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Licensed Unlicensed Requires Authentication Published by De Gruyter January 25, 2020

The Venture Capital Feedback Cycle: A Critical Review and Future Directions

  • Juan Pablo Torres ORCID logo EMAIL logo

Abstract

A framework of the venture capital (VC) process, encompassing the (1) pre-investment phase, (2) management phase, (3) exit phase, and the interrelationships between them was developed into a cycle using the exit phase in a feedback loop. The review of 166 articles from top-tier, Grade 4, journals suggests that most prominent Entrepreneurial & Management (E&M) literature assesses the VC operating environment, and the managerial expertise and skills of both VC firms and entrepreneurs independently. Finance Literature, however, centers its independent analysis on contracts, risk, returns and VC governance. A network analysis follows comparing E&M and Finance literature VC research agendas by country, author, institution, and journal. Finally, the manuscript identifies trends and future areas for VC cycle research by comparing and exploring the current state and progress of the VC cycle in Entrepreneurial literature.

Appendix

A
Table 5:

Linkage-exploring review matrix of venture capital articles between 2000 and 2017.

A-I A-II A-III A-IV B-I B-II B-III B-IV C-I
A-I 30-38-42-44-54-57-61-84-89-90-95-97-108-109-112-113-125-134-136-138-142-148-155
A-II 123-160 12-51-126-147
A-III 16-85 88-151 13-26-29-65-74-92-133
A-IV 43-99-100-165 60 7-153
B-I 46-124 103 34-149 1-11-32-35-128
B-II 6-23-72-93-102-116-127 4-69-143 2-19-31 146 73-101-161 3-9-14-15-17-18-25-28-36-39-41-48-49-53-55-56-70-76-80-111-120-121-150-159
B-III 110 164 141 166 66-104-129 58
B-IV 24-40-45-50 135-157 152 21-33 10-115 5-67-71-91-94-98-132-154-156 118-140 8-64-79-106-131
C-I 22-63 77 162 117 20-27 37 59-86-87-107-137 62-75-81-119-130-139-158 47-52-82-83-96-105-144-145-163
Table 6:

List of reviewed articles about venture capital between 2000 and 2017.

ID Linkage Title Author(s) Year Source
1 BII The Non-consensus Entrepreneur: Organizational Responses to Vital Events Pontikes, Elizabeth G.; Barnett, William 2017 ADMINISTRATIVE SCIENCE QUARTERLY
2 AII-BII A review and road map of entrepreneurial equity financing research: venture capital, corporate venture capital, angel investment, crowdfunding, and accelerators Drover, Busenitz, Matusik, Townsend, Anglin and Dushnitsky 2017 JOURNAL OF MANAGEMENT
3 BII Unpacking the CEO-board relationship: how strategy making happens in entrepreneurial firms Garg and Eisenhardt 2017 ACADEMY OF MANAGEMENT JOURNAL
4 AII-BII The conditional importance of prior ties: a group-level analysis of venture capital syndication Zhang, Gupta, and Hallen 2017 ACADEMY OF MANAGEMENT JOURNAL
5 BIII-BIV Diversification, risk, and returns in venture capital Buchner, Axel; Mohamed, Abdulkadir; Schwienbacher, Armin 2017 JOURNAL OF BUSINESS VENTURING
6 AI-BII Venturing into the unknown with strangers: Substitutes of relational embeddedness in cross-border partner selection in venture capital syndicates Meuleman, Miguel; Jaaskelainen, Mikko; Maula, Markku V. J.; et ál. 2017 JOURNAL OF BUSINESS VENTURING
7 AIV The Influence of Exploration on External Corporate Venturing Activity Titus, Varkey, Jr.; House, Jenny M.; Covin, Jeffrey G 2017 JOURNAL OF MANAGEMENT
8 BIV Risk-Adjusting the Returns to Venture Capital Korteweg and Nagel 2016 JOURNAL OF FINANCE
9 BII A comparison of the effect of angels and venture capitalists on innovation and value creation Dutta, Supradeep; Folta, Timothy B. 2016 JOURNAL OF BUSINESS VENTURING
