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Douglas J. Cumming

Citations

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Wikipedia or ReplicationWiki mentions

(Only mentions on Wikipedia that link back to a page on a RePEc service)
  1. Cumming, Douglas & Johan, Sofia & Li, Dan, 2011. "Exchange trading rules and stock market liquidity," Journal of Financial Economics, Elsevier, vol. 99(3), pages 651-671, March.

    Mentioned in:

    1. Exchange trading rules and stock market liquidity (Journal of Financial Economics 2011) in ReplicationWiki ()
  2. Cumming, Douglas & Johan, Sofia, 2019. "Capital-market effects of securities regulation: Prior conditions, implementation, and enforcement revisited," Finance Research Letters, Elsevier, vol. 31(C).

    Mentioned in:

    1. Capital-market effects of securities regulation: Prior conditions, implementation, and enforcement revisited (Finance Research Letters 2019) in ReplicationWiki ()

Working papers

  1. Jerry Coakley & Douglas Cumming & Aristogenis Lazos & Silvio Vismara, 2025. "Lead Investor Nominee in Equity Crowdfunding," Post-Print hal-05296848, HAL.

    Cited by:

    1. Luca Farè & Michele Meoli & Armin Schwienbacher & Silvio Vismara, 2026. "Is Blending Fintech With Traditional Finance a Top-Shelf Blend or a Sour Mix? Evidence From the Ownership of Equity Crowdfunding Platforms," Entrepreneurship Theory and Practice, , vol. 50(3), pages 722-756, May.
    2. Vincenzo Capizzi & Nicola Carta & Elisa Cavezzali & Ugo Rigoni, 2026. "The angels and the crowd: business angels’ investment practices and follow-on crowdfunding in entrepreneurial firms," The Journal of Technology Transfer, Springer, vol. 51(3), pages 1470-1509, June.
    3. Giovanna Campopiano & Valerio Lo Monaco & Tommaso Minola & Silvio Vismara, 2026. "Survival of family start-ups seeking equity crowdfunding: family nuances in entrepreneurial teams," Small Business Economics, Springer, vol. 66(1), pages 1-25, January.
    4. Tan N. H. Do & Muhammad A. Cheema & Tom Vanacker, 2026. "Mixed blessings? Venture capitalists, angels, and the performance of equity crowdfunded firms," Small Business Economics, Springer, vol. 66(1), pages 531-550, January.

  2. Douglas Cumming & Randall Morck & Zhao Rong & Minjie Zhang, 2024. "Personal Bankruptcy Law and Innovation around the World," NBER Working Papers 32826, National Bureau of Economic Research, Inc.

    Cited by:

    1. RIUTORT, Julio & VALLEJOS, Benjamín, 2025. "Voluntary bankruptcy and long-term credit exclusion: evidence from Chile," Economics Letters, Elsevier, vol. 257(C).

  3. Cumming, Douglas J. & Monteiro, Pedro, 2023. "Sovereign wealth fund investment in venture capital, private equity, and real asset funds," CFS Working Paper Series 700, Center for Financial Studies (CFS).

    Cited by:

    1. Narjess Boubakri & Veljko Fotak & Omrane Guedhami & Yukihiro Yasuda, 2023. "The heterogeneous and evolving roles of sovereign wealth funds: Issues, challenges, and research agenda," Journal of International Business Policy, Palgrave Macmillan, vol. 6(3), pages 241-252, September.
    2. Ginka Borisova, 2025. "Heterogeneity and internationalization of government investments: sovereign wealth funds and beyond," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 56(6), pages 756-776, August.
    3. William L. Megginson & Xin Yue Zhou & Robert L. Gholson, 2025. "The case against a US sovereign wealth fund," The Financial Review, Eastern Finance Association, vol. 60(1), pages 5-12, February.
    4. Ararat Gocmen & Clara Martínez-Toledano & Vrinda Mittal, 2026. "Private Capital Markets and Inequality," RFBerlin Discussion Paper Series 26147, ROCKWOOL Foundation Berlin (RFBerlin).
    5. Wood, Geoffrey & Papagiannakis, Giorgos & Ioakimidis, Marilou & Martin, Jens, 2026. "Internationalization and Private Equity Partnerships: Legal Origin Heterogeneity and Fund Performance," International Business Review, Elsevier, vol. 35(1).

  4. Douglas J. Cumming & Giang Nguyen & My Nguyen, 2022. "Product Market Competition, Venture Capital, and the Success of Entrepreneurial Firms," Post-Print hal-05644511, HAL.

    Cited by:

    1. Imed Chkir & Alireza Rahimzadeh & Syrine Sassi, 2025. "Unraveling the Impact of Product Market Competition and Earnings Volatility on Zero-Leverage Policies," JRFM, MDPI, vol. 18(2), pages 1-28, February.
    2. Siyi Deng & Jie He, 2024. "Managerial inclusiveness and corporate innovation in China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(1), pages 381-410, March.
    3. Wentian Zhang, 2023. "The Effect of Antitrust Enforcement on Venture Capital Investments," Papers 2312.13564, arXiv.org, revised May 2024.
    4. Tahir Akhtar & Ameen Qasem & Shoaib Khan, 2025. "Internal corporate governance and cash holdings: the role of external governance mechanism," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 22(1), pages 1-27, March.
    5. Manuel C. Kathan & Tereza Tykvová, 2024. "How do leveraged buyouts affect industry peers? Analysis of the information and the competition channels," Review of Financial Economics, John Wiley & Sons, vol. 42(1), pages 55-78, January.

  5. Bernales, Alejandro & Beuermann, Diether & Cumming, Douglas & Olid, Christian, 2022. "Blue-Collar Crime and Finance," IDB Publications (Working Papers) 9678, Inter-American Development Bank.

    Cited by:

    1. Piperopoulos, Panagiotis & Jimenez-Moro, Eduardo & Yeung, Matthew & Christopoulou, Danai & Ming, Alan Au Kai, 2023. "The impact of exogenous shocks on the innovation performance of firms in the Caribbean small island economies: Quasi-replication of Paunov (2012)," Technological Forecasting and Social Change, Elsevier, vol. 196(C).

  6. Anup Basnet & Douglas Cumming & Magnus Blomkvist, 2022. "Premature listing and post-IPO venture capital refinancing," Post-Print hal-03672114, HAL.

    Cited by:

    1. Hui Xu & Yi Li & Gong Zhang & Shulei Bi, 2025. "Government Subsidies and IPO Firms’ Short-Term Excess Returns: Evidence from China," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(2), pages 7484-7506, June.

  7. Douglas Cumming & Fabrice Hervé & Elodie Manthé & Armin Schwienbacher, 2022. "Testing-the-Waters Policy With Hypothetical Investment: Evidence From Equity Crowdfunding," Post-Print hal-03971723, HAL.

    Cited by:

    1. Gallucci, Carmen & Giakoumelou, Anastasia & Santulli, Rosalia & Tipaldi, Riccardo, 2023. "How financial literacy moderates the relationship between qualitative business information and the success of an equity crowdfunding campaign: Evidence from Mediterranean and Gulf Cooperation Council countries," Technology in Society, Elsevier, vol. 75(C).
    2. Fabrice Hervé & Sylvain Marsat, 2024. "Like daughter, like father: Female socialization and green equity investment," Post-Print hal-04717594, HAL.
    3. Shane Enete & Tim Sturr, 2023. "How Corporate Sociopolitical Activism (CSA) impacts portfolio allocations: an experiment," International Journal of Corporate Social Responsibility, Springer, vol. 8(1), pages 1-11, December.
    4. Rocha, Rocío & García-Ramos, Rebeca & Cobo, Ángel, 2025. "Selection of a crowdfunding platform by entrepreneurs using a multi-criteria approach: an application to green energy investment projects," Technological Forecasting and Social Change, Elsevier, vol. 213(C).

  8. Cumming, Douglas J. & Reardon, Robert S., 2021. "COVID-19 and entrepreneurial processes in U.S. equity crowdfunding," CFS Working Paper Series 665, Center for Financial Studies (CFS).

    Cited by:

    1. Mubarra Shabbir & Monika Petraite & Muhammad Faraz Mubarak & Morteza Gobakhloo & Amran Rasli, 2026. "More than money: strategic and operational innovation capabilities to promote technological innovation through crowdfunding," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 12(1), pages 1-29, December.

  9. Alexander Groh & Yan Alperovych & Douglas J. Cumming & Veronika Czellar, 2021. "M&A rumors about unlisted firms," Post-Print hal-05603422, HAL.

    Cited by:

    1. Libgober, Jonathan & Michaeli, Beatrice & Wiedman, Elyashiv, 2026. "With a Grain of Salt: Investor Reactions to Uncertain News and (Non)disclosure," Journal of Accounting and Economics, Elsevier, vol. 81(1).
    2. Andrea Orame & Daniele Pianeselli, 2023. "Thinking the green transition: evidence from the automotive industry," Questioni di Economia e Finanza (Occasional Papers) 767, Bank of Italy, Economic Research and International Relations Area.
    3. Xiaoxu Zhang & Yu Song & Qiaoran Liao, 2023. "Geographical peer effect in serial mergers and acquisitions: The influence of social learning and director network," PLOS ONE, Public Library of Science, vol. 18(12), pages 1-26, December.
    4. Andres, Christian & Bazhutov, Dmitry & Cumming, Douglas J. & Limbach, Peter, 2023. "Does speculative news hurt productivity? Evidence from takeover rumors," CFS Working Paper Series 701, Center for Financial Studies (CFS).
    5. Gill-de-Albornoz, Belén & Maffei, Marco & Spagnuolo, Flavio, 2025. "Does the financial reporting quality of private targets matter for deal timing? Evidence from European M&A," Research in International Business and Finance, Elsevier, vol. 76(C).
    6. Liu, Kaiyi & Yuan, Xianghui & Wang, Chen & Hou, Wenxuan, 2022. "Silence is golden? Responses to rumors by Chinese listed firms," Finance Research Letters, Elsevier, vol. 49(C).
    7. Siganos, Antonios & Synapis, Angelos & Tsalavoutas, Ioannis, 2024. "Information leakage prior to market switches and the importance of Nominated Advisers," The British Accounting Review, Elsevier, vol. 56(6).
    8. Cumming, Douglas J. & Firth, Christopher & Gathergood, John & Stewart, Neil, 2021. "Covid, work-from-home, and securities misconduct," CFS Working Paper Series 666, Center for Financial Studies (CFS).
    9. Ye Cai & Hersh Shefrin, 2021. "Risk and the Market’s Reaction to M&A Announcements," JRFM, MDPI, vol. 14(7), pages 1-24, July.
    10. Wu, Chunying & Xiong, Xiong & Gao, Ya & Zhang, Jin, 2022. "Does social media distort price discovery? Evidence from rumor clarifications," Research in International Business and Finance, Elsevier, vol. 62(C).
    11. Czellar, Veronika & Garcia, René & Le Grand, François, 2025. "Uncovering asset market participation from household consumption and income," Journal of Econometrics, Elsevier, vol. 248(C).

  10. Cumming, Douglas J. & Sewaid, Ahmed, 2021. "FinTech loans, self-employment, and financial performance," CFS Working Paper Series 667, Center for Financial Studies (CFS).

    Cited by:

    1. Leite, Rodrigo & Mendes, Layla & Camelo, Emmanuel, 2024. "Innovating microcredit: how fintechs change the field," Journal of Economics and Business, Elsevier, vol. 128(C).

  11. Coakley, Jerry & Cumming, Douglas J. & Lazos, Aristogenis & Vismara, Silvio, 2021. "Enfranchising the crowd: Nominee account equity crowdfunding," CFS Working Paper Series 664, Center for Financial Studies (CFS).

    Cited by:

    1. Jerry Coakley & Aristogenis Lazos & Jose Liñares-Zegarra, 2022. "Strategic entrepreneurial choice between competing crowdfunding platforms," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1794-1824, December.
    2. Johan, Sofia & Reardon, Robert S., 2024. "The role of platform stakes in equity crowdfunding success," Finance Research Letters, Elsevier, vol. 69(PA).

  12. Fabrice Hervé & Douglas Cumming & Elodie Manthé & Armin Schwienbacher, 2020. "Identifying Start-Up Success : Testing-The-Waters Policy with Hypothetical Investment," Post-Print hal-03474814, HAL.

    Cited by:

    1. Guillochon, Justine, 2022. "The role of media, policy and regional heterogeneity in renewable energy project crowdfunding," Energy Economics, Elsevier, vol. 115(C).

  13. D.J Cumming & Gaël Leboeuf & A Schwienbacher, 2019. "Crowdfunding models: Keep‐It‐All vs. All‐Or‐Nothing," Post-Print hal-02126971, HAL.

    Cited by:

    1. Ni, Jian & Xin, Yi & Yang, Fangzhu, 2025. "Financing micro-entrepreneurship in online crowdfunding markets: What drives local bias?," Journal of Economic Behavior & Organization, Elsevier, vol. 238(C).
    2. Orel Babayoff & Onn Shehory, 2022. "The role of semantics in the success of crowdfunding projects," PLOS ONE, Public Library of Science, vol. 17(2), pages 1-14, February.
    3. Jörg Prokop & Dandan Wang, 2022. "Is there a gender gap in equity-based crowdfunding?," Small Business Economics, Springer, vol. 59(3), pages 1219-1244, October.
    4. E. Rebekah & Mohd Afjal, 2025. "Exploring the Mediating Role of FinTech Adoption and Digital Transformation in Enhancing Bank Performance: A TOE Framework Study Using a Hybrid SEM-ANN Approach," SAGE Open, , vol. 15(4), pages 21582440251, October.
    5. O’Donnell, Jonathan, 2022. "Administration of crowdfunding at Australian universities," Business Horizons, Elsevier, vol. 65(1), pages 33-42.
    6. Nguyen, Thien Le-Hoang & Hsieh, Hui-Ching, 2025. "Iron curtain echoes: The enduring impact of communism and crowdfunding," Journal of Corporate Finance, Elsevier, vol. 91(C).
    7. Mataigne, Virginie & Meoli, Michele & Vanacker, Tom & Vismara, Silvio, 2025. "False signaling by platform team members and post-campaign venture outcomes: Evidence from an equity crowdfunding platform," Journal of Business Venturing, Elsevier, vol. 40(1).
    8. Li-Yun Yin & Fleur C. Khalil & Lionel J. Khalil & Jeanne A. Kaspard, 2025. "The Role of Project Description in the Success of Sustainable Crowdfunding Projects," JRFM, MDPI, vol. 18(4), pages 1-21, April.
    9. Tang, Mingzhao & You, Tian-Hui & Cao, Bing-Bing, 2025. "Comparative analysis of crowdfunding and bank financing: The effect of market uncertainty," International Journal of Production Economics, Elsevier, vol. 286(C).
    10. Zhao, Liang & Shneor, Rotem & Sun, Zhe, 2022. "Skin in the game: Self-funding and reward crowdfunding success," Business Horizons, Elsevier, vol. 65(1), pages 89-100.
    11. Coakley, Jerry & Lazos, Aristogenis & Liñares-Zegarra, José M., 2022. "Seasoned equity crowdfunded offerings," Journal of Corporate Finance, Elsevier, vol. 77(C).
    12. Xin Tang & Haibing Lu & Wei Huang & Shulin Liu, 2023. "Investment decisions and pricing strategies of crowdfunding players: In a two-sided crowdfunding market," Electronic Commerce Research, Springer, vol. 23(2), pages 1209-1240, June.
    13. Zhang, Jing & Wang, Junli & Palangkaraya, Alfons & Feng, Zhangwei & Gao, Tie, 2026. "Pricing and financing strategies for start-ups’ innovative product: Dynamic game analysis based on consumer value co-creation," Journal of Retailing and Consumer Services, Elsevier, vol. 90(C).
    14. Sha Zhou & Tao Ma & Zhengchi Liu, 2021. "Crowdfunding as a screener for collective investment," Electronic Commerce Research, Springer, vol. 21(1), pages 195-221, March.
    15. Fang, Xing, 2022. "Why we hide good deeds? The selfless and anonymous donation behavior in crowdfunding," Technology in Society, Elsevier, vol. 71(C).
    16. David Cimon, 2023. "Crowdfunding and Risk," Staff Working Papers 23-28, Bank of Canada.
    17. Yu, Jie & Xiao, Shengsheng, 2023. "Project certification and screening in the reward-based crowdfunding market," Journal of Business Research, Elsevier, vol. 165(C).
    18. Bingyou Chen & Yu Luo & Jieni Li & Yujian Li & Ying Liu & Fan Yang & Junge Bo & Yanan Qiao, 2023. "Blockchain-based Decentralized Co-governance: Innovations and Solutions for Sustainable Crowdfunding," Papers 2306.00869, arXiv.org, revised Jun 2023.
    19. Meoli, Michele & Vismara, Silvio, 2021. "Information manipulation in equity crowdfunding markets," Journal of Corporate Finance, Elsevier, vol. 67(C).
    20. Christina Guenther & Sofia Johan & Denis Schweizer, 2018. "Is the crowd sensitive to distance?—how investment decisions differ by investor type," Small Business Economics, Springer, vol. 50(2), pages 289-305, February.
    21. Cumming, Douglas & Meoli, Michele & Vismara, Silvio, 2019. "Investors’ choices between cash and voting rights: Evidence from dual-class equity crowdfunding," Research Policy, Elsevier, vol. 48(8), pages 1-1.
    22. Lars Hornuf & Theresa Kück & Armin Schwienbacher, 2022. "Initial coin offerings, information disclosure, and fraud," Small Business Economics, Springer, vol. 58(4), pages 1741-1759, April.
    23. Cumming, Douglas J. & Johan, Sofia & Reardon, Robert S., 2025. "Institutional quality and success in U.S. equity crowdfunding," Research Policy, Elsevier, vol. 54(1).
    24. Sandra Correia & Miguel Sousa & Elísio Brandão, 2025. "The role of competition on equity crowdfunding," The Journal of Technology Transfer, Springer, vol. 50(4), pages 1416-1460, August.
    25. Chan, C.S. Richard & Park, Haemin Dennis & Huang, Julie Y. & Parhankangas, Annaleena, 2020. "Less is more? Evidence for a curvilinear relationship between readability and screening evaluations across pitch competition and crowdfunding contexts," Journal of Business Venturing Insights, Elsevier, vol. 14(C).
    26. Pommet, Sophie & Sannajust, Aurélie & Xu, Qing, 2023. "Rating of equity crowdfunding platforms," Finance Research Letters, Elsevier, vol. 58(PD).
    27. Galema, Rients, 2020. "Credit rationing in P2P lending to SMEs: Do lender-borrower relationships matter?," Journal of Corporate Finance, Elsevier, vol. 65(C).
    28. Duan, Yang & Hsieh, Tien-Shih & Wang, Ray R. & Wang, Zhihong, 2020. "Entrepreneurs' facial trustworthiness, gender, and crowdfunding success," Journal of Corporate Finance, Elsevier, vol. 64(C).
    29. Kuan Zeng, 2024. "The role of venture capitalists in reward-based crowdfunding: a game-theoretical analysis," Annals of Operations Research, Springer, vol. 336(3), pages 1741-1775, May.
    30. Wu, Wenqing & Huang, Xuan & Wu, Chia-Huei & Tsai, Sang-Bing, 2022. "Pricing strategy and performance investment decisions in competitive crowdfunding markets," Journal of Business Research, Elsevier, vol. 140(C), pages 491-497.
    31. Tan N. H. Do & Muhammad A. Cheema & Tom Vanacker, 2026. "Mixed blessings? Venture capitalists, angels, and the performance of equity crowdfunded firms," Small Business Economics, Springer, vol. 66(1), pages 531-550, January.
    32. Gregor Dorfleitner & Lars Hornuf & Julia Kreppmeier, 2023. "Promise not fulfilled: FinTech, data privacy, and the GDPR," Electronic Markets, Springer;IIM University of St. Gallen, vol. 33(1), pages 1-29, December.
    33. Bruno Torres & Zélia Serrasqueiro & Márcio Oliveira, 2024. "Portugal’s Crowdfunding: A Systematic Literature Review," JRFM, MDPI, vol. 17(1), pages 1-32, January.
    34. Kim, Jin-Hyuk & Newberry, Peter & Qiu, Calvin, 2022. "The role of information signals in determining crowdfunding outcomes," Journal of Empirical Finance, Elsevier, vol. 67(C), pages 168-181.
    35. Rocha, Rocío & García-Ramos, Rebeca & Cobo, Ángel, 2025. "Selection of a crowdfunding platform by entrepreneurs using a multi-criteria approach: an application to green energy investment projects," Technological Forecasting and Social Change, Elsevier, vol. 213(C).
    36. Peter Konhäusner & Marius Thielmann & Veronica Câmpian & Dan-Cristian Dabija, 2021. "Crowdfunding for Independent Print Media: E-Commerce, Marketing, and Business Development," Sustainability, MDPI, vol. 13(19), pages 1-17, October.
    37. Daniel Blaseg & Douglas Cumming & Michael Koetter, 2021. "Equity Crowdfunding: High-Quality or Low-Quality Entrepreneurs?," Entrepreneurship Theory and Practice, , vol. 45(3), pages 505-530, May.
    38. Swati Oberoi & Smita Srivastava & Vishal K. Gupta & Rohit Joshi & Atul Mehta, 2022. "Crowd Reactions to Entrepreneurial Failure in Rewards-Based Crowdfunding: A Psychological Contract Theory Perspective," JRFM, MDPI, vol. 15(7), pages 1-26, July.
    39. Lin, Tse-Chun & Pursiainen, Vesa, 2021. "The round number heuristic and entrepreneur crowdfunding performance," Journal of Corporate Finance, Elsevier, vol. 68(C).
    40. Chu, Tiankuo & Wei, Xu & Zhou, Yimin, 2021. "The pricing and efficiency of pre-Sale crowdfunding," Finance Research Letters, Elsevier, vol. 40(C).
    41. Lv, Jiancheng & Bi, Gongbing & Xu, Yang, 2023. "Crowdfunding pricing and quality overstatement in the presence of platform regulation," Journal of Retailing and Consumer Services, Elsevier, vol. 70(C).
    42. Xu, Shengshuo & Ling, Liuyi & Du, Shaofu & Liu, Lindong, 2023. "Crowdfunding or traditional mode? Strategy choices in product selling," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 172(C).
    43. Sylvain Béal & Marc Deschamps & Catherine Refait-Alexandre & Guillaume Sekli, 2025. "Early contributors and fair rewards in crowdfunding," Theory and Decision, Springer, vol. 98(1), pages 33-59, February.
    44. Geiger, Mark, 2020. "A meta-analysis of the gender gap(s) in venture funding: Funder- and entrepreneur-driven perspectives," Journal of Business Venturing Insights, Elsevier, vol. 13(C).
    45. Ferretti, Riccardo & Venturelli, Valeria & Pedrazzoli, Alessia, 2021. "Do multiple competing offerings on a crowdfunding platform influence investment behavior?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 30(C).
    46. Anna Prisco & Valerio Muto & Ciro Troise & Mario Tani, 2022. "How to Engage the Crowds to Create Value? Evidence from the Pathfinder Arena Case," Sustainability, MDPI, vol. 14(7), pages 1-22, April.
    47. Angela Mariani & Simona Monteleone & Donatella Privitera, 2017. "Crowdfunding as social innovation practice: Experiences in Italy," RIVISTA DI STUDI SULLA SOSTENIBILITA', FrancoAngeli Editore, vol. 2017(2), pages 67-82.
    48. Guillochon, Justine, 2022. "The role of media, policy and regional heterogeneity in renewable energy project crowdfunding," Energy Economics, Elsevier, vol. 115(C).
    49. Kuti, Mónika & Galambosné Tiszberger, Mónika & Czigler, Enikő, 2018. "Magyarországról indított közösségi finanszírozású kampányok. A Kickstarter-platform esete [Kick-starter campaigns launched from Hungary]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 206-225.
    50. Gregor Dorfleitner & Lars Hornuf & Julia Kreppmeier, 2021. "Promise not Fulfilled: FinTech Data Privacy, and the GDPR," CESifo Working Paper Series 9359, CESifo.
    51. Jiang, Bixia & Bai, Xu & You, Weijia & Fan, Kun, 2021. "Where and how to launch your forestry crowdfunding campaign? Evidence from China," Forest Policy and Economics, Elsevier, vol. 123(C).

  14. Douglas J. Cumming & Alexander Groh & Sofia A. Johan, 2018. "Same Rules, Different Enforcement : Market Abuse in Europe," Post-Print hal-02312132, HAL.

    Cited by:

    1. Loban, Lidia & Sarto, José Luis & Vicente, Luis, 2021. "Determinants of non-compliant equity funds with EU portfolio concentration limits," Journal of Multinational Financial Management, Elsevier, vol. 62(C).
    2. Del Gaudio, Belinda L. & Salerno, Dario & Sampagnaro, Gabriele & Verdoliva, Vincenzo, 2022. "Misconduct risk in banking services: Does a propensity to be sanctioned exist?," International Review of Financial Analysis, Elsevier, vol. 81(C).
    3. Sane, Renuka, 2019. "Stock market trading in the aftermath of an accounting scandal," Emerging Markets Review, Elsevier, vol. 40(C), pages 1-1.
    4. Aghanya, Daniel & Agarwal, Vineet & Poshakwale, Sunil, 2020. "Market in Financial Instruments Directive (MiFID), stock price informativeness and liquidity," Journal of Banking & Finance, Elsevier, vol. 113(C).
    5. Conlon, Thomas & Huan, Xing & Muckley, Cal B., 2024. "Does national culture influence malfeasance in banks around the world?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 90(C).
    6. Bailey, Warren & Muradoglu, Gulnur & Onay, Ceylan & Phylaktis, Kate, 2024. "Foreign investors, firm level productivity, and European economic integration," Journal of Corporate Finance, Elsevier, vol. 85(C).
    7. Xu, Wenming & Wu, Zhicheng & Cai, Jianjun, 2024. "Revisiting the stock market reactions to the private securities litigation against informational misconducts in China," International Review of Economics & Finance, Elsevier, vol. 95(C).
    8. Batten, Jonathan A. & Lončarski, Igor & Szilagyi, Peter G., 2021. "Strategic insider trading in foreign exchange markets," Journal of Corporate Finance, Elsevier, vol. 69(C).
    9. Ashton, John & Burnett, Tim & Diaz-Rainey, Ivan & Ormosi, Peter, 2021. "Known unknowns: How much financial misconduct is detected and deterred?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 74(C).
    10. Anolick, Nina & Batten, Jonathan A. & Kinateder, Harald & Wagner, Niklas, 2021. "Time for gift giving: Abnormal share repurchase returns and uncertainty," Journal of Corporate Finance, Elsevier, vol. 66(C).
    11. Loban, Lidia & Sarto, José Luis & Vicente, Luis, 2020. "Eurozone regulation bias in the active share measure," International Review of Financial Analysis, Elsevier, vol. 72(C).
    12. Cline, Brandon N. & Williamson, Claudia R. & Xiong, Haoyang, 2021. "Culture and the regulation of insider trading across countries," Journal of Corporate Finance, Elsevier, vol. 67(C).
    13. Caleb M. Houston & Jennifer D. Hamrick, 2025. "Failure of cooperative self‐regulation: An exploration of cooperative regulatory violations," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 96(2), pages 225-256, June.
    14. Rajat Deb, 2024. "Limning Auditing Indian Auditors," Jindal Journal of Business Research, , vol. 13(2), pages 198-212, December.
    15. Bernales, Alejandro & Beuermann, Diether W. & Cumming, Douglas & Olid, Christian, 2023. "Blue-Collar Crime and Finance," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 83(C).
    16. Weitseng Chen, 2026. "Beyond Security: The Compliance Dimension of National Security Reviews in Singapore and Taiwan," Regulation & Governance, John Wiley & Sons, vol. 20(1), pages 210-225, January.
    17. DasGupta, Ranjan & Deb, Soumya Guha, 2025. "Cultural dimensions and corporate controversies: The moderating role of corporate governance," International Business Review, Elsevier, vol. 34(5).
    18. Cumming, Douglas & Johan, Sofia, 2019. "Capital-market effects of securities regulation: Prior conditions, implementation, and enforcement revisited," Finance Research Letters, Elsevier, vol. 31(C).
    19. Laure Batz, 2023. "Financial market enforcement in France," European Journal of Law and Economics, Springer, vol. 55(3), pages 409-468, June.
    20. Chen, Yangfa & Jiang, Ji & Liu, Jie & Liu, Xiao & Wu, Weili, 2025. "Registration system reform, information environment, and market manipulation," Journal of Corporate Finance, Elsevier, vol. 93(C).
    21. Cline, Brandon N. & Posylnaya, Valeriya V., 2019. "Illegal insider trading: Commission and SEC detection," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 247-269.
    22. Douglas Cumming & Sofia Johan & Denis Schweizer, 2017. "Information systems, agency problems, and fraud," Information Systems Frontiers, Springer, vol. 19(3), pages 421-424, June.
    23. Ouyang, Liangyi & Cao, Bolong, 2020. "Selective pump-and-dump: The manipulation of their top holdings by Chinese mutual funds around quarter-ends," Emerging Markets Review, Elsevier, vol. 44(C).
    24. Goodell, John W. & Muckley, Cal B. & Neelakantan, Parvati & Ryan, Darragh & Yu, Pei-Shan, 2025. "AI culture ‘profiling’ and anti-money laundering: Efficacy vs ethics," International Review of Financial Analysis, Elsevier, vol. 101(C).
    25. Dissanaike, Gishan & Drobetz, Wolfgang & Momtaz, Paul P. & Rocholl, Jörg, 2021. "The Economics of Law Enforcement: Quasi-Experimental Evidence from Corporate Takeover Law," Journal of Corporate Finance, Elsevier, vol. 67(C).

  15. Sabri Boubaker & D. Cumming & D.K. Nguyen, 2018. "Research Handbook of Finance and Sustainability," Post-Print hal-04268813, HAL.

    Cited by:

    1. Dharen Kumar Pandey & Waleed M. Al‐ahdal & Hafiza Aishah Hashim, 2024. "Stock market reaction to mandatory sustainability reporting: Does carbon‐intensity and environmental, social, and governance reputation matter?," Business Strategy and the Environment, Wiley Blackwell, vol. 33(8), pages 9116-9140, December.
    2. Yihao Guo & Yanwen Song & Yimin Wang, 2024. "Happy troubles? CSR awards and CSR report quality," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(4), pages 2989-3005, July.
    3. Di Martino, G. & Miglietta, F. & Potì, V., 2024. "The impact of ESG scores on the value relevance of fair value hierarchy of financial instruments: Evidence from European Banks," Research in International Business and Finance, Elsevier, vol. 71(C).
    4. Alharbi, Samar S. & Naveed, Muhammad & Ali, Shoaib & Moussa, Faten, 2025. "Sailing towards sustainability: Connectedness between ESG stocks and green cryptocurrencies," International Review of Economics & Finance, Elsevier, vol. 98(C).
    5. Bigelli, Marco & Mengoli, Stefano & Sandri, Sandro, 2023. "ESG score, board structure and the impact of the non-financial reporting directive on European firms," Journal of Economics and Business, Elsevier, vol. 127(C).
    6. Farooq, Umar & Wen, Jun & Tabash, Mosab I. & Fadoul, Modawi, 2024. "Environmental regulations and capital investment: Does green innovation allow to grow?," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 878-893.

  16. Douglas J. Cumming & Fabrice Hervé & Elodie Manthé & Armin Schwienbacher, 2018. "Hypothetical bias in equity crowdfunding," Post-Print hal-01869448, HAL.

    Cited by:

    1. Du, Shaofu & Peng, Jing & Nie, Tengfei & Yu, Yugang, 2020. "Pricing strategies and mechanism choice in reward-based crowdfunding," European Journal of Operational Research, Elsevier, vol. 284(3), pages 951-966.

  17. Sabri Boubaker & Douglas Cumming & Duc Khuong Nguyen, 2018. "Research Handbook of Investing in the Triple Bottom Line," Post-Print hal-04554740, HAL.

    Cited by:

    1. José Manuel Santos‐Jaén & Patricia P. Iglesias‐Sanchez & Meda Nataliia & Carlos de las Heras Jambrino, 2025. "Financing Businesses for Sustainable Growth: Economic, Social, and Environmental Drivers With A Gender Approach," Sustainable Development, John Wiley & Sons, Ltd., vol. 33(5), pages 7895-7909, October.

  18. Douglas J. Cumming & Alexander Groh, 2018. "Entrepreneurial finance : Unifying themes and future directions," Post-Print hal-02312152, HAL.

    Cited by:

    1. Cumming, Douglas & Deloof, Marc & Manigart, Sophie & Wright, Mike, 2019. "New directions in entrepreneurial finance," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 252-260.
    2. Magnus Schückes & Tobias Gutmann, 2021. "Why do startups pursue initial coin offerings (ICOs)? The role of economic drivers and social identity on funding choice," Small Business Economics, Springer, vol. 57(2), pages 1027-1052, August.
    3. Hossain, Mohammed Sawkat, 2021. "A revisit of capital structure puzzle: Global evidence and analysis," International Review of Economics & Finance, Elsevier, vol. 75(C), pages 657-678.
    4. Karlson, Nils & Sandström, Christian & Wennberg, Karl, 2020. "Bureaucrats or Markets in Innovation Policy? – A critique of the entrepreneurial state," Ratio Working Papers 331, The Ratio Institute.
    5. Yuji Honjo & Yunosuke Iwaki & Masatoshi Kato, 2025. "Outside or inside the firm? The impact of debt financing on the exit routes of start-up firms," Small Business Economics, Springer, vol. 64(4), pages 1877-1900, April.
    6. Quan-Hoang Vuong & Huyen Thanh T. Nguyen & Thanh-Hang Pham & Manh-Toan Ho & Minh-Hoang Nguyen, 2021. "Assessing the ideological homogeneity in entrepreneurial finance research by highly cited publications," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 8(1), pages 1-11, December.
    7. Nguyen, Minh-Hoang & Huyen, Nguyen Thanh Thanh & Pham, Thanh-Hang & Yen, Nguyen Thi Quynh & Vuong, Quan-Hoang, 2020. "On the 50-year research landscape of entrepreneurial finance: A sign of Western ideological homogeneity?," SocArXiv 7wy2u, Center for Open Science.
    8. Cheng, Peng & Wei, Jiuchang & Liu, Yang, 2024. "Give a plum in return for a peach: The effect of entrepreneurial informal financing on environmental corporate social responsibility," Journal of Business Research, Elsevier, vol. 175(C).
    9. Burström, Thommie & Lahti, Tom & Parida, Vinit & Wartiovaara, Markus & Wincent, Joakim, 2023. "A definition, review, and extension of global ecosystems theory: Trends, architecture and orchestration of global VCs and mechanisms behind unicorns," Journal of Business Research, Elsevier, vol. 157(C).
    10. Nguyen, Minh-Hoang & Pham, Thanh-Hang & Huyen, Nguyen Thanh Thanh & Ho, Manh-Toan & Vuong, Quan-Hoang, 2020. "Western ideological homogeneity in entrepreneurial finance research: Evidence from highly cited publications," OSF Preprints sk3e6, Center for Open Science.
    11. Bach Nguyen & Nguyen Phuc Canh, 2021. "Formal and informal financing decisions of small businesses," Small Business Economics, Springer, vol. 57(3), pages 1545-1567, October.
    12. Thanh-Hang Pham & Manh Toan Ho & Thu Trang Vuong & Manh Cuong Nguyen & Quan-Hoang Vuong, 2020. "Entrepreneurial Finance: Insights from English Language Training Market in Vietnam," ULB Institutional Repository 2013/370953, ULB -- Universite Libre de Bruxelles.
    13. Paul P. Momtaz, 2023. "The economics of PIPEs, revisited," Small Business Economics, Springer, vol. 60(1), pages 59-83, January.
    14. Burger, Anže & Hogan, Teresa & Kotnik, Patricia & Rao, Sandeep & Sakinç, Mustafa Erdem, 2023. "Does acquisition lead to the growth of high-tech scale-ups? Evidence from Europe," Research in International Business and Finance, Elsevier, vol. 64(C).
    15. Antonia Schickinger & Alexandra Bertschi-Michel & Max P. Leitterstorf & Nadine Kammerlander, 2022. "Same same, but different: capital structures in single family offices compared with private equity firms," Small Business Economics, Springer, vol. 58(3), pages 1407-1425, March.
    16. Francesco Manaresi & Carlo Menon & Pietro Santoleri, 2020. "Supporting innovative entrepreneurship: an evaluation of the Italian "Start-up Act"," Mo.Fi.R. Working Papers 163, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    17. Alexandra Zamfirache & Titus Suciu & Carmen Elena Anton & Ruxandra-Gabriela Albu & Ioana-Simona Ivasciuc, 2023. "The Interest Shown by Potential Young Entrepreneurs in Romania Regarding Feasible Funding Sources, in the Context of a Sustainable Entrepreneurial Education," Sustainability, MDPI, vol. 15(6), pages 1-29, March.
    18. Mertzanis, Charilaos & Marashdeh, Hazem & Houcine, Asma, 2024. "Do financing constraints affect the financial integrity of firms?," International Review of Economics & Finance, Elsevier, vol. 90(C), pages 220-240.
    19. Vincenzo Capizzi & Nicola Carta & Elisa Cavezzali & Ugo Rigoni, 2026. "The angels and the crowd: business angels’ investment practices and follow-on crowdfunding in entrepreneurial firms," The Journal of Technology Transfer, Springer, vol. 51(3), pages 1470-1509, June.
    20. Fuming Yang & Xixi Ye & Weilun Huang & Xuemeng Zhao, 2023. "The impacts on informal financing strategy of small and micro enterprises by interest rate risks and public health emergencies," International Entrepreneurship and Management Journal, Springer, vol. 19(4), pages 1673-1705, December.
    21. Francis Kwaku Kuma & Mohd Effandi Bin Yusoff & Paul Kwasi Apreku-Djan, 2024. "A Synthesis of Crowdfunding Concepts in the Ghanaian Context: Crowdfunding Information Challenges in Ghana," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 435-460, March.
    22. Paul P. Momtaz, 2021. "Initial coin offerings, asymmetric information, and loyal CEOs," Small Business Economics, Springer, vol. 57(2), pages 975-997, August.
    23. Bryan Malki & Timur Uman & Daniel Pittino, 2022. "The entrepreneurial financing of the immigrant entrepreneurs: a literature review," Small Business Economics, Springer, vol. 58(3), pages 1337-1365, March.
    24. Nguyen, Thang & Cox, Joe & Rich, Judy, 2019. "Invest or regret? An empirical investigation into funding dynamics during the final days of equity crowdfunding campaigns," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 784-803.
    25. William Aparecido Maciel da Silva & Michele Nascimento Jucá, 2023. "Determinants of Startup´s Value According to Venture Capitalists," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 96-118.
    26. Muraközy, Balázs & Telegdy, Álmos, 2023. "The effects of EU-funded enterprise grants on firms and workers," Journal of Comparative Economics, Elsevier, vol. 51(1), pages 216-234.
    27. Kazem Mochkabadi & Christine K. Volkmann, 2020. "Equity crowdfunding: a systematic review of the literature," Small Business Economics, Springer, vol. 54(1), pages 75-118, January.
    28. Jacob, Martin, 2021. "Dividend taxes, employment, and firm productivity," Journal of Corporate Finance, Elsevier, vol. 69(C).
    29. Minh-Hoang Nguyen & Thanh-Hang Pham & Manh-Toan Ho & Huyen Thanh T. Nguyen & Quan-Hoang Vuong, 2021. "On the social and conceptual structure of the 50-year research landscape in entrepreneurial finance," SN Business & Economics, Springer, vol. 1(1), pages 1-29, January.
    30. Block, Joern & Fathollahi, Reza & Eroglu, Onur, 2024. "Capital structure of single family office-owned firms," Journal of Family Business Strategy, Elsevier, vol. 15(3).
    31. Lefebvre, Vincent & Certhoux, Gilles & Radu-Lefebvre, Miruna, 2022. "Sustaining trust to cross the Valley of Death: A retrospective study of business angels’ investment and reinvestment decisions," Technovation, Elsevier, vol. 109(C).
    32. David Bruce Audretsch & Martina Aronica & Maksim Belitski & Davide Caddemi & Davide Piacentino, 2025. "The impact of government financial aid and digital tools on firm survival during the COVID-19 pandemic," Small Business Economics, Springer, vol. 65(2), pages 813-836, August.
    33. Jonathan Taglialatela & Andrea Mina, 2021. "Innovation, asymmetric information and the capital structure of new firms," LEM Papers Series 2021/36, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    34. Valeria Venturelli & Alessia Pedrazzoli & Giovanni Gallo, 2020. "Birds of a Feather Flock Together: The Inclusive Effect of Similarity Patterns in Equity Crowdfunding," Sustainability, MDPI, vol. 12(9), pages 1-24, April.
    35. Borello, Giuliana & De Crescenzo, Veronica & Pichler, Flavio, 2019. "Factors for success in European crowdinvesting," Journal of Economics and Business, Elsevier, vol. 106(C).
    36. Demir, Tolga & Mohammadi, Ali & Shafi, Kourosh, 2022. "Crowdfunding as gambling: Evidence from repeated natural experiments," Journal of Corporate Finance, Elsevier, vol. 77(C).
    37. Cohen, Laurence & Bellavitis, Cristiano & Wirtz, Peter, 2025. "Explaining the involvement and investment of women in business angel groups: The impact of organizational context and investment experience," Journal of Corporate Finance, Elsevier, vol. 91(C).
    38. Jun Du & Bach Nguyen, 2024. "The ‘play’ of institutions and firm investment: Evidence from a transition economy," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(3), pages 2740-2765, July.
    39. Honjo, Yuji & Kwak, Charee & Uchida, Hirofumi, 2022. "Initial funding and founders’ human capital: An empirical analysis using multiple surveys for start-up firms," Japan and the World Economy, Elsevier, vol. 63(C).
    40. Gaia Bassani & Nicoletta Marinelli & Silvio Vismara, 2019. "Crowdfunding in healthcare," The Journal of Technology Transfer, Springer, vol. 44(4), pages 1290-1310, August.
    41. Fernandez, Viviana, 2021. "The role of trust and social commitment in start-up financing," International Review of Financial Analysis, Elsevier, vol. 75(C).
    42. Ferretti, Riccardo & Venturelli, Valeria & Pedrazzoli, Alessia, 2021. "Do multiple competing offerings on a crowdfunding platform influence investment behavior?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 30(C).
    43. Katherine Coronel-Pangol & Jessica Paule-Vianez & Carmen Orden-Cruz, 2024. "Conventional or alternative financing to promote entrepreneurship? An analysis of female and male entrepreneurship in developed and developing countries," International Entrepreneurship and Management Journal, Springer, vol. 20(1), pages 163-187, March.
    44. Berns, John P. & Shahriar, Abu Zafar M. & Unda, Luisa A., 2021. "Delegated monitoring in crowdfunded microfinance: Evidence from Kiva," Journal of Corporate Finance, Elsevier, vol. 66(C).
    45. Jalil Heidary Dahooie & Navid Mohammadi & Mahak Sharma & Tugrul Daim, 2026. "Venture capital dilemma: which start-up to invest in?," Review of Managerial Science, Springer, vol. 20(1), pages 169-219, January.
    46. Lu, Yuechan & Samdani, Taufique, 2019. "The economic role of institutional investors in auction IPOs," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 267-281.
    47. Wesley II, Curtis L. & Kong, Dejun Tony & Lubojacky, Connor J. & Kim Saxton, M. & Saxton, Todd, 2022. "Will the startup succeed in your eyes? Venture evaluation of resource providers during entrepreneurs' informational signaling," Journal of Business Venturing, Elsevier, vol. 37(5).
    48. Menéndez-Caravaca, Eloísa & Bueno, Salvador & Gallego, M. Dolores, 2021. "Exploring the link between free and open source software and the collaborative economy: A Delphi-based scenario for the year 2025," Technological Forecasting and Social Change, Elsevier, vol. 173(C).
    49. Demir, Tolga & Mohammad, Ali & Shafi, Kourosh, 2019. "Crowdfunding as Gambling: Evidence from Repeated Natural Experiments," Working Paper Series in Economics and Institutions of Innovation 481, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.

