan perusahaan rintisan (start-up) dalam negeri. Perusahaan modal ventura di Indonesia merupakan salah satu lembaga pembiayaan. Perkembangan industri perusahaan berbasis teknologi atau yang biasa dikenal dengan istilah start-up tidak luput dari peran perusahaan modal ventura asing sebagai investor. Terdapat perbedaan pengaturan yang diterapkan pada perusahaan modal ventura dalam negeri dengan perusahaan modal ventura asing. Salah satu yang paling mencolok adalah keharusan bagi perusahaan modal ventura dalam negeri untuk melakukan divestasi setelah berinvestasi dalam jangka waktu sepuluh tahun. Penelitian ini menyimpulkan bahwa perusahaan modal ventura asing yang berinvestasi di Indonesia termasuk dalam penanaman modal asing. Sehingga, semua aturan yang berkaitan dengan penanaman modal secara langsung berlaku bagi perusahaan modal ventura asing.Kata Kunci: Perusahaan Modal Ventura; Perusahaan Modal Ventura Asing; Investasi Asing; Perusahaan Rintisan.
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Baum, Joel A. C., and Brian S. Silverman. "Corrigendum to “Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups” [J. Bus. Ventur. 19 (2004) 411–436]." Journal of Business Venturing 30, no. 2 (March 2015): 355. http://dx.doi.org/10.1016/j.jbusvent.2014.12.001.

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Hadi, Nasrullah Hadi, Ibnu Al Saudi, and Abdul Syahid. "PENGARUH PENYERTAAN MODAL VENTURA TERHADAP PENDAPATAN PPU DI PALANGKA RAYA DITINJAU DARI PERSPEKTIF EKONOMI SYARIAH." Finansha- Journal of Sharia Financial Management 1, no. 2 (January 27, 2021): 13–21. http://dx.doi.org/10.15575/fsfm.v1i2.10683.

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Abstract: The existence of venture capital businesses in all provinces was introduced through the Deregulation Package Policy dated 20 December 1988 which was followed by the issuance of Presidential Decree No. 61 of 1988. Although venture capital companies in the regions are referred to as sharia business capital, they have implemented sharia principles because in their financing, the business partner companies (PPU) that will receive financing do not carry out activities that are prohibited according to Islam.The purpose of this study is to analyze the magnitude and prove the effect that venture capital participation affects the income of the business partner company (PPU) in Palangka Raya from a sharia economic perspective. The approach used in this research is a quantitative approach. This research is categorized as an associative study which aims to determine the causal relationship. The results of this study indicate that the variable of venture capital participation has an effect on and increases the income of PPU after receiving venture capital participation. Abstrak: Keberadaan usaha modal ventura di seluruh provinsi diperkenalkan melalui Kebijakan Paket Deregulasi tanggal 20 Desember 1988 yang diikuti dengan keluarnya Keputusan Presiden No. 61 Tahun 1988.. Meskipun perusahaan modal ventura di daerah meskipun belum bernama modal ventura syariah, namun sudah menjalankan prinsip-prinsip syariah karena dalam pembiayaannya, perusahaan pasangan usaha (PPU) yang akan mendapat pembiayaan tidak melakukan kegiatan yang dilarang menurut Islam. Tujuan penelitian ini untuk menganalisa besarnya dan membuktikan pengaruh bahwa penyertaan modal ventura berpengaruh terhadap pendapatan perusahaan pasangan usaha (PPU) di Palangka Raya ditinjau dari persepktif ekonomi syariah. Pendekatan yang digunakan dalam penelitian ini adalah pendekatan kuantitatif. Penelitian ini dikategorikan sebagai penelitian asosiatif bertujuan untuk mengetahui hubungan yang bersifat sebab akibat. Hasil Penelitian ini menunjukkan bahwa variabel penyertaan modal ventura berpengaruh dan lebih meningkatkan pendapatan PPU setelah menerima penyertaan modal ventura. Kata Kunci: Modal Ventura, Perusahaan Pasangan Usaha, Penyertaan
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Nadhif, Fernanda. "Kepailitan Perusahaan Pasangan Usaha Berbentuk Perseroan Terbatas Terkait Penyertaan Modal oleh Perusahaan Modal Ventura." Jurist-Diction 5, no. 6 (November 30, 2022): 2193–204. http://dx.doi.org/10.20473/jd.v5i6.40123.