10 BI-BIV Corporate venture capital portfolios and firm innovation Wadhwa, Anu; Phelps, Corey; Kotha, Suresh 2016 JOURNAL OF BUSINESS VENTURING
11 BI Posturing and Holdup in Innovation Khanna, Naveen; Mathews, Richmond D. 2016 REVIEW OF FINANCIAL STUDIES
12 AII Gender Stereotypes and Venture Support Decisions: How Governmental Venture Capitalists Socially Construct Entrepreneurs’ Potential Malmstrom, Malin; Johansson, Jeaneth; Wincent, Joakim 2016 ENTREPRENEURSHIP THEORY AND PRACTICE
13 AIII The Best of Both Worlds: The Benefits of Open-specialized and Closed-diverse Syndication Networks for New Ventures’ Success Ter Wal, Anne L. J.; Alexy, Oliver; Block, Joern; et ál 2016 ADMINISTRATIVE SCIENCE QUARTERLY
14 BII Taking a Second Look in a Warped Crystal Ball: Explaining the Accuracy of Revised Forecasts Bacon-Gerasymenko, Violetta; Coff, Russell; Durand, Rodolphe 2016 JOURNAL OF MANAGEMENT STUDIES
15 BII When do entrepreneurs accurately evaluate venture capital firms’ track records? A bounded rationality perspective Hallen and Pahnke 2016 ACADEMY OF MANAGEMENT JOURNAL
16 AI-AIII Local partnering in foreign ventures: uncertainty, experiential learning, and syndication in cross-border venture capital investments Liu and Maula 2016 ACADEMY OF MANAGEMENT JOURNAL
17 BII Misfit and milestones: structural elaboration and capability reinforcement in the evolution of entrepreneurial top management teams Ferguson, Cohen, Burton, et al. 2016 ACADEMY OF MANAGEMENT JOURNAL
18 BII Venture capital ownership as a contingent resource: how owner-firm fit influences IPO outcomes Lungeanu and Zajac 2016 ACADEMY OF MANAGEMENT JOURNAL
19 AIII-BII After the break-up: the relational and reputational consequences of withdrawals from venture capital syndicates Zhelyazkov, Gulati 2016 ACADEMY OF MANAGEMENT JOURNAL
20 BI-CI The Impact of Venture Capital Monitoring Bernstein, Giroud, and Townsend 2016 JOURNAL OF FINANCE
21 AIV-BIV The effect of trade secret legal protection on venture capital investments: Evidence from the inevitable disclosure doctrine Castellaneta, Francesco; Conti, Raffaele; Veloso, Francisco M.; et ál. 2016 JOURNAL OF BUSINESS VENTURING
22 AI-CI Do local and international venture capitalists play well together? The complementarity of local and international venture capitalists Chemmanur, Thomas J.; Hull, Tyler J.; Krishnan, Karthik 2016 JOURNAL OF BUSINESS VENTURING
23 AI-BII Escalation of commitment in venture capital decision making: Differentiating between domestic and international investors Devigne, David; Manigart, Sophie; Wright, Mike 2016 JOURNAL OF BUSINESS VENTURING
24 AI-BIV Governmental venture capital in Europe: Screening and certification Guerini and Quas 2016 JOURNAL OF BUSINESS VENTURING
25 BII The Importance of Trust for Investment: Evidence from Venture Capital Bottazzi, Laura; Da Rin, Marco; Hellmann, Thomas 2016 REVIEW OF FINANCIAL STUDIES
26 AIII Lo Mio Es Tuyo: Financing Growth Ruiz Massieu, Daniela; Gonzalez Brambila, Claudia 2016 ENTREPRENEURSHIP THEORY AND PRACTICE
27 BI-CI Venture-Backed Firms: How Does Venture Capital Involvement Affect Their Likelihood of Going Public or Being Acquired? (vol 40, pg 991, 2016) Ragozzino, Roberto; Blevins, Dane P. 2016 ENTREPRENEURSHIP THEORY AND PRACTICE
28 BII What Can Scholars of Entrepreneurship Learn From Sound Family Businesses? Miller, Danny; Steier, Lloyd; Le Breton-Miller, Isabelle 2016 ENTREPRENEURSHIP THEORY AND PRACTICE