  19. Karami, Moein & Cumming, Douglas & Hornuf, Lars & Schweizer, Denis, 2017. "Disentangling Crowdfunding from Fraudfunding," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168120, Verein für Socialpolitik / German Economic Association.

    Cited by:

    1. Dandan Wang & Jörg Prokop, 2025. "Gender homophily and local bias in equity crowdfunding," Small Business Economics, Springer, vol. 64(3), pages 805-836, March.
    2. Muneer M. Alshater & Rim El Khoury & Marah Ferdous & Indri Supriani, 2026. "Reward-based crowdfunding: A hybrid review of trends, opportunities, and future research directions," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 12(1), pages 1-64, December.
    3. Lars Hornuf & Johannes Voshaar, 2024. "What Is an Effective Signal in Crowdfunding? Evidence from Expert Researchers and a Meta-Study," CESifo Working Paper Series 11501, CESifo.
    4. Mataigne, Virginie & Meoli, Michele & Vanacker, Tom & Vismara, Silvio, 2025. "False signaling by platform team members and post-campaign venture outcomes: Evidence from an equity crowdfunding platform," Journal of Business Venturing, Elsevier, vol. 40(1).
    5. Broere, Mark & Christmann, Robin, 2024. "Signaling and Fraud when Crowdfunding Campaigns Compete for Pledges," MPRA Paper 121784, University Library of Munich, Germany.
    6. Andreas Gregoriades & Christos Themistocleous, 2025. "Improving Crowdfunding Decisions Using Explainable Artificial Intelligence," Sustainability, MDPI, vol. 17(4), pages 1-19, February.
    7. Junhui Xu & Jitka Hilliard & James R. Barth, 2020. "On Education Level and Terms in Obtaining P2P Funding: New Evidence from China," International Review of Finance, International Review of Finance Ltd., vol. 20(4), pages 801-826, December.
    8. Jing Zhao & Kimmee Chong & Meixia Jiang, 2025. "Empirical Analysis of Internet Finance’s Promotion of Innovation and Entrepreneurship Development: Mediating Effect Based on Innovation and Entrepreneurship Willingness," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(1), pages 3265-3285, March.
    9. Jermain Kaminski & Christian Hopp & Christian Lukas, 2018. "Who benefits from the wisdom of the crowd in crowdfunding? Assessing the benefits of user-generated and mass personal electronic word of mouth in computer-mediated financing," Journal of Business Economics, Springer, vol. 88(9), pages 1133-1162, December.
    10. Qi, Yu & Su, Hang, 2025. "Can artificial intelligence mitigate corporate fraud? Exploring the influence of institutional cross-holdings and financial misallocation," Pacific-Basin Finance Journal, Elsevier, vol. 92(C).
    11. Sebastián Uriarte & Cristian Geldes & Jesús Santorcuato, 2025. "Evolution of Ethics and Entrepreneurship: Hybrid Literature Review and Theoretical Propositions," Journal of Business Ethics, Springer, vol. 198(2), pages 321-343, May.
    12. Chen, Xiao & Huang, Bihong & Shaban, Mohamed, 2022. "Naïve or sophisticated? Information disclosure and investment decisions in peer to peer lending," Journal of Corporate Finance, Elsevier, vol. 77(C).
    13. Ye Liu & Ke Zhang & Weili Xue & Ziyu Zhou, 2024. "Crowdfunding innovative but risky new ventures: the importance of less ambiguous tone," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-43, December.
    14. James Thewissen & Jennifer Thewissen & Özgür Arslan‐Ayaydin & Diego Barrio Herrezuelo, 2026. "Hitting the Right Note: The Impact of Lexical Complexity on Initial Coin Offering Success," The Financial Review, Eastern Finance Association, vol. 61(1), pages 135-173, February.

  20. D.J Cumming & Gaël Leboeuf & A Schwienbacher, 2017. "Crowdfunding Cleantech," Post-Print hal-02126978, HAL.

    Cited by:

    1. Kolbe, Maura & Mansouri, Sasan & Momtaz, Paul P., 2022. "Why do video pitches matter in crowdfunding?," Journal of Economics and Business, Elsevier, vol. 122(C).
    2. Martielli, Francesco & Battisti, Enrico & Gonzalez-Cruz, Tomás Félix & Salvi, Antonio, 2025. "Carbon credits and financial performance: Exploring the moderating role of CSR strategy and corporate governance practices," Research in International Business and Finance, Elsevier, vol. 77(PB).
    3. Franklin Allen & Meijun Qian, 2025. "Alternative finance in the international business context: a review and future research," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 56(1), pages 43-61, February.
    4. Bendig, David & Schulz, Colin & Möhwald, Maximilian & Pollok, Patrick, 2025. "Fear the loss or welcome the gains? How stock options influence CEO risk-taking in corporate cleantech investments," Journal of Business Venturing, Elsevier, vol. 40(2).
    5. Vismara, Silvio, 2019. "Sustainability in equity crowdfunding," Technological Forecasting and Social Change, Elsevier, vol. 141(C), pages 98-106.
    6. Hall, Stephen & Roelich, Katy E. & Davis, Mark E. & Holstenkamp, Lars, 2018. "Finance and justice in low-carbon energy transitions," Applied Energy, Elsevier, vol. 222(C), pages 772-780.
    7. Matteo Ambrois & Annalisa Croce & Elisa Ughetto, 2025. "Greening the future: how venture capital nurtures cleantech companies’ growth in Europe," Small Business Economics, Springer, vol. 65(1), pages 191-229, June.
    8. Alsagr, Naif & Cumming, Douglas J. & Davis, Justin G. & Sewaid, Ahmed, 2023. "Geopolitical risk and crowdfunding performance," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 85(C).
    9. Nguyen, Thien Le-Hoang & Hsieh, Hui-Ching, 2025. "Iron curtain echoes: The enduring impact of communism and crowdfunding," Journal of Corporate Finance, Elsevier, vol. 91(C).
    10. Ari, Ibrahim & Koc, Muammer, 2021. "Philanthropic-crowdfunding-partnership: A proof-of-concept study for sustainable financing in low-carbon energy transitions," Energy, Elsevier, vol. 222(C).
    11. Chaudhry, Neeru & Kumari, Damini, 2024. "How do banks price carbon risk? Evidence from India," Pacific-Basin Finance Journal, Elsevier, vol. 84(C).
    12. Bourcet, Clémence & Bovari, Emmanuel, 2020. "Exploring citizens' decision to crowdfund renewable energy projects: Quantitative evidence from France," Energy Economics, Elsevier, vol. 88(C).
    13. De Crescenzo, Veronica & Ribeiro-Soriano, Domingo Enrique & Covin, Jeffrey G., 2020. "Exploring the viability of equity crowdfunding as a fundraising instrument: A configurational analysis of contingency factors that lead to crowdfunding success and failure," Journal of Business Research, Elsevier, vol. 115(C), pages 348-356.
    14. Sven Siebeneicher & Ilker Yenice & Carolin Bock, 2022. "Financial-Return Crowdfunding for Energy and Sustainability in the German-Speaking Realm," Sustainability, MDPI, vol. 14(19), pages 1-23, September.
    15. Ahmad, Usman & Aman, Ameenullah & Khan, Azam Anwer & Azhar Ali, Syed Emad, 2025. "Optimizing crowdfunding for mineral resources of Dutch economy: The role of fintech in achieving sustainable development goals through artificial intelligence," Resources Policy, Elsevier, vol. 100(C).
    16. Vincenzo Butticè & Diego Useche, 2022. "Crowdfunding to overcome the immigrant entrepreneurs’ liability of outsidership: the role of internal social capital," Small Business Economics, Springer, vol. 59(4), pages 1519-1540, December.
    17. Faten Ben Slimane & Antoine Rousseau, 2020. "Crowdlending Campaigns for Renewable Energy: Success Factors," Post-Print hal-02371926, HAL.
    18. Abraham Yosipof & Netanel Drori & Or Elroy & Yannis Pierraki, 2024. "Textual sentiment analysis and description characteristics in crowdfunding success: The case of cybersecurity and IoT industries," Electronic Markets, Springer;IIM University of St. Gallen, vol. 34(1), pages 1-14, December.
    19. David Popp, 2019. "Environmental policy and innovation: a decade of research," CESifo Working Paper Series 7544, CESifo.
    20. Antonella Francesca Cicchiello & Serena Gallo & Stefano Monferrà, 2023. "Financing the cultural and creative industries through crowdfunding: the role of national cultural dimensions and policies," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 47(1), pages 133-175, March.
    21. Nan Yang & Dimitrios Dousios & Nikolaos Korfiatis & Konstantinos Chalvatzis, 2024. "Mapping the signaling environment between sustainability‐focused entrepreneurship and investment inputs: A topic modeling approach," Business Strategy and the Environment, Wiley Blackwell, vol. 33(6), pages 5405-5422, September.
    22. Mochkabadi, Kazem & Kleinert, Simon & Urbig, Diemo & Volkmann, Christine, 2024. "From distinctiveness to optimal distinctiveness: External endorsements, innovativeness and new venture funding," Journal of Business Venturing, Elsevier, vol. 39(1).
    23. Bento, Nuno & Gianfrate, Gianfranco & Groppo, Sara Virginia, 2019. "Do crowdfunding returns reward risk? Evidences from clean-tech projects," Technological Forecasting and Social Change, Elsevier, vol. 141(C), pages 107-116.
    24. Mansouri, Sasan & Momtaz, Paul P., 2022. "Financing sustainable entrepreneurship: ESG measurement, valuation, and performance," Journal of Business Venturing, Elsevier, vol. 37(6).
    25. Mihail Nikolaevich Dudin & Vadim Nikolaevich Zasko & Olesya Igorevna Dontsova & Irina Valentinovna Osokina, 2020. "The Energy Politics of the European Union and the Possibility to Implement it in Post-Soviet States," International Journal of Energy Economics and Policy, Econjournals, vol. 10(2), pages 409-416.
    26. Junhui Xu & Jitka Hilliard & James R. Barth, 2020. "On Education Level and Terms in Obtaining P2P Funding: New Evidence from China," International Review of Finance, International Review of Finance Ltd., vol. 20(4), pages 801-826, December.
    27. Junjuan Du, 2023. "Rational or Impulsive? Early Backers’ Investment Behavior in Agri-Food Crowdfunding from 4P–4C Perspectives," SAGE Open, , vol. 13(3), pages 21582440231, August.
    28. Messeni Petruzzelli, Antonio & Natalicchio, Angelo & Panniello, Umberto & Roma, Paolo, 2019. "Understanding the crowdfunding phenomenon and its implications for sustainability," Technological Forecasting and Social Change, Elsevier, vol. 141(C), pages 138-148.
    29. Dinh, Jeannette Mai & Isaak, Andrew Jay & Wehner, Marius Claus, 2024. "Sustainability-oriented crowdfunding: An integrative literature review," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 448, pages 1-38.
    30. A. Erin Bass & Birgitte Grøgaard, 2021. "The long-term energy transition: Drivers, outcomes, and the role of the multinational enterprise," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(5), pages 807-823, July.
    31. Allison, Thomas H. & Davis, Blakley C. & Webb, Justin W. & Short, Jeremy C., 2017. "Persuasion in crowdfunding: An elaboration likelihood model of crowdfunding performance," Journal of Business Venturing, Elsevier, vol. 32(6), pages 707-725.
    32. Chang, Ruidong & Cao, Yuan & Lu, Yujie & Shabunko, Veronika, 2019. "Should BIPV technologies be empowered by innovation policy mix to facilitate energy transitions? - Revealing stakeholders' different perspectives using Q methodology," Energy Policy, Elsevier, vol. 129(C), pages 307-318.
    33. Abhishek Mukherjee & Paul Griffiths & Paresha Sinha & Sahil Deol, 2024. "Finance for sustainability: A systematic review on crowdfunding for renewable energy projects," Review of Financial Economics, John Wiley & Sons, vol. 42(4), pages 467-490, October.
    34. Douglas J. Cumming & Gaël Leboeuf & Armin Schwienbacher, 2020. "Crowdfunding models: Keep‐It‐All vs. All‐Or‐Nothing," Financial Management, Financial Management Association International, vol. 49(2), pages 331-360, June.
    35. Cumming, Douglas & Meoli, Michele & Vismara, Silvio, 2019. "Investors’ choices between cash and voting rights: Evidence from dual-class equity crowdfunding," Research Policy, Elsevier, vol. 48(8), pages 1-1.
    36. Cumming, Douglas & Meoli, Michele & Rossi, Alice & Vismara, Silvio, 2024. "ESG and crowdfunding platforms," Journal of Business Venturing, Elsevier, vol. 39(1).
    37. Del Gaudio, Belinda Laura & Lazos, Aristogenis & Previtali, Daniele, 2025. "Does equity crowdfunding enhance the survival of sustainability ventures?," Finance Research Letters, Elsevier, vol. 75(C).
    38. Capolupo, Paolo & Natalicchio, Angelo & Ardito, Lorenzo & Messeni Petruzzelli, Antonio & Cazzorla, Manuela, 2025. "Family-governed businesses and successful equity crowdfunding: The moderating role of sustainability orientation," Finance Research Letters, Elsevier, vol. 71(C).
    39. Xiaohong Huang & Rezaul Kabir & Thuy Ngoc Nguyen, 2024. "Do project quality and founder information signals always matter? Evidence from equity and reward crowdfunding," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(3), pages 3309-3325, July.
    40. Butticè, Vincenzo & Colombo, Massimo G. & Fumagalli, Elena & Orsenigo, Carlotta, 2019. "Green oriented crowdfunding campaigns: Their characteristics and diffusion in different institutional settings," Technological Forecasting and Social Change, Elsevier, vol. 141(C), pages 85-97.
    41. Duan, Yang & Hsieh, Tien-Shih & Wang, Ray R. & Wang, Zhihong, 2020. "Entrepreneurs' facial trustworthiness, gender, and crowdfunding success," Journal of Corporate Finance, Elsevier, vol. 64(C).
    42. Tang, Xiaobo & Yao, Xingyuan & Dai, Ruyi & Wang, Qian, 2024. "Does green matter for crowdfunding? International evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 92(C).
    43. Di Pietro, Francesca & Butticè, Vincenzo, 2020. "Institutional characteristics and the development of crowdfunding across countries," International Review of Financial Analysis, Elsevier, vol. 71(C).
    44. Anita Sharma & Sanket Vij & Ajay Kumar, 2025. "Crowdfunding: Exploring the Factors That Could Motivate People to Raise Fund or Make Investment Through Crowdfunding Platforms in Emerging Countries," Vision, , vol. 29(1), pages 21-34, February.
    45. Tian, Jinfang & Yu, Longguang & Xue, Rui & Zhuang, Shan & Shan, Yuli, 2022. "Global low-carbon energy transition in the post-COVID-19 era," Applied Energy, Elsevier, vol. 307(C).
    46. Sander, Julian, 2024. "The Role of Emotions in Investment Decisions: The Effects of Vividness of a Crowdfunding Campaign Video," Thesis Commons 6gptv, Center for Open Science.
    47. Siemroth, Christoph & Hornuf, Lars, 2023. "Why Do Retail Investors Pick Green Investments? A Lab-in-the-Field Experiment with Crowdfunders," Journal of Economic Behavior & Organization, Elsevier, vol. 209(C), pages 74-90.
    48. Liu, Ye & Liu, Siyue & Zhao, Xuezhou, 2024. "The effects of promotional narratives in entrepreneurial financing: Evidence from pre-sale crowdfunding11We acknowledge the financial support from the National Natural Science Foundation of China (72073063)," International Review of Financial Analysis, Elsevier, vol. 96(PB).
    49. Bartoli, Chiara & Annosi, Maria Carmela & Orero, Levi & Brunetta, Federica, 2025. "Crowdfunding for sustainability: Key elements driving crowdfunding success across economic, social, and environmental goals," Finance Research Letters, Elsevier, vol. 81(C).
    50. Pirazzi Maffiola, Kevin & D'Angelo, Viviana & Capo, Francesca & Scali, Elena, 2025. "Environmental orientation, regional innovation, and equity crowdfunding campaigns’ outcomes: Evidence from two Italian platforms," Finance Research Letters, Elsevier, vol. 71(C).
    51. Yao, Xingyuan, 2025. "The green premium in sustainable fintech: Cross-country evidence from crowdfunding," Finance Research Letters, Elsevier, vol. 77(C).
    52. Bergmann, Ariel & Burton, Bruce & Klaes, Matthias, 2021. "European perceptions on crowdfunding for renewables: Positivity and pragmatism," Ecological Economics, Elsevier, vol. 179(C).
    53. Guillochon, Justine, 2022. "The role of media, policy and regional heterogeneity in renewable energy project crowdfunding," Energy Economics, Elsevier, vol. 115(C).
    54. Metawa, Noura & Dogan, Eyup & Taskin, Dilvin, 2022. "Analyzing the nexus of green economy, clean and financial technology," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 385-396.
    55. Żywiołek, Justyna & Wolniak, Radosław & Zhao, Xin & Abedin, Mohammad Zoynul, 2026. "Public perceptions of crowdfunding as a tool for financing renewable energy in Europe," Energy Policy, Elsevier, vol. 209(PA).
    56. Lu, Yujie & Chang, Ruidong & Lim, Suxann, 2018. "Crowdfunding for solar photovoltaics development: A review and forecast," Renewable and Sustainable Energy Reviews, Elsevier, vol. 93(C), pages 439-450.
    57. Hörisch, Jacob & Tenner, Isabell, 2020. "How environmental and social orientations influence the funding success of investment-based crowdfunding: The mediating role of the number of funders and the average funding amount," Technological Forecasting and Social Change, Elsevier, vol. 161(C).

  21. Fabrice Hervé & Douglas Cumming & Elodie Manthé & Armin Schwienbacher, 2017. "Voting in Equity Crowdfunding Projects," Post-Print hal-03476302, HAL.

    Cited by:

    1. Jongmin Shon, 2022. "Does Competition Tame the Leviathan? A Case of Earmarked Spending for Transportation," Hacienda Pública Española / Review of Public Economics, IEF, vol. 241(2), pages 59-78, June.
    2. Junhui Xu & Jitka Hilliard & James R. Barth, 2020. "On Education Level and Terms in Obtaining P2P Funding: New Evidence from China," International Review of Finance, International Review of Finance Ltd., vol. 20(4), pages 801-826, December.

  22. Cumming, Douglas & Walz, Uwe & Werth, Jochen Christian, 2016. "Entrepreneurial spawning: Experience, education, and exit," SAFE Working Paper Series 122 [rev.], Leibniz Institute for Financial Research SAFE, revised 2016.

    Cited by:

    1. Elhem Ben Fatma & Léo-Paul Dana & Souhir Elleuch & Ezzeddine Ben Mohamed, 2024. "Does dispositional optimism affect entrepreneurial success? Evidence from Saudi Arabia," International Entrepreneurship and Management Journal, Springer, vol. 20(2), pages 1127-1152, June.
    2. Signori, Andrea & Vismara, Silvio, 2018. "Does success bring success? The post-offering lives of equity-crowdfunded firms," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 575-591.
    3. Francesca Pietro, 2021. "The rationale for listing on equity crowdfunding: actual and expected benefits for companies," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 48(4), pages 527-549, December.
    4. Kaminski, Jermain & Hopp, Christian & Tykvová, Tereza, 2019. "New technology assessment in entrepreneurial financing – Does crowdfunding predict venture capital investments?," Technological Forecasting and Social Change, Elsevier, vol. 139(C), pages 287-302.
    5. Douglas Cumming & Jochen Christian Werth & Yelin Zhang, 2019. "Governance in entrepreneurial ecosystems: venture capitalists vs. technology parks," Small Business Economics, Springer, vol. 52(2), pages 455-484, February.
    6. Alice Rossi & Tom Vanacker & Silvio Vismara, 2023. "Unsuccessful Equity Crowdfunding Offerings and the Persistence in Equity Fundraising of Family Business Start-Ups," Entrepreneurship Theory and Practice, , vol. 47(4), pages 1327-1355, July.
    7. Block, Jörn H. & Fisch, Christian O. & Obschonka, Martin & Sandner, Philipp G., 2019. "A personality perspective on business angel syndication✰," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 306-327.
    8. Pietro, Francesca Di & Bogers, Marcel L.A.M. & Prencipe, Andrea, 2021. "Organisational barriers and bridges to crowd openness in equity crowdfunding," Technological Forecasting and Social Change, Elsevier, vol. 162(C).
    9. Christoph Maus & Andrea Greven & Niklas Kurth & Malte Brettel, 2024. "How do investor characteristics of business angels and venture capitalists predict the occurrence of co-investments?," Journal of Business Economics, Springer, vol. 94(5), pages 763-811, July.
    10. Butticè, Vincenzo & Di Pietro, Francesca & Tenca, Francesca, 2020. "Is equity crowdfunding always good? Deal structure and the attraction of venture capital investors," Journal of Corporate Finance, Elsevier, vol. 65(C).
    11. Xiaoning Wang & Lynn Wu, 2026. "Artificial Intelligence, Lean Startup Method, and Product Innovations," Management Science, INFORMS, vol. 72(1), pages 756-782, January.
    12. Liu, Ziqi & O'Reilly, Seán & Hanly, Jim, 2025. "The role of accelerators in the success of cleantech firms," Technovation, Elsevier, vol. 148(C).
    13. Wu, Shuai, 2023. "Impact of serial entrepreneurs on IPO valuation: Evidence from U.S. IPOs," The North American Journal of Economics and Finance, Elsevier, vol. 64(C).
    14. Vincenzo Capizzi & Nicola Carta & Elisa Cavezzali & Ugo Rigoni, 2026. "The angels and the crowd: business angels’ investment practices and follow-on crowdfunding in entrepreneurial firms," The Journal of Technology Transfer, Springer, vol. 51(3), pages 1470-1509, June.
    15. Gavin Wang & Lynn Wu, 2025. "Artificial Intelligence, Lean Startup Method, and Product Innovations," Papers 2506.16334, arXiv.org, revised Aug 2025.
    16. Valérie Revest & Alessandro Sapio, 2019. "Alternative equity markets and firm creation," Post-Print halshs-02169726, HAL.
    17. Kumju Hwang & Jinsook Choi, 2021. "How Do Failed Entrepreneurs Cope with Their Prior Failure When They Seek Subsequent Re-Entry into Serial Entrepreneurship? Failed Entrepreneurs’ Optimism and Defensive Pessimism and Coping Humor as a Moderator," IJERPH, MDPI, vol. 18(13), pages 1-24, June.
    18. Sanguineti, Francesca & Majocchi, Antonio & Cavusgil, S. Tamer, 2022. "Founding entrepreneur’s dilemma: Stay or exit the firm following an acquisition? An international comparison," International Business Review, Elsevier, vol. 31(1).
    19. Cumming, Douglas & Meoli, Michele & Vismara, Silvio, 2019. "Investors’ choices between cash and voting rights: Evidence from dual-class equity crowdfunding," Research Policy, Elsevier, vol. 48(8), pages 1-1.
    20. Christian Haddad & Lars Hornuf, 2016. "The Emergence of the Global Fintech Market: Economic and Technological Determinants," Research Papers in Economics 2016-10, University of Trier, Department of Economics.
    21. Christian Haddad & Lars Hornuf, 2021. "The Impact of Fintech Startups on Financial Institutions' Performance and Default Risk," CESifo Working Paper Series 9050, CESifo.
    22. Christian Haddad & Lars Hornuf, 2016. "The Emergence of the Global Fintech Market: Economic and Technological Determinants," CESifo Working Paper Series 6131, CESifo.
    23. Maarten Cerpentier & Tom Vanacker & Ine Paeleman & Katja Bringmann, 2022. "Equity crowdfunding, market timing, and firm capital structure," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1766-1793, December.
    24. Nahata, Rajarishi, 2019. "Success is good but failure is not so bad either: Serial entrepreneurs and venture capital contracting," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 624-649.
    25. Niculaescu, Corina-Elena & Sangiorgi, Ivan & Bell, Adrian R., 2023. "Venture capital financing in the eSports industry," Research in International Business and Finance, Elsevier, vol. 65(C).
    26. Krieger, Alexander & Block, Joern & Stuetzer, Michael, 2018. "Skill variety in entrepreneurship: A literature review and research directions," MPRA Paper 88389, University Library of Munich, Germany.
    27. Francesco Martielli & Vittorio Laus & Antonio Salvi & Anna Kotaskova, 2025. "Unlocking funding success: intercultural entrepreneurship dynamics in European startups," International Entrepreneurship and Management Journal, Springer, vol. 21(1), pages 1-31, December.
    28. Huang, Wei & Goodell, John W. & Xia, Qing & Yuan, Shuai, 2024. "Trade credit provision and innovation: A strategic trade-off," International Review of Financial Analysis, Elsevier, vol. 94(C).
    29. Valérie Revest & Alessandro Sapio, 2019. "Alternative equity markets and firm creation," Journal of Evolutionary Economics, Springer, vol. 29(3), pages 1083-1118, July.
    30. Croutzet, Alexandre & Dabbous, Amal, 2021. "Do FinTech trigger renewable energy use? Evidence from OECD countries," Renewable Energy, Elsevier, vol. 179(C), pages 1608-1617.
    31. Cowling, Marc & Brown, Ross & Lee, Neil, 2021. "The geography of business angel investments in the UK: does local bias (still) matter?," LSE Research Online Documents on Economics 107814, London School of Economics and Political Science, LSE Library.
    32. Christian Haddad & Lars Hornuf, 2019. "The emergence of the global fintech market: economic and technological determinants," Small Business Economics, Springer, vol. 53(1), pages 81-105, June.
    33. Louisa Heiduk & Maximilian Schreiter, 2025. "Deciphering investment heuristics: Inside the minds of German investors—An empirical study about investors’ decision-making heuristics," Journal of International Entrepreneurship, Springer, vol. 23(4), pages 893-933, December.
    34. Ayanna Stephens & Abede Jawara Mack & Priscilla Bahaw, 2025. "Unpacking the Complexities of Financial Well-being Among Entrepreneurs and Employees: It’s More Than the Money!," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 34(3), pages 627-667, August.
    35. Lars Hornuf, 2016. "The Emergence of the Global Fintech Market: Economic and Technological Determinants," IAAEU Discussion Papers 201606, Institute of Labour Law and Industrial Relations in the European Union (IAAEU).

  23. Cumming, Douglas & Werth, Jochen Christian & Zhang, Yelin, 2016. "Governance in entrepreneurial ecosystems: Venture capitalists vs. technology parks," SAFE Working Paper Series 135, Leibniz Institute for Financial Research SAFE.

    Cited by:

    1. Daniel Sunghwan Cho & Paul Ryan & Giulio Buciuni, 2022. "Evolutionary entrepreneurial ecosystems: a research pathway," Small Business Economics, Springer, vol. 58(4), pages 1865-1883, April.
    2. Alberto Albahari & Andrés Barge-Gil & Salvador Pérez-Canto & Paolo Landoni, 2023. "The effect of science and technology parks on tenant firms: a literature review," The Journal of Technology Transfer, Springer, vol. 48(4), pages 1489-1531, August.
    3. Rhiannon Pugh & Danny Soetanto & Sarah L. Jack & Eleanor Hamilton, 2021. "Developing local entrepreneurial ecosystems through integrated learning initiatives: the Lancaster case," Small Business Economics, Springer, vol. 56(2), pages 833-847, February.
    4. Jianwei Dong & Haixia Hao & Yuan-Teng Hsu & Guoping Shi & Han Wang, 2026. "Do Venture Capitalists Replace Women with Men to Lead Portfolio Companies?," Journal of Business Ethics, Springer, vol. 206(1), pages 75-91, June.
    5. Aparicio, Sebastian & Audretsch, David & Urbano, David, 2021. "Why is export-oriented entrepreneurship more prevalent in some countries than others? Contextual antecedents and economic consequences," Journal of World Business, Elsevier, vol. 56(3).
    6. Estévez-Mendoza, Carlos & Montoro-Sánchez, Ángeles, 2024. "Exploring the relationship between innovation and corporate governance," Technological Forecasting and Social Change, Elsevier, vol. 209(C).
    7. Park, Sarah & LiPuma, Joseph A., 2020. "New venture internationalization: The role of venture capital types and reputation," Journal of World Business, Elsevier, vol. 55(1).
    8. Nasser Al‐Baimani & Nick Clifton & Eleri Jones & Rhiannon Pugh, 2021. "Applying the ecosystem model in a new context? The case of business incubation in Oman," Growth and Change, Wiley Blackwell, vol. 52(2), pages 663-686, June.
    9. Nachiket Bhawe & Shaker A. Zahra, 2019. "Inducing heterogeneity in local entrepreneurial ecosystems: the role of MNEs," Small Business Economics, Springer, vol. 52(2), pages 437-454, February.
    10. Liu, Ziqi & O'Reilly, Seán & Hanly, Jim, 2025. "The role of accelerators in the success of cleantech firms," Technovation, Elsevier, vol. 148(C).
    11. Francesca Sanguineti & Antonio Majocchi & Christian Lechner, 2025. "From one to many: education, diversity, and international experience in habitual vs. one-time founders," Small Business Economics, Springer, vol. 64(4), pages 1929-1951, April.
    12. Christophe Leyronas & Stéphanie Loup, 2023. "La création de valeur par et pour les entrepreneurs dans un écosystème entrepreneurial : une approche en termes de ressources et de capacités," Post-Print hal-04816732, HAL.
    13. Siaw, Christopher Agyapong & Sarpong, David, 2021. "Dynamic exchange capabilities for value co-creation in ecosystems," Journal of Business Research, Elsevier, vol. 134(C), pages 493-506.
    14. Fernandes, Cristina & Ferreira, João J. & Veiga, Pedro Mota & Kraus, Sascha & Dabić, Marina, 2022. "Digital entrepreneurship platforms: Mapping the field and looking towards a holistic approach," Technology in Society, Elsevier, vol. 70(C).
    15. Sanguineti, Francesca & Majocchi, Antonio & Cavusgil, S. Tamer, 2022. "Founding entrepreneur’s dilemma: Stay or exit the firm following an acquisition? An international comparison," International Business Review, Elsevier, vol. 31(1).
    16. Edgar Nave & Pedro Torres & Ana Rita Querido & João J. Ferreira & Gabriela Fernandes, 2025. "Entrepreneurial ecosystems governance: critical perspectives and steps forward," The Journal of Technology Transfer, Springer, vol. 50(5), pages 2135-2230, October.
    17. Xin Jin & Chunwu Chen & Min Zhang, 2022. "Research on Synergy between Entrepreneurial Service and Financial Support in Crowd Innovation Space Ecosystem," Sustainability, MDPI, vol. 14(10), pages 1-21, May.
    18. Ranjani Kumari & Jyoti Verma & Rajeev Verma & Vikas Arya & Armando Papa, 2025. "Flying High With Entrepreneurial Ecosystems—A Systematic Literature Review to Determine the Factors of Entrepreneurial Ecosystem Development," Business Strategy and the Environment, Wiley Blackwell, vol. 34(8), pages 10551-10589, December.
    19. Han, Jin & Ruan, Yi & Wang, Yanmin & Zhou, Haibo, 2021. "Toward a complex adaptive system: The case of the Zhongguancun entrepreneurship ecosystem," Journal of Business Research, Elsevier, vol. 128(C), pages 537-550.
    20. Alaassar, Ahmad & Mention, Anne-Laure & Aas, Tor Helge, 2020. "Exploring how social interactions influence regulators and innovators: The case of regulatory sandboxes," Technological Forecasting and Social Change, Elsevier, vol. 160(C).
    21. Brown, Ross & Rocha, Augusto, 2020. "Entrepreneurial uncertainty during the Covid-19 crisis: Mapping the temporal dynamics of entrepreneurial finance," Journal of Business Venturing Insights, Elsevier, vol. 14(C).
    22. Pierluigi Martino & Tom Vanacker & Igor Filatotchev & Cristiano Bellavitis, 2025. "(De)centralized governance and the value of platform-based new ventures: The moderating role of teams and transparency," Small Business Economics, Springer, vol. 64(4), pages 1763-1790, April.
    23. Klofsten, Magnus & Lundmark, Erik & Wennberg, Karl & Bank, Megan, 2019. "Incubator specialization and size: divergent paths towards operational scale," Ratio Working Papers 326, The Ratio Institute.
    24. Guopeng Xiang & Mixiang Peng & Xin Su, 2024. "Ambidextrous Learning, Resource Acquisition, and Venture Performance: The Moderating Effect of the Entrepreneurial Ecosystem Network Relationships," SAGE Open, , vol. 14(3), pages 21582440241, August.
    25. Douglas Cumming & Satish Kumar & Weng Marc Lim & Nitesh Pandey, 2023. "Mapping the venture capital and private equity research: a bibliometric review and future research agenda," Small Business Economics, Springer, vol. 61(1), pages 173-221, June.
    26. Abi Saad, Elie & Tremblay, Nathalie & Agogué, Marine, 2024. "A multi-level perspective on innovation intermediaries: The case of the diffusion of digital technologies in healthcare," Technovation, Elsevier, vol. 129(C).
    27. Uwe Cantner & James A. Cunningham & Erik E. Lehmann & Matthias Menter, 2021. "Entrepreneurial ecosystems: a dynamic lifecycle model," Small Business Economics, Springer, vol. 57(1), pages 407-423, June.
    28. Domicián Máté & Ni Made Estiyanti & Adam Novotny, 2024. "How to support innovative small firms? Bibliometric analysis and visualization of start-up incubation," Journal of Innovation and Entrepreneurship, Springer, vol. 13(1), pages 1-26, December.