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AbstractThe development of a country cannot be separated from the economic sector in which capital financing is one of the important elements in a business activity. Without capital a business will not be able to run. Financial institutions exist as institutions that provide financing in the form of providers of funds or capital goods. Venture capital companies and investee companies are two legal subjects that are interconnected in venture capital financing. Financing in the form of shares and convertible bonds made by venture capital companies to investee companies has its own characteristics. As a result of equity participation that has the potential to cause debt, the partner company can be bankrupted. This research was conducted using two approaches, namely Statue Approach and conceptual approach. Which aims to analyze and provide an explanation of how debt arises in venture capital financing and the legal consequences when the Investee company is bankrupt. Keywords: Venture Capital Company; Investee Company; Shares; Convertible Bonds; Bankruptcy. AbstrakPembangunan suatu negara tidaklah dapat dipisahkan dari sektor perekonomian yang mana pembiayaan modal merupakan salah satu elemen penting di dalam sebuh kegiatan usaha. Tanpa modal sebuah usaha tidak akan dapat berjalan. Lembaga pembiayaan hadir sebagai lembaga yang melakukan pembiayaan dalam bentuk penyedia dana atau barang modal. Perusahaan modal ventura dan perusahaan pasangan usaha merupakan dua subjek hukum yang saling berhubungan didalam pembiayaan modal ventura. Pembiayaan berupa penyertaan saham dan obligasi konversi yang dilakukan oleh perusahaan modal ventura kepada perusahaan pasangan usaha memiliki karakteristiknya masing-masing. Akibat penyertaan modal yang berpotensi menimbulkan utang, menjadikan perusahaan pasangan usaha dapat dipailitkan. Penelitian ini dilakukan menggunakan dua pendekattan yaitu pendekatan perundang-undangan (Statue Approach) dan pendekatan konseptual (conceptual approach). Yang mana bertujuan untuk menganalisa dan memberikan penjelasan tentang bagaimana timbulnya utang didalam pembiayaan modal ventura beserta akibat hukumnya ketika perusahaan pasangan usaha dipailitkan. Kata Kunci: Perusahaan Modal Ventura; Perusahaan Pasangan Usaha; Saham; Obligasi Konversi; Kepailitan.
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Hidajat, Rachmat. "Venture Capital Financing on MSMEs in PT Sarana Ventura Yogyakarta: A Maslahah Perspective." AL-FALAH : Journal of Islamic Economics 4, no. 2 (December 16, 2019): 101. http://dx.doi.org/10.29240/alfalah.v4i2.929.

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Purpose: This study aimed to analyze and explain the implementation of venture capital financing at PT. Sarana Ventura on MSMEs in terms of maslahah aspectDesign/Method/Approach: This was descriptive qualitative field research. The subjects were the leaders, the divisions of VCO & investment, legal, and agents of MSMEs at PT. Sarana Ventura in Yogyakarta. The data collection used observation, interview, and documentation techniques. The data analysis consisted of four stages, namely, data collection, data reduction, data display, and conclusion drawing/verification.Findings: The results showed that first, the distribution process of financing conducted by PT. Sarana Ventura is in the form of equity without charging any interest payment but applying the concept of revenue sharing to avoid usury. Second, the distribution process of financing to MSMEs is free from gharar by implementing the principle of the contractual agreement as well as a consensual principle in agreeing. Third, however, the capital distribution to the actors of micro, small and medium enterprises has not yet met the principle of justice because the firm is only willing to provide venture capital to medium scale enterprises which have been running and developing, not for new small scale enterprises (startup).Originality/Values: The main contribution of this study is expected to make venture capital companies more open and competitive in the future in advancing MSMEs.
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Kasim, Anita Ahmad, and Raziyan Dwi Pathan. "Sistem Pendukung Keputusan Kelayakan Penerimaan Nasabah Menggunakan Metode Profile Matching." CESS (Journal of Computer Engineering, System and Science) 5, no. 1 (January 31, 2020): 98. http://dx.doi.org/10.24114/cess.v5i1.14520.

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Abstract—PT Sarana Sulteng Ventura is one company that aims to provide loan capital is micro, small, and medium enterprises (UMKM) as a venture partner timed short or long to be able to stand on its own with loan capital that fits with the kind of effort that it takes for the customer. In providing venture capital loans, the company has some terms and conditions that apply. and the company still cultivate customer data manually so that it takes quite a long time. Then with this author makes the eligibility decision support system which will facilitate customer acceptance staff employees of PT Sarana Sulteng Ventura to pre-screen customer deserves a loan business capital to client or small medium enterprises. The researchers used a system that is web -based systems using the programming language PHP and MySQL into its data base processing and sublime text 2 as editor of programming languages. This research used the method of profile matching process to perform the calculation of assessments to help give the eligibility decision of acceptance the customer at PT. Sarana Sulteng Ventura city of Palu.
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Maune, Alexander. "Developing competitive advantage through startups and venture capital in emerging markets: A view from Israel." Risk Governance and Control: Financial Markets and Institutions 7, no. 3 (2017): 85–115. http://dx.doi.org/10.22495/rgcv7i3p9.