29 AIII Venture Capital Contracting in Theory and Practice: Implications for Entrepreneurship Research Burchardt, Jens; Hommel, Ulrich; Kamuriwo, Dzidziso Samuel; et ál. 2016 ENTREPRENEURSHIP THEORY AND PRACTICE
30 AI Comparative International Entrepreneurship: A Review and Research Agenda Terjesen, Siri; Hessels, Jolanda; Li, Dan 2016 JOURNAL OF MANAGEMENT
31 AIII-BII Where do spinouts come from? The role of technology relatedness and institutional context Yeganegi, Sepideh; Laplume, Andre O.; Dass, Parshotam; et ál. 2016 RESEARCH POLICY
32 BI The participation of new technology-based firms in EU-funded R&D partnerships: The role of venture capital Colombo, Massimo G.; D’Adda, Diego; Pirelli, Lorenzo H. 2016 RESEARCH POLICY
33 AIV-BIV The effect of patent litigation and patent assertion entities on entrepreneurial activity Kiebzak, Stephen; Rafert, Greg; Tucker, Catherine E. 2016 RESEARCH POLICY
34 AIV-BI Venture capital investments and the technological performance of portfolio firms Lahr, Henry; Mina, Andrea 2016 RESEARCH POLICY
35 BI Who Takes You to the Dance? How Partners’ Institutional Logics Influence Innovation in Young Firms Pahnke, Emily Cox; Katila, Riitta; Eisenhardt, Kathleen M. 2015 ADMINISTRATIVE SCIENCE QUARTERLY
36 BII (Un)Tangled: Exploring the Asymmetric Coevolution of New Venture Capital Firms’ Reputation and Status Pollock, Timothy G.; Lee, Peggy M.; Jin, Kyuho; et ál. 2015 ADMINISTRATIVE SCIENCE QUARTERLY
37 BII-CI Strategically camouflaged corporate governance in IPOs: Entrepreneurial masking and impression management Benson, Brau, Cicon, et al. 2015 JOURNAL OF BUSINESS VENTURING
38 AI Exposed: venture capital, competitor ties, and entrepreneurial innovation Pahnke, McDonald, Wang and Hallen 2015 ACADEMY OF MANAGEMENT JOURNAL
39 AI-BIV International Analysis of Venture Capital Programs of Large Corporations and Financial Institutions Da Gbadji, Luc Armel G.; Gailly, Benoit; Schwienbacher, Armin 2015 ENTREPRENEURSHIP THEORY AND PRACTICE
40 AI Navigating Political Hazard Risks and Legal System Quality: Venture Capital Investments in Latin America Khoury, Theodore A.; Junkunc, Marc; Mingo, Santiago 2015 JOURNAL OF MANAGEMENT
41 AI-BIV Quality signals? The role of patents, alliances, and team experience in venture capital financing Hoenig, Daniel; Henkel, Joachim 2015 RESEARCH POLICY
42 AI-BI Does governmental venture capital spur invention and innovation? Evidence from young European biotech companies Bertoni, Fabio; Tykvova, Tereza 2015 RESEARCH POLICY
43 CI The Effects of Government-Sponsored Venture Capital: International Evidence Brander, Du and Hellmann 2015 REVIEW OF FINANCE
44 BII Ethnic matching in the US venture capital market Bengtsson and Hsu 2015 JOURNAL OF BUSINESS VENTURING
45 AI-BIV Assessing the impact of public venture capital programmes in the United Kingdom: Do regional characteristics matter? Manuri and Toschi 2015 JOURNAL OF BUSINESS VENTURING
46 CI Social trust and angel investors’ decisions: A multilevel analysis across nations Ding, Au and Chiang 2015 JOURNAL OF BUSINESS VENTURING
47 BII Making sense of entrepreneurial exit strategies: A typology and test DeTienne, McKelvie and Chandler, 2015 JOURNAL OF BUSINESS VENTURING
48 AI Is a VC Partnership Greater Than the Sum of Its Partners? Ewens and Rhodes-Kropf 2015 JOURNAL OF FINANCE
49 BII Path-Dependent evolution versus international management of investment ties in science-based entreprenuerial firms Vanacker, Manigart and Meuleman 2014 ENTREPRENEURSHIP THEORY AND PRACTICE