  24. Douglas Cumming & Grant Fleming, 2014. "Corporate Defaults, Workouts and the Rise of the Distressed Asset Investment Industry," CEH Discussion Papers 028, Centre for Economic History, Research School of Economics, Australian National University.

    Cited by:

    1. Victor Zitian Chen & Sunny Li Sun, 2019. "Barbarians at the Gate of the Middle Kingdom: The International Mobility of Financing Contract and Governance," Entrepreneurship Theory and Practice, , vol. 43(4), pages 802-837, July.
    2. Cumming, Douglas & Fleming, Grant & Liu, Zhangxin (Frank), 2018. "Shadow banking in Asia: Foreign versus domestic lending to real estate projects," Emerging Markets Review, Elsevier, vol. 35(C), pages 137-147.
    3. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.

  25. Colombo, Massimo G. & Cumming, Douglas & Mohammadi, Ali & Rossi-Lamastra , Cristina & Wadhwa , Anu, 2014. "Open Business Models And Venture Capital Finance," Working Paper Series in Economics and Institutions of Innovation 347, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.

    Cited by:

    1. Veronika Ruthensteiner & Karl-Heinz Leitner, 2025. "The role of human and financial capital in the business model design-performance relationship: evidence from Austrian start-ups," International Entrepreneurship and Management Journal, Springer, vol. 21(1), pages 1-25, December.
    2. Meeta Dasgupta, 2023. "Open vs Closed Business Model: Exploring Its Role in Innovation in Indian Small and Medium Enterprises (SMEs)," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(4), pages 4973-5002, December.
    3. James Bort & Azzurra Meoli & David W. Sullivan, 2024. "Financing A Free-for-All: Crowdfunding Open-Source Software," Small Business Economics, Springer, vol. 63(4), pages 1449-1469, December.
    4. Marta Ortiz-de-Urbina-Criado & Juan-José Nájera-Sánchez & Eva-María Mora-Valentín, 2018. "A Research Agenda on Open Innovation and Entrepreneurship: A Co-Word Analysis," Administrative Sciences, MDPI, vol. 8(3), pages 1-17, July.
    5. Wong, Yuet-Yee, 2024. "A dynamic duration approach to venture capital exit," Finance Research Letters, Elsevier, vol. 68(C).

  26. Aitken, Michael & Cumming, Douglas & Zhan, Feng, 2013. "High frequency trading and end-of-day price dislocation," CFS Working Paper Series 2013/16, Center for Financial Studies (CFS).

    Cited by:

    1. Goergen, Marc & Renneboog, Luc & Zhao, Yang, 2019. "Insider trading and networked directors," Other publications TiSEM dd590177-d348-410e-a971-b, Tilburg University, School of Economics and Management.
    2. Bazzana, Flavio & Collini, Andrea, 2020. "How does HFT activity impact market volatility and the bid-ask spread after an exogenous shock? An empirical analysis on S&P 500 ETF," The North American Journal of Economics and Finance, Elsevier, vol. 54(C).
    3. Agarwalla, Sobhesh Kumar & Jacob, Joshy & Varma, Jayanth R., 2014. "High Frequency Manipulation at Futures Expiry: The Case of Cash Settled Indian Single Stock Futures," IIMA Working Papers WP2014-02-01, Indian Institute of Management Ahmedabad, Research and Publication Department.
    4. Stephanie Ligot & Roland Gillet & Iryna Veryzhenko, 2021. "Intraday volatility smile: Effects of fragmentation and high frequency trading on price efficiency," Post-Print hal-03621248, HAL.
    5. Cumming, Douglas & Dannhauser, Robert & Johan, Sofia, 2015. "Financial market misconduct and agency conflicts: A synthesis and future directions," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 150-168.
    6. Ekinci, Cumhur & Ersan, Oguz, 2018. "A new approach for detecting high-frequency trading from order and trade data," Finance Research Letters, Elsevier, vol. 24(C), pages 313-320.
    7. Vasilios Mavroudis & Hayden Melton, 2019. "Libra: Fair Order-Matching for Electronic Financial Exchanges," Papers 1910.00321, arXiv.org.
    8. Aitken, Michael & Cumming, Douglas & Zhan, Feng, 2023. "Algorithmic trading and market quality: International evidence of the impact of errors in colocation dates," Journal of Banking & Finance, Elsevier, vol. 151(C).
    9. Anolick, Nina & Batten, Jonathan A. & Kinateder, Harald & Wagner, Niklas, 2021. "Time for gift giving: Abnormal share repurchase returns and uncertainty," Journal of Corporate Finance, Elsevier, vol. 66(C).
    10. Aitken, Michael & Cumming, Douglas & Zhan, Feng, 2015. "Exchange trading rules, surveillance and suspected insider trading," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 311-330.
    11. Khomyn, Marta & Putniņš, Tālis J., 2021. "Algos gone wild: What drives the extreme order cancellation rates in modern markets?," Journal of Banking & Finance, Elsevier, vol. 129(C).
    12. Zhang, Jiang, 2025. "International information flow and market quality," Journal of Banking & Finance, Elsevier, vol. 173(C).
    13. Kemme, David M. & McInish, Thomas H. & Zhang, Jiang, 2022. "Market fairness and efficiency: Evidence from the Tokyo Stock Exchange," Journal of Banking & Finance, Elsevier, vol. 134(C).
    14. Anand, Amber & Venkataraman, Kumar, 2016. "Market conditions, fragility, and the economics of market making," Journal of Financial Economics, Elsevier, vol. 121(2), pages 327-349.
    15. Zhou, Hao & Kalev, Petko S., 2019. "Algorithmic and high frequency trading in Asia-Pacific, now and the future," Pacific-Basin Finance Journal, Elsevier, vol. 53(C), pages 186-207.
    16. Li, Zhibing & Liu, Jia & Liu, Jie & Liu, Xiaoyu & Wu, Chonglin, 2025. "Investor attention and stock price manipulation: Evidence from daily quasi-natural experiments," Journal of Banking & Finance, Elsevier, vol. 179(C).
    17. Jia Zhai & Yi Cao & Xuemei Ding, 2018. "Data analytic approach for manipulation detection in stock market," Review of Quantitative Finance and Accounting, Springer, vol. 50(3), pages 897-932, April.
    18. Jeffrey MacIntosh, 2013. "High Frequency Traders: Angels or Devils?," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 391, October.
    19. Liu, Jie & Zhang, Jingru & Chen, Zhenshan, 2025. "The effect of stock market manipulation on investor behavioral bias," Journal of Behavioral and Experimental Finance, Elsevier, vol. 47(C).
    20. Jasmin Gider & Simon N. M. Schmickler & Christian Westheide, 2021. "High-Frequency Trading and Price Informativeness," CRC TR 224 Discussion Paper Series crctr224_2021_257, University of Bonn and University of Mannheim, Germany.
    21. Oh, Sebeom, 2023. "Market Manipulation in NFT Markets," MPRA Paper 116704, University Library of Munich, Germany.
    22. Brogaard, Jonathan & Carrion, Allen & Moyaert, Thibaut & Riordan, Ryan & Shkilko, Andriy & Sokolov, Konstantin, 2018. "High frequency trading and extreme price movements," Journal of Financial Economics, Elsevier, vol. 128(2), pages 253-265.
    23. Cumming, Douglas & Johan, Sofia, 2019. "Capital-market effects of securities regulation: Prior conditions, implementation, and enforcement revisited," Finance Research Letters, Elsevier, vol. 31(C).
    24. Carè, Rosella & Cumming, Douglas, 2024. "Technology and automation in financial trading: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 71(C).
    25. Cumming, Douglas & Ji, Shan & Peter, Rejo & Tarsalewska, Monika, 2020. "Market manipulation and innovation," Journal of Banking & Finance, Elsevier, vol. 120(C).
    26. Atanasov, Vladimir & Davies, Ryan J. & Merrick, John J., 2015. "Financial intermediaries in the midst of market manipulation: Did they protect the fool or help the knave?," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 210-234.
    27. Laure Batz, 2023. "Financial market enforcement in France," European Journal of Law and Economics, Springer, vol. 55(3), pages 409-468, June.
    28. Shang, Chenguang, 2020. "Trade credit and stock liquidity," Journal of Corporate Finance, Elsevier, vol. 62(C).
    29. Kadıoğlu, Eyüp & Frömmel, Michael, 2022. "Manipulation in the bond market and the role of investment funds: Evidence from an emerging market," International Review of Financial Analysis, Elsevier, vol. 79(C).
    30. Douglas Cumming & Esteban Hernandez & Shan Ji, 2026. "Not All Family Firms Are Alike: How Founder-Led and Governance-Entrenched Family Control Shape the Trading Environment Around the Firm," Papers 2607.10876, arXiv.org.
    31. Zhou, Hao & Kalev, Petko S. & Frino, Alex, 2020. "Algorithmic trading in turbulent markets," Pacific-Basin Finance Journal, Elsevier, vol. 62(C).
    32. Ersan, Oguz & Simsir, Serif Aziz & Simsek, Koray D. & Hasan, Afan, 2021. "The speed of stock price adjustment to corporate announcements: Insights from Turkey," Emerging Markets Review, Elsevier, vol. 47(C).
    33. Cumming, Douglas J. & Firth, Christopher & Gathergood, John & Stewart, Neil, 2021. "Covid, work-from-home, and securities misconduct," CFS Working Paper Series 666, Center for Financial Studies (CFS).
    34. Gider, Jasmin & Schmickler, Simon & Westheide, Christian, 2019. "High-frequency trading and price informativeness," SAFE Working Paper Series 248, Leibniz Institute for Financial Research SAFE, revised 2019.
    35. Alfred Ma, 2022. "Profitability of technical trading strategies under market manipulation," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-9, December.
    36. Jurich, Stephen N. & Mishra, Ajay Kumar & Parikh, Bhavik, 2020. "Indecisive algos: Do limit order revisions increase market load?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 28(C).
    37. Xu, Liao & Yin, Xiangkang & Zhao, Jing, 2019. "The sidedness and informativeness of ETF trading and the market efficiency of their underlying indexes," Pacific-Basin Finance Journal, Elsevier, vol. 58(C).

  27. Aitken, Michael & Cumming, Douglas & Zhan, Feng, 2013. "Exchange trading rules, surveillance and insider trading," CFS Working Paper Series 2013/15, Center for Financial Studies (CFS).

    Cited by:

    1. Laure, de Batz, 2020. "Financial crime spillovers. Does one gain to be avenged?," Journal of Economic Behavior & Organization, Elsevier, vol. 173(C), pages 196-215.
    2. Bungo Miyazaki & Kiyoshi Izumi & Fujio Toriumi & Ryo Takahashi, 2014. "Change Detection Of Orders In Stock Markets Using A Gaussian Mixture Model," Intelligent Systems in Accounting, Finance and Management, John Wiley & Sons, Ltd., vol. 21(3), pages 169-191, July.

  28. Douglas Cumming & Gael Imad'Eddine & Armin Schwienbacher, 2012. "Harmonized regulatory standards, international distribution of investment funds and the recent financial crisis," Post-Print hal-04445431, HAL.

    Cited by:

    1. Cumming, Douglas & Schwienbacher, Armin & Zhan, Feng, 2015. "The scope of international mutual fund outsourcing: Fees, performance and risks," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 38(C), pages 185-199.

  29. Cécile Carpentier & Douglas Cumming & Jean-Marc Suret, 2010. "The Valuation Effect of Listing Requirements: An Analysis of Venture Capital-Backed IPOs," CIRANO Working Papers 2010s-01, CIRANO.

    Cited by:

    1. Deng, Qi & Zhou, Zhong-guo, 2016. "Overreaction in ChiNext IPOs' initial returns: How much and what caused it?," Emerging Markets Review, Elsevier, vol. 29(C), pages 82-103.
    2. Jean-Marc Suret, 2010. "Le financement des entreprises en démarrage et en croissance : le point de la situation," L'Actualité Economique, Société Canadienne de Science Economique, vol. 86(3), pages 385-411.
    3. Douglas Cumming & Sofia Johan, 2013. "The IPO as an exit strategy for venture capitalists: regional lessons from Canada with international comparisons," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 21, pages 465-502, Edward Elgar Publishing.

  30. Cécile Carpentier & Douglas Cumming & Jean-Marc Suret, 2009. "The Value of Capital Market Regulation: IPOs versus Reverse Mergers," CIRANO Working Papers 2009s-06, CIRANO.

    Cited by:

    1. Pantisa Pavabutr, 2021. "White Knights or Machiavellians? Understanding the motivation for reverse takeovers in Singapore and Thailand," PIER Discussion Papers 153, Puey Ungphakorn Institute for Economic Research.
    2. Jog, Vijay & Otchere, Isaac & Sun, Chengye, 2019. "Does the two-stage IPO process reduce underpricing and long run underperformance? Evidence from Chinese firms listed in the U.S," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 59(C), pages 90-105.
    3. Cécile Carpentier & Jean-François L'Her & Jean-Marc Suret, 2010. "Seasoned Equity Offerings by Small and Medium-Sized Enterprises," CIRANO Working Papers 2010s-07, CIRANO.
    4. Lee, Charles M.C. & Qu, Yuanyu & Shen, Tao, 2019. "Going public in China: Reverse mergers versus IPOs," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 92-111.
    5. Cheng, Zijian & Li, Tianze & Liu, Zhangxin (Frank), 2025. "Unveiling the veil: Identifying potential shell firms using machine learning approaches," Pacific-Basin Finance Journal, Elsevier, vol. 92(C).
    6. Cumming, Douglas & Haß, Lars Helge & Schweizer, Denis, 2014. "The fast track IPO – Success factors for taking firms public with SPACs," Journal of Banking & Finance, Elsevier, vol. 47(C), pages 198-213.
    7. Ali Saleh Alarussi & Lim Jia Hui, 2025. "Backdoor Listing Strategy and Financial Performance of Chinese Companies," SAGE Open, , vol. 15(2), pages 21582440251, May.
    8. Switzer, Lorne N. & El Meslmani, Nabil & Zhai, Xinkai, 2022. "IPO performance and the size effect: Evidence for the US and Canada," The North American Journal of Economics and Finance, Elsevier, vol. 62(C).
    9. Gao, He & Lu, Junwei & Yang, Laifeng & Cheng, Zijian & Liu, Zhangxin (Frank), 2026. "Cutting corners, cutting dividends: Evidence from reverse mergers in China," Emerging Markets Review, Elsevier, vol. 70(C).
    10. Zhao, Liangkai & Yang, Huayue, 2025. "Fault-tolerance and error-correction mechanisms and mergers and acquisitions of state-owned enterprises: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 104(PA).
    11. Cheng, Zijian & Liu, Zhangxin (Frank) & Wang, Isabel Zhe & Zhao, Xingju, 2024. "Reverse merger audit fee premium: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 94(C).
    12. Maria‐Eleni K. Agoraki & Dimitrios Gounopoulos & Georgios P. Kouretas, 2026. "Bank IPOs and Regulations: Cross‐Country Evidence," The Financial Review, Eastern Finance Association, vol. 61(3), pages 867-899, August.
    13. Daniel Blaseg & Douglas Cumming & Michael Koetter, 2021. "Equity Crowdfunding: High-Quality or Low-Quality Entrepreneurs?," Entrepreneurship Theory and Practice, , vol. 45(3), pages 505-530, May.
    14. Pantisa Pavabutr, 2020. "White Knights or Machiavellians? Understanding the motivation for reverse takeovers in Singapore and Thailand," Review of Quantitative Finance and Accounting, Springer, vol. 55(3), pages 983-1001, October.
    15. Knyazeva, Anzhela, 2019. "Financial innovation in microcap public offerings," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 283-305.
    16. Bin Liu & Gongming Qian & Jane Wenzhen Lu & Diya Shu, 2024. "Listing pathway, industry competition and internationalization: the case of Chinese family firms," Asia Pacific Journal of Management, Springer, vol. 41(3), pages 1515-1543, September.
    17. Troy Pollard, 2016. "Sneaking in the back door? An evaluation of reverse mergers and IPOs," Review of Quantitative Finance and Accounting, Springer, vol. 47(2), pages 305-341, August.

  31. Cumming, D. & Johan, S.A., 2008. "Global market surveillance," Discussion Paper 2008-002, Tilburg University, Tilburg Law and Economic Center.

    Cited by:

    1. Peter Fratrič & Giovanni Sileno & Sander Klous & Tom Engers, 2022. "Manipulation of the Bitcoin market: an agent-based study," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-29, December.
    2. Dissanaike, Gishan & Drobetz, Wolfgang & Momtaz, Paul P., 2020. "Competition Policy and the Profitability of Corporate Acquisitions," Journal of Corporate Finance, Elsevier, vol. 62(C).
    3. Cowan, Arnold R. & Salotti, Valentina, 2020. "Anti-selective disclosure regulation and analyst forecast accuracy and usefulness," Journal of Corporate Finance, Elsevier, vol. 64(C).
    4. Niu, Geng & Yu, Li & Fan, Gang-Zhi & Zhang, Donghao, 2019. "Corporate fraud, risk avoidance, and housing investment in China," Emerging Markets Review, Elsevier, vol. 39(C), pages 18-33.
    5. Agarwalla, Sobhesh Kumar & Jacob, Joshy & Varma, Jayanth R., 2014. "High Frequency Manipulation at Futures Expiry: The Case of Cash Settled Indian Single Stock Futures," IIMA Working Papers WP2014-02-01, Indian Institute of Management Ahmedabad, Research and Publication Department.
    6. Dutt, Tanuj & Humphery-Jenner, Mark, 2013. "Stock return volatility, operating performance and stock returns: International evidence on drivers of the ‘low volatility’ anomaly," Journal of Banking & Finance, Elsevier, vol. 37(3), pages 999-1017.
    7. Aghanya, Daniel & Agarwal, Vineet & Poshakwale, Sunil, 2020. "Market in Financial Instruments Directive (MiFID), stock price informativeness and liquidity," Journal of Banking & Finance, Elsevier, vol. 113(C).
    8. Cumming, Douglas & Dannhauser, Robert & Johan, Sofia, 2015. "Financial market misconduct and agency conflicts: A synthesis and future directions," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 150-168.
    9. Tālis J. Putniņš, 2012. "Market Manipulation: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 26(5), pages 952-967, December.
    10. Comerton-Forde, Carole & Putnins, Talis J., 2011. "Measuring closing price manipulation," Journal of Financial Intermediation, Elsevier, vol. 20(2), pages 135-158, April.
    11. Calluzzo, Paul & Wang, Wei & Wu, Serena, 2021. "SEC scrutiny shopping," Journal of Corporate Finance, Elsevier, vol. 67(C).
    12. Humphery-Jenner, Mark & Suchard, Jo-Ann, 2013. "Foreign VCs and venture success: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 16-35.
    13. Miles Kellerman, 2021. "Market structure and disempowering regulatory intermediaries: Insights from U.S. trade surveillance," Regulation & Governance, John Wiley & Sons, vol. 15(4), pages 1350-1369, October.
    14. Paulo Pereira Silva & Isabel Vieira, 2022. "On the Effects of Capital Markets’ Regulation on Price Informativeness: an Assessment of EU Market Abuse Directive," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 36(2), pages 125-157, June.
    15. Latha Chari & Mohd Merajuddin Inamdar, 2024. "Short-term Securities Market Surveillance Measures and Market Performance — An Empirical Analysis," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 27(01), pages 1-18, March.
    16. Aitken, Michael & Cumming, Douglas & Zhan, Feng, 2015. "Exchange trading rules, surveillance and suspected insider trading," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 311-330.
    17. Kemme, David M. & McInish, Thomas H. & Zhang, Jiang, 2022. "Market fairness and efficiency: Evidence from the Tokyo Stock Exchange," Journal of Banking & Finance, Elsevier, vol. 134(C).
    18. Karpoff, Jonathan M., 2021. "The future of financial fraud," Journal of Corporate Finance, Elsevier, vol. 66(C).
    19. Mai, Nhat Chi, 2020. "Essays on the Vietnam Stock Market," OSF Preprints 3uaqt, Center for Open Science.
    20. Li, Ke & Lu, Lei & Qian, Jun & Zhu, Julie Lei, 2020. "Enforceability and the effectiveness of laws and regulations," Journal of Corporate Finance, Elsevier, vol. 62(C).
    21. Aitken, Michael & Cumming, Douglas & Zhan, Feng, 2013. "Exchange trading rules, surveillance and insider trading," CFS Working Paper Series 2013/15, Center for Financial Studies (CFS).
    22. Chen, Rong & Geng, Heng (Griffin) & Lin, Hai & Nguyen, Phuong Thi Ly, 2021. "Liquidity, informed trading, and a market surveillance system: Evidence from the Vietnamese stock market," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
    23. Michael Aitken & Frederick Harris & Shan Ji, 2015. "A Worldwide Examination of Exchange Market Quality: Greater Integrity Increases Market Efficiency," Journal of Business Ethics, Springer, vol. 132(1), pages 147-170, November.
    24. Withanawasam, R.M. & Whigham, P.A. & Crack, T.F., 2013. "Characterising trader manipulation in a limit-order driven market," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 93(C), pages 43-52.
    25. Cumming, Douglas & Johan, Sofia, 2019. "Capital-market effects of securities regulation: Prior conditions, implementation, and enforcement revisited," Finance Research Letters, Elsevier, vol. 31(C).
    26. Cumming, Douglas & Johan, Sofia & Li, Dan, 2011. "Exchange trading rules and stock market liquidity," Journal of Financial Economics, Elsevier, vol. 99(3), pages 651-671, March.
    27. Douglas J. Cumming & Sofia Johan & Anshum Pant, 2019. "Regulation of the Crypto-Economy: Managing Risks, Challenges, and Regulatory Uncertainty," JRFM, MDPI, vol. 12(3), pages 1-14, July.
    28. Douglas Cumming & Igor Filatotchev & April Knill & David Mitchell Reeb & Lemma Senbet, 2017. "Law, finance, and the international mobility of corporate governance," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 48(2), pages 123-147, February.
    29. Andriosopoulos, Dimitris & Panetsidou, Styliani, 2021. "A global analysis of Private Investments in Public Equity," Journal of Corporate Finance, Elsevier, vol. 69(C).
    30. Zhi-Qiang Jiang & Wen-Jie Xie & Xiong Xiong & Wei Zhang & Yong-Jie Zhang & W. -X. Zhou, 2012. "Trading networks, abnormal motifs and stock manipulation," Papers 1301.0007, arXiv.org.
    31. Cline, Brandon N. & Posylnaya, Valeriya V., 2019. "Illegal insider trading: Commission and SEC detection," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 247-269.
    32. Douglas Cumming & Sofia Johan & Denis Schweizer, 2017. "Information systems, agency problems, and fraud," Information Systems Frontiers, Springer, vol. 19(3), pages 421-424, June.
    33. Aitken, Michael & Cumming, Douglas & Zhan, Feng, 2015. "High frequency trading and end-of-day price dislocation," Journal of Banking & Finance, Elsevier, vol. 59(C), pages 330-349.
    34. Sidney John Gray & Tony Kang & Yong Keun Yoo, 2013. "National Culture and International Differences in the Cost of Equity Capital," Management International Review, Springer, vol. 53(6), pages 899-916, December.
    35. Neupane, Suman & Rhee, S. Ghon & Vithanage, Kulunu & Veeraraghavan, Madhu, 2017. "Trade-based manipulation: Beyond the prosecuted cases," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 115-130.
    36. Cumming, Douglas & Knill, April & Richardson, Nela, 2015. "Firm size and the impact of securities regulation," Journal of Comparative Economics, Elsevier, vol. 43(2), pages 417-442.
    37. Kouwenberg, Roy & Phunnarungsi, Visit, 2013. "Corporate governance, violations and market reactions," Pacific-Basin Finance Journal, Elsevier, vol. 21(1), pages 881-898.
    38. Habib Ahmed, 2025. "Crowdfunding and entrepreneurial/SME finance: regulatory framework for financial inclusion," Journal of Banking Regulation, Palgrave Macmillan, vol. 26(3), pages 503-517, September.

  32. Cumming, D. & Johan, S.A., 2006. "Regulatory harmonization and the development of private equity markets," Discussion Paper 2006-001, Tilburg University, Tilburg Law and Economic Center.

    Cited by:

    1. Schertler, Andrea & Tykvová, Tereza, 2009. "Venture capital and internationalization," ZEW Discussion Papers 09-055, ZEW - Leibniz Centre for European Economic Research.
    2. Arayssi, Mahmoud, 2015. "Captive Funds and Banks' Capital," MPRA Paper 64912, University Library of Munich, Germany.
    3. S. De Prijcker & S. Manigart & M. Wright & W. De Maeseneire, 2009. "The influence of international human capital and international network relationships on the cross-border investment behaviour of private equity firms," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 09/597, Ghent University, Faculty of Economics and Business Administration.
    4. Hajime TADOKORO & Yuji HONJO, 2026. "Will Unicorns be Born in Japan? A comparative study of private equity market development and policy reforms," Discussion papers 26051, Research Institute of Economy, Trade and Industry (RIETI).
    5. Joseph McCahery & Erik Vermeulen, 2012. "Private equity regulation: a comparative analysis," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 16(2), pages 197-233, May.
    6. Tykvová, Tereza & Schertler, Andrea, 2011. "Cross-border venture capital flows and local ties: Evidence from developed countries," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(1), pages 36-48, February.
    7. Groh, Alexander P. & Liechtenstein, Heinrich & Lieser, Karsten, 2008. "The European venture capital and private equity country attractiveness index(es)," IESE Research Papers D/773, IESE Business School.
    8. Douglas Cumming & Sofia Johan, 2006. "Is it the Law or the Lawyers? Investment Covenants around the World," European Financial Management, European Financial Management Association, vol. 12(4), pages 535-574, September.
    9. Soenke Sievers & Christopher F. Mokwa & Georg Keienburg, 2012. "The Relevance of Financial versus Non-Financial Information for the Valuation of Venture Capital-Backed Firms," European Accounting Review, Taylor & Francis Journals, vol. 22(3), pages 467-511, September.
    10. de Zwart, G.J. & Frieser, B. & van Dijk, D.J.C., 2007. "A Recommitment Strategy for Long Term Private Equity Fund Investors," ERIM Report Series Research in Management ERS-2007-097-F&A, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    11. Alexander Peter Groh & Heinrich von Liechtenstein, 2011. "The First Step of the Capital Flow from Institutions to Entrepreneurs: the Criteria for Sorting Venture Capital Funds," European Financial Management, European Financial Management Association, vol. 17(3), pages 532-559, June.
    12. Douglas Cumming & Sofia Johan & Jeffrey G. MacIntosh, 2017. "A drop in an empty pond: Canadian public policy towards venture capital," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 103-117, March.
    13. Kasper Meisner Nielsen, 2011. "The Return to Direct Investment in Private Firms: New Evidence on the Private Equity Premium Puzzle," European Financial Management, European Financial Management Association, vol. 17(3), pages 436-463, June.
    14. Johan, Sofia & Zhang, Minjie, 2016. "Private equity exits in emerging markets," Emerging Markets Review, Elsevier, vol. 29(C), pages 133-153.
    15. Douglas Cumming & Na Dai, 2009. "Capital Flows and Hedge Fund Regulation," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 6(4), pages 848-873, December.
    16. Groh, Alexander Peter & von Liechtenstein, Heinrich, 2009. "How attractive is central Eastern Europe for risk capital investors?," Journal of International Money and Finance, Elsevier, vol. 28(4), pages 625-647, June.
    17. Groh, Alexander P., 2009. "Private equity in emerging markets," IESE Research Papers D/779, IESE Business School.
    18. Axel Buchner & Susanne Espenlaub & Arif Khurshed & Abdulkadir Mohamed, 2018. "Cross-border venture capital investments: The impact of foreignness on returns," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(5), pages 575-604, July.
    19. Schertler, Andrea & Tykvová, Tereza, 2012. "What lures cross-border venture capital inflows?," Journal of International Money and Finance, Elsevier, vol. 31(6), pages 1777-1799.
    20. Cumming, Douglas, 2014. "Public economics gone wild: Lessons from venture capital," International Review of Financial Analysis, Elsevier, vol. 36(C), pages 251-260.
    21. Groh, Alexander Peter & von Liechtenstein, Heinrich & Lieser, Karsten, 2010. "The European Venture Capital and Private Equity country attractiveness indices," Journal of Corporate Finance, Elsevier, vol. 16(2), pages 205-224, April.
    22. Groh, Alexander Peter & Gottschalg, Oliver, 2011. "The effect of leverage on the cost of capital of US buyouts," Journal of Banking & Finance, Elsevier, vol. 35(8), pages 2099-2110, August.
    23. Groh, Alexander P. & Liechtenstein, Heinrich & Canela, Miguel A., 2008. "Limited partners' perceptions of the Central Eastern European venture capital and private equity market," IESE Research Papers D/727, IESE Business School.
    24. Phalippou, Ludovic, 2010. "Venture capital funds: Flow-performance relationship and performance persistence," Journal of Banking & Finance, Elsevier, vol. 34(3), pages 568-577, March.
    25. Groh, Alexander P. & Liectenstein, Heinrich, 2009. "The first step of the capital flow from institutions to entrepreneurs: The criteria for sorting venture capital funds," IESE Research Papers D/795, IESE Business School.
    26. Simone Boccaletti & Annalisa Ferrando & Emanuele Rossi & Monica Rossolini, 2025. "European SMEs’ growth: the role of market-based finance and public financial support," Small Business Economics, Springer, vol. 64(2), pages 691-727, February.
    27. Ouidad Yousfi & M. Kabir Hassan, 2014. "Moral hazard in Islamic profit–loss sharing contracts and private equity," Chapters, in: M. Kabir Hassan & Mervyn K. Lewis (ed.), Handbook on Islam and Economic Life, chapter 18, pages iii-iii, Edward Elgar Publishing.
    28. Li, Ting & Zaiats, Nataliya, 2017. "Information environment and earnings management of dual class firms around the world," Journal of Banking & Finance, Elsevier, vol. 74(C), pages 1-23.
    29. Douglas Cumming & Grant Fleming & Sofia A. Johan, 2011. "Institutional Investment in Listed Private Equity," European Financial Management, European Financial Management Association, vol. 17(3), pages 594-618, June.
    30. Sofia Johan & Minjie Zhang, 2021. "Information Asymmetries in Private Equity: Reporting Frequency, Endowments, and Governance," Journal of Business Ethics, Springer, vol. 174(1), pages 199-220, November.
    31. Paola Bongini & Annalisa Ferrando & Emanuele Rossi & Monica Rossolini, 2021. "SME access to market-based finance across Eurozone countries," Small Business Economics, Springer, vol. 56(4), pages 1667-1697, April.
    32. Bi, Ruigang & Kou, Zonglai & Zhou, Min, 2024. "How to guide venture capital to startups? Evidence from China's Science and Technology Innovation Board," Journal of Asian Economics, Elsevier, vol. 95(C).
    33. Schertler, Andrea & Tykvová, Tereza, 2006. "Rivals or partners? Evidence from Europe's international private equity deals," ZEW Discussion Papers 06-091, ZEW - Leibniz Centre for European Economic Research.

  33. Johan, S.A. & Cumming, D., 2006. "Corporate social responsibility : domestic and international private equity institutional investment," Discussion Paper 2006-002, Tilburg University, Tilburg Law and Economic Center.

    Cited by:

    1. Schertler, Andrea & Tykvová, Tereza, 2009. "Venture capital and internationalization," ZEW Discussion Papers 09-055, ZEW - Leibniz Centre for European Economic Research.
    2. Schertler, Andrea & Tykvová, Tereza, 2006. "Rivals or partners? Evidence from Europe's international private equity deals," ZEW Discussion Papers 06-091, ZEW - Leibniz Centre for European Economic Research.

  34. Cumming, D. & Johan, S.A., 2005. "Advice and monitoring in venture finance," Discussion Paper 2005-003, Tilburg University, Tilburg Law and Economic Center.

    Cited by:

    1. Aleenajitpong, Natdanai & Leemakdej, Arnat, 2021. "Venture Capital Networks in Southeast Asia: Network characteristics and cohesive subgroups," International Review of Financial Analysis, Elsevier, vol. 76(C).
    2. Ekkehardt Bauer & Hans-Peter Burghof, 2007. "The Economics of State Subsidies in Early Stage Financing," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 14(3), pages 433-457.
    3. Torben Klarl & Alexander S. Kritikos & Knarik Poghosyan, 2025. "Complementary funding: how location links crowdfunding and venture capital," Small Business Economics, Springer, vol. 65(4), pages 2639-2661, December.
    4. Wang, Lei & Zhou, Fangzhao & An, Yunbi, 2017. "Determinants of control structure choice between entrepreneurs and investors in venture capital-backed startups," Economic Modelling, Elsevier, vol. 63(C), pages 215-225.
    5. Carpentier, Cécile & L'Her, Jean-François & Suret, Jean-Marc, 2010. "Stock exchange markets for new ventures," Journal of Business Venturing, Elsevier, vol. 25(4), pages 403-422, July.
    6. Loyola, Gino & Portilla, Yolanda, 2024. "Optimal financing of highly innovative projects under double moral hazard," Journal of Corporate Finance, Elsevier, vol. 89(C).
    7. Fabio Bertoni & Massimo Colombo & Anita Quas, 2015. "The patterns of venture capital investment in Europe," Small Business Economics, Springer, vol. 45(3), pages 543-560, October.
    8. Cécile Carpentier & Jean-François L'Her & Jean-Marc Suret, 2008. "Stock Exchange Markets for New Ventures," CIRANO Working Papers 2008s-12, CIRANO.
    9. Borgonovo, Emanuele & Gatti, Stefano, 2013. "Risk analysis with contractual default. Does covenant breach matter?," European Journal of Operational Research, Elsevier, vol. 230(2), pages 431-443.
    10. Miguel Meuleman & Kevin Amess & Mike Wright & Louise Scholes, 2009. "Agency, Strategic Entrepreneurship, and the Performance of Private Equity–Backed Buyouts," Entrepreneurship Theory and Practice, , vol. 33(1), pages 213-239, January.
    11. Johannes Wallmeroth & Peter Wirtz & Alexander Peter Groh, 2017. "Institutional Seed Financing, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review," Working Papers hal-01527999, HAL.
    12. Douglas Cumming & Sofia Johan, 2009. "Pre-seed government venture capital funds," Journal of International Entrepreneurship, Springer, vol. 7(1), pages 26-56, March.
    13. Peter Wirtz, 2008. "Les firmes entrepreneuriales en croissance ont-elles un système de gouvernance spécifique?," Working Papers CREGO 1080701, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    14. Lutz, Eva & Bender, Marko & Achleitner, Ann-Kristin & Kaserer, Christoph, 2013. "Importance of spatial proximity between venture capital investors and investees in Germany," Journal of Business Research, Elsevier, vol. 66(11), pages 2346-2354.
    15. Johan, Sofia & Zhang, Minjie, 2016. "Private equity exits in emerging markets," Emerging Markets Review, Elsevier, vol. 29(C), pages 133-153.
    16. Wirtz, Peter, 2011. "The cognitive dimension of corporate governance in fast growing entrepreneurial firms," European Management Journal, Elsevier, vol. 29(6), pages 431-447.
    17. Scellato, Giuseppe & Ughetto, Elisa, 2013. "Real effects of private equity investments: Evidence from European buyouts," Journal of Business Research, Elsevier, vol. 66(12), pages 2642-2649.
    18. Meuleman, Miguel & Wright, Mike, 2011. "Cross-border private equity syndication: Institutional context and learning," Journal of Business Venturing, Elsevier, vol. 26(1), pages 35-48, January.
    19. Philippe Desbrières, 2012. "Les apports de la stratégie à la finance entrepreneuriale - The contributions of strategy to entrepreneurial finance," Working Papers CREGO 1120801, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    20. Christina Guenther & Sofia Johan & Denis Schweizer, 2018. "Is the crowd sensitive to distance?—how investment decisions differ by investor type," Small Business Economics, Springer, vol. 50(2), pages 289-305, February.
    21. Daniel Hain & Sofia Johan & Daojuan Wang, 2016. "Determinants of Cross-Border Venture Capital Investments in Emerging and Developed Economies: The Effects of Relational and Institutional Trust," Journal of Business Ethics, Springer, vol. 138(4), pages 743-764, November.
    22. Peter Wirtz, 2009. "Do high-growth entrepreneurial firms have a specific system of governance?," Working Papers CREGO 1090302, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    23. Xie, Hongji & Tian, Cunzhi & Pang, Fangying, 2024. "Venture capital and corporate financialization: Evidence from China," The Quarterly Review of Economics and Finance, Elsevier, vol. 93(C), pages 119-136.
    24. Nigam, Nirjhar & Benetti, Cristiane & Johan, Sofia A., 2020. "Digital start-up access to venture capital financing: What signals quality?," Emerging Markets Review, Elsevier, vol. 45(C).
    25. Jens Burchardt & Ulrich Hommel & Dzidziso Samuel Kamuriwo & Carolina Billitteri, 2016. "Venture Capital Contracting in Theory and Practice: Implications for Entrepreneurship Research," Entrepreneurship Theory and Practice, , vol. 40(1), pages 25-48, January.
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    2. Luca Farè & David B. Audretsch & Marcus Dejardin, 2023. "Does democracy foster entrepreneurship?," Small Business Economics, Springer, vol. 61(4), pages 1461-1495, December.
    3. Pankaj C. Patel & Srikant Devaraj, 2021. "The state‐level exemption changes in Chapter 7 protection and entrepreneurial activity in the United States," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 42(5), pages 1089-1104, July.
    4. Miguel García-Posada & Juan S. Mora-Sanguinetti, 2014. "Entrepreneurship and enforcement institutions: Disaggregated evidence for Spain," Working Papers 1405, Banco de España.
    5. Naga Lakshmi Damaraju & Jay B. Barney & Gregory G. Dess, 2021. "Do Stringent Bankruptcy Laws Always Deter Entrepreneurial Activities? A Study of Cultural Influences," Entrepreneurship Theory and Practice, , vol. 45(2), pages 418-439, March.
    6. Sadeghi, Ali & Kibler, Ewald, 2022. "Do bankruptcy laws matter for entrepreneurship? A Synthetic Control Method analysis of a bankruptcy reform in Finland," Journal of Business Venturing Insights, Elsevier, vol. 18(C).
    7. Isaak, Andrew & Istipliler, Baris & Bort, Suleika & Woywode, Michael, 2025. "Regulation, Corruption, and Decentralized Autonomous Organizations: Insights from Bitcoin Trading and Platform Founding Between 2011 and 2023," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue ahead of .
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    10. Lisa L. Posey & Vickie Bajtelsmit, 2017. "Insurance and Endogenous Bankruptcy Risk: When is it Rational to Choose Gambling, Insurance, and Potential Bankruptcy?," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 42(1), pages 15-40, March.
    11. Dan Andrews & Müge Adalet McGowan & Valentine Millot, 2017. "Confronting the zombies: Policies for productivity revival," OECD Economic Policy Papers 21, OECD Publishing.
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    41. Müge Adalet McGowan & Dan Andrews & Valentine Millot, 2017. "Insolvency regimes, zombie firms and capital reallocation," OECD Economics Department Working Papers 1399, OECD Publishing.
    42. Cristiano Bellavitis & Douglas Cumming & Tom Vanacker, 2022. "Ban, Boom, and Echo! Entrepreneurship and Initial Coin Offerings," Entrepreneurship Theory and Practice, , vol. 46(5), pages 1136-1169, September.
    43. Tykvová, Tereza & Borell, Mariela, 2011. "Do private equity owners increase risk of financial distress and bankruptcy?," ZEW Discussion Papers 11-076, ZEW - Leibniz Centre for European Economic Research.
    44. Lee, Seung-Hyun & Yamakawa, Yasuhiro & Peng, Mike W. & Barney, Jay B., 2011. "How do bankruptcy laws affect entrepreneurship development around the world?," Journal of Business Venturing, Elsevier, vol. 26(5), pages 505-520, September.
    45. Henrekson, Magnus & Stenkula, Mikael, 2009. "Entrepreneurship and Public Policy," Working Paper Series 804, Research Institute of Industrial Economics.
    46. Berger, Allen N. & Cerqueiro, Geraldo & Penas, María F., 2011. "Does debtor protection really protect debtors? Evidence from the small business credit market," Journal of Banking & Finance, Elsevier, vol. 35(7), pages 1843-1857, July.
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    117. Mirjam Praag & André Stel, 2013. "The more business owners, the merrier? The role of tertiary education," Small Business Economics, Springer, vol. 41(2), pages 335-357, August.
    118. André Stel & David Storey & A. Thurik, 2007. "The Effect of Business Regulations on Nascent and Young Business Entrepreneurship," Small Business Economics, Springer, vol. 28(2), pages 171-186, March.
    119. Douglas Cumming, 2010. "Public policy and the creation of active venture capital markets," Venture Capital, Taylor & Francis Journals, vol. 13(1), pages 75-94, April.
    120. Ye (George) Jia, 2015. "The impact of personal bankruptcy law on entrepreneurship," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 48(2), pages 464-493, May.
    121. Mike W. Peng & Yasuhiro Yamakawa & Seung–Hyun Lee, 2010. "Bankruptcy Laws and Entrepreneur– Friendliness," Entrepreneurship Theory and Practice, , vol. 34(3), pages 517-530, May.
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    125. Maren Forier & Nadine Lybaert & Maarten Corten & Niels Appermont & Tensie Steijvers, 2023. "The flip side of the coin: how entrepreneurship-oriented insolvency laws can complicate access to debt financing for growth firms," European Journal of Law and Economics, Springer, vol. 56(3), pages 461-495, December.
    126. Xia, Tianjiao & Liu, Xiaohui, 2021. "Cultural values and innovation: The mediating role of entrepreneurial learning capacity," Journal of International Management, Elsevier, vol. 27(1).
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  36. Andy Cosh & Douglas Cumming & Alan Hughes, 2005. "Outside Entrepreneurial Capital," Working Papers wp301, Centre for Business Research, University of Cambridge.