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This article presents an examination of the emergence and co-evolution of startups and venture capital that led to the transformation of Israel into a Start-Up and Innovation Nation since its inception in 1948. Throughout, the co-evolution of startups and venture capital was considered a critical linkage between venture capital emergence and startup intensive cluster. The article also examined the three phased evolutionary model of 1969 to 2000. A discursive approach of related relevant literature was used. The study found out that the co-evolution of startups and venture capital, policy targeting and a network of a number of other factors as will be discussed in the three phased evolutionary model were critical to the emergence and change of the Israeli high-technology industry into a high-technology startup intensive industry. Israel has become the second largest world market for venture capital with more than 240 venture capitals since 1992. Israel has also become the lead in research and development attracting more than 270 multinational companies with more than 250 establishing research centers and employing over 108 000 in the country. The study also found that Israel leads other nations in per capita startups, engineers, scientists and technicians. This article will be critical for policy formulation and implementation especially in Emerging Markets. This article may lead to a shift in strategy in many emerging countries. This article will also help expand the academic knowledge by filling the existing gaps within the body of knowledge. Therefore, the article has academic, economic and policy value.
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Zhang, Ruijun, and Lina Zheng. "Monitoring and Analysis of Venture Capital and Corporate Fraud Based on Deep Learning." Computational Intelligence and Neuroscience 2022 (May 31, 2022): 1–13. http://dx.doi.org/10.1155/2022/4589593.

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With the continuous expansion of global investment institutions, the development of the investment industry is gradually accelerating, but the risks behind the investment are also constantly increasing. Using the data of A-share companies in China’s capital market from 2010 to 2019, this paper studies the impact of venture capital on corporate fraud. Empirical results show that venture capital holdings reduce the probability and frequency of corporate fraud. These findings remain robust after mitigating endogeneity using PSM, Heckman’s two-step, one-step approach, suggesting a causal relationship between venture capital holdings and fraud reduction. Further research shows that the way venture capital holdings reduce corporate fraud is to suppress corporate fraud by improving the company’s internal and external information environment. Furthermore, venture capital holdings play an important role in the governance of corporate disclosure fraud and operational fraud, but not in the governance of TMT fraud. In addition, the venture capital has better inhibitory effects on the supervision and governance of the fraud frequency of nonstate-owned enterprises compared with state-owned enterprises. The results of this research imply that venture capital shareholding plays an important role in preventing corporate fraud. This study contributes to the researches about the value-added role of venture capital and reveals the governance effect of venture capital on corporate fraud. Besides, it provides the theoretical evidence for capitals to better serve the real economy.
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Dr.V. Santhi, Dr V. Santhi, and S. Revathy S. Revathy. "Venture Capital Practices in India." International Journal of Scientific Research 1, no. 7 (June 1, 2012): 103–8. http://dx.doi.org/10.15373/22778179/dec2012/40.

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Cheesman, D. "Nothing venture... [venture capital]." IEE Review 48, no. 2 (March 1, 2002): 21–25. http://dx.doi.org/10.1049/ir:20020203.

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Dissertations / Theses on the topic "Ventur capital"

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Ulu, Fatma. "VENTURE CAPITAL - Important factors for venture capital investment decisions." Thesis, Halmstad University, School of Business and Engineering (SET), 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-1890.

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The decision process of venture capitalists has received much attention from researchers and it is a complex and unclear process. There are plenty of factors that affect venture capitalists´ investment decisions. The purpose of this study is to find out the important factors in the due diligence process for the venture capital firms and venture capitalists during their investments. The authors find it interesting to find out factors that influence venture capitalists during their investment decisions according to due diligence process. Qualitative method was seen suitable for this study. Three phone interviews were conducted with three venture capital firms in Turkey named Is Private Equity, Ilab Ventures and Bosphorous Group. The authors find out management, market, location, product, industry and financial factors are important factors for venture capitalists to decide whether to invest or not.

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Verma, Sanjeev. "Corporate venture capital." Thesis, Massachusetts Institute of Technology, 1997. http://hdl.handle.net/1721.1/10500.

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Lang, Nils Konstantin. "Venture Capital Contracting in the Context of Young Venture Governance." Thesis, Lyon, 2020. http://www.theses.fr/2020LYSE3049.

