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دسته بندی:
مدیریت مالی - Financial Management
سال انتشار:
2018
عنوان انگلیسی مقاله:
Legal framework quality and success of (different types of) venture capital investments
ترجمه فارسی عنوان مقاله:
کیفیت چارچوب قانونی و موفقیت انواع مختلف سرمایه گذاری های سرمایه ای فروش
منبع:
Journal of Banking & Finance Volume 87, February 2018, Pages 333-350
نویسنده:
Tereza Tykvová
چکیده انگلیسی:
Drawing on an analysis of 8,270 companies from 41 countries, I explore the relationship between success of venture capital investments and legal frameworks in the investment countries. Legal framework quality is related to success, but the effect varies with the deal type. First, the significant and positive relationship between legal framework quality and success is more pronounced for domestic deals than for international deals. Further investigations suggest that international venture capitalists often exit their portfolio companies abroad, particularly when these companies are located in countries with inefficient legal frameworks. In addition, the results lend support to the view that international venture capitalists have a greater experience and reputation. Second, legal framework quality seems to be more important for success in syndicated than in standalone deals. This finding supports the view that a sound legal framework may improve the benefit–cost balance of syndication, while an inefficient legal framework may tend to increase costs in syndicated deals.
keywords: Venture capital |Legal framework |Success |Internationalization |Syndication
قیمت: رایگان
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