    Cited by:

    1. Bao, Xiaolu & Johan, Sofia & Kutsuna, Kenji, 2016. "Do political connections matter in accessing capital markets? Evidence from China," Emerging Markets Review, Elsevier, vol. 29(C), pages 24-41.
    2. Cumming, Douglas & Deloof, Marc & Manigart, Sophie & Wright, Mike, 2019. "New directions in entrepreneurial finance," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 252-260.
    3. Emil Adamek & Jan Janku, 2022. "What Drives Small Business Crowdfunding? Impact of Macroeconomic and Financial Factors," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 72(2), pages 172-196, June.
    4. Magnus Schückes & Tobias Gutmann, 2021. "Why do startups pursue initial coin offerings (ICOs)? The role of economic drivers and social identity on funding choice," Small Business Economics, Springer, vol. 57(2), pages 1027-1052, August.
    5. Diana Hechavarría & Charles Matthews & Paul Reynolds, 2016. "Does start-up financing influence start-up speed? Evidence from the panel study of entrepreneurial dynamics," Small Business Economics, Springer, vol. 46(1), pages 137-167, January.
    6. Jie Ren & Wullianallur Raghupathi & Viju Raghupathi, 2025. "Exploring the factors that impact accelerator-based startup funding," Journal of Innovation and Entrepreneurship, Springer, vol. 14(1), pages 1-25, December.
    7. Douglas J. Cumming & Lars Hornuf, 2020. "Marketplace Lending of SMEs," CESifo Working Paper Series 8100, CESifo.
    8. Francesco Cappa & Michele Pinelli & Riccardo Maiolini & Maria Isabella Leone, 2021. "“Pledge” me your ears! The role of narratives and narrator experience in explaining crowdfunding success," Small Business Economics, Springer, vol. 57(2), pages 953-973, August.
    9. Yuji Honjo & Yunosuke Iwaki & Masatoshi Kato, 2025. "Outside or inside the firm? The impact of debt financing on the exit routes of start-up firms," Small Business Economics, Springer, vol. 64(4), pages 1877-1900, April.
    10. Legendre, Nicolas & Nitani, Miwako & Riding, Allan, 2021. "Are franchises really more viable? Evidence from loan defaults," Journal of Business Research, Elsevier, vol. 133(C), pages 23-33.
    11. Quan-Hoang Vuong & Huyen Thanh T. Nguyen & Thanh-Hang Pham & Manh-Toan Ho & Minh-Hoang Nguyen, 2021. "Assessing the ideological homogeneity in entrepreneurial finance research by highly cited publications," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 8(1), pages 1-11, December.
    12. Vincenzo Butticè & Silvio Vismara, 2022. "Inclusive digital finance: the industry of equity crowdfunding," The Journal of Technology Transfer, Springer, vol. 47(4), pages 1224-1241, August.
    13. Francesco Aiello & Graziella Bonanno & Stefania Patrizia Sonia Rossi, 2019. "Risk Aversion And Entrepreneurship: Financing Innovation For Smes Across Europe. Evidence From Multilevel Models," Working Papers 201902, Università della Calabria, Dipartimento di Economia, Statistica e Finanza "Giovanni Anania" - DESF.
    14. de Bettignies, Jean-Etienne & Ries, John, 2023. "When less is more: Information and the financing of innovation," Journal of Economic Behavior & Organization, Elsevier, vol. 214(C), pages 346-369.
    15. Nicholas Apergis, 2020. "Financial market imperfections and profitability: New evidence from a large panel of US SME firms," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 39(2), pages 220-241, March.
    16. Kanayo Ogwu & Patrick Hickey & Okeoma John-Paul Okeke & Adnan ul Haque & Elias Pimenidis & Eugene Kozlovski, 2022. "An Integrated Online/Offline Social Network-Based Model for Crowdfunding Support in Developing Countries: The Case of Nigeria," Sustainability, MDPI, vol. 14(15), pages 1-21, July.
    17. Estrin, Saul & Gozman, Daniel & Khavul, Susanna, 2018. "The evolution and adoption of equity crowdfunding: entrepreneur and investor entry into a new market," LSE Research Online Documents on Economics 87351, London School of Economics and Political Science, LSE Library.
    18. Vismara, Silvio, 2019. "Sustainability in equity crowdfunding," Technological Forecasting and Social Change, Elsevier, vol. 141(C), pages 98-106.
    19. Estrin, Saul & Khavul, Susanna & Wright, Mike, 2022. "Soft and hard information in equity crowdfunding: network effects in the digitalization of entrepreneurial finance," LSE Research Online Documents on Economics 109808, London School of Economics and Political Science, LSE Library.
    20. Colombo, Massimo G. & D’Adda, Diego & Quas, Anita, 2019. "The geography of venture capital and entrepreneurial ventures’ demand for external equity," Research Policy, Elsevier, vol. 48(5), pages 1150-1170.
    21. Ciro D. Esposito & Balazs Szatmari & Jonathan M. C. Sitruk & Nachoem M. Wijnberg, 2024. "Getting off to a good start: emerging academic fields and early-stage equity financing," Small Business Economics, Springer, vol. 62(4), pages 1591-1613, April.
    22. Tom Vanacker & Veroniek Collewaert & Ine Paeleman, 2013. "The Relationship between Slack Resources and the Performance of Entrepreneurial Firms: The Role of Venture Capital and Angel Investors," Journal of Management Studies, Wiley Blackwell, vol. 50(6), pages 1070-1096, September.
    23. Francesco Aiello & Graziella Bonanno & Stefania P. S. Rossi, 2020. "How firms finance innovation. Further empirics from European SMEs," Metroeconomica, Wiley Blackwell, vol. 71(4), pages 689-714, November.
    24. Hirsch, Julia & Walz, Uwe, 2019. "The financing dynamics of newly founded firms," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 261-272.
    25. Bracht, Felix & Mahieu, Jeroen & Vanhaverbeke, Steven, 2023. "The signaling value of legal form in debt financing," LSE Research Online Documents on Economics 121335, London School of Economics and Political Science, LSE Library.
    26. Colombelli, Alessandra & Grilli, Luca & Minola, Tommaso & Mrkajic, Boris, 2020. "To what extent do young innovative companies take advantage of policy support to enact innovation appropriation mechanisms?," Research Policy, Elsevier, vol. 49(10).
    27. Nemlioglu, Ilayda & Mallick, Sushanta K., 2020. "Do innovation-intensive firms mitigate their valuation uncertainty during bad times?," Journal of Economic Behavior & Organization, Elsevier, vol. 177(C), pages 913-940.
    28. De Crescenzo, Veronica & Ribeiro-Soriano, Domingo Enrique & Covin, Jeffrey G., 2020. "Exploring the viability of equity crowdfunding as a fundraising instrument: A configurational analysis of contingency factors that lead to crowdfunding success and failure," Journal of Business Research, Elsevier, vol. 115(C), pages 348-356.
    29. Cole, Rebel & Cumming, Douglas & Li, Dan, 2016. "Do banks or VCs spur small firm growth?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 41(C), pages 60-72.
    30. Edoardo Ferrucci & Roberto Guida & Valentina Meliciani, 2021. "Financial constraints and the growth and survival of innovative start‐ups: An analysis of Italian firms," European Financial Management, European Financial Management Association, vol. 27(2), pages 364-386, March.
    31. Douglas Cumming & Jochen Christian Werth & Yelin Zhang, 2019. "Governance in entrepreneurial ecosystems: venture capitalists vs. technology parks," Small Business Economics, Springer, vol. 52(2), pages 455-484, February.
    32. Annalisa Ferrando & Carsten Preuss, 2018. "What finance for what investment? Survey-based evidence for European companies," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 35(3), pages 1015-1053, December.
    33. Alice Rossi & Tom Vanacker & Silvio Vismara, 2023. "Unsuccessful Equity Crowdfunding Offerings and the Persistence in Equity Fundraising of Family Business Start-Ups," Entrepreneurship Theory and Practice, , vol. 47(4), pages 1327-1355, July.
    34. Regner, Tobias & Crosetto, Paolo, 2021. "The long-term effects of self pledging in reward crowdfunding," Technological Forecasting and Social Change, Elsevier, vol. 165(C).
    35. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    36. Vincenzo Butticè & Annalisa Croce & Elisa Ughetto, 2023. "Gender Diversity, Role Congruity and the Success of VC Investments," Entrepreneurship Theory and Practice, , vol. 47(5), pages 1660-1698, September.
    37. Beyhaghi, Mehdi & Firoozi, Fathali & Jalilvand, Abol & Samarbakhsh, Laleh, 2020. "Components of credit rationing," Journal of Financial Stability, Elsevier, vol. 50(C).
    38. Kim, Jin-Hyuk & Wagman, Liad, 2016. "Early-stage entrepreneurial financing: A signaling perspective," Journal of Banking & Finance, Elsevier, vol. 67(C), pages 12-22.
    39. Anton Miglo, 2023. "ICO vs. Equity Financing under Imperfect, Complex and Asymmetric Information," FinTech, MDPI, vol. 3(1), pages 1-23, December.
    40. Andrea Bellucci & Gianluca Gucciardi & Daniel Nepelski, 2025. "Public grants beneficiaries and venture capital-backed firms: a tale of two funding strategies," The Journal of Technology Transfer, Springer, vol. 50(5), pages 2262-2305, October.
    41. Driver, Ciaran & Muñoz-Bugarin, Jair, 2019. "Financial constraints on investment: Effects of firm size and the financial crisis," Research in International Business and Finance, Elsevier, vol. 47(C), pages 441-457.
    42. Adam Nowak & Amanda Ross & Christopher Yencha, 2015. "Small Business Borrowing and Peer-to-Peer Lending: Evidence from Lending Club," Working Papers 15-28, Department of Economics, West Virginia University.
    43. Alperovych, Yan & Groh, Alexander & Quas, Anita, 2020. "Bridging the equity gap for young innovative companies: The design of effective government venture capital fund programs," Research Policy, Elsevier, vol. 49(10).
    44. Achsania Hendratmi, 2019. "The Role of Islamic Crowdfunding Mechanisms in Business and Business Development," GATR Journals jber165, Global Academy of Training and Research (GATR) Enterprise.
    45. Bührle, Anna Theresa & Spengel, Christoph, 2019. "Tax law and the transfer of start-up losses: A European overview and categorization," ZEW Discussion Papers 19-037, ZEW - Leibniz Centre for European Economic Research.
    46. Robert Wapshott & Oliver Mallett, 2018. "Small and medium-sized enterprise policy: Designed to fail?," Environment and Planning C, , vol. 36(4), pages 750-772, June.
    47. Neville, Conor & Lucey, Brian M., 2022. "Financing Irish high-tech SMEs: The analysis of capital structure," International Review of Financial Analysis, Elsevier, vol. 83(C).
    48. Giraudo, Emanuele & Giudici, Giancarlo & Grilli, Luca, 2019. "Entrepreneurship policy and the financing of young innovative companies: Evidence from the Italian Startup Act," Research Policy, Elsevier, vol. 48(9), pages 1-1.
    49. Felix Bracht & Jeroen Mahieu & Steven Vanhaverbeke, 2022. "The signaling value of legal form in debt financing," POID Working Papers 052, Centre for Economic Performance, LSE.
    50. Joye Khoo & Adrian (Wai Kong) Cheung, 2024. "Vintage capital and trade credit," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(1), pages 507-537, March.
    51. Christian Linder & Christian Lechner & Frank Pelzel, 2020. "Many Roads Lead to Rome: How Human, Social, and Financial Capital Are Related to New Venture Survival," Entrepreneurship Theory and Practice, , vol. 44(5), pages 909-932, September.
    52. Lam, Patrick T.I. & Law, Angel O.K., 2016. "Crowdfunding for renewable and sustainable energy projects: An exploratory case study approach," Renewable and Sustainable Energy Reviews, Elsevier, vol. 60(C), pages 11-20.
    53. Schwienbacher, Armin, 2007. "A theoretical analysis of optimal financing strategies for different types of capital-constrained entrepreneurs," Journal of Business Venturing, Elsevier, vol. 22(6), pages 753-781, November.
    54. Andrea Mina & Henry Lahr, 2018. "The pecking order of innovation finance," LEM Papers Series 2018/31, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    55. Bingyou Chen & Yu Luo & Jieni Li & Yujian Li & Ying Liu & Fan Yang & Junge Bo & Yanan Qiao, 2023. "Blockchain-based Decentralized Co-governance: Innovations and Solutions for Sustainable Crowdfunding," Papers 2306.00869, arXiv.org, revised Jun 2023.
    56. Cumming, Douglas & Li, Dan, 2013. "Public policy, entrepreneurship, and venture capital in the United States," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 345-367.
    57. Anabela Santos & Michele Cincera & Giovanni Cerulli, 2019. "Assessing Financing, Innovation and Growth Linkage: New Evidence for Policy," Working Paper 54d93216-99f7-4438-975d-2, European Microfinance Network.
    58. Santiago Carbó-Valverde & Pedro J. Cuadros-Solas & Francisco Rodríguez-Fernández, 2022. "Entrepreneurial, institutional and financial strategies for FinTech profitability," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-36, December.
    59. Castellani, Davide & Giaretta, Elisa & Staglianò, Raffaele, 2022. "“Early-stage financing diversity and firms’ export intensity: a cross-country analysis”," Finance Research Letters, Elsevier, vol. 44(C).
    60. Isabelle Roland, 2018. "Unlocking SME productivity: review of recent evidence and implications for the UK’s industrial strategy," CEP Industrial Strategy 05, Centre for Economic Performance, LSE.
    61. Brent W. Ambrose & Lawrence R. Cordell & Shuwei Ma, 2015. "The impact of student loan debt on small business formation," Working Papers 15-26, Federal Reserve Bank of Philadelphia.
    62. Bracht, Felix & Mahieu, Jeroen & Vanhaverbeke, Steven, 2024. "The signaling value of legal form in entrepreneurial debt financing," Journal of Business Venturing, Elsevier, vol. 39(3).
    63. Vijaya & Ajit Yadav & Himendu Prakash Mathur, 2024. "Reconnoitering antecedents of donation intention in donation crowdfunding campaigns: a mediating role of crowdfunding readiness," International Review on Public and Nonprofit Marketing, Springer;International Association of Public and Non-Profit Marketing, vol. 21(1), pages 229-254, March.
    64. Irene Comeig & Ernesto Mesa-Vázquez & Pau Sendra-Pons & Amparo Urbano, 2020. "Rational Herding in Reward-Based Crowdfunding: An MTurk Experiment," Sustainability, MDPI, vol. 12(23), pages 1-21, November.
    65. Schwienbacher, Armin, 2013. "The entrepreneur's investor choice: The impact on later-stage firm development," Journal of Business Venturing, Elsevier, vol. 28(4), pages 528-545.
    66. Antonio Ughi & Andrea Mina, 2023. "Digital Advantage: Evidence from a Policy Evaluation of Adoption Subsidies," LEM Papers Series 2023/41, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    67. Serwaah, Priscilla & Shneor, Rotem & Nyarko, Samuel Anokye & Nielsen, Kristian Roed, 2024. "Explaining gender differences in crowdfunding contribution intentions," Technology in Society, Elsevier, vol. 76(C).
    68. Guillaume Andrieu & Raffaele Staglianò & Peter Zwan, 2018. "Bank debt and trade credit for SMEs in Europe: firm-, industry-, and country-level determinants," Small Business Economics, Springer, vol. 51(1), pages 245-264, June.
    69. Vaznyte, Egle & Andries, Petra, 2019. "Entrepreneurial orientation and start-ups' external financing," Journal of Business Venturing, Elsevier, vol. 34(3), pages 439-458.
    70. Sewaid, Ahmed & Garcia-Cestona, Miguel & Silaghi, Florina, 2021. "Resolving information asymmetries in financing new product development: The case of reward-based crowdfunding," Research Policy, Elsevier, vol. 50(10).
    71. Bernales, Alejandro & Beuermann, Diether W. & Cumming, Douglas & Olid, Christian, 2023. "Blue-Collar Crime and Finance," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 83(C).
    72. La Rocca, Maurizio & Fasano, Francesco & Staglianò, Raffaele & La Rocca, Elvira Tiziana & Deloof, Marc, 2025. "The financial life cycle of European SMEs before, during and after crisis periods. What is the role of a country's financial system?," International Review of Financial Analysis, Elsevier, vol. 104(PA).
    73. Zhao, Lima & Huchzermeier, Arnd, 2015. "Operations–finance interface models: A literature review and framework," European Journal of Operational Research, Elsevier, vol. 244(3), pages 905-917.
    74. Diana M. Hechavarría & Charles H. Matthews & Paul D. Reynolds, 2016. "Does start-up financing influence start-up speed? Evidence from the panel study of entrepreneurial dynamics," Small Business Economics, Springer, vol. 46(1), pages 137-167, January.
    75. Tristan Blick & Ine Paeleman & Eddy Laveren, 2025. "Slack resources as anchors or accelerators in strategic changes: family ownership as a moderator," Small Business Economics, Springer, vol. 65(1), pages 585-611, June.
    76. Pietrovito, Filomena & Rancan, Michela, 2024. "Credit rationing and sustainable activities: A firm-level investigation," International Review of Economics & Finance, Elsevier, vol. 94(C).
    77. Farag, Hisham & Johan, Sofia, 2021. "How alternative finance informs central themes in corporate finance," Journal of Corporate Finance, Elsevier, vol. 67(C).
    78. Concepción de la Fuente-Cabrero & Mónica de Castro-Pardo & Rosa Santero-Sánchez & Pilar Laguna-Sánchez, 2019. "The Role of Mutual Guarantee Institutions in the Financial Sustainability of New Family-Owned Small Businesses," Sustainability, MDPI, vol. 11(22), pages 1-15, November.
    79. Naima Lassoued & Imen Khanchel & Imen Fakhfakh & Mehdi Etteyeb, 2024. "Entrepreneur characteristics and financing patterns in SMES of MENA countries: Overcoming the burdens of liability of newness," Journal of International Development, John Wiley & Sons, Ltd., vol. 36(2), pages 1507-1535, March.
    80. Walthoff-Borm, Xavier & Schwienbacher, Armin & Vanacker, Tom, 2018. "Equity crowdfunding: First resort or last resort?," Journal of Business Venturing, Elsevier, vol. 33(4), pages 513-533.
    81. Fabrice Hervé & Elodie Manthé & Aurélie Sannajust & Armin Schwienbacher, 2019. "Determinants of Individual Investment Decisions in Investment-Based Crowdfunding," Post-Print hal-02065048, HAL.
    82. Rosangela Feola & Massimiliano Vesci & Ezio Marinato & Roberto Parente, 2021. "Segmenting “digital investors”: evidence from the Italian equity crowdfunding market," Small Business Economics, Springer, vol. 56(3), pages 1235-1250, February.
    83. Xiaohong Huang & Rezaul Kabir & Thuy Ngoc Nguyen, 2024. "Do project quality and founder information signals always matter? Evidence from equity and reward crowdfunding," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(3), pages 3309-3325, July.
    84. Helen Toxopeus & Elisa Achterberg & Friedemann Polzin, 2021. "How can firms access bank finance for circular business model innovation?," Business Strategy and the Environment, Wiley Blackwell, vol. 30(6), pages 2773-2795, September.
    85. Hanssens, Jürgen & Deloof, Marc & Vanacker, Tom, 2016. "The evolution of debt policies: New evidence from business startups," Journal of Banking & Finance, Elsevier, vol. 65(C), pages 120-133.
    86. Giacinto Micucci & Paola Rossi, 2017. "Financing R&D investments: an analysis on Italian manufacturing firms and their lending banks," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 23-49, March.
    87. Cathcart, Lara & Dufour, Alfonso & Rossi, Ludovico & Varotto, Simone, 2020. "The differential impact of leverage on the default risk of small and large firms," Journal of Corporate Finance, Elsevier, vol. 60(C).
    88. Joern H. Block & Massimo G. Colombo & Douglas J. Cumming & Silvio Vismara, 2018. "New players in entrepreneurial finance and why they are there," Small Business Economics, Springer, vol. 50(2), pages 239-250, February.
    89. Nambisan, Satish & Wright, Mike & Feldman, Maryann, 2019. "The digital transformation of innovation and entrepreneurship: Progress, challenges and key themes," Research Policy, Elsevier, vol. 48(8), pages 1-1.
    90. Popov, Alexander & Roosenboom, Peter, 2013. "Venture capital and new business creation," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 4695-4710.
    91. Siqueira, Ana Cristina O. & Guenster, Nadja & Vanacker, Tom & Crucke, Saskia, 2018. "A longitudinal comparison of capital structure between young for-profit social and commercial enterprises," Journal of Business Venturing, Elsevier, vol. 33(2), pages 225-240.
    92. Zhang, Yuxin & Zhou, Yaodong, 2025. "The impact of government industrial funds on the innovation of SMEs in China," Journal of Asian Economics, Elsevier, vol. 97(C).
    93. Korus, Arthur & Löher, Jonas & Nielen, Sebastian & Pasing, Philipp, 2021. "Fintechs: Chancen für die KMU-Finanzierung?," IfM-Materialien 288, Institut für Mittelstandsforschung (IfM) Bonn.
    94. Nigam, Nirjhar & Benetti, Cristiane & Johan, Sofia A., 2020. "Digital start-up access to venture capital financing: What signals quality?," Emerging Markets Review, Elsevier, vol. 45(C).
    95. Bjuggren, Per-Olof & Elmoznino Laufer, Michel, 2015. "Startups, Financing and Geography– Findings from a survey," Ratio Working Papers 255, The Ratio Institute.
    96. Moro, Andrea & Maresch, Daniela & Fink, Matthias & Ferrando, Annalisa & Piga, Claudio, 2020. "Spillover effects of government initiatives fostering entrepreneurship on the access to bank credit for entrepreneurial firms in Europe," Journal of Corporate Finance, Elsevier, vol. 62(C).
    97. Tobias Guggenberger & Benjamin Schellinger & Victor Wachter & Nils Urbach, 2024. "Kickstarting blockchain: designing blockchain-based tokens for equity crowdfunding," Electronic Commerce Research, Springer, vol. 24(1), pages 239-273, March.
    98. Naiki, Eriko & Ogane, Yuta, 2025. "Bank loan availability and corporate cash holdings of unlisted firms," Pacific-Basin Finance Journal, Elsevier, vol. 93(C).
    99. Marc Deloof & Maurizio La Rocca & Tom Vanacker, 2019. "Local Banking Development and the Use of Debt Financing by New Firms," Entrepreneurship Theory and Practice, , vol. 43(6), pages 1250-1276, November.
    100. Dimitrios Kolokas & Tom Vanacker & David Veredas & Shaker A. Zahra, 2022. "Venture Capital, Credit, and FinTech Start-Up Formation: A Cross-Country Study," Entrepreneurship Theory and Practice, , vol. 46(5), pages 1198-1230, September.
    101. Anoosheh Rostamkalaei & Miwako Nitani & Allan Riding, 2020. "Borrower discouragement: the role of informal turndowns," Small Business Economics, Springer, vol. 54(1), pages 173-188, January.
    102. Paolo Crosetto & Tobias Regner, 2018. "It's never too late: funding dynamics and self pledges in reward-based crowdfunding," Working Papers hal-01779128, HAL.
    103. Massimo G. Colombo & Kourosh Shafi, 2021. "Receiving external equity following successfully crowdfunded technological projects: an informational mechanism," Small Business Economics, Springer, vol. 56(4), pages 1507-1529, April.
    104. Cumming, Douglas & Groh, Alexander Peter, 2018. "Entrepreneurial finance: Unifying themes and future directions," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 538-555.
    105. Marc Cowling & Susan Marlow & Weixi Liu, 2020. "Gender and bank lending after the global financial crisis: are women entrepreneurs safer bets?," Small Business Economics, Springer, vol. 55(4), pages 853-880, December.
    106. Maarten Cerpentier & Tom Vanacker & Ine Paeleman & Katja Bringmann, 2022. "Equity crowdfunding, market timing, and firm capital structure," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1766-1793, December.
    107. Quas, Anita & Mason, Colin & Compañó, Ramón & Testa, Giuseppina & Gavigan, James P., 2022. "The scale-up finance gap in the EU: Causes, consequences, and policy solutions," European Management Journal, Elsevier, vol. 40(5), pages 645-652.
    108. Felix Bracht & Jeroen Mahieu & Steven Vanhaverbeke, 2023. "The signaling value of legal form in debt financing," CEP Discussion Papers dp1914, Centre for Economic Performance, LSE.
    109. Lefebvre, Vincent & Certhoux, Gilles & Radu-Lefebvre, Miruna, 2022. "Sustaining trust to cross the Valley of Death: A retrospective study of business angels’ investment and reinvestment decisions," Technovation, Elsevier, vol. 109(C).
    110. Gyimah, Daniel & Machokoto, Michael & Sikochi, Anywhere (Siko), 2020. "Peer influence on trade credit," Journal of Corporate Finance, Elsevier, vol. 64(C).
    111. Daniel Blaseg & Douglas Cumming & Michael Koetter, 2021. "Equity Crowdfunding: High-Quality or Low-Quality Entrepreneurs?," Entrepreneurship Theory and Practice, , vol. 45(3), pages 505-530, May.
    112. Ruiyuan Chen & Sadok El Ghoul & Omrane Guedhami & Chuck C. Y. Kwok & Robert Nash, 2021. "International evidence on state ownership and trade credit: Opportunities and motivations," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(6), pages 1121-1158, August.
    113. Ray Oakey, 2007. "A commentary on gaps in funding for moderate ‘non-stellar’ growth small businesses in the United Kingdom," Venture Capital, Taylor & Francis Journals, vol. 9(3), pages 223-235, March.
    114. Marc Deloof & Ine Paeleman, 2024. "International entrepreneurship without investor protection: Evidence from initial public offerings in Belgium before the First World War," Economic History Review, Economic History Society, vol. 77(2), pages 523-553, May.
    115. Niculaescu, Corina-Elena & Sangiorgi, Ivan & Bell, Adrian R., 2023. "Venture capital financing in the eSports industry," Research in International Business and Finance, Elsevier, vol. 65(C).
    116. Machokoto, Michael & Mahonye, Nyasha & Makate, Marshall, 2022. "Short-term financing sources in Africa: Substitutes or complements?," Research in International Business and Finance, Elsevier, vol. 60(C).
    117. Borello, Giuliana & De Crescenzo, Veronica & Pichler, Flavio, 2019. "Factors for success in European crowdinvesting," Journal of Economics and Business, Elsevier, vol. 106(C).
    118. Xu, Shengshuo & Ling, Liuyi & Du, Shaofu & Liu, Lindong, 2023. "Crowdfunding or traditional mode? Strategy choices in product selling," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 172(C).
    119. Minetti, Raoul & Murro, Pierluigi & Paiella, Monica, 2015. "Ownership structure, governance, and innovation," European Economic Review, Elsevier, vol. 80(C), pages 165-193.
    120. Francesco Martielli & Vittorio Laus & Antonio Salvi & Anna Kotaskova, 2025. "Unlocking funding success: intercultural entrepreneurship dynamics in European startups," International Entrepreneurship and Management Journal, Springer, vol. 21(1), pages 1-31, December.
    121. Ross Brown & José M. Liñares-Zegarra & John O.S. Wilson, 2022. "Innovation and borrower discouragement in SMEs," Small Business Economics, Springer, vol. 59(4), pages 1489-1517, December.
    122. Wilson, Nick & Wright, Mike & Kacer, Marek, 2018. "The equity gap and knowledge-based firms," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 626-649.
    123. Honjo, Yuji & Kwak, Charee & Uchida, Hirofumi, 2022. "Initial funding and founders’ human capital: An empirical analysis using multiple surveys for start-up firms," Japan and the World Economy, Elsevier, vol. 63(C).
    124. Sadia Noor Khan, 2024. "How bank‐specific factors affect access to financing for small and medium enterprises: Evidence from an emerging economy," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(2), pages 2095-2115, April.
    125. Daniel Czaja & Florian Röder, 2022. "Signalling in Initial Coin Offerings: The Key Role of Entrepreneurs’ Self‐efficacy and Media Presence," Abacus, Accounting Foundation, University of Sydney, vol. 58(1), pages 24-61, March.
    126. Marc Cowling & Weixi Liu & Maria Minniti & Ning Zhang, 2016. "UK credit and discouragement during the GFC," Small Business Economics, Springer, vol. 47(4), pages 1049-1074, December.
    127. Garry Bruton & Susanna Khavul & Donald Siegel & Mike Wright, 2015. "New Financial Alternatives in Seeding Entrepreneurship: Microfinance, Crowdfunding, and Peer–to–Peer Innovations," Entrepreneurship Theory and Practice, , vol. 39(1), pages 9-26, January.
    128. Katherine Coronel-Pangol & Jessica Paule-Vianez & Carmen Orden-Cruz, 2024. "Conventional or alternative financing to promote entrepreneurship? An analysis of female and male entrepreneurship in developed and developing countries," International Entrepreneurship and Management Journal, Springer, vol. 20(1), pages 163-187, March.
    129. Saul Estrin & Daniel Gozman & Susanna Khavul, 2018. "The evolution and adoption of equity crowdfunding: entrepreneur and investor entry into a new market," Small Business Economics, Springer, vol. 51(2), pages 425-439, August.
    130. Mina, Andrea & Minin, Alberto Di & Martelli, Irene & Testa, Giuseppina & Santoleri, Pietro, 2021. "Public funding of innovation: Exploring applications and allocations of the European SME Instrument," Research Policy, Elsevier, vol. 50(1).
    131. Chun-Yueh Lin & Yi-Hsien Wang, 2021. "Evaluating the Optimal External Equity Financing Strategy and Critical Factors for the Startup of Lending Company in Taiwan: An Application of Expert Network Decision Model," Mathematics, MDPI, vol. 9(18), pages 1-15, September.
    132. Karima BENBOUZID & Narimane BENABDERRAHMANE & Fella DJANI, 2026. "The Influence of Owner and Company Characteristics on Startup Financing in the Algerian Tourism Sector: Evidence from a National Survey," Management and Economics Review, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 11(1), pages 5-20, February.
    133. Gerrit K.C. Ahlers & Douglas Cumming & Christina Günther & Denis Schweizer, 2015. "Signaling in Equity Crowdfunding," Entrepreneurship Theory and Practice, , vol. 39(4), pages 955-980, July.
    134. Bhattacharyya, Jagriti & Subrahmanya, M.H. Bala, 2024. "Determinants of a digital start-up's access to VC financing in India: A signaling theory perspective," Technological Forecasting and Social Change, Elsevier, vol. 207(C).
    135. Alicia M. Robb & David T. Robinson, 2010. "The Capital Structure Decisions of New Firms," NBER Working Papers 16272, National Bureau of Economic Research, Inc.
    136. Klepsch, Markus, 2023. "Do birds of a feather always flock together? A multidimensional examination of homophily in crowdfunding," Junior Management Science (JUMS), Junior Management Science e. V., vol. 8(1), pages 237-269.
    137. Tzur, Hana & Segev, Ella, 2025. "Entrepreneurs’ optimal decisions in equity crowdfunding campaigns," European Journal of Operational Research, Elsevier, vol. 327(2), pages 673-689.
    138. David Grundy & Carolina Ohmer, 2016. "German crowd-investing platforms: Literature review and survey," Cogent Business & Management, Taylor & Francis Journals, vol. 3(1), pages 1138849-113, December.
    139. Angelo Castaldo & Rosanna Pittiglio & Filippo Reganati & Domenico Sarno, 2023. "Access to bank financing and start‐up resilience: A survival analysis across business sectors in a time of crisis," Manchester School, University of Manchester, vol. 91(3), pages 141-170, June.
    140. Bergmann, Ariel & Burton, Bruce & Klaes, Matthias, 2021. "European perceptions on crowdfunding for renewables: Positivity and pragmatism," Ecological Economics, Elsevier, vol. 179(C).
    141. Kavitha P & Pankaj Kumar Baag, 2018. "Crowdfunding for Entrepreneurs- analysis of the Institutional Work," Working papers 272, Indian Institute of Management Kozhikode.
    142. Nicola Sarto & Elisa Bocchialini & Lorenzo Gai & Federica Ielasi, 2025. "The influence of venture capital and university ownership on spin-off’s bank loan access: a synergistic effect," Small Business Economics, Springer, vol. 65(1), pages 427-449, June.
    143. Tseng, Jauling, 2025. "Factors and quantile differences influencing funding volumes of successful crowdfunding campaigns on reward-based platforms in developed, developing, and emerging crowdfunding markets," The Quarterly Review of Economics and Finance, Elsevier, vol. 104(C).
    144. Fabrice Hervé & Armin Schwienbacher, 2018. "Crowfunding and Innovation," Post-Print hal-01875915, HAL.
    145. Cao, Zhangfan & Chen, Steven Xianglong & Lee, Edward, 2022. "Does business strategy influence interfirm financing? Evidence from trade credit," Journal of Business Research, Elsevier, vol. 141(C), pages 495-511.
    146. Christian Esposito & Marco Gortan & Lorenzo Testa & Francesca Chiaromonte & Giorgio Fagiolo & Andrea Mina & Giulio Rossetti, 2022. "Venture capital investments through the lens of network and functional data analysis," LEM Papers Series 2022/07, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    147. Song, Hua & Yang, Xuan & Yu, Kangkang, 2020. "How do supply chain network and SMEs’ operational capabilities enhance working capital financing? An integrative signaling view," International Journal of Production Economics, Elsevier, vol. 220(C).
    148. Marco Gazel & Armin Schwienbacher, 2021. "Entrepreneurial fintech clusters," Small Business Economics, Springer, vol. 57(2), pages 883-903, August.
    149. Blaseg, Daniel & Koetter, Michael, 2015. "Friend or Foe? Crowdfunding Versus Credit when Banks are Stressed," IWH Discussion Papers 8/2015, Halle Institute for Economic Research (IWH).
    150. Yinghui Chen & Xiaolin Gong & Chien-Chi Chu & Yang Cao, 2018. "Access to the Internet and Access to Finance: Theory and Evidence," Sustainability, MDPI, vol. 10(7), pages 1-38, July.
    151. Piperopoulos, Panagiotis & Jimenez-Moro, Eduardo & Yeung, Matthew & Christopoulou, Danai & Ming, Alan Au Kai, 2023. "The impact of exogenous shocks on the innovation performance of firms in the Caribbean small island economies: Quasi-replication of Paunov (2012)," Technological Forecasting and Social Change, Elsevier, vol. 196(C).
    152. Douglas Cumming, 2007. "Financing Entrepreneurs Better Canadian Policy for Venture Capital," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 247, April.
    153. Werner Hölzl & Jürgen Janger & Andreas Reinstaller & Isabel Stadler & Fabian Unterlass & Stephanie Daimer & Thomas Stehnken, 2010. "Barriers to Internationalisation and Growth of EU's Innovative Companies. PRO INNO Europe: INNO-Grips II Report," WIFO Studies, WIFO, number 41059.

  37. Cumming, D. & Johan, S.A., 2005. "Provincial preferences in private equity," Discussion Paper 2005-004, Tilburg University, Tilburg Law and Economic Center.