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Le capital-risque fournit les capitaux pour le lancement, le développement et la croissance des jeunes entreprises. Il facilite l'innovation et le progrès d'une économie. Les investisseurs institutionnels de capital-risque (VCs) représentent la plus grande contribution de capital. Les deux principaux facteurs du succès sont représentés par les entrepreneurs et les investisseurs. C'est grâce à leurs efforts, engagement et alignement que les idées initiales se transforment en entreprises viables offrant de grandes expansions et un fort retour sur investissement. Entrepreneurs et investisseurs sont confrontés aux conflits d'intérêts. La gouvernance des jeunes entreprises, définie et formée par des contrats d'investissement, fournit une structure de gouvernance adaptée qui est vitale pour libérer le potentiel en atténuant les conflits d'agence. Composée de trois publications, cette thèse apporte des éclairages nouveaux sur l'évolution de la jeune gouvernance, sur le début d'une formalisation de la gouvernance et sur l'impact de la gouvernance sur la future performance
Entrepreneurial finance provides the capital for launch, early development and growth of ventures,. It acts as an enabler for innovation and advancement of an economy. Institutional venture capital investors (VCs) account for the largest capital contribution. The two main pillars for venture success are represented by the entrepreneurial team and the investors. It is due to their effort, joint engagement and alignment that initial prospectus business ideas turn into viable companies with high upscaling opportunities and strong return on investments. Entrepreneurs and investors face conflicts of interest. Young venture governance, defined and shaped in form of venture capital investment contracts, provides a finely adapted corporate governance structure which is vital to unleash the full potential by mitigating agency conflicts. Comprising of three publications, this dissertation provides novel insights on the evolution of young venture governance over time, on the initial start of a formalization of the governance structure, and on the impact of motivating governance and contract terms on future venture performance
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Pries, Fred. "Distinguishing successful from unsuccessful venture capital investments in technology-based new ventures: How investment decision criteria relate to deal performance." Thesis, University of Waterloo, 2001. http://hdl.handle.net/10012/821.

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This study investigates variability in the importance of investment decision criteria used by venture capitalists in assessing new technology-based ventures and relates the criteria to the subsequent performance of the investment in the new venture. Variability was measured using interval and ordinal scale approaches for both criteria ratings and rankings. The analyses found that the criteria used by venture capitalists form a general hierarchy that is consistently ranked across ventures. However, there are some criteria that do not form part of this hierarchy and whose importance varies depending on the specific venture being evaluated. The criteria that are consistently considered important by venture capitalists can be thought of as necessary conditions for investment. The hypotheses concerning the relationship between the criteria and subsequent deal performance are that:· deal performance can be assessed by venture capitalists earlier for Internet-related ventures than for other-technology based ventures (H1);· Internet-related ventures have more extreme levels of deal performance (H2);· a small number of criteria will distinguish between successful and unsuccessful deal performance (H3);· criteria that do distinguish have above average variability (H4); and· criteria related to first-mover advantage distinguish between successful and unsuccessful deals (H5). The study was conducted in two parts. The original study (n=100) conducted by Bachher (2000) gathered information about the importance of the investment criteria using a web-based survey. The follow-up study (n=40) gathered information about the success of the investments by surveying the original participants and gathering information from the Internet. Limitations of the study include a nonrandom sample, a small sample size for the follow-up survey and the very small number (n=5) of unsuccessful investments identified. Evidence for hypotheses H1 and H2 was in the predicted direction but failed to achieve statistical significance. The evidence is supportive of H3. Evidence for H4 and H5 was not found. Additional analysis of the results suggests that venture capitalists whose investments were ultimately unsuccessful placed less importance on technology-related criteria than did venture capitalists investing in the other ventures. This finding implies that venture capitalists need to perform detailed assessments of the technology of new ventures.
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Nathusius, Eva. "Syndizierte Venture-Capital-Finanzierung /." Sternenfels : Verl. Wiss. und Praxis, 2005. http://deposit.ddb.de/cgi-bin/dokserv?id=2637520&prov=M&dok_var=1&dok_ext=htm.

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Singhs, Shikhir. "Structuring Venture Capital Deals." Thesis, Cass Business School, 2005. http://hdl.handle.net/10919/71540.

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Fundraising with venture capitalists can remain a largely mysterious process. In a world shrouded with non-disclosure agreements, the entrepreneurs are often unaware of the common practices of deal terms and are unable to benchmark their term sheets with respect to those given to others. Inherent conflicts of interest in the split of the financial returns, liquidation, and control of the company lead the venture capitalists to structure the deals which benefit their interests at cost to the interests of the entrepreneurs. This dissertation identifies and characterizes the term sheet structures used by venture capitalists today and establishes their frequency. This information can be used by entrepreneurs to benchmark their term sheets and by venture capitalists to evaluate their investment strategies.
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Gallucci, Netto Humberto. "Ensaios sobre venture capital." reponame:Repositório Institucional do FGV, 2018. http://hdl.handle.net/10438/20684.