50 AI National distances, international experience, and venture capital investment performance Li, Vertinsky and Li 2014 JOURNAL OF BUSINESS VENTURING
51 BIV-CI Trademarks and venture capital valuation Block, De Vries, Schumann, et al. 2014 JOURNAL OF BUSINESS VENTURING
52 AI-CI New insights into venture capitalists’ activity: IPO and time-to-exit forecast as antecedents of their post-investment involvement Gerasymenko and Arthurs 2014 JOURNAL OF BUSINESS VENTURING
53 BIV Hybrid vigor: securing venture capital by spanning categories in nanotechnology Wry, Lounsbury and Jennings 2014 ACADEMY OF MANAGEMENT JOURNAL
54 AIII How do social defenses work? A resource-dehow do social defenses work? A resource-dependence lens on technology ventures, venture capital investors, and corporate relationships Hallen, Katila and Rosenberger 2014 ACADEMY OF MANAGEMENT JOURNAL
55 BII-BIII Reputation and decision making under ambiguity: a study of us venture capital firms’ investments in the emerging clean energy sector Petkova, Wadhwa, Yao and Jain 2014 ACADEMY OF MANAGEMENT JOURNAL
56 BII-BIV Ambidexterity and Survival in Corporate Venture Units Hill, Susan A.; Birkinshaw, Julian 2014 JOURNAL OF MANAGEMENT
57 BII Government, venture capital and the growth of European high-tech entrepreneurial firms Grilli, Luca; Murtinu, Samuele 2014 RESEARCH POLICY
58 BII-BIV How patenting informs VC investors - The case of biotechnology Haeussler, Carolin; Harhoff, Dietmar; Mueller, Elisabeth 2014 RESEARCH POLICY
59 AI-BII Are patents signals for the IPO market? An EU-US comparison for the software industry Useche, Diego 2014 RESEARCH POLICY
60 AIII The diminishing signaling value of patents between early rounds of venture capital financing Hoenen, Sebastian; Kolympiris, Christos; Schoenmakers, Wilfred; et ál. 2014 RESEARCH POLICY
61 BII How does governmental versus private venture capital backing affect a firm’s efficiency? Evidence from Belgium Alperovych, Huebner, and Lobet, 2014 JOURNAL OF BUSINESS VENTURING
62 BII Corporate venture capital, value creation, and innovation. Chemmanur, Loutskina and Tian 2014 REVIEW OF FINANCIAL STUDIES
63 BIV-CI Do networks of financial intermediaries help reduce local bias? Evidence from cross-border venture capital exits Jaaskelainen and Maula 2014 JOURNAL OF BUSINESS VENTURING
64 BIV Does acquiring venture capital pay off for the funded firms? A meta-analysis on the relationship between venture capital investment and funded firm financial performance Rosenbusch, Brinckmann and Müller 2013 JOURNAL OF BUSINESS VENTURING
65 AII-AIII Power source mismatch and the effectiveness of interorganizational relations: the case of venture capital syndication Ma, Rhee and Yang 2013 ACADEMY OF MANAGEMENT JOURNAL
66 AI Signals across multiple networks: how venture capital and alliance networks affect interorganizational collaboration Ozmel, Reuer and Gulati 2013 ACADEMY OF MANAGEMENT JOURNAL
67 AI The Relationship between Slack Resources and the Performance of Entrepreneurial Firms: The Role of Venture Capital and Angel Investors Vanacker, Collewaert and Paeleman 2013 JOURNAL OF MANAGEMENT STUDIES
68 BII-BIV How Employees’ Prior Affiliations Constrain Organizational Network Change: A Study of U.S. Venture Capital and Private Equity Rider, Christopher I. 2012 ADMINISTRATIVE SCIENCE QUARTERLY
69 AIII Two Sides of the Same Coin: How Ambiguous Classification Affects Multiple Audiences’ Evaluations Pontikes, Elizabeth G. 2012 ADMINISTRATIVE SCIENCE QUARTERLY
70 AI-BII Catalizing strategies and efficient tie formation: How entrepreneurial firms obtain investment ties Hallen and Eisenhardt 2012 ACADEMY OF MANAGEMENT JOURNAL