    Cited by:

    1. Schertler, Andrea & Tykvová, Tereza, 2009. "Venture capital and internationalization," ZEW Discussion Papers 09-055, ZEW - Leibniz Centre for European Economic Research.
    2. Achleitner, Ann-Kristin & Braun, Reiner & Bender, Marko & Geidner, Annabell, 2008. "Community development venture capital: concept and status quo in Germany," CEFS Working Paper Series 2008-03, Technische Universität München (TUM), Center for Entrepreneurial and Financial Studies (CEFS).
    3. Tykvová, Tereza & Schertler, Andrea, 2014. "Does Syndication With Local Venture Capitalists Moderate the Effects of Geographical and Institutional Distance?," Journal of International Management, Elsevier, vol. 20(4), pages 406-420.
    4. Benjamin Hammer & Nils Janssen & Bernhard Schwetzler, 2021. "Cross-border buyout pricing," Journal of Business Economics, Springer, vol. 91(5), pages 705-731, July.
    5. Cumming, Douglas & Dai, Na, 2010. "Local bias in venture capital investments," Journal of Empirical Finance, Elsevier, vol. 17(3), pages 362-380, June.
    6. Giot, Pierre & Schwienbacher, Armin, 2007. "IPOs, trade sales and liquidations: Modelling venture capital exits using survival analysis," Journal of Banking & Finance, Elsevier, vol. 31(3), pages 679-702, March.
    7. Tereza Tykvová, 2006. "How do investment patterns of independent and captive private equity funds differ? Evidence from Germany," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 20(4), pages 399-418, December.
    8. Douglas Cumming & Sofia Johan, 2009. "Pre-seed government venture capital funds," Journal of International Entrepreneurship, Springer, vol. 7(1), pages 26-56, March.
    9. Douglas Cumming & Sofia Johan, 2007. "Advice and monitoring in venture finance," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 21(1), pages 3-43, March.
    10. Lutz, Eva & Bender, Marko & Achleitner, Ann-Kristin & Kaserer, Christoph, 2013. "Importance of spatial proximity between venture capital investors and investees in Germany," Journal of Business Research, Elsevier, vol. 66(11), pages 2346-2354.
    11. Christina Guenther & Sofia Johan & Denis Schweizer, 2018. "Is the crowd sensitive to distance?—how investment decisions differ by investor type," Small Business Economics, Springer, vol. 50(2), pages 289-305, February.
    12. Baschieri, Giulia & Carosi, Andrea & Mengoli, Stefano, 2016. "Does the earnings quality matter? Evidence from a quasi-experimental setting," Finance Research Letters, Elsevier, vol. 19(C), pages 146-157.
    13. Daniel Hain & Sofia Johan & Daojuan Wang, 2016. "Determinants of Cross-Border Venture Capital Investments in Emerging and Developed Economies: The Effects of Relational and Institutional Trust," Journal of Business Ethics, Springer, vol. 138(4), pages 743-764, November.
    14. Olaf Stotz, 2011. "The influence of geography on the success of private equity: investments in listed equity," Applied Financial Economics, Taylor & Francis Journals, vol. 21(21), pages 1605-1615.
    15. Rainer Lauterbach & Isabell Welpe & Jan Fertig, 2007. "Performance differentiation: cutting losses and maximizing profits of private equity and venture capital investments," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 21(1), pages 45-67, March.
    16. Davide Consoli & Francesco Lelli & Sandro Montresor & Francois Perruchas & Francesco Rentocchini, 2025. "Moneytalks. the role of (spatial and digital) proximity in the VC financing of green start-ups," Papers in Evolutionary Economic Geography (PEEG) 2521, Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography, revised Jul 2025.
    17. Cécile Carpentier & Jean-Marc Suret, 2004. "Le placement privé et la dimension réglementaire du financement des entreprises," CIRANO Working Papers 2004s-51, CIRANO.

  38. Cumming, Douglas & Schmidt, Daniel & Walz, Uwe, 2004. "Legality and venture governance around the world," CFS Working Paper Series 2004/17, Center for Financial Studies (CFS).

    Cited by:

    1. Cumming, Douglas & Siegel, Donald S. & Wright, Mike, 2007. "Private equity, leveraged buyouts and governance," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 439-460, September.
    2. Cumming, Douglas J., 2005. "Capital structure in venture finance," Journal of Corporate Finance, Elsevier, vol. 11(3), pages 550-585, June.
    3. Elsayed Elsiefy, 2014. "Fundamental Requirements for Building an Islamic Venture Capital Model," Accounting and Finance Research, Sciedu Press, vol. 3(1), pages 1-55, February.
    4. Thi X. A. Tran & Thi L. A. Nguyen & Thi H. L. Nguyen, 2016. "Affect of Uncertainty Avoidance on Venture Capital Investing Activities in Asian Countries," Asian Social Science, Canadian Center of Science and Education, vol. 12(12), pages 152-152, December.
    5. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    6. Leonardo de Lima Ribeiro & Antonio Gledson de Carvalho, 2007. "Private equity and venture capital in an emerging economy: evidence from Brazil," Venture Capital, Taylor & Francis Journals, vol. 10(2), pages 111-126, December.
    7. Cumming, Douglas & Johan, Sofia Atiqah binti, 2008. "Preplanned exit strategies in venture capital," European Economic Review, Elsevier, vol. 52(7), pages 1209-1241, October.
    8. Cumming, Douglas J., 2005. "Agency costs, institutions, learning, and taxation in venture capital contracting," Journal of Business Venturing, Elsevier, vol. 20(5), pages 573-622, September.
    9. Tereza Tykvová, 2006. "How do investment patterns of independent and captive private equity funds differ? Evidence from Germany," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 20(4), pages 399-418, December.
    10. L. Bottazzi & M. Da Rin & T. Hellmann, 2007. "The Importance of Trust for Investment: Evidence from Venture Capital," Working Papers 612, Dipartimento Scienze Economiche, Universita' di Bologna.
    11. Groh, Alexander P., 2009. "Private equity in emerging markets," IESE Research Papers D/779, IESE Business School.
    12. Groh, Alexander P. & Liechtenstein, Heinrich & Canela, Miguel A., 2008. "Limited partners' perceptions of the Central Eastern European venture capital and private equity market," IESE Research Papers D/727, IESE Business School.
    13. Bottazzi, L. & Da Rin, M. & Hellmann, T., 2009. "What is the role of legal systems in financial intermediation? Theory and evidence," Other publications TiSEM ab9b328a-050d-45b6-be20-7, Tilburg University, School of Economics and Management.
    14. Douglas Cumming, 2005. "Review Essay: Global Venture Capital Transactions," Venture Capital, Taylor & Francis Journals, vol. 7(2), pages 185-201, January.
    15. Cumming, Douglas & Fleming, Grant & Schwienbacher, Armin, 2006. "Legality and venture capital exits," Journal of Corporate Finance, Elsevier, vol. 12(2), pages 214-245, January.

  39. Walz, Uwe & Cumming, Douglas, 2004. "Private equity returns and disclosure around the world," CFS Working Paper Series 2004/05, Center for Financial Studies (CFS).

    Cited by:

    1. Cumming, Douglas & Siegel, Donald S. & Wright, Mike, 2007. "Private equity, leveraged buyouts and governance," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 439-460, September.
    2. Smith, Deborah Drummond & Gleason, Kimberly C. & Kannan, Yezen H., 2021. "Auditor liability and excess cash holdings: Evidence from audit fees of foreign incorporated firms," International Review of Financial Analysis, Elsevier, vol. 78(C).
    3. Schertler, Andrea & Tykvová, Tereza, 2011. "Venture capital and internationalization," International Business Review, Elsevier, vol. 20(4), pages 423-439, August.
    4. Ruth V. Aguilera & Kurt A. Desender & Mónica López-Puertas Lamy & Jun Ho Lee, 2017. "The governance impact of a changing investor landscape," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 48(2), pages 195-221, February.
    5. Balboa, Marina & Marti, Jose, 2007. "Factors that determine the reputation of private equity managers in developing markets," Journal of Business Venturing, Elsevier, vol. 22(4), pages 453-480, July.
    6. Takahashi, Hidenori & Yamakawa, Yasuhiro & Mathew, Prem G., 2018. "Board members' influence on resource investments to start-ups and IPO outcomes: Does prior affiliation matter?," Pacific-Basin Finance Journal, Elsevier, vol. 49(C), pages 30-42.
    7. Niu, Geng & Yu, Li & Fan, Gang-Zhi & Zhang, Donghao, 2019. "Corporate fraud, risk avoidance, and housing investment in China," Emerging Markets Review, Elsevier, vol. 39(C), pages 18-33.
    8. Barry, Christopher B. & Mihov, Vassil T., 2015. "Debt financing, venture capital, and the performance of initial public offerings," Journal of Banking & Finance, Elsevier, vol. 58(C), pages 144-165.
    9. Douglas Cumming & Simona Zambelli, 2017. "Due Diligence and Investee Performance," European Financial Management, European Financial Management Association, vol. 23(2), pages 211-253, March.
    10. Maung, Min, 2024. "The bright side of social trust and entrepreneurial finance," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 778-795.
    11. Motavaseli Mahmood & Shojaei Saeed & Bitaab Ali & Hasti Chitsazan & Ghanbar Mohammadi Elyasi, 2018. "Institutional Barriers to Financing Technology-based Small Firms through Venture Capital Mechanism: A Study to Explore the Incentives for Investment in Iran," International Journal of Economics and Financial Issues, Econjournals, vol. 8(1), pages 184-195.
    12. Fuchs, Florian & Füss, Roland & Jenkinson, Tim & Morkoetter, Stefan, 2021. "Winning a deal in private equity: Do educational ties matter?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    13. Cumming, Douglas & Dannhauser, Robert & Johan, Sofia, 2015. "Financial market misconduct and agency conflicts: A synthesis and future directions," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 150-168.
    14. Tykvová, Tereza, 2018. "Legal framework quality and success of (different types of) venture capital investments," Journal of Banking & Finance, Elsevier, vol. 87(C), pages 333-350.
    15. Carney, Richard W. & Chen, Ruiyuan & El Ghoul, Sadok & Guedhami, Omrane, 2024. "National legislatures and corporate transparency," Research in International Business and Finance, Elsevier, vol. 71(C).
    16. James Dominic & Anto Joseph, 2023. "Dynamics of Venture Capital and Private Equity Investments in India: An Empirical Analysis," JRFM, MDPI, vol. 16(11), pages 1-23, November.
    17. McKenzie, Michael & Satchell, Stephen & Wongwachara, Warapong, 2012. "Nonlinearity and smoothing in venture capital performance data," Journal of Empirical Finance, Elsevier, vol. 19(5), pages 782-795.
    18. Benjamin Hammer & Heiko Hinrichs & Bernhard Schwetzler, 2018. "Does culture affect the performance of private equity buyouts?," Journal of Business Economics, Springer, vol. 88(3), pages 393-469, May.
    19. Achleitner, Ann-Kristin & Engel, Nico & Reiner, Uwe, 2013. "The performance of venture capital investments: Do investors overreact?," Review of Financial Economics, Elsevier, vol. 22(1), pages 20-35.
    20. Krohmer, Philipp & Lauterbach, Rainer & Calanog, Victor, 2009. "The bright and dark side of staging: Investment performance and the varying motivations of private equity firms," Journal of Banking & Finance, Elsevier, vol. 33(9), pages 1597-1609, September.
    21. Jo, Jinhyeong & Ryu, Doojin, 2026. "Do GPs truly present fair value? The case of continuation funds," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 107(C).
    22. Bertoni, Fabio & Tykvová, Tereza, 2013. "Which form of venture capital is most supportive of innovation? Evidence from European biotechnology companies," FZID Discussion Papers 69-2013, University of Hohenheim, Center for Research on Innovation and Services (FZID).
    23. Humphery-Jenner, M., 2011. "Diversification in Private Equity Funds : On Knowledge-sharing, Risk-aversion and Limited-attention," Discussion Paper 2011-046, Tilburg University, Center for Economic Research.
    24. Jiani Wang & Su Chen & William Scheela, 2023. "Foreign venture capital investing strategies in transition economies: The case of China," Asia Pacific Journal of Management, Springer, vol. 40(4), pages 1481-1524, December.
    25. Nikoskelainen, Erkki & Wright, Mike, 2007. "The impact of corporate governance mechanisms on value increase in leveraged buyouts," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 511-537, September.
    26. Voth, Hans-Joachim, 2008. "Transparency and fairness in the European capital market," Study / edition der Hans-Böckler-Stiftung, Hans-Böckler-Stiftung, Düsseldorf, volume 127, number 217, May.
    27. Grilli, Luca & Murtinu, Samuele, 2014. "Government, venture capital and the growth of European high-tech entrepreneurial firms," Research Policy, Elsevier, vol. 43(9), pages 1523-1543.
    28. Tykvová, Tereza & Schertler, Andrea, 2014. "Does Syndication With Local Venture Capitalists Moderate the Effects of Geographical and Institutional Distance?," Journal of International Management, Elsevier, vol. 20(4), pages 406-420.
    29. Andrea Dello Sbarba & Riccardo Giannetti & Alessandro Marelli, 2020. "Private equity firms and management control: the framing of shareholder-oriented practices," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 24(4), pages 953-987, December.
    30. Colla, Paolo & Hellowell, Mark & Vecchi, Veronica & Gatti, Stefano, 2015. "Determinants of the cost of capital for privately financed hospital projects in the UK," Health Policy, Elsevier, vol. 119(11), pages 1442-1449.
    31. Andy Lockett & Deniz Ucbasaran & John Butler, 2006. "Opening up the Investor–Investee Dyad: Syndicates, Teams, and Networks," Entrepreneurship Theory and Practice, , vol. 30(2), pages 117-130, March.
    32. Florencio Lopez-de-Silanes & Ludovic Phalippou & Oliver Gottschalg, 2011. "Giants at the Gate: On the Cross-Section of Private Equity Investment Returns," Tinbergen Institute Discussion Papers 11-035/2/DSF12, Tinbergen Institute.
    33. Tykvová, Tereza & Schertler, Andrea, 2011. "Cross-border venture capital flows and local ties: Evidence from developed countries," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(1), pages 36-48, February.
    34. Ann†Kristin Achleitner & Christian Figge, 2014. "Private Equity Lemons?Evidence on Value Creation in Secondary Buyouts," European Financial Management, European Financial Management Association, vol. 20(2), pages 406-433, March.
    35. Wang, Lanfang & Wang, Susheng, 2012. "Economic freedom and cross-border venture capital performance," Journal of Empirical Finance, Elsevier, vol. 19(1), pages 26-50.
    36. Elisabeth S.C. Berger & Andreas Köhn, 2020. "Exploring the differences in early-stage start-up valuation across countries: an institutional perspective," International Entrepreneurship and Management Journal, Springer, vol. 16(1), pages 327-344, March.
    37. Da Rin, M. & Hellmann, T. & Puri, M.L., 2011. "A Survey of Venture Capital Research," Discussion Paper 2011-111, Tilburg University, Center for Economic Research.
    38. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    39. Bertoni, Fabio & Tykvová, Tereza, 2012. "Which form of venture capital is most supportive of innovation?," ZEW Discussion Papers 12-018, ZEW - Leibniz Centre for European Economic Research.
    40. Hüttenbrink, Alexander & Oehmichen, Jana & Rapp, Marc Steffen & Wolff, Michael, 2014. "Pay-for-performance – Does one size fit all? A multi-country study of Europe and the United States," International Business Review, Elsevier, vol. 23(6), pages 1179-1192.
    41. Matthias Huss & Heinz Zimmermann, 2018. "The Pricing of Liquidity Risk in Buyout Funds – A Public Market Perspective," Schmalenbach Business Review, Springer;Schmalenbach-Gesellschaft, vol. 70(3), pages 285-312, July.
    42. Kim, Jin-Hyuk & Wagman, Liad, 2016. "Early-stage entrepreneurial financing: A signaling perspective," Journal of Banking & Finance, Elsevier, vol. 67(C), pages 12-22.
    43. Benjamin Hammer & Heiko Hinrichs & Denis Schweizer, 2022. "What is different about private equity‐backed acquirers?," Review of Financial Economics, John Wiley & Sons, vol. 40(2), pages 117-149, April.
    44. Giovannetti, Andrea & Pipic, Denis, 2023. "Shaking hands with common foes: Clique premium and information diffusion in private equity networks," International Review of Financial Analysis, Elsevier, vol. 86(C).
    45. Alexandre Garel & Jose Martin-Flores & Arthur Petit-Romec & Ayesha Scott, 2021. "Institutional investor distraction and earnings management," Post-Print hal-03096196, HAL.
    46. Guo, Jie (Michael) & Li, Lu & Hu, Nan & Wang, Xing, 2019. "Do managers keep their word? The disclosure of merger intention at pre-merger issuance and M&A performance," Finance Research Letters, Elsevier, vol. 28(C), pages 20-31.
    47. Humphery-Jenner, Mark & Suchard, Jo-Ann, 2013. "Foreign VCs and venture success: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 16-35.
    48. Cumming, Douglas J. & Grilli, Luca & Murtinu, Samuele, 2017. "Governmental and independent venture capital investments in Europe: A firm-level performance analysis," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 439-459.
    49. Tykvová, Tereza & Borell, Mariela, 2011. "Do private equity owners increase risk of financial distress and bankruptcy?," ZEW Discussion Papers 11-076, ZEW - Leibniz Centre for European Economic Research.
    50. Banal-Estañol, Albert & Macho-Stadler, Inés & Nieto-Postigo, Jonás & Pérez-Castrillo, David, 2023. "Early individual stakeholders, first venture capital investment, and exit in the UK startup ecosystem," Journal of Corporate Finance, Elsevier, vol. 80(C).
    51. Bin Hao & Yanan Feng & Hongbin Tan & Mingzhu Ye, 2025. "Taking a Second Look at the Bait: Attention to Upside Potential Versus Downside Risk in Venture Capitalists’ Staged Investment," Entrepreneurship Theory and Practice, , vol. 49(1), pages 283-311, January.
    52. Chinmoy Ghosh & Mingwei Liang & Milena T Petrova, 2020. "The Effect of Fair Value Method Adoption: Evidence from Real Estate Firms in the EU," The Journal of Real Estate Finance and Economics, Springer, vol. 60(1), pages 205-237, February.
    53. Sofia Johan & Dorra Najar, 2011. "The Role of Law, Corruption and Culture in Investment Fund Manager Fees," Post-Print halshs-00639925, HAL.
    54. Aurélien Philippot, 2025. "A Moral Evaluation of LBOs," Journal of Business Ethics, Springer, vol. 196(3), pages 695-709, January.
    55. Tykvová, Tereza, 2005. "Who Chooses Whom? Syndication, Skills and Reputation," ZEW Discussion Papers 05-74, ZEW - Leibniz Centre for European Economic Research.
    56. Costanza Fabio, 2018. "Voluntary application of IFRS by unlisted companies: evidence from the Italian context," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 15(2), pages 73-86, May.
    57. Douglas Cumming & Sofia Johan, 2010. "Phasing Out an Inefficient Venture Capital Tax Credit," Journal of Industry, Competition and Trade, Springer, vol. 10(3), pages 227-252, September.
    58. McKenzie, Michael & Satchell, Stephen & Wongwachara, Warapong, 2014. "Converting true returns into reported returns: A general theory of linear smoothing and anti-smoothing," Journal of Empirical Finance, Elsevier, vol. 28(C), pages 215-229.
    59. Jean–Sébastien Michel, 2014. "Return on Recent VC Investment and Long–Run IPO Returns," Entrepreneurship Theory and Practice, , vol. 38(3), pages 527-549, May.
    60. Sara Ain Tommar & Serge Darolles & Emmanuel Jurczenko, 2023. "Private equity fund performance around the world," Post-Print hal-04581106, HAL.
    61. Roland Füss & Denis Schweizer, 2012. "Short and long-term interactions between venture capital returns and the macroeconomy: evidence for the United States," Review of Quantitative Finance and Accounting, Springer, vol. 38(3), pages 391-410, April.
    62. Cécile Carpentier & Douglas Cumming & Jean‐Marc Suret, 2012. "The Value of Capital Market Regulation: IPOs Versus Reverse Mergers," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 9(1), pages 56-91, March.
    63. Shujun Ding & Baozhi Qu & Zhenyu Wu, 2016. "Family Control, Socioemotional Wealth, and Governance Environment: The Case of Bribes," Journal of Business Ethics, Springer, vol. 136(3), pages 639-654, July.
    64. Douglas Cumming & Sofia Johan, 2009. "Pre-seed government venture capital funds," Journal of International Entrepreneurship, Springer, vol. 7(1), pages 26-56, March.
    65. Groh, Alexander Peter & Wallmeroth, Johannes, 2016. "Determinants of venture capital investments in emerging markets," Emerging Markets Review, Elsevier, vol. 29(C), pages 104-132.
    66. de Zwart, G.J. & Frieser, B. & van Dijk, D.J.C., 2007. "A Recommitment Strategy for Long Term Private Equity Fund Investors," ERIM Report Series Research in Management ERS-2007-097-F&A, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    67. Zeidan, Rodrigo & Müllner, Jakob, 2015. "Firm, market and top management antecedents of speculation: Lessons for corporate governance," Journal of Multinational Financial Management, Elsevier, vol. 32, pages 42-58.
    68. Douglas Cumming & Minjie Zhang, 2023. "Bankruptcy law and angel investors around the world," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 54(7), pages 1256-1277, September.
    69. Douglas Cumming & Sofia Johan & Jeffrey G. MacIntosh, 2017. "A drop in an empty pond: Canadian public policy towards venture capital," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 103-117, March.
    70. Kasper Meisner Nielsen, 2011. "The Return to Direct Investment in Private Firms: New Evidence on the Private Equity Premium Puzzle," European Financial Management, European Financial Management Association, vol. 17(3), pages 436-463, June.
    71. Garel, Alexandre & Martin-Flores, Jose M. & Petit-Romec, Arthur & Scott, Ayesha, 2021. "Institutional investor distraction and earnings management," Journal of Corporate Finance, Elsevier, vol. 66(C).
    72. Henry Lahr & Andrea Mina, 2014. "Liquidity, Technological Opportunities, and the Stage Distribution of Venture Capital Investments," Financial Management, Financial Management Association International, vol. 43(2), pages 291-325, June.
    73. Qian (Cecilia) Gu & Stephanie Lu Wang & Tao Bai, 2024. "Revealed and reserved: a compensating approach of voluntary disclosure by family multinationals," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 55(7), pages 914-933, September.
    74. Lloyd Blenman & Nischala Reddy, 2014. "Leveraged Buyout Activity: A Tale of Developed and Developing Economies," Journal of Financial Management, Markets and Institutions, Società editrice il Mulino, issue 2, pages 157-184, December.
    75. Massimo G. Colombo & Samuele Murtinu, 2017. "Venture Capital Investments in Europe and Portfolio Firms' Economic Performance: Independent Versus Corporate Investors," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 26(1), pages 35-66, February.
    76. Cumming, Douglas, 2007. "Government policy towards entrepreneurial finance: Innovation investment funds," Journal of Business Venturing, Elsevier, vol. 22(2), pages 193-235, March.
    77. Scellato, Giuseppe & Ughetto, Elisa, 2013. "Real effects of private equity investments: Evidence from European buyouts," Journal of Business Research, Elsevier, vol. 66(12), pages 2642-2649.
    78. Achleitner, Ann-Kristin & Braun, Reiner & Engel, Nico, 2011. "Value creation and pricing in buyouts: Empirical evidence from Europe and North America," Review of Financial Economics, Elsevier, vol. 20(4), pages 146-161.
    79. Buchner, Axel & Mohamed, Abdulkadir & Schwienbacher, Armin, 2016. "Does risk explain persistence in private equity performance?," Journal of Corporate Finance, Elsevier, vol. 39(C), pages 18-35.
    80. Holloway, Isaac & Lee, Hoan Soo & Shen, Tao, 2016. "Private equity firm heterogeneity and cross-border acquisitions," International Review of Economics & Finance, Elsevier, vol. 44(C), pages 118-141.
    81. Douglas Cumming & Sofia Johan, 2008. "Legality and venture capital fund manager compensation," Venture Capital, Taylor & Francis Journals, vol. 11(1), pages 23-54, June.
    82. Ann-Kristin Achleitner & Reiner Braun & Eva Lutz & Uwe Reiner, 2014. "Industry relatedness in trade sales and venture capital investment returns," Small Business Economics, Springer, vol. 43(3), pages 621-637, October.
    83. Cumming, D. & Johan, S.A., 2006. "Regulatory harmonization and the development of private equity markets," Discussion Paper 2006-001, Tilburg University, Tilburg Law and Economic Center.
    84. Chortareas, Georgios E. & Girardone, Claudia & Ventouri, Alexia, 2013. "Financial freedom and bank efficiency: Evidence from the European Union," Journal of Banking & Finance, Elsevier, vol. 37(4), pages 1223-1231.
    85. Ann‐Kristin Achleitner & Reiner Braun & Nico Engel, 2011. "Value creation and pricing in buyouts: Empirical evidence from Europe and North America," Review of Financial Economics, John Wiley & Sons, vol. 20(4), pages 146-161, November.
    86. Cumming, Douglas & Zambelli, Simona, 2013. "Private equity performance under extreme regulation," Journal of Banking & Finance, Elsevier, vol. 37(5), pages 1508-1523.
    87. Massimo G. Colombo & Benedetta Montanaro & Silvio Vismara, 2023. "What drives the valuation of entrepreneurial ventures? A map to navigate the literature and research directions," Small Business Economics, Springer, vol. 61(1), pages 59-84, June.
    88. Cumming, Douglas & Dai, Na, 2011. "Fund size, limited attention and valuation of venture capital backed firms," Journal of Empirical Finance, Elsevier, vol. 18(1), pages 2-15, January.
    89. Sofia Johan & Dorra Najar, 2010. "The Role of Corruption, Culture, and Law in Investment Fund Manager Fees," Journal of Business Ethics, Springer, vol. 95(2), pages 147-172, September.
    90. Li, Changhong & Shi, Yulin & Wu, Cong & Wu, Zhenyu & Zheng, Li, 2016. "Policies of promoting entrepreneurship and Angel Investment: Evidence from China," Emerging Markets Review, Elsevier, vol. 29(C), pages 154-167.
    91. Bonini, Stefano & Capizzi, Vincenzo & Zocchi, Paola, 2019. "The performance of angel-backed companies," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 328-345.
    92. Axel Buchner & Susanne Espenlaub & Arif Khurshed & Abdulkadir Mohamed, 2018. "Cross-border venture capital investments: The impact of foreignness on returns," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(5), pages 575-604, July.
    93. Schertler, Andrea & Tykvová, Tereza, 2012. "What lures cross-border venture capital inflows?," Journal of International Money and Finance, Elsevier, vol. 31(6), pages 1777-1799.
    94. Markus Taussig, 2017. "Foreignness as both a global asset and a local liability: How host country idiosyncrasies and business activities matter," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 48(4), pages 498-522, May.
    95. Cumming, Douglas & Fleming, Grant & Suchard, Jo-Ann, 2005. "Venture capitalist value-added activities, fundraising and drawdowns," Journal of Banking & Finance, Elsevier, vol. 29(2), pages 295-331, February.
    96. Cumming, Douglas & Ji, Shan & Peter, Rejo & Tarsalewska, Monika, 2020. "Market manipulation and innovation," Journal of Banking & Finance, Elsevier, vol. 120(C).
    97. Elena Yu. Makushina, 2022. "Disclosure by Venture Capital Funds Formed Under Investment Partnership Agreement," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 2, pages 113-129, April.
    98. Max Berre & Benjamin Le Pendeven, 2023. "What do we know about startup-valuation drivers? A systematic literature review 1," Post-Print hal-04232855, HAL.
    99. Jens Burchardt & Ulrich Hommel & Dzidziso Samuel Kamuriwo & Carolina Billitteri, 2016. "Venture Capital Contracting in Theory and Practice: Implications for Entrepreneurship Research," Entrepreneurship Theory and Practice, , vol. 40(1), pages 25-48, January.
    100. Douglas Cumming & Igor Filatotchev & April Knill & David Mitchell Reeb & Lemma Senbet, 2017. "Law, finance, and the international mobility of corporate governance," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 48(2), pages 123-147, February.
    101. Lossen, Ulrich, 2006. "The Performance of Private Equity Funds: Does Diversification Matter?," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 192, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
    102. Goktan, M. Sinan & Muslu, Volkan, 2018. "Benefits of public reporting: Evidence from IPOs backed by listed private equity firms," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 669-688.
    103. Cumming, Douglas & Groh, Alexander Peter, 2018. "Entrepreneurial finance: Unifying themes and future directions," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 538-555.
    104. Michael D. McKenzie & William H. Janeway, 2011. "Venture capital funds and the public equity market," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 51(3), pages 764-786, September.
    105. Ji Liu & Zheng Xu & Yanmei Zhang & Wei Dai & Hao Wu & Shiping Chen, 2022. "Digging into Primary Financial Market: Challenges and Opportunities of Adopting Blockchain," Papers 2204.09544, arXiv.org.
    106. Patricia Crifo & Vanina Forget, 2013. "Think Global, Invest Responsible: Why the Private Equity Industry Goes Green," Journal of Business Ethics, Springer, vol. 116(1), pages 21-48, August.
    107. Elisa Ughetto, 2016. "Investments, Financing Constraints and Buyouts: the Effect of Private Equity Investors on the Sensitivity of Investments to Cash Flow," Manchester School, University of Manchester, vol. 84(1), pages 25-54, January.
    108. Humphery-Jenner, M., 2011. "Diversification in Private Equity Funds : On Knowledge-sharing, Risk-aversion and Limited-attention," Other publications TiSEM 3e22d8a9-6846-484f-a09e-7, Tilburg University, School of Economics and Management.
    109. Broughman, Brian J. & Fried, Jesse M., 2012. "Do VCs use inside rounds to dilute founders? Some evidence from Silicon Valley," Journal of Corporate Finance, Elsevier, vol. 18(5), pages 1104-1120.
    110. Toby Stuart & Yanbo Wang, 2016. "Who cooks the books in China, and does it pay? Evidence from private, high‐technology firms," Strategic Management Journal, Wiley Blackwell, vol. 37(13), pages 2658-2676, December.
    111. Markus Taussig & Andrew Delios, 2015. "Unbundling the effects of institutions on firm resources: The contingent value of being local in emerging economy private equity," Strategic Management Journal, Wiley Blackwell, vol. 36(12), pages 1845-1865, December.
    112. Douglas Cumming & Minjie Zhang, 2019. "Angel investors around the world," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(5), pages 692-719, July.
    113. Wang, Lanfang & Wang, Susheng, 2011. "Cross-border venture capital performance: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 19(1), pages 71-97, January.
    114. Rainer Lauterbach & Isabell Welpe & Jan Fertig, 2007. "Performance differentiation: cutting losses and maximizing profits of private equity and venture capital investments," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 21(1), pages 45-67, March.
    115. Buchner, Axel & Mohamed, Abdulkadir & Schwienbacher, Armin, 2017. "Diversification, risk, and returns in venture capital," Journal of Business Venturing, Elsevier, vol. 32(5), pages 519-535.
    116. Lindsey, Kevin & Mauck, Nathan & Olsen, Ben, 2021. "The coming wave of small business succession and the role of stakeholder synergy theory," Global Finance Journal, Elsevier, vol. 48(C).
    117. Chen Li & Yang Yu, 2025. "The Impact of Private Equity on Quality of Reporting and Acquisition Premiums in Management Buyouts," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 65(4), pages 4187-4229, December.
    118. Ma, Xinxin & Iwasaki, Ichiro, 2026. "Board composition, private sector development, and corporate crime: Evidence from China," The Quarterly Review of Economics and Finance, Elsevier, vol. 105(C).
    119. Marek Kacer & Nicholas Wilson & Sana Zouari & Marc Cowling, 2025. "Entrepreneurial finance and the survival of equity-funded firms in crisis periods: the case of COVID-19," Small Business Economics, Springer, vol. 65(2), pages 837-870, August.
    120. Milosevic, Miona, 2018. "Skills or networks? Success and fundraising determinants in a low performing venture capital market," Research Policy, Elsevier, vol. 47(1), pages 49-60.
    121. Anthony P Cannizzaro & Robert J Weiner, 2018. "State ownership and transparency in foreign direct investment," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(2), pages 172-195, February.
    122. Jelic, Ranko & Zhou, Dan & Ahmad, Wasim, 2021. "Do stressed PE firms misbehave?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    123. Liang, Qing & Gan, Christopher & Li, Zhaohua, 2019. "Institutional environment and financing costs: Evidence from venture capital backed transactions," Finance Research Letters, Elsevier, vol. 31(C).
    124. Bonini, Stefano & Capizzi, Vincenzo & Valletta, Mario & Zocchi, Paola, 2018. "Angel network affiliation and business angels' investment practices," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 592-608.
    125. Cumming, Douglas & Schmidt, Daniel & Walz, Uwe, 2010. "Legality and venture capital governance around the world," Journal of Business Venturing, Elsevier, vol. 25(1), pages 54-72, January.
    126. Que, Jiangjing & Zhang, Xueyong, 2021. "Money chasing hot industries? Investor attention and valuation of venture capital backed firms," Journal of Corporate Finance, Elsevier, vol. 68(C).
    127. Birgitte Grøgaard & Michael A. Sartor & Linda Rademaker, 2022. "What merits greater scholarly attention in international business?," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(7), pages 1508-1518, September.
    128. Areneke, Geofry & Adegbite, Emmanuel & Tunyi, Abongeh, 2022. "Transfer of corporate governance practices into weak emerging market environments by foreign institutional investors," International Business Review, Elsevier, vol. 31(5).
    129. Dong, Qi & Slovin, Myron B. & Sushka, Marie E., 2020. "Private equity exits after IPOs," Journal of Corporate Finance, Elsevier, vol. 64(C).
    130. Cumming, Douglas & Helge Haß, Lars & Schweizer, Denis, 2013. "Private equity benchmarks and portfolio optimization," Journal of Banking & Finance, Elsevier, vol. 37(9), pages 3515-3528.
    131. Wang, Rouzhi & Wu, Chaopeng, 2020. "Politician as venture capitalist: Politically-connected VCs and IPO activity in China," Journal of Corporate Finance, Elsevier, vol. 64(C).
    132. Voth, Hans-Joachim, 2007. "Transparenz und Fairness auf einem einheitlichen europäischen Kapitalmarkt," Study / edition der Hans-Böckler-Stiftung, Hans-Böckler-Stiftung, Düsseldorf, volume 127, number 203, May.
    133. Andreas Köhn, 2018. "The determinants of startup valuation in the venture capital context: a systematic review and avenues for future research," Management Review Quarterly, Springer, vol. 68(1), pages 3-36, February.
    134. Ann‐Kristin Achleitner & Nico Engel & Uwe Reiner, 2013. "The performance of venture capital investments: Do investors overreact?," Review of Financial Economics, John Wiley & Sons, vol. 22(1), pages 20-35, January.
    135. Li, Ting & Zaiats, Nataliya, 2017. "Information environment and earnings management of dual class firms around the world," Journal of Banking & Finance, Elsevier, vol. 74(C), pages 1-23.
    136. Kallenos, Theodosis L. & Nishiotis, George P., 2023. "Market-based private equity returns," Journal of Banking & Finance, Elsevier, vol. 157(C).
    137. Douglas Cumming & Grant Fleming & Sofia A. Johan, 2011. "Institutional Investment in Listed Private Equity," European Financial Management, European Financial Management Association, vol. 17(3), pages 594-618, June.
    138. Wang, Lanfang & Wang, Susheng, 2012. "Endogenous networks in investment syndication," Journal of Corporate Finance, Elsevier, vol. 18(3), pages 640-663.
    139. Axel Buchner & Susanne Espenlaub & Arif Khurshed & Abdulkadir Mohamed, 2024. "Private Debt and the Role of Venture Capital and Private Equity Sponsors," Management Science, INFORMS, vol. 70(1), pages 372-395, January.
    140. Douglas Cumming & Grant Fleming & Sofia Johan & Mai Takeuchi, 2010. "Legal Protection, Corruption and Private Equity Returns in Asia," Journal of Business Ethics, Springer, vol. 95(2), pages 173-193, September.
    141. Ramon P. DeGennaro & Gerald P. Dwyer, 2010. "Expected returns to stock investments by angel investors in groups," FRB Atlanta Working Paper 2010-14, Federal Reserve Bank of Atlanta.
    142. Amidu, Mohammed & Mohammed Sissy, Aisha & Haruna, Issahaku, 2017. "The effects of cross-border banking and institutional quality on accounting information of banks in Africa," MPRA Paper 101509, University Library of Munich, Germany, revised 15 Sep 2017.
    143. Hand, John R.M., 2007. "Determinants of the round-to-round returns to pre-IPO venture capital investments in U.S. biotechnology companies," Journal of Business Venturing, Elsevier, vol. 22(1), pages 1-28, January.
    144. Stanfield, Jared, 2020. "Skill, syndication, and performance: Evidence from leveraged buyouts," Journal of Corporate Finance, Elsevier, vol. 65(C).
    145. Mike Wright & John Gilligan & Kevin Amess, 2008. "The economic impact of private equity: what we know and what we would like to know," Venture Capital, Taylor & Francis Journals, vol. 11(1), pages 1-21, March.
    146. Douglas Cumming & Satish Kumar & Weng Marc Lim & Nitesh Pandey, 2023. "Mapping the venture capital and private equity research: a bibliometric review and future research agenda," Small Business Economics, Springer, vol. 61(1), pages 173-221, June.
    147. Buchner, Axel & Mohamed, Abdulkadir & Schwienbacher, Armin, 2020. "Herd behaviour in buyout investments," Journal of Corporate Finance, Elsevier, vol. 60(C).
    148. Douglas Cumming, 2010. "Public policy and the creation of active venture capital markets," Venture Capital, Taylor & Francis Journals, vol. 13(1), pages 75-94, April.
    149. Cumming, Douglas & Schmidt, Daniel & Walz, Uwe, 2004. "Legality and venture governance around the world," CFS Working Paper Series 2004/17, Center for Financial Studies (CFS).
    150. Fang, Hongyan & Nofsinger, John R. & Song, Zhihui & Wang, Shuxun, 2018. "Private equity performance and capital flows: Evidence from China," Emerging Markets Review, Elsevier, vol. 37(C), pages 223-244.
    151. Sofia Johan & Minjie Zhang, 2021. "Information Asymmetries in Private Equity: Reporting Frequency, Endowments, and Governance," Journal of Business Ethics, Springer, vol. 174(1), pages 199-220, November.
    152. Thomas J Boulton & Scott B Smart & Chad J Zutter, 2017. "Conservatism and international IPO underpricing," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 48(6), pages 763-785, August.
    153. Douglas Cumming & Sofia Johan, 2013. "The IPO as an exit strategy for venture capitalists: regional lessons from Canada with international comparisons," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 21, pages 465-502, Edward Elgar Publishing.
    154. Cressy, Robert & Munari, Federico & Malipiero, Alessandro, 2007. "Playing to their strengths? Evidence that specialization in the private equity industry confers competitive advantage," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 647-669, September.
    155. Geczy, Christopher & Jeffers, Jessica S. & Musto, David K. & Tucker, Anne M., 2021. "Contracts with (Social) benefits: The implementation of impact investing," Journal of Financial Economics, Elsevier, vol. 142(2), pages 697-718.
    156. Schertler, Andrea & Tykvová, Tereza, 2006. "Rivals or partners? Evidence from Europe's international private equity deals," ZEW Discussion Papers 06-091, ZEW - Leibniz Centre for European Economic Research.
    157. Jackson, William E. & Bates, Timothy & Bradford, William D., 2012. "Does venture capitalist activism improve investment performance?," Journal of Business Venturing, Elsevier, vol. 27(3), pages 342-354.
    158. Valkama, Petri & Maula, Markku & Nikoskelainen, Erkki & Wright, Mike, 2013. "Drivers of holding period firm-level returns in private equity-backed buyouts," Journal of Banking & Finance, Elsevier, vol. 37(7), pages 2378-2391.
    159. Mingyi Hung & Yongtae Kim & Siqi Li, 2018. "Political connections and voluntary disclosure: Evidence from around the world," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(3), pages 272-302, April.
    160. Douglas Cumming, 2007. "Financing Entrepreneurs Better Canadian Policy for Venture Capital," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 247, April.
    161. Cumming, Douglas & Fleming, Grant & Schwienbacher, Armin, 2006. "Legality and venture capital exits," Journal of Corporate Finance, Elsevier, vol. 12(2), pages 214-245, January.