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This thesis analyzes the differences between venture capital (VC) funds managed by banks and funds managed by independent institutions. Banks as VC fund managers (or bank affiliates funds) contact companies that commonly require banking services such as loans, underwriting and M & A advisory. Fang et al. (2013) and Hellman et al. (2008) explore the possibility that bank affiliates seek to invest in companies that may in the future be clients of the bank to which they are associated. In this case, banks sponsor VC funds to strengthen their commercial area. In addition, bank affiliates have access to the same flow of opportunities as independent funds. This thesis explores another possibility: independent funds seek co-investment with bank affiliates to facilitate the access of their investees to advantages such as greater capital volume and obtaining credit. In this case, the flow of opportunities of bank affiliates is differentiated because they are easier to participate in co-investments. Thus, the first objective of this thesis is to seek evidence that bank affiliates have a different flow of opportunities and that they are easier to co-invest. The second objective is to investigate whether the reinterpretation of Section 20 of the Glass-Steagall Act of 1933 (or GSA) that occurred in 1989 affected the structuring of the investments of affiliated funds of banks. The GSA has in many ways limited the performance of commercial banks. Section 20 prohibited commercial banks and their subsidiaries from being the underwriters in corporate bond issues. Over the years, there have been some attempts by Congress to soften or remove the GSA, but with little success. Regulators and banks were able to effectively soften the GSA through successive reinterpretations of their content. In 1989, the Federal Reserve (Fed) allowed some financial institutions to underwrite corporate assets (including IPOs). This permission created, exogenously, two groups of financial institutions: those that could and could not do underwriting (we call the commercial banks that obtained this authorization as subsidiaries Section 20 or SS20). This constituted an exogenous shock that affected only a portion of commercial banks and thus allows us to identify whether underwriting activity affects the behavior of banks as VC fund managers. A change in the investment style after 1989 that occurs only for the SS20 would be indicative that bank affiliates adjust their investment style in function of the activities and interests of the holding company. This also suggests the conflict of interest between these two activities. Regarding the first objective, we find that the model of VC investment of affiliates of commercial banks is dependent on the round of entry into the company. When they invest in the first round, commercial bank affiliates enter rounds up to four times larger in investments with fewer co-investors and investment rounds than independent funds. Investments of bank affiliates in companies in the first round of financing are made in sectors other than the investments of independent funds and 35% of the companies invested by banks acquire a bank loan. Co-investment in companies that have passed the first round of investment represents most of investments for VC funds. Bank affiliates make 63% of the investments in this modality (55% for independents) and invest companies 400 miles away. Bank affiliates coincide with a larger number of funds, even with lower ratio numbers. Despite some differences, the sectors invested between affiliated funds and banks are similar. Investment in VC increases the likelihood of selling other banking products such as loans, underwriting and M & A advisory. Finally, companies invested in the first round by bank affiliates seeking loans from the VC bank have a spread of 90 basis points higher than companies seeking loans from other banks. In relation to our second objective, we identified a change in the investment model of funds affiliated with banks that have SS20 as compared to the VC funds of banks without such subsidiaries. There was a drop in the percentage of investments made in the first round of the company's VC by approximately 15%, and the main reason for this decline is the 19% decrease in first-round investments made alone. Early-stage investments fell by approximately 10%, while the co-investment percentage increased by 19%. There was a decrease, both in the percentage of rounds that the bank invested and, in the total, invested in the company by 20%. The distance between bank and company has decreased by 400 miles. These changes in the investment style impacted the percentage of companies that went through IPO by more than 10%. The results suggest a change in the investment model of commercial banks SS20 after 1989. The subsidiaries invested in more mature and closer companies, co-investing in more investments. One possible explanation is the search for more mature companies that can issue debentures, shares or use the new services that SS20 have been authorized.