71 AI Which CEO Characteristics and Abilities Matter? Kaplan, Klebanov and Sorensen 2012 JOURNAL OF FINANCE
72 BII-BIV Which iron cage? Endo- and exoisomorphism in corporate venture capital programs Souitaris, Zerbinati and Liu 2012 ACADEMY OF MANAGEMENT JOURNAL
73 AI-AIV How venture capitalists spur invention in Spain: Evidence from patent trajectories Arque-Castells, Pere 2012 RESEARCH POLICY
74 BI-BII Venture Capital Syndication: Synthesis and future directions, International Journal of Management Review Jääskeläinen 2012 INTERNATIONAL JOURNAL OF MANAGEMENT REVIEW
75 BII-BIII On the Life Cycle Dynamics of Venture-Capital- and Non-Venture-Capital-Financed Firms Puri and Zarutskie 2012 JOURNAL OF FINANCE
76 BIV Venturing into new territory: career experiences of corporate venture capital managers and practice variation Dokko and Gaba 2012 ACADEMY OF MANAGEMENT JOURNAL
77 AI Venture Capital Reputation, Post-IPO Performance, and Corporate Governance Krishnan, Ivanov Masulis and Singh 2011 JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS
78 AI I Like How You Think’: Similarity as an Interaction Bias in the Investor-Entrepreneur Dyad Murnieks, Charles Y.; Haynie, J. Michael; Wiltbank, Robert E.; et ál. 2011 JOURNAL OF MANAGEMENT STUDIES
79 BI-BIV Venture capital financing and the growth of high-tech start-ups: Disentangling treatment from selection effects Bertoni, Colombo and Grilli 2011 RESEARCH POLICY
80 AI-AIII Venture capital, entrepreneurship, and economic growth Samila and Sorenson 2011 REVIEW OF ECONOMICS AND STATISTICS
81 AI-BII How does venture capital financing improve efficiency in private firms? A look beneath the surface. Chemmanur, Krishnan and Nandy 2011 REVIEW OF FINANCIAL STUDIES
82 AIV-CI US biopharmaceutical finance and the sustainability of the biotech business model Lazonick, William; Tulum, Oener 2011 RESEARCH POLICY
83 BIII-BIV Spatial collocation and venture capital in the US biotechnology industry Kolympiris, Christos; Kalaitzandonakes, Nicholas; Miller, Douglas 2011 RESEARCH POLICY
84 BIV-CI Inside multi-disciplinary science and engineering research centers: The impact of organizational climate on invention disclosures and patents Hunter, Emily M.; Perry, Sara Jansen; Currall, Steven C. 2011 RESEARCH POLICY
85 BII Towards understanding who makes corporate venture capital investments and why Basu, Phelps and Kotha 2011 JOURNAL OF BUSINESS VENTURING
86 BII Assessing the contribution to innovation of private equity investors: A study on European buyouts Ughetto, Elisa 2010 RESEARCH POLICY
87 AI-BII Partner Selection Decisions in Interfirm Collaborations: The Paradox of Relational Embeddedness Meuleman, Miguel; Lockett, Andy; Manigart, Sophie; et ál. 2010 JOURNAL OF MANAGEMENT STUDIES
88 BII-BIII Networking as a Barrier to Entry and the Competitive Supply of Venture Capital Hochberg, Ljungqvist and Lu 2010 JOURNAL OF FINANCE
89 BIV-CI Institutions and the internationalization of US venture capital firms Guler and Guillen 2010 JOURNAL OF INTERNATIONAL BUSINESS STUDIES
90 BIV Local bias in venture capital investments Cumming and Dai 2010 JOURNAL OF EMPIRICAL FINANCE
91 BII-BIV The role of top management team human capital in venture capital markets: Evidence from first-time funds Zarutskie 2010 JOURNAL OF BUSINESS VENTURING
92 AIII The interplay of need and opportunity in venture capital investment syndication Dimov and Milanov 2010 JOURNAL OF BUSINESS VENTURING
