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Venture Capital Investors and Portfolio Firms

Author

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  • Manigart, Sophie
  • Wright, Mike

Abstract

The principal goal of this monograph is to provide an overview of relevant aspects and research findings pertaining to the period after the venture capital firm (also known as venture capitalist or VC) has made the decision to invest in a particular portfolio company (or entrepreneur). Drawing principally upon refereed journal papers in entrepreneurship, finance, and management, our review is divided into six principal areas: (1) what venture capital firms do, (2) the impact of VCs on portfolio firms and other stakeholders, (3) the role of syndication, (4) the nature and timing of exit from VC investment, (5) the role of VCs in portfolio companies that undergo an initial public offering (IPO), and (6) the returns from investing in VC. The monograph concludes with a detailed outline of an agenda for further research. We provide a summary of the main papers in this literature in a set of tables in which we identify the authors, publication date, the journal, the main research question, the theoretical perspective, data, and the principal findings.

Suggested Citation

  • Manigart, Sophie & Wright, Mike, 2013. "Venture Capital Investors and Portfolio Firms," Foundations and Trends(R) in Entrepreneurship, now publishers, vol. 9(4–5), pages 365-570, April.
  • Handle: RePEc:now:fntent:0300000040
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    File URL: http://dx.doi.org/10.1561/0300000040
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    Citations

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    Cited by:

    1. Khavul, Susanna & Deeds, David, 2016. "The Evolution of Initial Co-investment Syndications in an Emerging Venture Capital Market," Journal of International Management, Elsevier, vol. 22(3), pages 280-293.
    2. Saul Estrin & Daniel Gozman & Susanna Khavul, 2017. "Equity Crowdfunding and Early Stage Entrepreneurial Finance: Damaging or Disruptive?," CEP Discussion Papers dp1498, Centre for Economic Performance, LSE.
    3. Autio, Erkko & Kenney, Martin & Mustar, Philippe & Siegel, Don & Wright, Mike, 2014. "Entrepreneurial innovation: The importance of context," Research Policy, Elsevier, vol. 43(7), pages 1097-1108.
    4. Estrin, Saul & Gozman, Daniel & Khavul, Susanna, 2017. "Equity crowdfunding and early stage entrepreneurial finance: damaging or disruptive?," LSE Research Online Documents on Economics 86590, London School of Economics and Political Science, LSE Library.
    5. Laurence Cohen & Peter Wirtz, 2018. "Caractéristiques des entrepreneurs, finance entrepreneuriale et trajectoires de croissance," Working Papers hal-01723858, HAL.

    More about this item

    Keywords

    Venture capital; VC process; Syndication; Initial public offering;

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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