Esta tese analisa diferenças entre fundos de venture capital (VC) geridos por bancos e os geridos por instituições independentes. Bancos enquanto gestores de fundos de VC (denominamos por afiliados de bancos os fundos geridos por bancos) entram em contato com empresas que comumente necessitam de serviços bancários tais como empréstimos, underwriting e assessoramento em M&A. Fang et al. (2013) e Hellman et al. (2008) exploram a possibilidade que afiliadas de bancos procurem investir em empresas que possam no futuro ser clientes do banco ao qual estão associadas. Nesse caso, os bancos patrocinam fundos de VC para fortalecer sua área comercial. Além do mais, as afiliadas de bancos têm acesso ao mesmo fluxo de oportunidades que os fundos independentes. Essa tese explora outra possibilidade: que fundos independentes busquem o coinvestimento com afiliadas de banco para facilitar o acesso de suas investidas a vantagens tais como maior volume de capital e obtenção de crédito. Nesse caso, o fluxo de oportunidades das afiliadas de bancos é diferenciado porque estas possuem maior facilidade para participar de coinvestimentos. Assim, o primeiro objetivo dessa tese é buscar evidências de que afiliadas de bancos têm um fluxo de oportunidades diferenciado e que têm maior facilidade para coinvestir. O segundo objetivo é investigar se a reinterpretação da Seção 20 do Glass-Steagall Act de 1933 (ou GSA) que ocorreu em 1989 afetou a estruturação dos investimentos de fundos afiliados de bancos. O GSA limitou de vários modos a atuação dos bancos comerciais. Em particular, a Seção 20 proibiu que bancos comerciais e suas subsidiárias e depositárias fossem os underwriters em emissões de títulos corporativos. Ao longo dos anos, houve algumas tentativas do Congresso para amenizar ou remover o GSA, mas com pouco sucesso. Os reguladores e bancos conseguiram amenizar efetivamente o GSA por meio de sucessivas reinterpretações de seu conteúdo. De especial interesse para o nosso tópico, em 1989 o Federal Reserve (FED) permitiu que algumas instituições financeiras fizessem o underwriting de ativos corporativos (inclusive IPOs). Essa permissão criou, de maneira exógena, dois grupos de instituições financeiras: as que podiam e as que não podiam fazer underwriting (denominamos os bancos comerciais que conseguiram esta autorização como subsidiárias Seção 20 ou SS20). Isso constituiu um choque exógeno que afetou apenas uma parcela dos bancos comerciais e, portanto, permite identificar se a atividade de underwrinting afeta o comportamento dos bancos enquanto gestores de fundos de VC. Uma mudança no estilo de investimento após 1989 que ocorra somente para as SS20 seria indicativa de que afiliadas de bancos ajustam seu estilo de investimento em função das atividades e interesses da holding. Isso também sugere o conflito de interesse entre essas duas atividades. Com relação ao primeiro objetivo, encontramos que o modelo de investimento em VC das afiliadas de bancos comerciais é dependente do round de entrada na empresa. Quando investem no primeiro round as afiliadas de bancos comerciais entram em rounds até quatro vezes maiores, em investimentos com menor número de coinvestidores e rounds de investimento do que os fundos independentes. Os investimentos de afiliadas de bancos em empresas no primeiro round de financiamento são feitos em setores distintos aos investimentos de fundos independentes e 35% das empresas investidas por bancos adquirem um empréstimo bancário. O coinvestimento em empresas que passaram do primeiro round de investimento representa a maioria dos investimentos para os fundos de VC. Afiliadas de bancos fazem 63% dos investimentos nesta modalidade (55% para independentes) e investem empresas 400 milhas mais distantes. As afiliadas de bancos coinvestem com um maior número de fundos, mesmo com índices de número de relacionamento mais baixos. Apesar de algumas diferenças, os setores investidos entre fundos afiliados e bancos são similares. O investimento em VC aumenta a probabilidade da venda de outros produtos bancários como: empréstimos, underwriting e assessoramento em M&A. Por fim, empresas investidas no primeiro round por afiliadas de bancos que buscam empréstimo junto ao banco investidor de VC tem um spread de 90 pontos base maior do que as empresas que buscam empréstimo em outros bancos. Com relação ao nosso segundo objetivo, identificamos uma mudança no modelo de investimento dos fundos afiliados a bancos que possuem SS20, quando comparado com os fundos de VC de bancos sem tais subsidiárias. Houve uma queda na porcentagem de investimentos feitos no primeiro round de VC da empresa em aproximadamente 15%, e o principal motivo desta queda é a diminuição em 19% dos investimentos em primeiro round realizados sozinhos. Os investimentos em early-stage caíram aproximadamente 10%, enquanto a porcentagem de coinvestimento aumentou 19%. Houve uma queda, tanto na porcentagem de rounds que o banco investiu quanto no total investido na empresa em 20%. A distância entre a sede do banco e da empresa diminuiu em 400 milhas. Estas mudanças no estilo de investimento impactaram na porcentagem de empresas que saíram por IPO em mais de 10%. Os resultados sugerem uma mudança no modelo de investimento dos bancos comerciais SS20 após 1989. As subsidiárias investiram em empresas mais maduras e mais próximas, coinvestindo em mais investimentos. Uma possível explicação é a busca por empresas mais maduras que podem emitir debêntures, ações ou utilizar os novos serviços que as SS20 foram autorizadas.
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Hellqvist, Ulf, and Maija Kraljevic. "Venture Capital : What factors lie at the basis for Venture Capital investment decisions?" Thesis, Jönköping University, JIBS, Business Administration, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-365.