93 AI Firm Experience and Market Entry by Venture Capital Firms (1962 – 2004) Dimov and De Holan 2010 JOURNAL OF MANAGEMENT STUDIES
94 AI Performance Persistence in Entrepreneurship and Venture Capital Gompers, Kovner, Lerner and Scharfstein 2010 JOURNAL OF FINANCIAL ECONOMICS
95 BIII-CI Home country networks and foreign expansion: evidence from the venture capital industry Guler and Guillen 2010 ACADEMY OF MANAGEMENT JOURNAL
96 AI Executive Incentive Schemes in Initial Public Offerings: The Effects of Multiple-Agency Conflicts and Corporate Governance Allcock, Deborah; Filatotchev, Igor 2010 JOURNAL OF MANAGEMENT
97 AIV-BIII Venture capital as a catalyst to commercialization Samila, Sampsa; Sorenson, Olav 2010 RESEARCH POLICY
98 AII-BII Nascent Entrepreneurs and Venture Emergence: Opportunity Confidence, Human Capital, and Early Planning Dimov 2010 JOURNAL OF MANAGEMENT STUDIES
99 CI Legality and venture capital governance around the world Cumming, Schmidt and Walz 2010 JOURNAL OF BUSINESS VENTURING
100 CI A property rights perspective on Venture Capital Investment Decisions Dimov and Gedajlovic 2010 JOURNAL OF MANAGEMENT STUDIES
101 AIV-BII Why Networks Enhance the Progress of New Venture Creation: The Influence of Social Capital and Cognition De Carolis, Litzky and Eddleston 2009 ENTREPRENEURSHIP THEORY AND PRACTICE
102 BII Corporate venturing and value creation: A review and proposed framework Narayanan, V. K.; Yang, Yi; Zahra, Shaker A. 2009 RESEARCH POLICY
103 AII-AIII Constraints on the Control Benefits of Brokerage: A Study of Placement Agents in US Venture Capital Fundraising Rider, Christopher I. 2009 ADMINISTRATIVE SCIENCE QUARTERLY
104 AIII-BIV Corporate venture capital and the balance of risks and rewards for portfolio companies Maula, Autio, and Murray 2009 JOURNAL OF BUSINESS VENTURING
105 AIV IPO Research in Management and Entrepreneurship: Moving the Agenda Forward Certo, S. Trevis; Holcomb, Tim R.; Holmes, R. Michael, Jr. 2009 JOURNAL OF MANAGEMENT
106 BII-BIV Risk and Return Characteristics of Venture Capital-Backed Entrepreneurial Companies Korteweg and Sorensen 2008 REVIEW OF FINANCIAL STUDIES
107 AII-BIV Venture capital reputation and investment performance Nahata 2008 JOURNAL OF FINANCIAL ECONOMICS
108 CI Building an innovation hub: A case study of the transformation of university roles in regional technological and economic development Youtie, Jan; Shapira, Philip 2008 RESEARCH POLICY
109 BII The tyranny of distance’: Biotechnology networks and clusters in the antipodes Gilding, Michael 2008 RESEARCH POLICY
110 AIII-CI Research and Technology Commercialization Markman, Gideon D.; Siegel, Donald S.; Wright, Mike 2008 JOURNAL OF MANAGEMENT STUDIES
111 CI The causes and consequences of the initial network positions of new organizations: From who do entrepreneursreceive investments? Hallen 2008 ADMINISTRATIVE SCIENCE QUARTERLY
112 AI The fallacy of “only the strong survive”: The effects of extrinsic motivation on the persistence decisions for under-performing firms De Tienne, Shepherd and De Castro 2008 JOURNAL OF BUSINESS VENTURING
113 AI Crossing the organizational species barrier: how venture capital practices infiltrated the information technology sector Gaba and Meyer 2008 ACADEMY OF MANAGEMENT JOURNAL
114 BI-BIV Who are the active investors? Evidence from venture capital Bottazzi, Da Rin and Hellmann 2008 JOURNAL OF FINANCIAL ECONOMICS
115 AI-AIII Bringing the context back in: Settings and the search for syndicate partners in venture capital investment networks Sorenson, and Stuart 2008 ADMINISTRATIVE SCIENCE QUARTERLY