  40. Cumming, Douglas & Schmidt, Daniel & Walz, Uwe, 2004. "Legality and venture governance around the world," CFS Working Paper Series 2004/17, Center for Financial Studies (CFS).

    Cited by:

    1. Cumming, Douglas & Siegel, Donald S. & Wright, Mike, 2007. "Private equity, leveraged buyouts and governance," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 439-460, September.
    2. Cumming, Douglas J., 2005. "Capital structure in venture finance," Journal of Corporate Finance, Elsevier, vol. 11(3), pages 550-585, June.
    3. Elsayed Elsiefy, 2014. "Fundamental Requirements for Building an Islamic Venture Capital Model," Accounting and Finance Research, Sciedu Press, vol. 3(1), pages 1-55, February.
    4. Thi X. A. Tran & Thi L. A. Nguyen & Thi H. L. Nguyen, 2016. "Affect of Uncertainty Avoidance on Venture Capital Investing Activities in Asian Countries," Asian Social Science, Canadian Center of Science and Education, vol. 12(12), pages 152-152, December.
    5. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    6. Leonardo de Lima Ribeiro & Antonio Gledson de Carvalho, 2007. "Private equity and venture capital in an emerging economy: evidence from Brazil," Venture Capital, Taylor & Francis Journals, vol. 10(2), pages 111-126, December.
    7. Cumming, Douglas & Johan, Sofia Atiqah binti, 2008. "Preplanned exit strategies in venture capital," European Economic Review, Elsevier, vol. 52(7), pages 1209-1241, October.
    8. Cumming, Douglas J., 2005. "Agency costs, institutions, learning, and taxation in venture capital contracting," Journal of Business Venturing, Elsevier, vol. 20(5), pages 573-622, September.
    9. Tereza Tykvová, 2006. "How do investment patterns of independent and captive private equity funds differ? Evidence from Germany," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 20(4), pages 399-418, December.
    10. L. Bottazzi & M. Da Rin & T. Hellmann, 2007. "The Importance of Trust for Investment: Evidence from Venture Capital," Working Papers 612, Dipartimento Scienze Economiche, Universita' di Bologna.
    11. Groh, Alexander P., 2009. "Private equity in emerging markets," IESE Research Papers D/779, IESE Business School.
    12. Groh, Alexander P. & Liechtenstein, Heinrich & Canela, Miguel A., 2008. "Limited partners' perceptions of the Central Eastern European venture capital and private equity market," IESE Research Papers D/727, IESE Business School.
    13. Bottazzi, L. & Da Rin, M. & Hellmann, T., 2009. "What is the role of legal systems in financial intermediation? Theory and evidence," Other publications TiSEM ab9b328a-050d-45b6-be20-7, Tilburg University, School of Economics and Management.
    14. Douglas Cumming, 2005. "Review Essay: Global Venture Capital Transactions," Venture Capital, Taylor & Francis Journals, vol. 7(2), pages 185-201, January.
    15. Cumming, Douglas & Fleming, Grant & Schwienbacher, Armin, 2006. "Legality and venture capital exits," Journal of Corporate Finance, Elsevier, vol. 12(2), pages 214-245, January.

  41. John Armour & Douglas Cumming, 2004. "The Legal Road To Replicating Silicon Valley," Working Papers wp281, Centre for Business Research, University of Cambridge.

    Cited by:

    1. Da Rin, Marco & Nicodano, Giovanna & Sembenelli, Alessandro, 2005. "Public policy and the creation of active venture capital markets," Working Paper Series 430, European Central Bank.
    2. Luukkonen, Terttu, 2006. "Venture Capital Industry in Finland - Country Report for the Venture Fun Project," Discussion Papers 1003, The Research Institute of the Finnish Economy.
    3. Bhatia, Jai, 2009. "The impact of insolvency laws on venture capital," MPRA Paper 21346, University Library of Munich, Germany.

  42. Douglas J. Cumming & Jeffrey G. MacIntosh, 2003. "Comparative Venture Capital Governance. Private versus Labour Sponsored Venture Capital Funds," CESifo Working Paper Series 853, CESifo.

    Cited by:

    1. Alperovych, Yan & Hübner, Georges & Lobet, Fabrice, 2015. "How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium," Journal of Business Venturing, Elsevier, vol. 30(4), pages 508-525.
    2. Mark R. Ayoub & Sandra Gottschalk & Bettina Müller, 2017. "Impact of public seed-funding on academic spin-offs," The Journal of Technology Transfer, Springer, vol. 42(5), pages 1100-1124, October.
    3. Cécile Carpentier & Jean-Marc Suret, 2005. "On the Usefulness of Tax Incentives for Business Angels and SME Owners: An Empirical Analysis," CIRANO Working Papers 2005s-13, CIRANO.
    4. Annita Florou, 2005. "Discussion of Performance of Private to Public MBOs: The Role of Venture Capital," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(3‐4), pages 683-690, April.

Articles

  1. Zulfiquer Ali Haider & Douglas J. Cumming & Zhenyu Wu, 2025. "Groupthink in the Board of Family Firms: The Case of Institutional Investment," Entrepreneurship Theory and Practice, , vol. 49(3), pages 916-958, May.

    Cited by:

  2. Cumming, Douglas & Nguyen, My, 2025. "The impact of asset specificity on corporate tax avoidance: Do financial constraints and product market power matter?," The British Accounting Review, Elsevier, vol. 57(3).

    Cited by:

    1. Tu, Ruide & Zeng, Yitang & Zhang, Su & Zhou, Yifu, 2025. "Dawn in enterprises' financial difficulties: The significance of digital financial awareness in mitigating hardship," International Review of Economics & Finance, Elsevier, vol. 103(C).

  3. Cumming, Douglas & Lan, Yihui & Shan, Yuan George & Zhang, Junru, 2025. "Discretionary tone in reward-based crowdfunding: Do project owners talk their way to success?," The British Accounting Review, Elsevier, vol. 57(3).

    Cited by:

    1. Zirui Song & Yihui Lan & Yuan George Shan, 2026. "From Human Hands to Machine Minds: Financing AI‐Driven Entrepreneurship in Reward‐Based Crowdfunding," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 66(2), pages 1055-1076, June.

  4. Cumming, Douglas & Lu, Fanyu & Xu, Limin & Yu, Chia-Feng (Jeffrey), 2025. "Does stakeholder orientation mitigate shareholder-employee conflicts? Evidence from a quasi-natural experiment," Journal of Corporate Finance, Elsevier, vol. 91(C).

    Cited by:

    1. Wu, Yeyu & Xie, Sujuan & Xu, Yang, 2025. "Labor outcomes of partial privatization in state-owned enterprises: Evidence on employment and compensation under mixed ownership," International Review of Financial Analysis, Elsevier, vol. 105(C).
    2. Chen, Jierong, 2025. "How does share repurchase reform optimize corporate recapitalization: A quasi-natural experiment in China," International Review of Financial Analysis, Elsevier, vol. 108(PB).

  5. Cumming, Douglas & Drobetz, Wolfgang & Momtaz, Paul P. & Schermann, Niclas, 2025. "Financing decentralized digital platform growth: The role of crypto funds in blockchain-based startups," Journal of Business Venturing, Elsevier, vol. 40(1).

    Cited by:

    1. Lo Monaco, Valerio & Momtaz, Paul & Vismara, Silvio, 2025. "Distributed governance and value creation in decentralized autonomous organizations: Evidence from a regression discontinuity design," Economics Letters, Elsevier, vol. 248(C).
    2. Bellavitis, Cristiano & Momtaz, Paul P., 2025. "Voting governance and value creation in decentralized autonomous organizations (DAOs)," Journal of Business Venturing Insights, Elsevier, vol. 23(C).
    3. Hornuf, Lars & Momtaz, Paul P. & Nam, Rachel J. & Yuan, Ye, 2025. "Cybercrime on the Ethereum blockchain," SAFE Working Paper Series 444, Leibniz Institute for Financial Research SAFE.
    4. Xiao, Shufeng & AL-Tabbaa, Omar & Park, Byung Il, 2025. "Crowdfunding for entrepreneurial orientation in emerging markets: The moderating role of digital transformation," Technovation, Elsevier, vol. 145(C).
    5. Alexander Hammerl, 2025. "Optimal Control of Reserve Asset Portfolios for Stablecoins," Papers 2508.09429, arXiv.org, revised Feb 2026.
    6. Hornuf, Lars & Momtaz, Paul P. & Nam, Rachel J. & Yuan, Ye, 2025. "Cybercrime on the ethereum blockchain," Journal of Banking & Finance, Elsevier, vol. 175(C).
    7. Paola Agnese Bongini & Francesca Mattassoglio & Alessia Pedrazzoli & Silvio Vismara, 2025. "Crypto ecosystem: navigating the past, present, and future of decentralized finance," The Journal of Technology Transfer, Springer, vol. 50(5), pages 2054-2075, October.

  6. Douglas Cumming & Ahmed Sewaid, 2025. "Crowdlending, Self-Employment, and Entrepreneurial Performance," Entrepreneurship Theory and Practice, , vol. 49(2), pages 403-434, March.

    Cited by:

    1. Birindelli, Giuliana & Chiappini, Helen & Martino, Pierluigi, 2026. "When do alliances with FinTechs pay off for banks? The moderating role of corporate governance," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 107(C).

  7. Cumming, Douglas J. & Johan, Sofia & Reardon, Robert S., 2025. "Institutional quality and success in U.S. equity crowdfunding," Research Policy, Elsevier, vol. 54(1).

    Cited by:

    1. Sami Ben Jabeur & Faten Ben Slimane & Meriem Haouat Asli & Salma Mefteh-Wali, 2025. "Crowdlending platforms: reputation on the line," International Entrepreneurship and Management Journal, Springer, vol. 21(1), pages 1-24, December.
    2. Sewaid, Ahmed & Zahra, Shaker A. & Aparicio, Sebastian, 2026. "From novice to serial entrepreneur: How institutions influence relaunching decisions on international crowdfunding platforms," Technovation, Elsevier, vol. 149(C).
    3. Mataigne, Virginie & Meoli, Michele & Vanacker, Tom & Vismara, Silvio, 2025. "False signaling by platform team members and post-campaign venture outcomes: Evidence from an equity crowdfunding platform," Journal of Business Venturing, Elsevier, vol. 40(1).
    4. Lazos, Aristogenis, 2025. "When policy makers want to protect investors in equity crowdfunding: Does it have regional implications?," Technological Forecasting and Social Change, Elsevier, vol. 215(C).
    5. Farè, Luca & Meoli, Michele & Vismara, Silvio, 2024. "Sustainable crowdfunding and cultural contexts: Evidence from a longitudinal multi-country analysis," Finance Research Letters, Elsevier, vol. 70(C).

  8. Carè, Rosella & Cumming, Douglas, 2024. "Technology and automation in financial trading: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 71(C).

    Cited by:

    1. Carè, Rosella & Fatima, Rabia & Agnese, Paolo, 2025. "Crowdfunding and sustainable development: A systematic review," Finance Research Letters, Elsevier, vol. 78(C).
    2. Guillén-Pujadas, Miguel & Alaminos, David & Vizuete-Luciano, Emili & Callejón-Gil, Ángela M. & Merigó-Lindahl, José María, 2024. "Mapping the evolution of ethical standards in trading: A bibliometric analysis," International Review of Economics & Finance, Elsevier, vol. 96(PB).
    3. Carè, R. & Fatima, R. & Cerciello, M. & Taddeo, S., 2025. "Exploring the landscape of green crowdfunding: Trends, themes, and insights from a bibliometric review," Finance Research Letters, Elsevier, vol. 77(C).
    4. Carè, Rosella & Boitan, Iustina Alina & Stoian, Andreea Maria & Fatima, Rabia, 2025. "Exploring the landscape of financial inclusion through the lens of financial technologies: A review," Finance Research Letters, Elsevier, vol. 72(C).

  9. Cumming, Douglas & Meoli, Michele & Rossi, Alice & Vismara, Silvio, 2024. "ESG and crowdfunding platforms," Journal of Business Venturing, Elsevier, vol. 39(1).

    Cited by:

    1. Reza-Gharehbagh, Raziyeh & Pullman, Madeleine, 2026. "Sustainable product development under profit-sharing crowdfunding: an analytical approach to market structure and government policy," European Journal of Operational Research, Elsevier, vol. 328(2), pages 704-724.
    2. Maiolini, Riccardo & Cappa, Francesco & Franco, Stefano & Quaratino, Giovanni Raimondo, 2024. "The impact of sustainable development goals in lending-based prosocial crowdfunding: A topic modeling analysis on the kiva platform," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    3. Sandra Correia & Miguel Sousa & Elísio Brandão, 2024. "What do we know about the choices of entrepreneurs before the equity crowdfunding campaign?," Small Business Economics, Springer, vol. 63(4), pages 1471-1501, December.
    4. Hao, Xiaoli & Sun, Qingyu & Li, Ke & Li, Peilun & Wu, Haitao, 2024. "Does environmental decentralisation improve ESG performance? Evidence from listed companies in China," Energy Economics, Elsevier, vol. 139(C).
    5. Tian, Jingwen & Wei, Ju & Fan, Weiguo & Wang, Yafei, 2024. "When crowdfunding meets bank financing: Substitute or supplement?," International Journal of Production Economics, Elsevier, vol. 277(C).
    6. Mataigne, Virginie & Meoli, Michele & Vanacker, Tom & Vismara, Silvio, 2025. "False signaling by platform team members and post-campaign venture outcomes: Evidence from an equity crowdfunding platform," Journal of Business Venturing, Elsevier, vol. 40(1).
    7. Qiu, Zhaoxuan & Li, Jincheng & Liu, Bei & Jin, Meilin & Wang, Jinmin, 2025. "How does energy quota trading affect the corporate pollution gap? Evidence from China," Economic Modelling, Elsevier, vol. 146(C).
    8. Khurram, Muhammad Usman & Abbassi, Wajih & Chen, Yifan & Chen, Lifeng, 2024. "Outward foreign investment performance, digital transformation, and ESG performance: Evidence from China," Global Finance Journal, Elsevier, vol. 60(C).
    9. Carè, Rosella & Fatima, Rabia & Agnese, Paolo, 2025. "Crowdfunding and sustainable development: A systematic review," Finance Research Letters, Elsevier, vol. 78(C).
    10. Billio, Monica & Butticè, Vincenzo & Pietro, Francesca Di & Tenca, Francesca & Vismara, Silvio, 2025. "Rising tides, rising funds: Floods and climate mitigation campaigns in equity crowdfunding," Finance Research Letters, Elsevier, vol. 74(C).
    11. Baldissarro, Giovanni & Farinelli, Elisa & Iazzolino, Gianpaolo & Maiolini, Riccardo & Morea, Donato, 2025. "The link between crowdfunding and sustainability: A literature review in the field of entrepreneurs and academic spinoffs," Finance Research Letters, Elsevier, vol. 77(C).
    12. Carè, R. & Fatima, R. & Cerciello, M. & Taddeo, S., 2025. "Exploring the landscape of green crowdfunding: Trends, themes, and insights from a bibliometric review," Finance Research Letters, Elsevier, vol. 77(C).
    13. Cerchione, Roberto & Liccardo, Giuseppe & Passaro, Renato, 2025. "Crowdfunding business models through the lens of sustainable development: A taxonomy for backers and funders," Finance Research Letters, Elsevier, vol. 78(C).
    14. Del Sarto, Nicola & Bellavitis, Cristiano, 2025. "Equity crowdfunding for sustainable oriented ventures: Lead investor impact on campaign success and post-campaign performance," Finance Research Letters, Elsevier, vol. 74(C).
    15. Luca Farè & Michele Meoli & Armin Schwienbacher & Silvio Vismara, 2026. "Is Blending Fintech With Traditional Finance a Top-Shelf Blend or a Sour Mix? Evidence From the Ownership of Equity Crowdfunding Platforms," Entrepreneurship Theory and Practice, , vol. 50(3), pages 722-756, May.
    16. Sharina Tajul Urus & Intan Salwani Mohamed & Zarinah Abd Rasit & Maslinawati Mohamad, 2025. "The Crowdfunding in the Emerging Market: Insight into the Conceptualization and Governing Issues of Crowdfunding," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(4), pages 562-579, April.
    17. Dinh, Jeannette Mai & Isaak, Andrew Jay & Wehner, Marius Claus, 2024. "Sustainability-oriented crowdfunding: An integrative literature review," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 448, pages 1-38.
    18. Appio, Francesco & Bazgour, Tarik & Platania, Federico & Toscano Hernandez, Celina, 2025. "The green premium: How environmental consciousness elevates crowdfunding success," Finance Research Letters, Elsevier, vol. 74(C).
    19. Belinda Laura del Gaudio & Aristogenis Lazos & Daniele Previtali, 2025. "Does equity crowdfunding enhance the survival of sustainability ventures?," Post-Print hal-04982817, HAL.
    20. Del Gaudio, Belinda Laura & Lazos, Aristogenis & Previtali, Daniele, 2025. "Does equity crowdfunding enhance the survival of sustainability ventures?," Finance Research Letters, Elsevier, vol. 75(C).
    21. Capolupo, Paolo & Natalicchio, Angelo & Ardito, Lorenzo & Messeni Petruzzelli, Antonio & Cazzorla, Manuela, 2025. "Family-governed businesses and successful equity crowdfunding: The moderating role of sustainability orientation," Finance Research Letters, Elsevier, vol. 71(C).
    22. Maiolini, Riccardo & Nasta, Luigi, 2024. "Crowdfunding for sustainability: How environmental activism moderates support for B2B and B2C campaigns," Finance Research Letters, Elsevier, vol. 69(PB).
    23. Xiao, Shufeng & AL-Tabbaa, Omar & Park, Byung Il, 2025. "Crowdfunding for entrepreneurial orientation in emerging markets: The moderating role of digital transformation," Technovation, Elsevier, vol. 145(C).
    24. Julian Schenkenhofer & Silvio Vismara, 2025. "Civic awareness of social entrepreneurship and consumer boycotts: A collective action approach," Small Business Economics, Springer, vol. 65(3), pages 1953-1973, October.
    25. Pyayt P. Oo & Arvin Sahaym & Keith M. Hmieleski & Richard Chan & Annaleena Parhankangas, 2025. "The Aha Moment! The Effects of Serendipity and Innovation on Crowdfunding Performance," Entrepreneurship Theory and Practice, , vol. 49(1), pages 60-88, January.
    26. Raju, Akhil & Marisetty, Vijaya B., 2025. "Community activism, Social ties and ESG campaign success," Finance Research Letters, Elsevier, vol. 73(C).
    27. Waldron, Theodore L. & McMullen, Jeffery S. & Newbert, Scott L. & Payne, G. Tyge & York, Jeffrey G., 2025. "Bold, broad, rigorous, and…relevant? Designing entrepreneurship research for translation," Journal of Business Venturing, Elsevier, vol. 40(4).
    28. Boutouar, Yassine & La Rocca, Maurizio & La Rocca, Tiziana & D'Amico, Augusto, 2025. "The role of sustainability and high-tech sector affiliation in shaping equity crowdfunding success: An AI perspective," Finance Research Letters, Elsevier, vol. 77(C).
    29. Paola Agnese Bongini & Francesca Mattassoglio & Alessia Pedrazzoli & Silvio Vismara, 2025. "Crypto ecosystem: navigating the past, present, and future of decentralized finance," The Journal of Technology Transfer, Springer, vol. 50(5), pages 2054-2075, October.
    30. Michelino, Francesca & Varriale, Vincenzo & Appio, Francesco & Caputo, Mauro, 2025. "Crowdfunding for sustainable development: Comparing stand-alone and combined applications," Finance Research Letters, Elsevier, vol. 74(C).
    31. Lazos, Aristogenis, 2025. "When policy makers want to protect investors in equity crowdfunding: Does it have regional implications?," Technological Forecasting and Social Change, Elsevier, vol. 215(C).
    32. Bellavite Pellegrini, Carlo & Pellegrini, Laura & Vismara, Silvio, 2026. "Climate change and systemic risk: Evidence from financial intermediaries," Technological Forecasting and Social Change, Elsevier, vol. 222(C).
    33. Zhou, Mengling & Huang, Zizhen & Jiang, Kangqi, 2024. "Environmental, social, and governance performance and corporate debt maturity in China," International Review of Financial Analysis, Elsevier, vol. 95(PA).
    34. Johan, Sofia & Reardon, Robert S., 2024. "The role of platform stakes in equity crowdfunding success," Finance Research Letters, Elsevier, vol. 69(PA).
    35. Bartoli, Chiara & Annosi, Maria Carmela & Orero, Levi & Brunetta, Federica, 2025. "Crowdfunding for sustainability: Key elements driving crowdfunding success across economic, social, and environmental goals," Finance Research Letters, Elsevier, vol. 81(C).
    36. Jun Cui, 2025. "Entrepreneurial Motivations and ESG Performance Evidence from Automobile Companies Listed on the Chinese Stock Exchange," Papers 2503.21828, arXiv.org.
    37. Drobetz, Wolfgang & El Ghoul, Sadok & Guedhami, Omrane & Hackmann, Jan P. & Momtaz, Paul P., 2024. "Entrepreneurial finance and sustainability: Do institutional investors impact the ESG performance of SMEs?," Journal of Business Venturing Insights, Elsevier, vol. 22(C).
    38. Ge, Ruichen & Zhang, Sha & Zhao, Hong, 2025. "How do timing and narrative tone influence the impact of pro-environmental orientation on crowdfunding performance?," Finance Research Letters, Elsevier, vol. 75(C).
    39. Pirazzi Maffiola, Kevin & D'Angelo, Viviana & Capo, Francesca & Scali, Elena, 2025. "Environmental orientation, regional innovation, and equity crowdfunding campaigns’ outcomes: Evidence from two Italian platforms," Finance Research Letters, Elsevier, vol. 71(C).
    40. Silvio Vismara & Peter Wirtz, 2025. "Fundraising, Governance and Environmental Ethics: Evidence from Equity Crowdfunding," Journal of Business Ethics, Springer, vol. 200(4), pages 841-865, September.
    41. Aristogenis Lazos, 2025. "Does equity crowdfunding benefit ventures located in high unemployment regions?," Small Business Economics, Springer, vol. 64(2), pages 575-598, February.
    42. Ma, Rufei & Chen, Yuhua & Ji, Qiang & Zhai, Pengxiang, 2025. "How does environmental regulatory stringency shape ESG? Evidence from cross-listing," International Review of Financial Analysis, Elsevier, vol. 104(PB).
    43. Felix Friederich & Ramon Palau-Saumell & Jorge Matute & José Luis Sánchez-Torelló, 2024. "Investors’ acceptance and use of investment-based crowdfunding platforms: an integrated perspective," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(4), pages 1291-1303, December.
    44. Farè, Luca & Meoli, Michele & Vismara, Silvio, 2024. "Sustainable crowdfunding and cultural contexts: Evidence from a longitudinal multi-country analysis," Finance Research Letters, Elsevier, vol. 70(C).

  10. Douglas Cumming & Fanyu Lu & Limin Xu & Chia-Feng (Jeffrey) Yu, 2024. "Are Companies Offloading Risk onto Employees in Times of Uncertainty? Insights from Corporate Pension Plans," Journal of Business Ethics, Springer, vol. 195(3), pages 579-598, December.

    Cited by:

    1. Rabbani, Mustafa Raza & Kiran, Madiha & Bouri, Elie & Alsharif, Mohammad, 2026. "Corporate carbon risk amidst world policy uncertainty: An international perspective," Finance Research Letters, Elsevier, vol. 87(C).

  11. Cumming, Douglas J. & Javakhadze, David & Rajkovic, Tijana, 2024. "Unlocking Dividends: The impact of managerial social capital on international corporate payouts," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 95(C).

    Cited by:

    1. Balli, Faruk & Balli, Hatice Ozer & Hoxha, Indrit & Nguyen, Hannah & Dang, Tam Hoang Nhat, 2026. "Energy market deregulation: A new perspective on dividend smoothing," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 106(C).
    2. Le, Anh-Tuan & Tran, Thao Phuong & Vu, Phuong-Linh, 2026. "ESG reputational risk and corporate dividend policy: International evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 106(C).

  12. Cumming, Douglas & Köchling, Gerrit & Neukirchen, Daniel & Posch, Peter N., 2024. "How does corporate culture affect IPO price formation?," Journal of Banking & Finance, Elsevier, vol. 163(C).

    Cited by:

    1. Shiblu, Kawser Ahmed & Toscano, Francesca, 2026. "Culture as a catalyst: The impact of corporate culture on strategic alliances and equity market response," Journal of Financial Stability, Elsevier, vol. 82(C).
    2. Galip Cihan Yalçın & Karahan Kara & Hamide Özyürek & Vladimir Simic & Dragan Pamucar, 2026. "Benchmarking the financial performance of initial public offering companies via a Z score normalization-based MPSI-RBNAR hybrid approach," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 12(1), pages 1-38, December.

  13. Cumming, Douglas & Khan, Muhammad Zubair & Khan, Naimat U. & Khan, Zafir Ullah, 2024. "Size matters: Unpacking the relationship between institutional investor size and private equity asset allocation within diverse institutional contexts," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 92(C).

    Cited by:

    1. Muhammad Zubair Khan & Walter Ferrier & Zafir Ullah Khan & Affan Hameed, 2025. "The interplay of institutional quality and financial development in venture capital fundraising," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 52(2), pages 379-413, June.
    2. Jo, Jinhyeong & Ryu, Doojin, 2026. "Do GPs truly present fair value? The case of continuation funds," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 107(C).

  14. Douglas Cumming & Jun Hu & Huiying Wu, 2024. "Leaving a Legacy for my Children: The One-Child Policy Reform and Engagement in CSR Among Family Firms in China," Journal of Business Ethics, Springer, vol. 193(3), pages 611-632, September.

    Cited by:

    1. Liu, Yuanyuan & He, Feng & Pang, Tingyun, 2026. "The importance of ownership origin: How family firm innovation responds to innovation-driven strategy in China," International Review of Financial Analysis, Elsevier, vol. 109(C).
    2. Liu, Baohua & Wang, Qilin & Chang, Samuel & Zeng, Yongliang, 2025. "Inherited challenges: How second-generation involvement hinders green innovation in family firms," International Review of Economics & Finance, Elsevier, vol. 103(C).

  15. Muhammad Farooq Ahmad & Nihat Aktas & Douglas Cumming & Guosong Xu, 2024. "Board reforms and M&A performance: international evidence," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 55(5), pages 616-637, July.

    Cited by:

    1. Hendrik Bessembinder & Michael J. Cooper & Wei Jiao & Feng Zhang, 2025. "Long-run post-event returns in global stock markets," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 56(9), pages 1150-1169, December.

  16. Corbet, Shaen & Cumming, Douglas & Glatzer, Zachary & Johan, Sofia, 2024. "Understanding the rapid development of CBDC in emerging economies," Finance Research Letters, Elsevier, vol. 70(C).

    Cited by:

    1. Akyildirim, Erdinc & Corbet, Shaen & Mukherjee, Abhishek & Ryan, Michael, 2025. "Global perspectives on open banking: Regulatory impacts and market response," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 101(C).
    2. Zeng, Linshan & Young, Martin R. & Hao, Wei, 2025. "Currency digitalization: The supply, demand, and infrastructure aspects of china's central bank digital currency," Finance Research Letters, Elsevier, vol. 85(PB).
    3. Qifeng Tang & Yain-Whar Si, 2025. "Central Bank Digital Currencies: A Survey," Papers 2507.08880, arXiv.org.

  17. Douglas Cumming & Robert S. Reardon, 2023. "COVID-19 and entrepreneurial processes in US equity crowdfunding," Journal of Small Business Management, Taylor & Francis Journals, vol. 61(5), pages 2326-2349, September.
    See citations under working paper version above.
  18. Douglas Cumming & Lars Hornuf & Moein Karami & Denis Schweizer, 2023. "Disentangling Crowdfunding from Fraudfunding," Journal of Business Ethics, Springer, vol. 182(4), pages 1103-1128, February.
    See citations under working paper version above.
  19. Awais Amin, Qazi & Cumming, Douglas, 2023. "Regulatory reforms, board independence and earnings quality," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 88(C).

    Cited by:

    1. Faizah Alsulami, 2024. "The Operational Risk Disclosure Threshold Effect in the Earnings Management–Sustainability Firm Performance Nexus in Saudi Arabia: A Dynamic Panel Threshold Regression Model," Sustainability, MDPI, vol. 16(10), pages 1-21, May.
    2. Zulfiquer Ali Haider & Douglas J. Cumming & Zhenyu Wu, 2025. "Groupthink in the Board of Family Firms: The Case of Institutional Investment," Entrepreneurship Theory and Practice, , vol. 49(3), pages 916-958, May.
    3. Li, Huxing & Zhou, Cheng & Ling, Yixin & Du, Shilin & Tian, Grace Li, 2025. "Board independence and corporate governance: Mediating role of financial asset allocation," Finance Research Letters, Elsevier, vol. 72(C).

  20. Aitken, Michael & Cumming, Douglas & Zhan, Feng, 2023. "Algorithmic trading and market quality: International evidence of the impact of errors in colocation dates," Journal of Banking & Finance, Elsevier, vol. 151(C).

    Cited by:

    1. Karim, Sitara & Shafiullah, Muhammad & Naeem, Muhammad Abubakr, 2024. "When one domino falls, others follow: A machine learning analysis of extreme risk spillovers in developed stock markets," International Review of Financial Analysis, Elsevier, vol. 93(C).
    2. Carè, Rosella & Cumming, Douglas, 2024. "Technology and automation in financial trading: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 71(C).

  21. Douglas Cumming & Minjie Zhang, 2023. "Bankruptcy law and angel investors around the world," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 54(7), pages 1256-1277, September.

    Cited by:

    1. Honjo, Yuji & Ikeuchi, Kenta & Nakamura, Hiroki, 2024. "Does risk aversion affect individuals’ interests and actions in angel investing? Empirical evidence from Japan," Japan and the World Economy, Elsevier, vol. 70(C).
    2. Vincenzo Capizzi & Nicola Carta & Elisa Cavezzali & Ugo Rigoni, 2026. "The angels and the crowd: business angels’ investment practices and follow-on crowdfunding in entrepreneurial firms," The Journal of Technology Transfer, Springer, vol. 51(3), pages 1470-1509, June.
    3. Edward I. Altman & Rui Dai & Wei Wang, 2024. "Global zombie companies: measurements, determinants, and outcomes," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 55(6), pages 723-744, August.
    4. Fernandez, Viviana, 2024. "Micro-angel investments of men and women: The role of institutions," Research in International Business and Finance, Elsevier, vol. 70(PB).
    5. Viviana Fernandez, 2025. "Angel investments of small family business entrepreneurs: cross-country evidence," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-36, December.

  22. Bernales, Alejandro & Beuermann, Diether W. & Cumming, Douglas & Olid, Christian, 2023. "Blue-Collar Crime and Finance," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 83(C).
    See citations under working paper version above.
  23. Alsagr, Naif & Cumming, Douglas J. & Davis, Justin G. & Sewaid, Ahmed, 2023. "Geopolitical risk and crowdfunding performance," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 85(C).

    Cited by:

    1. Chang, Chia-Chi & Pai, Chun-Jui, 2025. "Non-profit fundraising activities in a war environment: An exploration of hindrance factors using a modified Z-HISA hybrid model," Journal of Business Research, Elsevier, vol. 189(C).
    2. Alsagr, Naif, 2024. "Revisiting the natural resources rent and financial development nexus: Does geopolitical risk and corruption really matters?," Resources Policy, Elsevier, vol. 89(C).
    3. Junjuan Du, 2023. "Rational or Impulsive? Early Backers’ Investment Behavior in Agri-Food Crowdfunding from 4P–4C Perspectives," SAGE Open, , vol. 13(3), pages 21582440231, August.
    4. Aristogenis Lazos & Laurent Pataillot, 2026. "Does Geopolitical Risk Matter for the Success of Initial Coin Offerings?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 31(2), pages 2754-2779, April.
    5. Shi, Zhe & Li, Ying, 2023. "China's sustainable development perspective of financial development from the lens of geopolitical risk and resources extraction," Resources Policy, Elsevier, vol. 86(PA).
    6. Adeniji, James & Essuman, Dominic & Olabode, Oluwaseun E., 2026. "Saying enough vs saying too much: Lessons on optimizing project risk description for crowdfunding success in developing countries," Technovation, Elsevier, vol. 149(C).
    7. Li, Rongnan & Liu, Zhuang & Li, Shun & Geng, Jiao & Shi, Guanqun & Gu, Xiao, 2023. "Geopolitical risk, green finance and natural resources: A novel analysis of China's national level data," Resources Policy, Elsevier, vol. 86(PB).

  24. Douglas Cumming & Sofia Johan & Zaheer Khan & Martin Meyer, 2023. "E-Commerce Policy and International Business," Management International Review, Springer, vol. 63(1), pages 3-25, February.

    Cited by:

    1. Eugénie Coche & Ans Kolk & Václav Ocelík, 2024. "Unravelling cross-country regulatory intricacies of data governance: the relevance of legal insights for digitalization and international business," Journal of International Business Policy, Palgrave Macmillan, vol. 7(1), pages 112-127, March.
    2. Marius Mueller & Bernhard Swoboda, 2025. "Determinants of Wholly Owned Foreign Direct Investments in E-Commerce Firms: A Hierarchical Country- and Firm-Level Analysis," Management International Review, Springer, vol. 65(4), pages 699-736, August.
    3. Knight, Gary & Khan, Zaheer & Nummela, Niina, 2025. "Born globals, international new ventures, and international entrepreneurship: Reflections and a research agenda," International Business Review, Elsevier, vol. 34(4).
    4. Roxana Maria BARB, 2023. "Creating Shared Value In A Digitalized Business Model From The Sharing Economy," Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 17(1), pages 127-138, November.
    5. Temouri, Yama & Wood, Geoffrey & Pereira, Vijay & Lewellyn, Krista B. & Reppas, Dimitrios, 2025. "Cross-country evidence of e-commerce SME internationalization and the role of policy," International Business Review, Elsevier, vol. 34(6).
    6. Yang, Bo & Bai, Wensong & Chen, Yantai & Rong, Ke, 2025. "Internationalization of digital firms: A systematic review and research agenda," Journal of Business Research, Elsevier, vol. 189(C).
    7. Heidi Coral Thornton & Ronaldo Parente, 2025. "Internationalization pathways of sharing economy companies," Journal of International Entrepreneurship, Springer, vol. 23(2), pages 345-372, June.
    8. Marius Mueller & Bernhard Swoboda, 2025. "Effects of International E-Commerce Firms’ Depth versus Breadth of Control on Foreign Sales Performance and the Role of Market Size and Growth as Context Factors," Management International Review, Springer, vol. 65(2), pages 275-304, April.
    9. Jihan Fauziah Afifah & Muhammad Rakib & Andika Isma, 2024. "Development Business Based on E-Commerce in Improving Service Quality in Crafte House Businesses," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(15), pages 129-140, November.

  25. Douglas Cumming & Lars Helge Hass & Linda A. Myers & Monika Tarsalewska, 2023. "Does Venture Capital Backing Improve Disclosure Controls and Procedures? Evidence from Management’s Post-IPO Disclosures," Journal of Business Ethics, Springer, vol. 187(3), pages 539-563, October.

    Cited by:

    1. Zhang, Lin & Cui, Xiaomeng & Jing, Wei, 2024. "Who are responsible venture capitalists? The effect of business experience," International Review of Economics & Finance, Elsevier, vol. 96(PA).
    2. Wenjing Sun & Zheng Wang & Yongxin Huang & Yifan Li, 2024. "Unlocking SME growth: Analyzing the government subsidies’ impact on financing in China," PLOS ONE, Public Library of Science, vol. 19(8), pages 1-29, August.
    3. Jingbin He & Bo Liu & Hong Zou, 2025. "Quid Pro Quo in IPO Auctions," Journal of Business Ethics, Springer, vol. 199(2), pages 413-436, June.

  26. Akter, Maimuna & Cumming, Douglas & Ji, Shan, 2023. "Natural disasters and market manipulation," Journal of Banking & Finance, Elsevier, vol. 153(C).

    Cited by:

    1. Jun Du & Xinhui Dai & Bo Yan, 2025. "Typhoon strikes, political costs and earnings management," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 65(2), pages 2065-2105, June.
    2. Xiaoran Ni & Yi Si & Bohui Zhang, 2026. "Climate vulnerability and stock price crash risk worldwide," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 57(2), pages 257-280, March.
    3. Zhang, Jiang, 2025. "International information flow and market quality," Journal of Banking & Finance, Elsevier, vol. 173(C).
    4. Li, Zhibing & Liu, Jia & Liu, Jie & Liu, Xiaoyu & Wu, Chonglin, 2025. "Investor attention and stock price manipulation: Evidence from daily quasi-natural experiments," Journal of Banking & Finance, Elsevier, vol. 179(C).
    5. Charles Morrison & John Gartchie Gatsi & Samuel Kwaku Agyei & Mac Junior Abeka, 2025. "Natural Hazards and Financial Development in Sub-Saharan Africa: The Moderating Role of the Stage of Development," Economics of Disasters and Climate Change, Springer, vol. 9(1), pages 135-163, March.
    6. Liu, Jie & Zhang, Jingru & Chen, Zhenshan, 2025. "The effect of stock market manipulation on investor behavioral bias," Journal of Behavioral and Experimental Finance, Elsevier, vol. 47(C).
    7. Xu, Weidong & Zhu, Danyu & Gao, Xin & Xing, Lu & Li, Donghui, 2025. "The price of realized extreme climate events in the implied cost of equity capital: International evidence," Journal of Banking & Finance, Elsevier, vol. 180(C).
    8. Douglas Cumming & Esteban Hernandez & Shan Ji, 2026. "Not All Family Firms Are Alike: How Founder-Led and Governance-Entrenched Family Control Shape the Trading Environment Around the Firm," Papers 2607.10876, arXiv.org.
    9. Chen, Yangfa & Jiang, Ji & Liu, Jie & Liu, Xiao & Wu, Weili, 2025. "Registration system reform, information environment, and market manipulation," Journal of Corporate Finance, Elsevier, vol. 93(C).
    10. Zribi, Wissal & Boufateh, Talel & Guesmi, Khaled, 2023. "Climate uncertainty effects on bitcoin ecological footprint through cryptocurrency environmental attention," Finance Research Letters, Elsevier, vol. 58(PD).
    11. Kim, Jang-Chul & Su, Qing, 2023. "The dynamics of utility stocks amidst adversity of Hurricane Sandy," Finance Research Letters, Elsevier, vol. 58(PD).