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Abstract:

Introduction:

Venture capital investment process is complex and different firms vary greatly in their investment practices. This has resulted in authors given several different factors that could be imperative for venture firms investment decisions. There is thus no consensus in the field of venture investing.

Purpose:

The purpose of this thesis is to list which factors are important for venture capital firms investment decisions in start-up firms.

Method:

The authors conducted structured phone interviews with seven venture capital firms in Sweden.

Conclusion:

The authors found the following factors to be important for venture firms investment decisions in start-up firms; Busienss plans that demonstrated the thinkings of the entrepreneur, communicate ideas, visions, product, market, competition, growth potential as well as the planned intentions with the recived funds. They also desired realistic, concreate, simple plans that explained the implementation process of the start-up firm. The second factor that was important was markets where large markets, market growth, market share, market entry and global markets were mentioned. The third factor of importance was product, in which uniqueness, simplicity, patents and time-to-market were listed. Management was the fourth factor of importance, in which sensibility, competence, technical skills, entrepreurial spirit, attitude, humbelness, determination, openness, drive, chemistry and confidence were included. The fifth factor of importamce financial embraced ROI, economioes of scale, valuation and the size of the investment. The last two important factors that the authors found to be important for the venture firms in the study were location and industry.

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Yip, Ying-chi Benjamin. "Venture capital in Hong Kong : a perspective study and recommendations /." [Hong Kong] : University of Hong Kong, 1993. http://sunzi.lib.hku.hk/hkuto/record.jsp?B13731129.

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Garvi, Miriam. "Venture Capital for the Future : Implications of Founding Visions in the Venture Capital Setting." Doctoral thesis, Jönköping : Jönköping International Business School, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-794.

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Books on the topic "Ventur capital"

1

1952-, Wright Mike, Sapienza Harry J. 1949-, and Busenitz Lowell W. 1952-, eds. Venture capital. Cheltenham, UK: Elgar, 2003.

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Canada. Industry, Science and Technology Canada. Venture capital. Ottawa: Industry, Science and Technology Canada, 1991.

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Solarz, Jan Krzysztof. Venture capital. Warszawa: Centrum Informacji Menedżera, 1993.

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Hahn, Christopher, ed. Venture Capital. Wiesbaden: Springer Fachmedien Wiesbaden, 2021. http://dx.doi.org/10.1007/978-3-658-33700-1.

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Wright, Mike, and Ken Robbie. Venture Capital. London: Routledge, 2022. http://dx.doi.org/10.4324/9781315235110.

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Caselli, Stefano, and Stefano Gatti, eds. Venture Capital. Berlin, Heidelberg: Springer Berlin Heidelberg, 2004. http://dx.doi.org/10.1007/978-3-540-24829-3.

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Cumming, Douglas J. Venture Capital. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2010. http://dx.doi.org/10.1002/9781118266908.

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Gompers, Paul A. The determinants of corporate venture capital success: Organizational structure, incentives, and complementarities. Cambridge, MA: National Bureau of Economic Research, 1998.

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MacIntosh, Jeffrey G. Venture capital financing. Toronto]: Faculty of Law, University of Toronto, 2009.

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Venture Capital Funding. London: Kogan Page Publishers, 2008.

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Book chapters on the topic "Ventur capital"

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Tudini, Edmondo. "An Introduction to the Investment in New Ventures." In Venture Capital, 3–25. Berlin, Heidelberg: Springer Berlin Heidelberg, 2004. http://dx.doi.org/10.1007/978-3-540-24829-3_1.

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Maddaloni, Marina, and Maria Pierdicchi. "Opportunities in the Quotation of Private Equity Companies." In Venture Capital, 261–84. Berlin, Heidelberg: Springer Berlin Heidelberg, 2004. http://dx.doi.org/10.1007/978-3-540-24829-3_10.

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Spotorno, Lucia. "The Venture Capital Industry in Europe: Trends and Figures." In Venture Capital, 285–315. Berlin, Heidelberg: Springer Berlin Heidelberg, 2004. http://dx.doi.org/10.1007/978-3-540-24829-3_11.

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Giuiusa, Anna. "Regulations and Supervision: The Role of Central Bank." In Venture Capital, 319–37. Berlin, Heidelberg: Springer Berlin Heidelberg, 2004. http://dx.doi.org/10.1007/978-3-540-24829-3_12.

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Capizzi, Vincenzo. "The Constitution of a Venture Capital Company." In Venture Capital, 339–67. Berlin, Heidelberg: Springer Berlin Heidelberg, 2004. http://dx.doi.org/10.1007/978-3-540-24829-3_13.

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Schiavello, Enzo, and Jonathan de Lance Holmes. "Legal Issues for Italian Venture Capital Investment Schemes." In Venture Capital, 369–406. Berlin, Heidelberg: Springer Berlin Heidelberg, 2004. http://dx.doi.org/10.1007/978-3-540-24829-3_14.

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Giovannini, Renato. "A Broad Vision of the Investment Process in Venture Capital." In Venture Capital, 27–51. Berlin, Heidelberg: Springer Berlin Heidelberg, 2004. http://dx.doi.org/10.1007/978-3-540-24829-3_2.

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Geranio, Manuela. "Funding Processes." In Venture Capital, 53–80. Berlin, Heidelberg: Springer Berlin Heidelberg, 2004. http://dx.doi.org/10.1007/978-3-540-24829-3_3.

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Gatti, Stefano. "The Valuation of the Target Company." In Venture Capital, 81–121. Berlin, Heidelberg: Springer Berlin Heidelberg, 2004. http://dx.doi.org/10.1007/978-3-540-24829-3_4.

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Gandolfi, Gino. "Specialties in Managing Closed-End Funds." In Venture Capital, 123–47. Berlin, Heidelberg: Springer Berlin Heidelberg, 2004. http://dx.doi.org/10.1007/978-3-540-24829-3_5.

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Conference papers on the topic "Ventur capital"

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Hauser, H. "A fully electronic stock interchange." In IEE Half day Colloquium on Venture Capital. IEE, 1995. http://dx.doi.org/10.1049/ic:19950137.