116 AI-BII Venture capital investment cycles: The impact of public markets Gompers, Kovner, Lerner and Scharfstein 2008 JOURNAL OF FINANCIAL ECONOMICS
117 AIV-CI Contracts and exits in venture capital finance Cumming 2008 REVIEW OF FINANCIAL STUDIES
118 BIII-BIV Internal knowledge development and external knowledge access in venture capital investment performance De Clercq and Dimov 2008 JOURNAL OF MANAGEMENT STUDIES
119 BIV-CI Innovation and Venture Capital Exits Schwienbacher 2008 THE ECONOMIC JOURNAL
120 BII Corporate Venture Capital, Disembodied Experimentation and Capability Development Keil, Autio and George 2008 JOURNAL OF MANAGEMENT STUDIES
121 BII Firm and group influences on venture capital firms’ involvement in new ventures De Clercq, Sapienza and Zaheer 2008 JOURNAL OF MANAGEMENT STUDIES
122 AIV Patents, venture capital, and software start-ups Mann and Sager 2007 RESEARCH POLICY
123 AI-AII Profit distribution and compensation structures in publicly and privately funded hybrid venture capital funds Jaaskelainen, Mikko; Maula, Markku; Murray, Gordon 2007 RESEARCH POLICY
124 AI-BI Commercialization of patents and external financing during the R&D phase Svensson, Roger 2007 RESEARCH POLICY
125 AI Public provision of sales contingent claims backed finance to SMEs: A policy alternative Kaivanto, Kim; Stoneman, Paul 2007 RESEARCH POLICY
126 AII Bankruptcy law and entrepreneurship development: A real options perspective Lee, Seung-Hyun; Peng, Mike W.; Barney, Jay B. 2007 ACADEMY OF MANAGEMENT REVIEW
127 AI-BII Requisite expertise, firm reputation, and status in venture capital investment allocation decisions Dimov, Shepherd and Sutcliffe 2007 JOURNAL OF BUSINESS VENTURING
128 BI How Smart is Smart Money? An Empirical Two-Sided Matching Model of Venture Capital Sorensen 2007 JOURNAL OF FINANCE
129 BII-BIII Experienced entrepreneurial founders, organizational capital, and venture capital funding Hsu 2007 RESEARCH POLICY
130 BIV-CI Throwing good money after bad? Political and institutional influences on sequential decision making in the venture capital industry Guler 2007 ADMINISTRATIVE SCIENCE QUARTERLY
131 BIV Entrepreneurs from Technology-based Universities: Evidence from MIT Hsu, Roberts and Eesley 2007 RESEARCH POLICY
132 BII-BIV Whom you know matters: Venture capital networks and investment performance Hochberg, Ljungqvist and Lu 2007 JOURNAL OF FINANCE
133 AIII University spin-out companies and venture capital Wright, Lockett, Clarysse and Binks 2006 RESEARCH POLICY
134 AI Venture capital in emerging economies: Networks and institutional change Ahlstrom and Bruton 2006 ENTREPRENEURSHIP THEORY AND PRACTICE
135 AII-BIV When does corporate venture capital investment create firm value? Dushnitsky, and Lenox 2006 JOURNAL OF BUSINESS VENTURING
136 AI Creating venture capital industries that co-evolve with high tech: Insights from an extended industry life cycle perspective of the Israeli experience Avnimelech and Teubal 2006 RESEARCH POLICY
137 BIII-CI Venture Capitalists and Cooperative Start-up Commercialization Strategy Hsu 2006 MANAGEMENT SCIENCE
138 AI Institutional influences on the worldwide expansion of venture capital Bruton, Fried and Manigart 2005 ENTREPRENEURSHIP THEORY AND PRACTICE
139 BIV-CI The risk and return of venture capital Cochrane 2005 JOURNAL OF FINANCIAL ECONOMICS
140 BIII-BIV When do incumbents learn from entrepreneurial ventures? Corporate venture capital and investing firm innovation rates Dushnitsky and. Lenox 2005 RESEARCH POLICY
