Institutional Frameworks, Venture Capital and the Financing of <scp>E</scp>uropean New Technology‐based Firms

Vanacker, Tom; Heughebaert, Andy; Manigart, Sophie

doi:10.1111/corg.12046

Cited by 33 publications

(22 citation statements)

References 99 publications

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“…(Liao et al 2014 Decisions to stay local/national players How do cross-country differences in shareholder protection against self-dealing and personal bankruptcy laws affect the financing of new technology-based firms (NTBFs)? (Vanacker et al 2014) Better shareholder protection rights increase the probability of raising external equity financing and allow firms to raise larger amounts of equity financing. Less forgiving personal bankruptcy laws decrease the probability of raising debt financing and limit the amount of debt financing that is raised.…”

Section: Concepts Under Studymentioning

confidence: 99%

Corporate governance in entrepreneurial firms: a systematic review and research agenda

Terjesen

Umans

2018

Small Bus Econ

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This systematic review covers the extant literature on corporate governance in entrepreneurial firms. Using a sample of 137 research papers published from pre-1990 through June 2018 in 60 journals, we categorize outlets, research methods (quantitative, qualitative, review, and non-empirical), theoretical perspectives, and research questions, highlighting key patterns. We then summarize the concepts under study in the sample literature, and the geographical sources and model specification of quantitative empirical studies. The conclusion highlights the quite fragmented nature of the field and the substantial knowledge gaps, and then proposes an actionable agenda for future research in terms of theories, research questions, research settings, and research designs. In particular, we describe the need to explore how corporate governance mechanisms interact with one another and affect firm outcomes, by applying novel theoretical perspectives and methods that could provide a better understanding of entrepreneurial firms' functioning. Keywords Corporate governance. Entrepreneurial firms. Literature review. New venture boards. Research agenda JEL classification G30. L26. M10 1 Introduction The last two decades witness a marked interest in research on corporate governance of entrepreneurial firms. While board of directors (BOD) is the most explored corporate governance mechanism in these studies, researchers also examine CEO characteristics and compensation, CEO-BOD relations, top management team characteristics and functioning, and ownership-related aspects. The limited set of reviews (e.g.

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Section: Concepts Under Studymentioning

confidence: 99%

Corporate governance in entrepreneurial firms: a systematic review and research agenda

Terjesen

Umans

2018

Small Bus Econ

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“…These authors also show that investor protection strengthens the effects of both types of regulatory agency (state and private monitoring) on board independency. Vanacker, Heughebaert, and Manigart (2014) [M076] provide evidence that higher antidirector rights index and venture capital ownership simultaneously increase the likelihood for firms to choose equity over debt financing. Kim and Ozdemir (2014) [M080] use a multi-level model to show that firm-level governance attributes such as board size with investor protection and market for corporate control affect board structure.…”

Section: What Country-level Governance Factors Have Been Used To Explmentioning

confidence: 99%

Cross‐National Governance Research: A Systematic Review and Assessment

Schiehll

Martins

2016

Corporate Governance

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Manuscript Type: ReviewResearch Question/Issue: Using a systematic literature review approach, we survey 192 cross-national comparative studies published in 23 scholarly journals in the fields of accounting, economics, finance, and management for the period 2003 to 2014. The purpose is to synthesize and appraise the extant empirical research on the interplay between country-and firmlevel governance mechanisms and the effects on firm outcomes. Particular focus is placed on studies that examine firm economic performance. Research Findings/Results: We identify and distinguish between two groups of cross-national governance studies. The first type compares macro, country-level outcomes and the second compares three different firm-level outcomes: economic performance, governance mechanisms, and strategic decisions. We compare the theoretical frameworks used and further analyze the country-level factors and firm-level governance attributes that have been combined to investigate their interplay and the effects on firm outcomes. We find substantial variation in the use and measurement of country-level factors as well as a variety of causal forms used to explain the combined effects of country-and firm-level governance mechanisms. This wide variability precludes comparison, and consequently prevents identifying consistent patterns of influence between country-level governance factors and firm-level governance mechanisms and/or performance. We identify research gaps and provide fruitful directions for future research on this topic. Theoretical Implications: The cross-national governance research has been guided mainly by an economic perspective focusing on international differences in the effectiveness of specific governance mechanisms. Few comparative studies have integrated an institutional perspective or examined the external forces that drive the diffusion and use of specific governance mechanisms. Such integrative framework would improve the understanding of cross-national differences in the salient dimensions of country-level governance factors and how they mediate the effectiveness of firm-level governance mechanisms. Practitioner Implications: Our results reveal that firm-and country-level governance mechanisms have been interacted and combined, either to address various agency problems or to compensate for a weak national environment. This calls for regulators and investors to consider national governance factors when assessing firm-level governance practices.

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“…He underlines the qualities of entrepreneurs by mentioning that it must be APJIE 12,1 accompanied by seven other intangibles, including, access to novel ideas, role models, informal forums, region-specific opportunities, safety nets, access to large markets and executive leadership (Venkataraman, 2004). In addition to those mentioned above, the regional innovation environment, personal bankruptcy legislation, protection of entrepreneur as shareholder and tax system for entrepreneur are pointed out in previous research as necessary policy measures for entrepreneur sector Toschi, 2015, Armour andVanacker et al, 2014;Revest and Sapio, 2012). Avnimelech et al (2010) uphold an evolutionary approach based on the case studies of Israel, which is well recognized as a haven for the VC market and start-ups.…”

Section: Implication Of Government Venture Capitals In Japanmentioning

confidence: 99%

Japanese government venture capital: what should we know?

Kirihata

2018

APJIE

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Purpose The purpose of this paper is to discuss the implication of Japanese government venture capital (VC) policies for future research and to provide basis for policymakers and practitioners. Design/methodology/approach This is an academic literature review of available peer-reviewed publications on government VC policies. This paper discusses and analyses the current state and issues of the Japanese government VC policies regarding three research questions: What do Japanese government VCs do? Do they contribute to their portfolios? and Do they contribute to the development of VC market? Findings There are mainly two findings in this paper: It is effective to establish a complementary relationship with private VCs for Japanese government VCs to contribute to their portfolios; Japanese government should simultaneously continue to make and review policies for the VC market, the stock market, the entrepreneur sector and the environment surrounding them by its strategic long-term commitment to contribute to the development of VC market and new technology-based firms in Japan. Originality/value As there are only a few studies on recently strengthened Japanese government VC policies, this paper provides an in-depth discussion on these Japanese VC policies, which can be used for future research and as a valuable resource for policymakers and practitioners.

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Institutional Frameworks, Venture Capital and the Financing of European New Technology‐based Firms

Cited by 33 publications

References 99 publications

Corporate governance in entrepreneurial firms: a systematic review and research agenda

Corporate governance in entrepreneurial firms: a systematic review and research agenda

Cross‐National Governance Research: A Systematic Review and Assessment

Japanese government venture capital: what should we know?

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