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Bainbridge, A. F. "Securing venture capital: effective approaches and appropriate sources." In IEE Half day Colloquium on Venture Capital. IEE, 1995. http://dx.doi.org/10.1049/ic:19950138.

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Cooke, P. "Putting the deal together and a case study." In IEE Half day Colloquium on Venture Capital. IEE, 1995. http://dx.doi.org/10.1049/ic:19950139.

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Ćirić, Zoran, Stojan Ivanišević, and Otilija Sedlak. "CROWDFUNDING GETS CONQUERED BY VENTURE CAPITAL." In 2nd International Scientific Conference. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2018. http://dx.doi.org/10.31410/itema.2018.399.

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Zhao, Xiaoxue, Weinan Zhang, and Jun Wang. "Risk-Hedged Venture Capital Investment Recommendation." In RecSys '15: Ninth ACM Conference on Recommender Systems. New York, NY, USA: ACM, 2015. http://dx.doi.org/10.1145/2792838.2800181.

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Widyasthana, G. N. Sandhy, Jann Hidajat Tjakraatmadja, Dermawan Wibisono, and Mustika Sufiati Purwanegara. "Organization Behavior On Corporate Venture Capital." In 3rd International Seminar and Conference on Learning Organization. Paris, France: Atlantis Press, 2016. http://dx.doi.org/10.2991/isclo-15.2016.19.

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Friedlmaier, Maximilian, Andranik Tumasjan, and Isabell M. Welpe. "Disrupting Industries with Blockchain: The Industry, Venture Capital Funding, and Regional Distribution of Blockchain Ventures." In Hawaii International Conference on System Sciences. Hawaii International Conference on System Sciences, 2018. http://dx.doi.org/10.24251/hicss.2018.445.

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Narayan Panda, Satya, and Arun Kumar Gopalaswamy. "New Venture Valuation and Venture Capital Perspective: An Industry Level Analysis." In 5th International Conference on New Ideas in Management, Economics and Accounting. Acavent, 2018. http://dx.doi.org/10.33422/5imea.2018.02.52.

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Xi, Jifeng, Ni Xue, and Lihong Guo. "The Tripartite Game of Venture Capital Operations." In 2010 International Conference on Information Management, Innovation Management and Industrial Engineering (ICIII). IEEE, 2010. http://dx.doi.org/10.1109/iciii.2010.105.

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Liang, Peng, and Yu Huang. "Investing Activities of Venture Capital in Japan." In 2010 International Conference on Management and Service Science (MASS 2010). IEEE, 2010. http://dx.doi.org/10.1109/icmss.2010.5576463.

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Reports on the topic "Ventur capital"

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Ewens, Michael, Alexander Gorbenko, and Arthur Korteweg. Venture Capital Contracts. Cambridge, MA: National Bureau of Economic Research, July 2019. http://dx.doi.org/10.3386/w26115.

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Poterba, James. Venture Capital and Capital Gains Taxation. Cambridge, MA: National Bureau of Economic Research, January 1989. http://dx.doi.org/10.3386/w2832.

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Puri, Manju, and Rebecca Zarutskie. On the Lifecycle Dynamics of Venture-Capital- and Non-Venture-Capital-Financed Firms. Cambridge, MA: National Bureau of Economic Research, August 2008. http://dx.doi.org/10.3386/w14250.

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Kortum, Samuel, and Josh Lerner. Does Venture Capital Spur Innovation? Cambridge, MA: National Bureau of Economic Research, December 1998. http://dx.doi.org/10.3386/w6846.

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Gompers, Paul, and Josh Lerner. What Drives Venture Capital Fundraising? Cambridge, MA: National Bureau of Economic Research, January 1999. http://dx.doi.org/10.3386/w6906.

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Kaplan, Steven, and Josh Lerner. Venture Capital Data: Opportunities and Challenges. Cambridge, MA: National Bureau of Economic Research, August 2016. http://dx.doi.org/10.3386/w22500.

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Gornall, William, and Ilya Strebulaev. Squaring Venture Capital Valuations with Reality. Cambridge, MA: National Bureau of Economic Research, October 2017. http://dx.doi.org/10.3386/w23895.

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Da Rin, Marco, Thomas Hellmann, and Manju Puri. A survey of venture capital research. Cambridge, MA: National Bureau of Economic Research, October 2011. http://dx.doi.org/10.3386/w17523.

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Keuschnigg, Christian, and Soren Bo Nielsen. Tax Policy, Venture Capital, and Entrepreneurship. Cambridge, MA: National Bureau of Economic Research, October 2000. http://dx.doi.org/10.3386/w7976.

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Nanda, Ramana, and Matthew Rhodes-Kropf. Coordination Frictions in Venture Capital Syndicates. Cambridge, MA: National Bureau of Economic Research, April 2018. http://dx.doi.org/10.3386/w24517.

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