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Economic policy uncertainty and covenants in venture capital contracts

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  • Ding, Na
  • Feng, Panpan
  • Liu, Jianjun
  • Ren, Zhaoyue
  • Zhang, Xueyong

Abstract

This study investigates how economic policy uncertainty (EPU) affects venture capital (VC) contract terms. Using a unique database of contracts between VCs and entrepreneurial firms in China, we provide evidence that EPU positively affects the presence of investor-friendly covenants in VC contracts. Our mechanism analysis shows that screening for high-quality startups and VCs’ increased bargaining power are potential channels. Furthermore, we find that including more investor-friendly covenants mitigates the negative effect of EPU on VC exit performance.

Suggested Citation

  • Ding, Na & Feng, Panpan & Liu, Jianjun & Ren, Zhaoyue & Zhang, Xueyong, 2025. "Economic policy uncertainty and covenants in venture capital contracts," Journal of Banking & Finance, Elsevier, vol. 181(C).
    • Handle: RePEc:eee:jbfina:v:181:y:2025:i:c:s0378426625001827
    DOI: 10.1016/j.jbankfin.2025.107562
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    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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