  27. Douglas Cumming & Satish Kumar & Weng Marc Lim & Nitesh Pandey, 2023. "Mapping the venture capital and private equity research: a bibliometric review and future research agenda," Small Business Economics, Springer, vol. 61(1), pages 173-221, June.

    Cited by:

    1. Axel Buchner & Pia Helbing & Abdulkadir Mohamed & Hyungseok David Yoon, 2025. "Does the same investment team create value? Evidence from venture capital syndication," Small Business Economics, Springer, vol. 65(4), pages 2331-2360, December.
    2. Topaler Başak & Khan Hamza, 2025. "Signaling shaped by the context: Early-stage funding in the Turkish startup ecosystem," Management & Marketing, Sciendo, vol. 20(3), pages 65-77.
    3. VEUGELERS Reinhilde & AMARAL-GARCIA Sofia, 2025. "Financing EU Health Innovation: the role of Venture Capital," JRC Working Papers on Corporate R&D and Innovation 2025-01, Joint Research Centre.
    4. Hu, Xiao & Wang, Jiayi & Wu, Banggang & Xiang, Shuting, 2023. "Venture capital firms' lead orientation and entry to new investment markets," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
    5. Ross Brown & Augusto Rocha & Haoran Sun & Marc Cowling, 2025. "Unpacking the money-distance nexus: mapping the spatial configuration of exogenous entrepreneurial finance across UK entrepreneurial ecosystems," Small Business Economics, Springer, vol. 65(3), pages 1501-1515, October.
    6. Prosper Lamothe-Fernández & Eduardo García-Argüelles & Sergio Manuel Fernández-Miguélez & Omar Hassani-Zerrouk, 2025. "Determining Drivers of Private Equity Return with Computational Approaches," Computational Economics, Springer;Society for Computational Economics, vol. 65(1), pages 483-505, January.
    7. De Silva, Cristina & Del Gaudio, Belinda Laura & Gervasoni, Anna & Lertora, Michele, 2025. "Private equity and financial distress: A bibliometric literature review," Research in International Business and Finance, Elsevier, vol. 74(C).
    8. Shallu Batra & Mahender Yadav & Joseph Amankwah‐Amoah & Mohit Saini & Albert Danso, 2025. "The Intellectual Structure in University Social Responsibility Research: A Bibliometric Analysis," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 32(4), pages 4482-4499, July.
    9. Dahbi, F. & Carrasco, I. & Petracci, B., 2024. "A systematic literature review on social impact bonds," Finance Research Letters, Elsevier, vol. 62(PA).
    10. Weaich, Malcolm, 2024. "Exploring the Transdisciplinary Nexus of Young People's Future Livelihoods and Relational Well-Being: A Bibliometric Approach," SocArXiv fhng9_v1, Center for Open Science.
    11. Asuamah Yeboah, Samuel, 2023. "Catalysing Entrepreneurial Growth: Unleashing the Potential of Venture Capital and Private Equity in Developing Nations," MPRA Paper 117977, University Library of Munich, Germany, revised 20 Jun 2023.
    12. Duca, John V. & Sanchez-Colburn, Franklin, 2025. "What drives U.S. corporate private equity? An historical perspective," Journal of Financial Stability, Elsevier, vol. 78(C).
    13. Ahmed Idi Kato, 2025. "Unveiling venture capital’s disruptive power; fuelling innovation and economic growth in high-impact firms in East Africa," Future Business Journal, Springer, vol. 11(1), pages 1-18, December.
    14. Alexander Pöschl & Isabella Manh Quynh Mai, 2026. "Cross-border investments and fundraising communication in entrepreneurship-through-acquisition: exploratory evidence from search fund entrepreneurs in Asia," Asia Pacific Journal of Management, Springer, vol. 43(1), pages 269-301, March.
    15. Mayank Joshipura & Nohade Nasrallah & Nikita Kedia, 2025. "Green and Climate Finance for Sustainability: Hybrid Review and Framework Development," Business Strategy and the Environment, Wiley Blackwell, vol. 34(3), pages 3618-3634, March.
    16. Elhachemi Abdelkader Hacine Gherbi & Gamal Sayed Ahmed Khalifa & Aleksy Kwilinski, 2024. "Forecasting Entrepreneurial and Employability Opportunities in the UAE: A Government Finance Analysis," Virtual Economics, The London Academy of Science and Business, vol. 7(4), pages 92-121, December.
    17. Jalil Heidary Dahooie & Navid Mohammadi & Mahak Sharma & Tugrul Daim, 2026. "Venture capital dilemma: which start-up to invest in?," Review of Managerial Science, Springer, vol. 20(1), pages 169-219, January.
    18. Zhang, Jian & Eid, Riyad & Agag, Gomaa & Chen, Chunxiao & Fu, Ruibing, 2024. "Exploring the link between entrepreneurial passion and SMEs retailers’ performance: The role of exploration and exploitation under different cultural contexts," Journal of Retailing and Consumer Services, Elsevier, vol. 78(C).

  28. Douglas Cumming & Pedro Monteiro, 2023. "Sovereign wealth fund investment in venture capital, private equity, and real asset funds," Journal of International Business Policy, Palgrave Macmillan, vol. 6(3), pages 330-355, September.
    See citations under working paper version above.
  29. Douglas Cumming & Zachary Glatzer & Omrane Guedhami, 2023. "Institutions, digital assets, and implications for economic and financial performance," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 50(3), pages 487-513, September.

    Cited by:

    1. Xiao, Biyun & Lin, Su & Wu, Chunxiao & Sun, Boming, 2025. "Leveraging traditional financial asset protection methods for digital asset security," International Review of Economics & Finance, Elsevier, vol. 99(C).
    2. Fanyu Chen & Zi Wen Vivien Wong & Siong Hook Law, 2024. "Brain drain: what is the role of institutions?," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 51(3), pages 605-628, September.
    3. Artee Bhadauria & Rohit Rajwanshi & Richa Agarwal, 2024. "The crypto-market bubble burst: identifying the risk factors that prohibit cryptocurrency investments," SN Business & Economics, Springer, vol. 4(5), pages 1-30, May.

  30. Amin, Qazi Awais & Cumming, Douglas, 2023. "The politician as a CEO, corporate governance and firm value," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 87(C).

    Cited by:

    1. Linlin Duan & Jintao Zhang & Li Meng, 2024. "Administrative penalties and corporate CSR disclosure strategies," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 45(4), pages 2360-2372, June.
    2. Alam, Ashraful & Banna, Hasanul & Roni, Naheed Nawazesh & Abedin, Mohammad Zoynul, 2025. "Sowing Sustainability: How does fintech mitigate agricultural financial risk from climate change vulnerability," International Review of Economics & Finance, Elsevier, vol. 101(C).
    3. Siew Peng Lee & Mansor Isa & Mohammed Sharaf Shaiban, 2025. "Corporate Governance and Greenwashing: The Moderating Role of Political Connection and Sensitive Industries," SAGE Open, , vol. 15(3), pages 21582440251, August.

  31. Douglas Cumming & Fabrice Hervé & Elodie Manthé & Armin Schwienbacher, 2022. "Testing-the-Waters Policy With Hypothetical Investment: Evidence From Equity Crowdfunding," Entrepreneurship Theory and Practice, , vol. 46(4), pages 1019-1053, July.
    See citations under working paper version above.
  32. Cumming, Douglas J. & Nguyen, Giang & Nguyen, My, 2022. "Product market competition, venture capital, and the success of entrepreneurial firms," Journal of Banking & Finance, Elsevier, vol. 144(C).
    See citations under working paper version above.
  33. Douglas J. Cumming & Andrea Martinez-Salgueiro & Robert S. Reardon & Ahmed Sewaid, 2022. "COVID-19 bust, policy response, and rebound: equity crowdfunding and P2P versus banks," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1825-1846, December.

    Cited by:

    1. Belinda Laura del Gaudio & Aristogenis Lazos & Daniele Previtali, 2025. "Does equity crowdfunding enhance the survival of sustainability ventures?," Post-Print hal-04982817, HAL.
    2. Gaibulloev, Khusrav & Mirzaei, Ali & Moore, Tomoe & Saad, Mohsen, 2025. "The effect of fintech financing on firm performance: Evidence from emerging economies," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 103(C).
    3. Cumming, Douglas & Meoli, Michele & Rossi, Alice & Vismara, Silvio, 2024. "ESG and crowdfunding platforms," Journal of Business Venturing, Elsevier, vol. 39(1).
    4. Nitin Garg & G. P. Sahu, 2025. "Decrypting peer-to-peer lending: an integrated bibliometric and content analysis approach," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 30(3), pages 1-19, September.
    5. Chen, Jiakai & Huang, Wei & Wang, Xinruo, 2025. "Peer-to-peer lending: Shift of pricing regime and changes in risk sensitivity," Journal of Banking & Finance, Elsevier, vol. 176(C).
    6. Zhang, Miaoyin (Alexandra), 2025. "Does marketplace lending provide liquidity during a crisis?," The Quarterly Review of Economics and Finance, Elsevier, vol. 104(C).

  34. Cristiano Bellavitis & Douglas Cumming & Tom Vanacker, 2022. "Ban, Boom, and Echo! Entrepreneurship and Initial Coin Offerings," Entrepreneurship Theory and Practice, , vol. 46(5), pages 1136-1169, September.

    Cited by:

    1. Bellavitis, Cristiano & Momtaz, Paul P., 2025. "Voting governance and value creation in decentralized autonomous organizations (DAOs)," Journal of Business Venturing Insights, Elsevier, vol. 23(C).
    2. Johannes Fuchs & Paul P. Momtaz, 2025. "Token governance in initial coin offerings: Implications of token retention and resale restrictions for ICO success," Small Business Economics, Springer, vol. 64(3), pages 1321-1359, March.
    3. Johannes Fuchs & Paul P. Momtaz, 2025. "A New Era of Entrepreneurial Finance? Venture Tokenization and Public Markets for Startups," CESifo Working Paper Series 11760, CESifo.
    4. Luca Farè & Michele Meoli & Armin Schwienbacher & Silvio Vismara, 2026. "Is Blending Fintech With Traditional Finance a Top-Shelf Blend or a Sour Mix? Evidence From the Ownership of Equity Crowdfunding Platforms," Entrepreneurship Theory and Practice, , vol. 50(3), pages 722-756, May.
    5. Alexander Pöschl & Isabella Manh Quynh Mai, 2026. "Cross-border investments and fundraising communication in entrepreneurship-through-acquisition: exploratory evidence from search fund entrepreneurs in Asia," Asia Pacific Journal of Management, Springer, vol. 43(1), pages 269-301, March.
    6. Pierluigi Martino & Tom Vanacker & Igor Filatotchev & Cristiano Bellavitis, 2025. "(De)centralized governance and the value of platform-based new ventures: The moderating role of teams and transparency," Small Business Economics, Springer, vol. 64(4), pages 1763-1790, April.

  35. Basnet, Anup & Blomkvist, Magnus & Cumming, Douglas J., 2022. "Premature listing and post-IPO venture capital refinancing," Economics Letters, Elsevier, vol. 216(C).
    See citations under working paper version above.
  36. Cumming, Douglas & Monteiro, Pedro, 2022. "Hedge fund sales fees and the flow of funds around the world," Economic Modelling, Elsevier, vol. 112(C).

    Cited by:

    1. Luo, Changqing & Fu, Xinxin & Chen, Carl R. & Dong, Liang, 2025. "Who is smarter? Evidence from extreme financial risk contagion in hedge funds and mutual funds," The North American Journal of Economics and Finance, Elsevier, vol. 75(PA).
    2. Desrousseaux, Luc, 2023. "Are activist hedge funds good business advisors?," Economic Modelling, Elsevier, vol. 125(C).

  37. Cumming, Douglas & Farag, Hisham & Johan, Sofia & McGowan, Danny, 2022. "The Digital Credit Divide: Marketplace Lending and Entrepreneurship," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 57(7), pages 2659-2692, November.

    Cited by:

    1. Lars Hornuf & Johannes Voshaar, 2024. "What Is an Effective Signal in Crowdfunding? Evidence from Expert Researchers and a Meta-Study," CESifo Working Paper Series 11501, CESifo.
    2. Christopher J. Boudreaux & Rebel A. Cole, 2025. "Intellectual property among incorporated and unincorporated entrepreneurs," Small Business Economics, Springer, vol. 65(4), pages 2089-2111, December.
    3. Toni Ahnert & Sebastian Doerr & Nicola Pierri & Yannick Timmer, 2026. "Information Technology in Banking and Entrepreneurship," Management Science, INFORMS, vol. 72(3), pages 1796-1813, March.
    4. Sachin Kumar Sharma & P. Vigneswara Ilavarasan & Stan Karanasios, 2024. "Small businesses and FinTech: a systematic review and future directions," Electronic Commerce Research, Springer, vol. 24(1), pages 535-575, March.
    5. Zhuang Liu & Xingyi Li & Zhongfei Li, 2024. "Inclusive FinTech, open banking, and bank performance: evidence from China," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-24, December.
    6. Douglas Cumming & Hisham Farag & Santosh Koirala & Danny McGowan, 2026. "How Disruptive is Financial Technology?," Papers 2601.14071, arXiv.org, revised Jan 2026.

  38. Cumming, Douglas & Ge, Ying, 2022. "Trade facilitation costs and corruption: Evidence from China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 78(C).

    Cited by:

    1. Hang Zheng & Jian Han & Yiqun Liu, 2024. "Authorized economic operator certification and export stability: Evidence from China's firms," Review of International Economics, Wiley Blackwell, vol. 32(3), pages 1174-1203, August.
    2. Benjamin Mosses Sakita & Berit Irene Helgheim & Svein Bråthen, 2024. "The Principal-Agent Theoretical Ramifications on Digital Transformation of Ports in Emerging Economies," Logistics, MDPI, vol. 8(2), pages 1-39, May.
    3. Florackis, Chris & Fu, Xi & Wang, Jingjing, 2023. "Political connections, environmental violations and punishment: Evidence from heavily polluting firms," International Review of Financial Analysis, Elsevier, vol. 88(C).

  39. Corbet, Shaen & Cumming, Douglas J. & Hou, Yang (Greg) & Hu, Yang & Oxley, Les, 2022. "Have crisis-induced banking supports influenced European bank performance, resilience and price discovery?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 78(C).

    Cited by:

    1. Akyildirim, Erdinc & Corbet, Shaen & Mukherjee, Abhishek & Ryan, Michael, 2025. "Global perspectives on open banking: Regulatory impacts and market response," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 101(C).
    2. Kyriazis, Nikolaos & Papadamou, Stephanos & Tzeremes, Panayiotis & Corbet, Shaen, 2024. "Quantifying spillovers and connectedness among commodities and cryptocurrencies: Evidence from a Quantile-VAR analysis," Journal of Commodity Markets, Elsevier, vol. 33(C).
    3. Bagh, Tanveer & Hunjra, Ahmed Imran & Corbet, Shaen, 2025. "The impact of corporate governance on firm value: Understanding the role of strategic change," International Review of Economics & Finance, Elsevier, vol. 103(C).
    4. Kyriazis, Nikolaos & Corbet, Shaen, 2024. "Evaluating the dynamic connectedness of financial assets and bank indices during black-swan events: A Quantile-VAR approach," Energy Economics, Elsevier, vol. 131(C).
    5. Lang, Chunlin & Hu, Yang & Corbet, Shaen & Hou, Yang (Greg), 2024. "Tail risk connectedness in G7 stock markets: Understanding the impact of COVID-19 and related variants," Journal of Behavioral and Experimental Finance, Elsevier, vol. 41(C).
    6. Akyildirim, Erdinc & Corbet, Shaen & Ongena, Steven & Staunton, David, 2025. "Understanding reputational risks: The impact of ESG events on European banks," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 105(C).
    7. Laith Alshouha & Ohoud Khasawneh & Fadi Alshannag & Khalid Al Tanbour, 2025. "Nexus Between Fintech Innovations and Liquidity Risk in GCC Banks: The Moderating Role of Bank Size," JRFM, MDPI, vol. 18(5), pages 1-21, April.
    8. Kyriazis, Nikolaos & Papadamou, Stephanos & Tzeremes, Panayiotis & Corbet, Shaen, 2023. "Can cryptocurrencies provide a viable hedging mechanism for benchmark index investors?," Research in International Business and Finance, Elsevier, vol. 64(C).
    9. Tamy Al-Binali & Ahmet Faruk Aysan & Hasan Dinçer & Ibrahim Musa Unal & Serhat Yüksel, 2023. "New Horizons in Bank Mergers: A Quantum Spherical Fuzzy Decision-Making Framework for Analyzing Islamic and Conventional Bank Mergers and Enhancing Resilience," Sustainability, MDPI, vol. 15(10), pages 1-37, May.
    10. Corbet, Shaen & Hou, Yang (Greg) & Hu, Yang & Oxley, Les, 2022. "The growth of oil futures in China: Evidence of market maturity through global crises," Energy Economics, Elsevier, vol. 114(C).
    11. Tang, Mengxuan & Hu, Yang & Corbet, Shaen & Hou, Yang (Greg) & Oxley, Les, 2024. "Fintech, bank diversification and liquidity: Evidence from China," Research in International Business and Finance, Elsevier, vol. 67(PA).
    12. Hu, Yang & Lang, Chunlin & Corbet, Shaen & Wang, Junchuan, 2024. "The impact of COVID-19 on the volatility connectedness of the Chinese tourism sector," Research in International Business and Finance, Elsevier, vol. 68(C).
    13. Bevilacqua, Mattia & Duygun, Meryem & Vioto, Davide, 2023. "The impact of COVID-19 related policy interventions on international systemic risk," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 89(C).

  40. Daniel Blaseg & Douglas Cumming & Michael Koetter, 2021. "Equity Crowdfunding: High-Quality or Low-Quality Entrepreneurs?," Entrepreneurship Theory and Practice, , vol. 45(3), pages 505-530, May.

    Cited by:

    1. Vincenzo Butticè & Silvio Vismara, 2022. "Inclusive digital finance: the industry of equity crowdfunding," The Journal of Technology Transfer, Springer, vol. 47(4), pages 1224-1241, August.
    2. de Andrés, Pablo & Correia, Ricardo & Rezola, Álvaro & Suárez, Nuria, 2022. "The role of funding portals as signaling offering quality in investment crowdfunding," Finance Research Letters, Elsevier, vol. 46(PA).
    3. Nguyen, Thien Le-Hoang & Hsieh, Hui-Ching, 2025. "Iron curtain echoes: The enduring impact of communism and crowdfunding," Journal of Corporate Finance, Elsevier, vol. 91(C).
    4. Mataigne, Virginie & Meoli, Michele & Vanacker, Tom & Vismara, Silvio, 2025. "False signaling by platform team members and post-campaign venture outcomes: Evidence from an equity crowdfunding platform," Journal of Business Venturing, Elsevier, vol. 40(1).
    5. Cumming, Douglas J. & Johan, Sofia Atiqah & Reardon, Robert S., 2021. "Governance and success in U.S. equity crowdfunding," CFS Working Paper Series 668, Center for Financial Studies (CFS).
    6. Cumming, Douglas J. & Reardon, Robert S., 2021. "COVID-19 and entrepreneurial processes in U.S. equity crowdfunding," CFS Working Paper Series 665, Center for Financial Studies (CFS).
    7. Lukkarinen, Anna & Schwienbacher, Armin, 2023. "Secondary market listings in equity crowdfunding: The missing link?," Research Policy, Elsevier, vol. 52(1).
    8. Skare, Marinko & Gavurova, Beata & Polishchuk, Volodymyr, 2023. "A decision-making support model for financing start-up projects by venture capital funds on a crowdfunding platform," Journal of Business Research, Elsevier, vol. 158(C).
    9. Douglas Cumming & Ahmed Sewaid, 2025. "Crowdlending, Self-Employment, and Entrepreneurial Performance," Entrepreneurship Theory and Practice, , vol. 49(2), pages 403-434, March.
    10. Christoph Siemroth & Lars Hornuf, 2021. "Why Do Retail Investors Pick Green Investments? A Lab-in-the-Field Experiment with Crowdfunders," CESifo Working Paper Series 9197, CESifo.
    11. Maarten Cerpentier & Tom Vanacker & Ine Paeleman & Katja Bringmann, 2022. "Equity crowdfunding, market timing, and firm capital structure," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1766-1793, December.
    12. Tzur, Hana & Segev, Ella, 2025. "Entrepreneurs’ optimal decisions in equity crowdfunding campaigns," European Journal of Operational Research, Elsevier, vol. 327(2), pages 673-689.
    13. Aristogenis Lazos, 2025. "Does equity crowdfunding benefit ventures located in high unemployment regions?," Small Business Economics, Springer, vol. 64(2), pages 575-598, February.
    14. Koki KURIHARA & Yuji HONJO, 2022. "Determinants of Campaign Success: Empirical evidence from equity crowdfunding in Japan," Discussion papers 22057, Research Institute of Economy, Trade and Industry (RIETI).

  41. Alperovych, Yan & Cumming, Douglas & Czellar, Veronika & Groh, Alexander, 2021. "M&A rumors about unlisted firms," Journal of Financial Economics, Elsevier, vol. 142(3), pages 1324-1339.
    See citations under working paper version above.
  42. Cumming, Douglas & Verdoliva, Vincenzo & Zhan, Feng, 2021. "New and future research in corporate finance and governance in China and emerging markets," Emerging Markets Review, Elsevier, vol. 46(C).

    Cited by:

    1. Estévez-Mendoza, Carlos & Montoro-Sánchez, Ángeles, 2024. "Exploring the relationship between innovation and corporate governance," Technological Forecasting and Social Change, Elsevier, vol. 209(C).
    2. Michael Christofi & Huda Khan & Lea Iaia, 2024. "Responsible innovation in Asia: A systematic review and an agenda for future research," Asia Pacific Journal of Management, Springer, vol. 41(3), pages 1085-1127, September.
    3. Khoo, Joye & (Wai Kong) Cheung, Adrian, 2022. "Managerial ability and debt maturity," Journal of Contemporary Accounting and Economics, Elsevier, vol. 18(1).
    4. Ahmed Aboud & Ahmed Diab, 2022. "Ownership Characteristics and Financial Performance: Evidence from Chinese Split-Share Structure Reform," Sustainability, MDPI, vol. 14(12), pages 1-18, June.
    5. Qiaoling Fang & Cai Wen & Hui Xu, 2024. "Long-term oriented culture, performance pressure and corporate innovation: Evidence from China," PLOS ONE, Public Library of Science, vol. 19(5), pages 1-25, May.
    6. Ferrat, Yann & Daty, Frédéric & Burlacu, Radu, 2022. "Does a sustainability risk premium exist where it matters the most?," Emerging Markets Review, Elsevier, vol. 53(C).
    7. Hao Wang & Tao Zhang & Xi Wang, 2025. "Are companies responding to minimum wage increases by reducing corporate social responsibility?," PLOS ONE, Public Library of Science, vol. 20(1), pages 1-25, January.
    8. Liqiang Chen & Hong Fan & Xiaofei Song, 2023. "Impact of professor‐directors on Chinese firms' environmental performance," International Review of Finance, International Review of Finance Ltd., vol. 23(4), pages 696-720, December.

  43. Amin, Qazi Awais & Cumming, Douglas, 2021. "Blockholders and real earnings management-the emerging markets context," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).

    Cited by:

    1. Zhijun Lin & Qidi Zhang & Chuyao Deng, 2024. "Multiple Large Shareholders and ESG Performance: Evidence from Shareholder Friction," Sustainability, MDPI, vol. 16(15), pages 1-28, July.
    2. Han, Wei & Wu, Di, 2023. "Internationalization and earnings management: Evidence from China," Finance Research Letters, Elsevier, vol. 53(C).
    3. Amin, Qazi Awais & Cumming, Douglas, 2023. "The politician as a CEO, corporate governance and firm value," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 87(C).
    4. Awais Amin, Qazi & Cumming, Douglas, 2023. "Regulatory reforms, board independence and earnings quality," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 88(C).
    5. Trinh, Quoc Dat & Haddad, Christian & Salameh, Elie, 2023. "Financial institutional blockholders and earnings quality: Do blockholders contestability and countries' institutions matter?," International Review of Financial Analysis, Elsevier, vol. 87(C).
    6. Gao, Yihong & Pan, Xingyu & Ye, Qiaoyan, 2023. "Corporate governance effects of state asset protection: A perspective on real earnings management," Finance Research Letters, Elsevier, vol. 58(PD).
    7. Hasan, Mostafa Monzur & Alam, Nurul & Uddin, Mohammad Riaz & Jones, Stewart, 2024. "Real earnings management and debt choice," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 97(C).
    8. Michał Kałdoński & Tomasz Jewartowski, 2024. "Governance through exit: Pension fund reform impact on real earnings management of portfolio companies," Review of Quantitative Finance and Accounting, Springer, vol. 63(4), pages 1349-1389, November.
    9. Dongkuk Lim & Dong Hyun Son, 2025. "Employee Tenure, Earnings Management, and the Moderating Role of Foreign Investors: Evidence from South Korea," IJFS, MDPI, vol. 13(4), pages 1-21, October.
    10. Danlei Feng & Mingzhao Hu & Lingdi Zhao & Sha Liu, 2022. "The Impact of Firm Heterogeneity and External Factor Change on Innovation: Evidence from the Vehicle Industry Sector," Sustainability, MDPI, vol. 14(11), pages 1-15, May.
    11. Ahmed Mohamed Habib, 2024. "Does real earnings management affect a firm's environmental, social, and governance (ESG), financial performance, and total value? A moderated mediation analysis," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(11), pages 28239-28268, November.

  44. Douglas Cumming & Michele Meoli & Silvio Vismara, 2021. "Does equity crowdfunding democratize entrepreneurial finance?," Small Business Economics, Springer, vol. 56(2), pages 533-552, February.

    Cited by:

    1. Jörg Prokop & Dandan Wang, 2022. "Is there a gender gap in equity-based crowdfunding?," Small Business Economics, Springer, vol. 59(3), pages 1219-1244, October.
    2. Cristiano Bellavitis & Christian Fisch & Rod B. McNaughton, 2022. "COVID-19 and the global venture capital landscape," Small Business Economics, Springer, vol. 59(3), pages 781-805, October.
    3. Dandan Wang & Jörg Prokop, 2025. "Gender homophily and local bias in equity crowdfunding," Small Business Economics, Springer, vol. 64(3), pages 805-836, March.
    4. Maiolini, Riccardo & Cappa, Francesco & Franco, Stefano & Quaratino, Giovanni Raimondo, 2024. "The impact of sustainable development goals in lending-based prosocial crowdfunding: A topic modeling analysis on the kiva platform," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    5. Vincenzo Butticè & Silvio Vismara, 2022. "Inclusive digital finance: the industry of equity crowdfunding," The Journal of Technology Transfer, Springer, vol. 47(4), pages 1224-1241, August.
    6. Antonello Cammarano & Vincenzo Varriale & Francesca Michelino & Mauro Caputo, 2022. "Open and Crowd-Based Platforms: Impact on Organizational and Market Performance," Sustainability, MDPI, vol. 14(4), pages 1-26, February.
    7. Sandra Correia & Miguel Sousa & Elísio Brandão, 2024. "What do we know about the choices of entrepreneurs before the equity crowdfunding campaign?," Small Business Economics, Springer, vol. 63(4), pages 1471-1501, December.
    8. Lars Hornuf & Johannes Voshaar, 2024. "What Is an Effective Signal in Crowdfunding? Evidence from Expert Researchers and a Meta-Study," CESifo Working Paper Series 11501, CESifo.
    9. Estrin, Saul & Khavul, Susanna & Wright, Mike, 2022. "Soft and hard information in equity crowdfunding: network effects in the digitalization of entrepreneurial finance," LSE Research Online Documents on Economics 109808, London School of Economics and Political Science, LSE Library.
    10. Johannes Fuchs & Paul P. Momtaz, 2025. "Token governance in initial coin offerings: Implications of token retention and resale restrictions for ICO success," Small Business Economics, Springer, vol. 64(3), pages 1321-1359, March.
    11. Hwei-Lin Chuang & Yang Zhao & Tingting Zhu, 2025. "Entrepreneurial teams and gender roles: evidence from equity crowdfunding achievement," Small Business Economics, Springer, vol. 65(1), pages 287-314, June.
    12. Alsagr, Naif & Cumming, Douglas J. & Davis, Justin G. & Sewaid, Ahmed, 2023. "Geopolitical risk and crowdfunding performance," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 85(C).
    13. Nguyen, Thien Le-Hoang & Hsieh, Hui-Ching, 2025. "Iron curtain echoes: The enduring impact of communism and crowdfunding," Journal of Corporate Finance, Elsevier, vol. 91(C).
    14. Silvio Vismara, 2022. "Expanding corporate finance perspectives to equity crowdfunding," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1629-1639, December.
    15. Seigner, Benedikt David Christian & McKenny, Aaron F. & Reetz, David K., 2024. "Old but gold? Examining the effect of age bias in reward-based crowdfunding," Journal of Business Venturing, Elsevier, vol. 39(3).
    16. Kevin Koziol & Maja Schmitz & Suleika Bort, 2025. "Gender differences in entrepreneurial equity financing—a systematic literature review," Small Business Economics, Springer, vol. 65(1), pages 231-286, June.
    17. Alice Rossi & Tom Vanacker & Silvio Vismara, 2023. "Unsuccessful Equity Crowdfunding Offerings and the Persistence in Equity Fundraising of Family Business Start-Ups," Entrepreneurship Theory and Practice, , vol. 47(4), pages 1327-1355, July.
    18. Vincenzo Butticè & Veroniek Collewaert & Silvia Stroe & Tom Vanacker & Silvio Vismara & Xavier Walthoff-Borm, 2022. "Equity Crowdfunders’ Human Capital and Signal Set Formation: Evidence From Eye Tracking," Entrepreneurship Theory and Practice, , vol. 46(5), pages 1317-1343, September.
    19. David B. Audretsch & Antje Fiedler, 2023. "Does the entrepreneurial state crowd out entrepreneurship?," Small Business Economics, Springer, vol. 60(2), pages 573-589, February.
    20. Artur A. Trzebiński & Kamil Gemra, 2025. "Success under pressure: the role of competitive and market forces in equity crowdfunding campaigns: evidence from Poland," Future Business Journal, Springer, vol. 11(1), pages 1-15, December.
    21. Jing A. Zhang & Conor O’Kane & Denis Griffin, 2025. "What drives micro-entrepreneurs’ value-oriented innovative behavior in microfinance: an entrepreneurial resourcefulness perspective," Small Business Economics, Springer, vol. 65(3), pages 2033-2062, October.
    22. Stylianou, Ioanna & Anaxagorou, Christiana & Avloniti, Anthi & Anagnostopoulos, Christos & Wieczorek-Kosmala, Monika, 2026. "Crowdfunding for entrepreneurship and digital technologies in the emerging markets: The role of informal and formal institutions," Technovation, Elsevier, vol. 149(C).
    23. Gabriel Rodríguez-Garnica & María Gutiérrez-Urtiaga & Josep A. Tribo, 2025. "Signaling and herding in reward-based crowdfunding," Small Business Economics, Springer, vol. 64(3), pages 889-916, March.
    24. Fang, Xing, 2022. "Why we hide good deeds? The selfless and anonymous donation behavior in crowdfunding," Technology in Society, Elsevier, vol. 71(C).
    25. Shanqing Liu & Shaolong Wang & Huwei Wen & Congxian He & Zirong Song, 2025. "Empowering the underprivileged in China: how does information accessibility affect their entrepreneurship?," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-14, December.
    26. David Bruce Audretsch & Martina Aronica & Maksim Belitski & Davide Piacentino, 2024. "Natural selection or strategic adaptation? Entrepreneurial digital technologies and survival of the species," The Journal of Technology Transfer, Springer, vol. 49(5), pages 1631-1659, October.
    27. Dario Salerno & Andrea Gatto & Simona Russo, 2024. "New data and descriptor for crowdfunding and renewable energy," Quality & Quantity: International Journal of Methodology, Springer, vol. 58(5), pages 4703-4713, October.
    28. Luca Farè & Michele Meoli & Armin Schwienbacher & Silvio Vismara, 2026. "Is Blending Fintech With Traditional Finance a Top-Shelf Blend or a Sour Mix? Evidence From the Ownership of Equity Crowdfunding Platforms," Entrepreneurship Theory and Practice, , vol. 50(3), pages 722-756, May.
    29. Vincenzo Capizzi & Nicola Carta & Elisa Cavezzali & Ugo Rigoni, 2026. "The angels and the crowd: business angels’ investment practices and follow-on crowdfunding in entrepreneurial firms," The Journal of Technology Transfer, Springer, vol. 51(3), pages 1470-1509, June.
    30. Dinh, Jeannette Mai & Isaak, Andrew Jay & Yahyaoui, Yasmine, 2024. "Investing for good – Uncovering crowd investors' motivations to participate in sustainability-oriented crowdlending," Technological Forecasting and Social Change, Elsevier, vol. 207(C).
    31. Shabnam Kazembalaghi & Jerry Coakley & José M. Liñares-Zegarra & Silvio Vismara, 2025. "Digital equity and government support during COVID-19," Small Business Economics, Springer, vol. 64(4), pages 1679-1705, April.
    32. Ponomareva, Yuliya & Uman, Timur & Bodolica, Virginia & Wennberg, Karl, 2022. "Cultural diversity in top management teams: Review and agenda for future research," Journal of World Business, Elsevier, vol. 57(4).
    33. Massimo G. Colombo & Kourosh Shafi, 2026. "Firms’ venture capital affiliation, platforms’ “skin in the game” and the success of equity crowdfunding campaigns," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 53(1), pages 167-197, March.
    34. Karim Zkik & Anass Sebbar & Oumaima Fadi & Sachin Kamble & Amine Belhadi, 2024. "Securing blockchain-based crowdfunding platforms: an integrated graph neural networks and machine learning approach," Electronic Commerce Research, Springer, vol. 24(1), pages 497-533, March.
    35. Dinh, Jeannette Mai & Isaak, Andrew Jay & Wehner, Marius Claus, 2024. "Sustainability-oriented crowdfunding: An integrative literature review," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 448, pages 1-38.
    36. Serwaah, Priscilla & Shneor, Rotem & Nyarko, Samuel Anokye & Nielsen, Kristian Roed, 2024. "Explaining gender differences in crowdfunding contribution intentions," Technology in Society, Elsevier, vol. 76(C).
    37. Audretsch, David B. & Belitski, Maksim & Chowdhury, Farzana & Desai, Sameeksha, 2024. "Regulating entrepreneurship quality and quantity," Research Policy, Elsevier, vol. 53(2).
    38. Yoshiaki Nose & Chie Hosomi, 2023. "What makes equity crowdfunding successful in Japan? Testing the signaling and lack of financial literacy hypotheses," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 19(4), pages 146-183.
    39. Berenike Wiener, 2021. "The Framing of Sustainable Finance in Charitable Foundations—Findings from a Qualitative Study," Sustainability, MDPI, vol. 13(18), pages 1-15, September.
    40. Audretsch, David Bruce & Belitski, Maksim & Spadavecchia, Anna & Zahra, Shaker A., 2024. "The more, the merrier or the less is more? The role of firm capabilities and industry in the knowledge spillover of innovation," Technovation, Elsevier, vol. 138(C).
    41. Gallucci, Carmen & Salvi, Antonio & Santulli, Rosalia & Tipaldi, Riccardo, 2025. "The use of positive language in equity crowdfunding pitches and fundraising success: The moderating role of punctuation," Research in International Business and Finance, Elsevier, vol. 73(PA).
    42. Cumming, Douglas & Meoli, Michele & Rossi, Alice & Vismara, Silvio, 2024. "ESG and crowdfunding platforms," Journal of Business Venturing, Elsevier, vol. 39(1).
    43. Li, Yuanqing & Sui, Sui & Wu, Sibin, 2022. "The effect of gender fit on crowdfunding success," Journal of Business Venturing Insights, Elsevier, vol. 18(C).
    44. Ahmed Sewaid & Florina Silaghi & Miguel García-Cestona, 2025. "Learning from failure: do narcissists learn?," Small Business Economics, Springer, vol. 64(1), pages 37-58, January.
    45. Lars Hornuf & Matthias Schmitt & Eliza Stenzhorn, 2022. "The local bias in equity crowdfunding: Behavioral anomaly or rational preference?," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 31(3), pages 693-733, August.
    46. Massimo G. Colombo & Benedetta Montanaro & Silvio Vismara, 2023. "What drives the valuation of entrepreneurial ventures? A map to navigate the literature and research directions," Small Business Economics, Springer, vol. 61(1), pages 59-84, June.
    47. Bonvino, Claudio & Bosio, Andrea Odille & Giudici, Giancarlo, 2025. "Gender disparity in the participation to equity crowdfunding campaigns," Finance Research Letters, Elsevier, vol. 74(C).
    48. Massimiliano Barbi & Valentina Febo & Giancarlo Giudici, 2023. "Community-level social capital and investment decisions in equity crowdfunding," Small Business Economics, Springer, vol. 61(3), pages 1075-1110, October.
    49. Yuji Honjo & Koki Kurihara, 2024. "Target for campaign success: an empirical analysis of equity crowdfunding in Japan," The Journal of Technology Transfer, Springer, vol. 49(3), pages 926-958, June.
    50. Nicola Cortinovis, 2025. "Does crowdfunding foster rural entrepreneurship?," Papers in Evolutionary Economic Geography (PEEG) 2535, Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography, revised Dec 2025.
    51. Lorenzo Gai & Carmelo Algeri & Federica Ielasi & Maria Manganiello, 2025. "Sustainability-Oriented Equity Crowdfunding: The Role of Proponents, Investors, and Sustainable Development," Sustainability, MDPI, vol. 17(5), pages 1-25, March.
    52. Audretsch, David B. & Belitski, Maksim & Theodoraki, Christina, 2024. "Micro and macro factors of firm scaling," Technological Forecasting and Social Change, Elsevier, vol. 202(C).
    53. Manpreet Kaur & Manjula Srinivas, 2024. "Entrepreneurial Finance Alternatives in the Digital Era: A Systematic Review and Future Agenda," Acta Universitatis Bohemiae Meridionalis, University of South Bohemia in Ceske Budejovice, Faculty of Economics, vol. 27(3), pages 34-45.
    54. Aaron Anglin & Garry D. Bruton & Marcin Bielicki, 2025. "No Credit for Success, Penalized for Failure? An Examination of Entrepreneur Race, Gender, and Prior Fundraising Track Records in Crowdfunding," Entrepreneurship Theory and Practice, , vol. 49(5), pages 1392-1430, September.
    55. Maarten Cerpentier & Tom Vanacker & Ine Paeleman & Katja Bringmann, 2022. "Equity crowdfunding, market timing, and firm capital structure," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1766-1793, December.
    56. Huo, Dong & Chen, Daming & Ma, Zhenzhong, 2025. "Kickstarting by digitalizing: Evidence from emerging economies," Finance Research Letters, Elsevier, vol. 86(PF).
    57. Ciro Troise & Guido Giovando & Fauzia Jabeen & Stefano Bresciani, 2024. "Unveiling the role of entrepreneurial teams in the equity crowdfunding journey," Small Business Economics, Springer, vol. 63(4), pages 1517-1538, December.
    58. David Bruce Audretsch & Martina Aronica & Maksim Belitski & Davide Caddemi & Davide Piacentino, 2025. "The impact of government financial aid and digital tools on firm survival during the COVID-19 pandemic," Small Business Economics, Springer, vol. 65(2), pages 813-836, August.
    59. Francesco Fasano & Maurizio La Rocca & F. Javier Sánchez-Vidal & Yassine Boutouar, 2025. "Why SMEs go to crowdfunding? The role of financial constraints and agency issues," Small Business Economics, Springer, vol. 65(2), pages 1183-1207, August.
    60. Felix Reichenbach & Martin Walther, 2021. "Signals in equity-based crowdfunding and risk of failure," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-30, December.
    61. Siemroth, Christoph & Hornuf, Lars, 2023. "Why Do Retail Investors Pick Green Investments? A Lab-in-the-Field Experiment with Crowdfunders," Journal of Economic Behavior & Organization, Elsevier, vol. 209(C), pages 74-90.
    62. Ross Brown & José M. Liñares-Zegarra & John O.S. Wilson, 2022. "Innovation and borrower discouragement in SMEs," Small Business Economics, Springer, vol. 59(4), pages 1489-1517, December.
    63. Paola Agnese Bongini & Francesca Mattassoglio & Alessia Pedrazzoli & Silvio Vismara, 2025. "Crypto ecosystem: navigating the past, present, and future of decentralized finance," The Journal of Technology Transfer, Springer, vol. 50(5), pages 2054-2075, October.
    64. Lazos, Aristogenis, 2025. "When policy makers want to protect investors in equity crowdfunding: Does it have regional implications?," Technological Forecasting and Social Change, Elsevier, vol. 215(C).
    65. Chaim Letwin & Michael P. Ciuchta & Michael Johnson & Regan Stevenson & Cameron Ford, 2024. "Passion and attractiveness on display: an examination of gender bias in crowdfunding," Small Business Economics, Springer, vol. 63(1), pages 165-192, June.
    66. Audretsch, David Bruce & Belitski, Maksim & Brush, Candida, 2026. "Signals, not sex: Gender-neutral access to equity, debt, and grants in disruptive digital sectors under turbulence," Technovation, Elsevier, vol. 150(C).
    67. Camilla Civardi & Andrea Moro & Joakim Winborg, 2024. "“All that glitters is not gold!”: The (Unexplored) Determinants of Equity Crowdfunding," Small Business Economics, Springer, vol. 63(1), pages 299-324, June.
    68. Vismara, Silvio & Latifi, Gresa & Meinzinger, Leonard & Pass, Alexander, 2026. "Generative AI-powered venture screening: Can large language models help venture capitalists?," International Review of Financial Analysis, Elsevier, vol. 109(C).
    69. Ana Paula Matias Gama & Ricardo Emanuel Correia & Mário Augusto & Fábio Duarte, 2023. "Third-party signals in crowdfunded microfinance: which microfinance institutions boost crowdfunding among refugee entrepreneurs?," Small Business Economics, Springer, vol. 61(2), pages 559-586, August.
    70. Audretsch, David B. & Belitski, Maksim & Scarra, Deepa, 2024. "Intrapreneurship activity and access to finance in natural science: Evidence from the UK academic spinoffs," Technovation, Elsevier, vol. 129(C).
    71. Pankaj C. Patel & Marcus T. Wolfe & Maria João Guedes, 2023. "The triple‐edged sword of sensitivity of sales, cash flows, and debt to investments: Venture survival and capital investments," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(1), pages 473-489, January.
    72. Dustin Bauer & Sebastian Junge & Tobias Reif, 2024. "May the resources be with you: a systematic review and framework of startup funding options," Management Review Quarterly, Springer, vol. 74(3), pages 1365-1396, September.
    73. Maksim Belitski & Dmitri Boreiko, 2022. "Success factors of initial coin offerings," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1690-1706, December.
    74. Simon Kleinert & Silvio Vismara, 2026. "The reconfiguration of entrepreneurship: how digital platforms and artificial intelligence transform the entrepreneurial process," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 16(1), pages 1-24, March.
    75. Douglas Cumming & Satish Kumar & Weng Marc Lim & Nitesh Pandey, 2023. "Mapping the venture capital and private equity research: a bibliometric review and future research agenda," Small Business Economics, Springer, vol. 61(1), pages 173-221, June.
    76. Aldatmaz, Serdar & Celikyurt, Ugur, 2023. "The effect of venture capital backing on innovation in newly public firms," Journal of Empirical Finance, Elsevier, vol. 74(C).
    77. Aristogenis Lazos, 2025. "Does equity crowdfunding benefit ventures located in high unemployment regions?," Small Business Economics, Springer, vol. 64(2), pages 575-598, February.
    78. Jie Li & Massimo G. Colombo & Cristina Rossi-Lamastra & Candida Brush, 2026. "Gender disparities in entrepreneurial finance: drivers, mechanisms, boundary conditions, and future research avenues," The Journal of Technology Transfer, Springer, vol. 51(3), pages 1641-1682, June.
    79. Felix Friederich & Ramon Palau-Saumell & Jorge Matute & José Luis Sánchez-Torelló, 2024. "Investors’ acceptance and use of investment-based crowdfunding platforms: an integrated perspective," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(4), pages 1291-1303, December.
    80. Alexander Peter Groh & Christina Guenther & Denis Schweizer & Silvio Vismara, 2025. "Entrepreneurial finance in an extended period of crises," Small Business Economics, Springer, vol. 65(2), pages 763-776, August.
    81. Farè, Luca & Meoli, Michele & Vismara, Silvio, 2024. "Sustainable crowdfunding and cultural contexts: Evidence from a longitudinal multi-country analysis," Finance Research Letters, Elsevier, vol. 70(C).
    82. Emanuel-Correia, Ricardo & Abdul-Rahman, Syahirah & Althalathini, Doaa, 2026. "Empathy in action: unravelling crowdfunding dynamics for female refugee entrepreneurs in Lebanon, Jordan, and Palestine," World Development, Elsevier, vol. 200(C).
    83. Koki KURIHARA & Yuji HONJO, 2022. "Determinants of Campaign Success: Empirical evidence from equity crowdfunding in Japan," Discussion papers 22057, Research Institute of Economy, Trade and Industry (RIETI).

