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Local Laws and Venture Capital Contracting in Transition Economies: Evidence from Poland

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  • Darek Klonowski
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    Abstract

    This study focuses on the legal structuring of venture capital deals in Poland. Three conclusions are derived. First, owing to significant imperfections in the Polish legal infrastructure, local venture capitalists need to consider how to structure their transactions. This represents a unique feature of venture capital investing in emerging markets. The study confirms the existence of three types of legal structures in venture capital investing (i.e. local deals, offshore deals and complex deals), with offshore deals being the predominant category. Second, local venture capitalists display different preferences for various deal structures based on venture capital firms' characteristics. Third, the placement of venture capitalists' rights varies across different legal documents, with the most pronounced difference being observed in local deals. The study is based on a survey of 64 venture capitalists.

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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Post-Communist Economies.

    Volume (Year): 18 (2006)
    Issue (Month): 3 ()
    Pages: 327-343

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    Handle: RePEc:taf:pocoec:v:18:y:2006:i:3:p:327-343

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    1. Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," Harvard Institute of Economic Research Working Papers 1768, Harvard - Institute of Economic Research.
      • Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Law and Finance," Working Paper 19451, Harvard University OpenScholar.
      • La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert W., 1998. "Law and Finance," Scholarly Articles 3451310, Harvard University Department of Economics.
      • Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
    2. Simeon Djankov & Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 2002. "The Regulation Of Entry," The Quarterly Journal of Economics, MIT Press, vol. 117(1), pages 1-37, February.
    3. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," NBER Working Papers 5879, National Bureau of Economic Research, Inc.
    4. Judit Karsai & Mike Wright & Zbigniew Dudzinski & Jan Morovic, 1998. "Screening and valuing venture capital investments: evidence from Hungary, Poland and Slovakia," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 10(3), pages 203-224, January.
    5. Douglas Cumming, 2005. "Review Essay: Global Venture Capital Transactions," Venture Capital, Taylor & Francis Journals, vol. 7(2), pages 185-201, January.
    6. Steven N. Kaplan & Per Stromberg, 2000. "Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts," NBER Working Papers 7660, National Bureau of Economic Research, Inc.
    7. Mike Wright & Judit Karsai & Zbigniew Dudzinski & Jan Morovic, 1999. "Transition and Active Investors: Venture Capital in Hungary, Poland and Slovakia," Post-Communist Economies, Taylor & Francis Journals, vol. 11(1), pages 27-46.
    8. Richard T. Bliss, 1999. "A venture capital model for transitioning economies: The case of Poland," Venture Capital, Taylor & Francis Journals, vol. 1(3), pages 241-257, July.
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