141 AIV-BIII Agency costs, institutions, learning, and taxation in venture capital contracting Cumming 2005 JOURNAL OF BUSINESS VENTURING
142 AI Financing new ventures in China: System antecedents and institutionalization White, S; Gao, J; Zhang, W 2005 RESEARCH POLICY
143 AII-BII Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups Baum and Silverman 2004 JOURNAL OF BUSINESS VENTURING
144 CI Grandstanding, certification and the underpricing of venture capital backed IPOs Lee and Wahal 2004 JOURNAL OF FINANCIAL ECONOMICS
145 CI Venture capital financing, strategic alliances, and the initial public offerings of Internet startups Chang 2004 JOURNAL OF BUSINESS VENTURING
146 AIV-BII What do entrepreneurs pay for venture capital affiliation? Hsu 2004 JOURNAL OF FINANCE
147 AII Banks versus venture capital: Project evaluation, screening, and expropriation Ueda 2004 JOURNAL OF FINANCE
148 AI Rethinking the public sector: idiosyncrasies of biotechnology commercialization as motors of national R&D reform in Germany and Japan Lehrer, M; Asakawa, K 2004 RESEARCH POLICY
149 AIV-BI Characteristics, contracts, and actions: Evidence from venture capitalist analyses Kaplan and Stromberg 2004 JOURNAL OF FINANCE
150 BII Building external corporate venturing capability Keil 2004 JOURNAL OF MANAGEMENT STUDIES
151 AII-AIII The Structure and Management of Alliances: Syndication in the Venture Capital Industry Wright and Lockett 2003 JOURNAL OF MANAGEMENT STUDIES
152 AIII-BIV Venture-Capital Financing and the Growth of Startup Firms Davila, Foster and Guptab 2003 JOURNAL OF BUSINESS VENTURING
153 AIV Convertible securities and venture capital finance Schmidt 2003 JOURNAL OF FINANCE
154 BII-BIV The governance and performance of Xerox’s technology spin-off companies Chesbrough, H 2003 RESEARCH POLICY
155 AI Why do some universities generate more start-ups than others? Di Gregorio, D; Shane, S 2003 RESEARCH POLICY
156 BII-BIV VCs’ decision processes: Evidence suggesting more experience may not always be better Shepherd, Zacharakis and Baron 2003 JOURNAL OF BUSINESS VENTURING
157 AII-BIV Determinants of required return in venture capital investments: a five-country study Manigart, De Waele, Wright, Robbie, Desbrieres, Sapienza, Beekman 2002 JOURNAL OF BUSINESS VENTURING
158 BIV-CI Is it worth it? The rates of return from informal venture capital investments Mason and Harrison 2002 JOURNAL OF BUSINESS VENTURING
159 BII Entrepreneurial capital: the emerging venture’s most important asset and competitive advantage Erikson 2002 JOURNAL OF BUSINESS VENTURING
160 AI-AII Do UK venture capitalists still have a bias against investment in new technology firms Lockett, A; Murray, G; Wright, M 2002 RESEARCH POLICY
161 BI-BII Venture capital and the professionalization of start-up firms: Empirical evidence Hellmann and Puri 2002 JOURNAL OF FINANCE
162 AIII-CI The venture capital revolution Gompers and Lerner 2001 JOURNAL OF ECONOMIC PERSPECTIVES
163 CI The expiration of IPO share lockups Field and Hanka 2001 JOURNAL OF FINANCE
164 AIII-BIII The Interaction Between Product Market and Financing Strategy: The Role of Venture Capital Hellmann and Puri 2000 THE REVIEW OF FINANCIAL STUDIES
165 AI-AIV New venture strategy and profitability: A venture capitalist’s assessment Shepherd, Ettenson and Crouch 2000 JOURNAL OF BUSINESS VENTURING
166 BI-BIII Venture capital and the birth of the local area networking industry Von Burg, U; Kenney, M 2000 RESEARCH POLICY

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