  45. Douglas Cumming & Florencio Lopez-de-Silanes & Joseph A McCahery & Armin Schwienbacher, 2020. "Tranching in the syndicated loan market around the world," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 51(1), pages 95-120, February.

    Cited by:

    1. Sikochi, Anywhere, 2020. "Corporate legal structure and bank loan spread," Journal of Corporate Finance, Elsevier, vol. 64(C).
    2. Álvarez-Botas, Celia & González, Víctor M., 2021. "Does trust matter for the cost of bank loans?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    3. Mohammed Saharti & Sajid M. Chaudhry & Nisar Ahmad & Syed Mujahid Hussain, 2024. "Syndicated loans: mapping the trends, sources and intellectual evolution," Review of Quantitative Finance and Accounting, Springer, vol. 62(4), pages 1569-1592, May.
    4. Hao, Jie & Pham, Viet & Sánchez, Daniela & Sánchez, Juan Manuel, 2021. "Perceptions of corporate corruption culture and debt contracting," Journal of Corporate Finance, Elsevier, vol. 71(C).
    5. Kanda, Joana F. & Pinto, João M. & Silva, Beatriz P., 2025. "The ECB’s APP’s impact on non-financial firms’ cost of borrowing and debt choice," Journal of Financial Stability, Elsevier, vol. 77(C).
    6. Croci, Ettore & Degl'Innocenti, Marta & Zhou, Si, 2021. "Large customer-supplier links and syndicate loan structure," Journal of Corporate Finance, Elsevier, vol. 66(C).
    7. Bermpei, Theodora & Degl’Innocenti, Marta & Kalyvas, Antonios Nikolaos & Zhou, Si, 2023. "Lender individualism and monitoring: Evidence from syndicated loans," Journal of Financial Stability, Elsevier, vol. 66(C).
    8. Jia, Zhehao & Li, Donghui & Shi, Yukun & Xing, Lu, 2023. "Firm-level media news, bank loans, and the role of institutional environments," Journal of Corporate Finance, Elsevier, vol. 83(C).
    9. Buchanan, Bonnie & Kaya, Caglar, 2024. "Foundation ownership and creditor governance: Evidence from publicly listed companies," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 93(C).
    10. Edward I. Altman & Rui Dai & Wei Wang, 2024. "Global zombie companies: measurements, determinants, and outcomes," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 55(6), pages 723-744, August.
    11. Ruiyuan Chen & Sadok El Ghoul & Omrane Guedhami & Chuck C. Y. Kwok & Robert Nash, 2021. "International evidence on state ownership and trade credit: Opportunities and motivations," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(6), pages 1121-1158, August.

  46. Douglas Cumming & Sofia Johan & Ikenna Uzuegbunam, 2020. "An anatomy of entrepreneurial pursuits in relation to poverty," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 32(1-2), pages 21-40, January.

    Cited by:

    1. Pankaj C. Patel & Cornelius A. Rietveld & Jack I. Richter, 2022. "The relation between public assistance and self-employment in census tracts: a long-term perspective," Journal of Evolutionary Economics, Springer, vol. 32(3), pages 891-927, July.

  47. Cao, Xiaping & Cumming, Douglas & Zhou, Sili, 2020. "State ownership and corporate innovative efficiency," Emerging Markets Review, Elsevier, vol. 44(C).

    Cited by:

    1. Sihai Li & Yi Quan & Gary Gang Tian & Kun Tracy Wang & Stella Huiying Wu, 2022. "Academy fellow independent directors and innovation," Asia Pacific Journal of Management, Springer, vol. 39(1), pages 103-148, March.
    2. Li, Chengming & Wang, Hanyang & Zhang, Changyun, 2026. "Digital transformation and corporate mergers and acquisitions: Evidence and mechanism in China," Pacific-Basin Finance Journal, Elsevier, vol. 95(C).
    3. Shi, Yaya & Zhao, Ningru, 2024. "The effect of privatization on corporate innovation: New evidence from China’s ownership-transfer-privatization," International Review of Economics & Finance, Elsevier, vol. 93(PB), pages 1198-1211.
    4. Wang, Junyi & Liu, Qigui & Huang, Wei & Ying, Tingting, 2025. "Silence is gold: Narrative conservatism of SOE managers," International Review of Financial Analysis, Elsevier, vol. 103(C).
    5. Dong, Yan & Huang, Jun, 2022. "Price limits, investor sentiment, and initial public offering underpricing: A quasi-natural experiment based on ChiNext," Emerging Markets Review, Elsevier, vol. 51(PB).
    6. Suqin Shen & Sunil Venaik & Yunxia Zhu, 2023. "A Dynamic Model of Internationalization and Innovation in Emerging Market Enterprises: Knowledge Exploration, Transformation, and Exploitation," Management International Review, Springer, vol. 63(4), pages 561-601, August.
    7. Luo, Lianfa & Cheng, Zhiming & Ye, Qingqing & Cheng, Yanjun & Smyth, Russell & Yang, Zhiqing & Zhang, Le, 2023. "Nonmonetary Awards and Innovation: Evidence from Winning China's Top Brand Contest," GLO Discussion Paper Series 1345, Global Labor Organization (GLO).
    8. Cheng, Chen & Li, Wanrong & Liu, Guanchun & Liu, Yuanyuan, 2023. "Origin matters: Institutional imprinting and family firm innovation in China," Emerging Markets Review, Elsevier, vol. 55(C).
    9. Xu, Shulin & Chen, Shuoqi & Jiao, Wenniu & Chen, Mengjie, 2025. "State-owned enterprises shareholders and innovation of private enterprises: Evidence from China," Technovation, Elsevier, vol. 140(C).
    10. Yuping Cao & Xiaojin Sun, 2025. "Soft budget constraints and technological innovations: evidence from China," Public Choice, Springer, vol. 202(1), pages 109-139, January.
    11. Asma Saeed & Zahoor Ul Haq & Javed Iqbal, 2024. "Investigating the Factors Affecting Research and Development Expenditure Efficiency in China and India," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 2761-2771, March.
    12. Zihao Jiang & Jiarong Shi, 2023. "Quantity or quality? Policy effects on innovations in the wind power industry in China," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(8), pages 4507-4522, December.
    13. Lin, Yongjia & Fu, Xiaoqing & Fu, Xiaolan, 2021. "Varieties in state capitalism and corporate innovation: Evidence from an emerging economy," Journal of Corporate Finance, Elsevier, vol. 67(C).
    14. Odei, Samuel Amponsah & Ardito, Lorenzo & Soukal, Ivan, 2024. "The impact of capacity utilisation on product innovation in emerging economies: The moderating effects of firm ownerships," Technological Forecasting and Social Change, Elsevier, vol. 208(C).
    15. Wu, Lang & Hu, Shan & Zhao, Ziwei, 2024. "Environmental regulation and renewable energy technology innovation: Firm-level evidence from China," Energy, Elsevier, vol. 312(C).
    16. Ma, Xiaofang & Chen, Jun & Dong, Wang & Su, Qiaoling, 2024. "Chief accountants weigh in: How professional leadership of SOEs influence investment efficiency," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    17. Huang, Yongming & Li, Xin & Liu, Changwei, 2025. "The Supply chain spillovers of Pilot Free Trade Zones on GVC upgrading of Chinese firms," Structural Change and Economic Dynamics, Elsevier, vol. 75(C), pages 439-450.
    18. Hu, Mingsheng & Yang, Xu & Zhu, You & Uddin, Gazi Salah, 2024. "Spillover effect of corporate digitalization in the supply chain: Perspective of trade credit financing," Global Finance Journal, Elsevier, vol. 62(C).
    19. Ruiyang Hu & Chen Yin & Zhijie Zheng & Sili Zhou, 2024. "Unlocking Innovation: The Impact of Free Trade Zones on Corporate Innovation in China," Working Papers 202414, University of Macau, Faculty of Business Administration.
    20. Yu Gong & Seung Uk Choi, 2021. "State Ownership and Accounting Quality: Evidence from State-Owned Enterprises in China," Sustainability, MDPI, vol. 13(15), pages 1-17, August.
    21. Hassan, M. Kabir & Chiaramonte, Laura & Dreassi, Alberto & Paltrinieri, Andrea & Piserà, Stefano, 2023. "Equity costs and risks in emerging markets: Are ESG and Sharia principles complementary?," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
    22. Castelnovo, Paolo, 2022. "Innovation in private and state-owned enterprises: A cross-industry analysis of patenting activity," Structural Change and Economic Dynamics, Elsevier, vol. 62(C), pages 98-113.
    23. Nie, Jun & Jian, Xin & Xu, Juanjuan & Xu, Nuo & Jiang, Tangyang & Yu, Yang, 2024. "The effect of corporate social responsibility practices on digital transformation in China: A resource-based view," Economic Analysis and Policy, Elsevier, vol. 82(C), pages 1-15.
    24. Hedy Jiaying Huang & Ahsan Habib & Sophia Li Sun & Ying Liu & Huiting Guo, 2021. "Financial reporting and corporate innovation: a review of the international literature," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(4), pages 5439-5499, December.
    25. Wan, Wei & Zhou, Fanqi & Liu, Lingjie & Fang, Libing & Chen, Xudong, 2021. "Ownership structure and R&D: The role of regional governance environment," International Review of Economics & Finance, Elsevier, vol. 72(C), pages 45-58.
    26. Yi Xie & Rozaimah Zainudin & Nurul Shahnaz Mahdzan, 2025. "Corporate governance and efficiency performance in China’s life insurance industry: a configuration analysis based on DEA-fsQCA," Future Business Journal, Springer, vol. 11(1), pages 1-13, December.
    27. Garanina, Tatiana & Kim, Oksana, 2023. "The relationship between CSR disclosure and accounting conservatism: The role of state ownership," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 50(C).
    28. Tan, Yongxian & Tian, Xuan & Zhang, Xinde & Zhao, Hailong, 2020. "The real effect of partial privatization on corporate innovation: Evidence from China's split share structure reform," Journal of Corporate Finance, Elsevier, vol. 64(C).
    29. Cao, Tiantian & Li, Weian & Zhang, Yaowei & Zheng, Minna, 2024. "Win–win or Lose–Lose? Dual logic, board factional faultlines, and ambidextrous innovation in state-owned enterprises," Technovation, Elsevier, vol. 137(C).
    30. Wang, Yanyu & You, Qinghua & Qiao, Yuanbo, 2022. "Political genes drive innovation: Political endorsements and low-quality innovation," Structural Change and Economic Dynamics, Elsevier, vol. 60(C), pages 407-417.
    31. Jiang, Zihao & Liu, Zhiying, 2022. "Policies and exploitative and exploratory innovations of the wind power industry in China: The role of technological path dependence," Technological Forecasting and Social Change, Elsevier, vol. 177(C).
    32. Bai, Min & Li, Shihe & Lien, Donald & Yu, Chia-Feng (Jeffrey), 2022. "The winner's curse in high-tech enterprise certification: Evidence from stock price crash risk," International Review of Financial Analysis, Elsevier, vol. 82(C).
    33. Ziyuan Sun & Xiao Sun & Wei Wang & Mengxin Sun & Wenjiao Wang, 2024. "Green merger and acquisition decision driven by environmental regulation and its impact on green innovation: evidence from Chinese heavily polluting listed enterprises," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(2), pages 4973-5001, February.
    34. Hui Xia & Shixian Ling & Zhangxin (Frank) Liu, 2023. "Heterogeneous Blockholders and Enterprise Innovation: Evidence From the Mixed-Ownership Reform in China," SAGE Open, , vol. 13(4), pages 21582440231, November.
    35. He, Bin & Chen, Haiyang & Li, Zheng & Zhou, Xizhen, 2023. "Information and communication technology and innovation performance of firms: Evidence from Chinese listed state-owned enterprises," International Review of Economics & Finance, Elsevier, vol. 88(C), pages 47-59.
    36. Shuangli Yu & Yun Ke & Xiaofeng Quan & Wenhong Ding, 2025. "Interest rate liberalization and corporate innovation: Evidence from natural experiments in China," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 52(2), pages 1152-1182, April.
    37. Sun, Zhongjuan & Yu, Zhu & Wang, Cizhi & Fang, Hanqing, 2023. "Threshold effects, technology purchasing, and firm outcomes: An absorptive capacity perspective," Emerging Markets Review, Elsevier, vol. 55(C).
    38. Xue, Haiyan & Zhang, Haijuan & Zhang, Xindong & Ding, Shusheng, 2026. "The role of state-owned capital in the innovation of private-owned enterprises: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 96(C).
    39. Suyun Chen & Zongze Li & Lingling Chu & Qingzi Cao, 2024. "Excess control of family board seats and corporate innovation," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 51(9-10), pages 2635-2667, October.
    40. Zhan, Huawang & Shen, Huayu & Guo, Hui, 2025. "Research on the impact of ESG scores on corporate substantive and strategic green innovation," Innovation and Green Development, Elsevier, vol. 4(1).
    41. Li Deng & Peng Huang & Yue Lu & Hongjie Weng, 2024. "How do big customers influence bank loans in China? The role of state ownership and political connections," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(2), pages 1613-1636, June.
    42. Teklay, Belaynesh & Yu, Wei & Zhu, Keying, 2024. "The effect of superstitious beliefs on corporate investment efficiency: evidence from China," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 1434-1447.
    43. Li, Huiying & Wang, Xinchun & Chang, Yu & Zhang, Nan & Huang, Wei & Wang, Quanren, 2025. "Central government Ownership, geographic Distance, and firm Innovation: Evidence from Chinese State-owned enterprises," Journal of Business Research, Elsevier, vol. 186(C).
    44. Liu, Zihua & Zhou, Sili, 2022. "Political favoritism towards resource allocation: Evidence of grants by natural science foundation in China," Emerging Markets Review, Elsevier, vol. 51(PA).
    45. Pan, Xia & Cheng, Wenyin & Gao, Yuning, 2022. "The impact of privatization of state-owned enterprises on innovation in China: A tale of privatization degree," Technovation, Elsevier, vol. 118(C).
    46. Sun, Zixiong & Anderson, Hamish & Chi, Jing, 2023. "Managerial foreign experience and corporate risk-taking: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 86(C).
    47. Zhang, Tianyu, 2022. "Independent directors and patenting strategies: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 81(C).
    48. Beladi, Hamid & Hou, Qingsong & Hu, May, 2022. "The party school education and corporate innovation: Evidence from SOEs in China," Journal of Corporate Finance, Elsevier, vol. 72(C).
    49. Zhouyi Wu & Chuncao Wang & Bin He & Siying Yang, 2022. "State‐owned industrial enterprises' non‐R&D innovation and regional total factor productivity: An analysis based on the panel co‐integration method," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(8), pages 3338-3347, December.
    50. Wang, Yuchen & Yin, Jianjun & Gao, Wenlian, 2025. "Intelligent manufacturing and post-pandemic growth: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 91(C).
    51. Xue, Shuyu & Chang, Qi & Xu, Jingwen, 2023. "The effect of voluntary and mandatory corporate social responsibility disclosure on firm profitability: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
    52. Hua, Xiang, 2025. "Social insurance, wage levels, and corporate innovation efficiency," Finance Research Letters, Elsevier, vol. 79(C).
    53. Wu, Yifan & Yuan, Yiming & Song, Xueyin, 2025. "The impact of AI adoption on R&D productivity: Evidence from Chinese pharmaceutical manufacturing industry," Journal of Asian Economics, Elsevier, vol. 97(C).
    54. Chiu, Ya-Ling & Luo, Jinbo & Boscaljon, Brian L., 2024. "The Mist of corporate innovation," International Review of Economics & Finance, Elsevier, vol. 93(PB), pages 602-624.
    55. Su, Zhi & Zhao, Chen & Li, Ying & Sun, Zhimeng, 2025. "Equity diversification as a catalyst for Artificial Intelligence innovation: Evidence from Chinese state-owned enterprises," China Economic Review, Elsevier, vol. 94(PA).
    56. Liu, Yu & Xu, Jian, 2022. "Residual state ownership, foreign ownership and firms' financing patterns," Emerging Markets Review, Elsevier, vol. 51(PA).
    57. Wu, Zuofeng & Shen, Huayu & Jiao, Jing, 2026. "Chinese fiscal policy uncertainty and corporate total factor productivity," Journal of Asian Economics, Elsevier, vol. 102(C).

  48. Cumming, Douglas & Ge, Ying & Lai, Huiwen, 2020. "Trust and quality uncertainty in global value chains," Journal of Multinational Financial Management, Elsevier, vol. 57.

    Cited by:

    1. Karakoç, Bahadır, 2025. "Credit where it's due: The synergy of trade credit and innovation in R&D-driven firms," International Journal of Production Economics, Elsevier, vol. 283(C).
    2. Kexuan Zhou & Sanjay Kumar & Futao Lu & Qiaoyun Fang & Linhui Yu, 2022. "Has the Belt and Road Initiative Improved the Quality of Food Imported by Chinese Enterprises?," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 30(2), pages 60-83, March.
    3. Fang Zhang & Hang Zhang & Yun Zhang, 2023. "Trust premium in the second-hand housing market: evidence from the negotiation rate," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 10(1), pages 1-15, December.

  49. Corbet, Shaen & Cumming, Douglas J. & Lucey, Brian M. & Peat, Maurice & Vigne, Samuel A., 2020. "The destabilising effects of cryptocurrency cybercriminality," Economics Letters, Elsevier, vol. 191(C).

    Cited by:

    1. Lars Hornuf & Paul P. Momtaz & Rachel J. Nam & Ye Yuan, 2023. "Cybercrime on the Ethereum Blockchain," CESifo Working Paper Series 10598, CESifo.
    2. Erdinc Akyildirim & Oguzhan Cepni & Shaen Corbet & Gazi Salah Uddin, 2023. "Forecasting mid-price movement of Bitcoin futures using machine learning," Annals of Operations Research, Springer, vol. 330(1), pages 553-584, November.
    3. Wang, Jying-Nan & Vigne, Samuel A. & Liu, Hung-Chun & Hsu, Yuan-Teng, 2024. "Hacks and the price synchronicity of bitcoin and ether," The Quarterly Review of Economics and Finance, Elsevier, vol. 95(C), pages 294-299.
    4. Chen, Yu-Lun & Chang, Yung Ting & Yang, J. Jimmy, 2023. "Cryptocurrency hacking incidents and the price dynamics of Bitcoin spot and futures," Finance Research Letters, Elsevier, vol. 55(PB).
    5. Thomas Conlon & Shaen Corbet & Richard McGee, 2024. "Enduring relief or fleeting respite? Bitcoin as a hedge and safe haven for the US dollar," Annals of Operations Research, Springer, vol. 337(1), pages 45-73, June.
    6. Ravi Kashyap, 2023. "DeFi Security: Turning The Weakest Link Into The Strongest Attraction," Papers 2312.00033, arXiv.org.
    7. Gajendra Liyanaarachchi & Giampaolo Viglia & Fidan Kurtaliqi, 2024. "Addressing challenges of digital transformation with modified blockchain," Post-Print hal-04440365, HAL.
    8. Imran Yousaf & Shoaib Ali & Elie Bouri & Anupam Dutta, 2021. "Herding on Fundamental/Nonfundamental Information During the COVID-19 Outbreak and Cyber-Attacks: Evidence From the Cryptocurrency Market," SAGE Open, , vol. 11(3), pages 21582440211, July.
    9. Collings, David & Corbet, Shaen & Hou, Yang (Greg) & Hu, Yang & Larkin, Charles & Oxley, Les, 2022. "The effects of negative reputational contagion on international airlines: The case of the Boeing 737-MAX disasters," International Review of Financial Analysis, Elsevier, vol. 80(C).
    10. Mircea Constantin Șcheau & Simona Liliana Crăciunescu & Iulia Brici & Monica Violeta Achim, 2020. "A Cryptocurrency Spectrum Short Analysis," JRFM, MDPI, vol. 13(8), pages 1-16, August.
    11. Iqbal, Najaf & Fareed, Zeeshan & Wan, Guangcai & Shahzad, Farrukh, 2021. "Asymmetric nexus between COVID-19 outbreak in the world and cryptocurrency market," International Review of Financial Analysis, Elsevier, vol. 73(C).
    12. Conlon, Thomas & Corbet, Shaen & Hou, Yang (Greg) & Hu, Yang & Oxley, Les, 2024. "Bitcoin forks: What drives the branches?," Research in International Business and Finance, Elsevier, vol. 69(C).
    13. Matteo Cristofaro & Pier Luigi Giardino & Sanjay Misra & Quoc Trung Pham & Hai Hiep Phan, 2022. "Behavior or culture? Investigating the use of cryptocurrencies for electronic commerce across the USA and China," Management Research Review, Emerald Group Publishing Limited, vol. 46(3), pages 340-368, May.
    14. Kyriazis, Nikolaos & Papadamou, Stephanos & Tzeremes, Panayiotis & Corbet, Shaen, 2023. "Can cryptocurrencies provide a viable hedging mechanism for benchmark index investors?," Research in International Business and Finance, Elsevier, vol. 64(C).
    15. Milunovich, George & Lee, Seung Ah, 2022. "Measuring the impact of digital exchange cyberattacks on Bitcoin Returns," Economics Letters, Elsevier, vol. 221(C).
    16. Pho, Kim Hung & Ly, Sel & Lu, Richard & Hoang, Thi Hong Van & Wong, Wing-Keung, 2021. "Is Bitcoin a better portfolio diversifier than gold? A copula and sectoral analysis for China," International Review of Financial Analysis, Elsevier, vol. 74(C).
    17. Kim, Myeong Jun & Canh, Nguyen Phuc & Park, Sung Y., 2021. "Causal relationship among cryptocurrencies: A conditional quantile approach," Finance Research Letters, Elsevier, vol. 42(C).
    18. Cheraghali, Hamid & Molnár, Peter & Storsveen, Mattis & Veliqi, Florent, 2024. "The impact of cryptocurrency-related cyberattacks on return, volatility, and trading volume of cryptocurrencies and traditional financial assets," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    19. Shaen Corbet & Les Oxley, 2023. "Investigating the Academic Response to Cryptocurrencies: Insights from Research Diversification as Separated by Journal Ranking," Review of Corporate Finance, now publishers, vol. 3(4), pages 487-528, September.
    20. Aman Saggu, 2025. "The Intraday Bitcoin Response to Tether Minting and Burning Events: Asymmetry, Investor Sentiment, And "Whale Alerts" On Twitter," Papers 2501.05232, arXiv.org.
    21. Benjamin R. Auer, 2022. "On false discoveries of standard t-tests in investment management applications," Review of Managerial Science, Springer, vol. 16(3), pages 751-768, April.
    22. Chen, Yu-Lun & Yang, J. Jimmy, 2024. "Cryptocurrency hacking and trader behavior in bitcoin futures," Finance Research Letters, Elsevier, vol. 69(PB).
    23. Aiman Hairudin & Azhar Mohamad, 2024. "The isotropy of cryptocurrency volatility," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(3), pages 3779-3810, July.
    24. Umar, Muhammad, 2025. "The impact of cyber-attacks on different dimensions of cryptocurrency markets," Technology in Society, Elsevier, vol. 81(C).
    25. Vahidin Jeleskovic, 2024. "An Empirical Analysis of Scam Tokens on Ethereum Blockchain," Papers 2402.19399, arXiv.org, revised Mar 2024.
    26. Iulia Cioroianu & Shaen Corbet & Charles Larkin & Les Oxley, 2023. "Developing central bank digital currencies: a reality check during cryptocurrency euphoria," Economics and Business Letters, Oviedo University Press, vol. 12(2), pages 105-114.
    27. Martins, António Miguel, 2024. "Short-term market impact of crypto firms’ bankruptcies on cryptocurrency markets," Research in International Business and Finance, Elsevier, vol. 70(PB).
    28. Cioroianu, Iulia & Corbet, Shaen & Larkin, Charles, 2021. "Guilt through association: Reputational contagion and the Boeing 737-MAX disasters," Economics Letters, Elsevier, vol. 198(C).
    29. Xu, Lei & Kinkyo, Takuji, 2023. "Hedging effectiveness of bitcoin and gold: Evidence from G7 stock markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 85(C).
    30. Li, Yi & Urquhart, Andrew & Wang, Pengfei & Zhang, Wei, 2021. "MAX momentum in cryptocurrency markets," International Review of Financial Analysis, Elsevier, vol. 77(C).
    31. Tang, Mengxuan & Hu, Yang & Corbet, Shaen & Hou, Yang (Greg) & Oxley, Les, 2024. "Fintech, bank diversification and liquidity: Evidence from China," Research in International Business and Finance, Elsevier, vol. 67(PA).
    32. Mingnan Li & Viktor Manahov & John Ashton, 2025. "The impact of cryptocurrency heists on Bitcoin's market efficiency," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(3), pages 2912-2929, July.
    33. Ustaoglu, Erkan, 2022. "Safe-haven properties and portfolio applications of cryptocurrencies: Evidence from the emerging markets," Finance Research Letters, Elsevier, vol. 47(PB).
    34. Cioroianu, Iulia & Corbet, Shaen & Larkin, Charles, 2021. "The differential impact of corporate blockchain-development as conditioned by sentiment and financial desperation," Journal of Corporate Finance, Elsevier, vol. 66(C).
    35. Nishant Sapra & Imlak Shaikh & Ashutosh Dash, 2023. "Impact of Proof of Work (PoW)-Based Blockchain Applications on the Environment: A Systematic Review and Research Agenda," JRFM, MDPI, vol. 16(4), pages 1-29, March.
    36. Shaen Corbet & John W. Goodell & Samet Gunay & Kerem Kaskaloglu, 2023. "Are DeFi tokens a separate asset class from conventional cryptocurrencies?," Annals of Operations Research, Springer, vol. 322(2), pages 609-630, March.

  50. Douglas J. Cumming & Gaël Leboeuf & Armin Schwienbacher, 2020. "Crowdfunding models: Keep‐It‐All vs. All‐Or‐Nothing," Financial Management, Financial Management Association International, vol. 49(2), pages 331-360, June.
    See citations under working paper version above.
  51. Cumming, Douglas & Ji, Shan & Peter, Rejo & Tarsalewska, Monika, 2020. "Market manipulation and innovation," Journal of Banking & Finance, Elsevier, vol. 120(C).

    Cited by:

    1. Roy, Suvra & Marshall, Ben R. & Nguyen, Hung T. & Visaltanachoti, Nuttawat, 2025. "Stock price crashes and systematic risk," Journal of Contemporary Accounting and Economics, Elsevier, vol. 21(3).
    2. Tiago Cardao-Pito, 2023. "How to identify norms, laws, and regulations that facilitate illicit financial flows and related financial crimes," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 27(4), pages 674-686, August.
    3. Zhibing Li & Jie Liu & Xiaoyu Liu & Chonglin Wu, 2024. "Investor attention and stock price efficiency: Evidence from quasi‐natural experiments in China," Financial Management, Financial Management Association International, vol. 53(1), pages 175-225, March.
    4. Liu, Jie & Wu, Chonglin & Zheng, Wanqing & Lin, Gengyan, 2023. "Monitor or manipulator? The effect of institutional ownership on market manipulation," Finance Research Letters, Elsevier, vol. 58(PB).
    5. Tran, Thanh & Nguyen, Harvey & Pham, Mia Hang, 2025. "Do financial markets value corporate culture?," International Review of Financial Analysis, Elsevier, vol. 98(C).
    6. Xiaoran Ni & Yi Si & Bohui Zhang, 2026. "Climate vulnerability and stock price crash risk worldwide," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 57(2), pages 257-280, March.
    7. Kiosses, Nikolaos & Leventis, Stergios & Subeniotis, Demetres & Tampakoudis, Ioannis, 2025. "The impact of policy uncertainty on shareholder wealth: Evidence from bank M&A," Journal of Financial Stability, Elsevier, vol. 76(C).
    8. Akter, Maimuna & Cumming, Douglas & Ji, Shan, 2023. "Natural disasters and market manipulation," Journal of Banking & Finance, Elsevier, vol. 153(C).
    9. Zhang, Jiang, 2025. "International information flow and market quality," Journal of Banking & Finance, Elsevier, vol. 173(C).
    10. Kemme, David M. & McInish, Thomas H. & Zhang, Jiang, 2022. "Market fairness and efficiency: Evidence from the Tokyo Stock Exchange," Journal of Banking & Finance, Elsevier, vol. 134(C).
    11. Meoli, Michele & Vismara, Silvio, 2021. "Information manipulation in equity crowdfunding markets," Journal of Corporate Finance, Elsevier, vol. 67(C).
    12. Guedhami, Omrane & Pan, Yue & Saadi, Samir & Zhao, Daxuan, 2025. "Do environmental penalties matter to corporate innovation?," Energy Economics, Elsevier, vol. 141(C).
    13. Li, Zhibing & Liu, Jia & Liu, Jie & Liu, Xiaoyu & Wu, Chonglin, 2025. "Investor attention and stock price manipulation: Evidence from daily quasi-natural experiments," Journal of Banking & Finance, Elsevier, vol. 179(C).
    14. Guan, Yuyan & Zhang, Liandong & Zheng, Liu & Zou, Hong, 2021. "Managerial liability and corporate innovation: Evidence from a legal shock," Journal of Corporate Finance, Elsevier, vol. 69(C).
    15. Liu, Jie & Wu, Chonglin & Yuan, Lin & Liu, Jia, 2022. "Opening price manipulation and its value influences," International Review of Financial Analysis, Elsevier, vol. 83(C).
    16. Attig, Najah & El Ghoul, Sadok, 2021. "Flying under the radar: The real effects of anonymous trading," Journal of Corporate Finance, Elsevier, vol. 71(C).
    17. Yang, Yang & Jiang, Yan, 2023. "Does suppliers’ slack influence the relationship between buyers’ environmental orientation and green innovation?," Journal of Business Research, Elsevier, vol. 157(C).
    18. Liu, Jie & Zhang, Jingru & Chen, Zhenshan, 2025. "The effect of stock market manipulation on investor behavioral bias," Journal of Behavioral and Experimental Finance, Elsevier, vol. 47(C).
    19. Boubakri, Narjess & Chkir, Imed & Saadi, Samir & Zhu, Hui, 2021. "Does national culture affect corporate innovation? International evidence," Journal of Corporate Finance, Elsevier, vol. 66(C).
    20. Carè, Rosella & Cumming, Douglas, 2024. "Technology and automation in financial trading: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 71(C).
    21. Yang Yang & Zheng Xiao & Yu Gong & Eias al Humdan, 2024. "The tone of buyer firms' annual reports and suppliers' green innovation: The spillover effects in the supply chain," Business Strategy and the Environment, Wiley Blackwell, vol. 33(6), pages 5721-5735, September.
    22. Zhang, Hongyan & Zhang, Lin, 2023. "Public support and energy innovation: Why do firms react differently?," Energy Economics, Elsevier, vol. 119(C).
    23. Douglas Cumming & Esteban Hernandez & Shan Ji, 2026. "Not All Family Firms Are Alike: How Founder-Led and Governance-Entrenched Family Control Shape the Trading Environment Around the Firm," Papers 2607.10876, arXiv.org.
    24. Chen, Yangfa & Jiang, Ji & Liu, Jie & Liu, Xiao & Wu, Weili, 2025. "Registration system reform, information environment, and market manipulation," Journal of Corporate Finance, Elsevier, vol. 93(C).
    25. Li, Huiying & Wang, Xinchun & Chang, Yu & Zhang, Nan & Huang, Wei & Wang, Quanren, 2025. "Central government Ownership, geographic Distance, and firm Innovation: Evidence from Chinese State-owned enterprises," Journal of Business Research, Elsevier, vol. 186(C).
    26. Cumming, Douglas J. & Firth, Christopher & Gathergood, John & Stewart, Neil, 2021. "Covid, work-from-home, and securities misconduct," CFS Working Paper Series 666, Center for Financial Studies (CFS).
    27. Chen, Zhenshan & Li, Zhibing & Liu, Jie & Liu, Xiaoyu, 2026. "Information salience, investor attention, and stock price crash risk," Journal of Empirical Finance, Elsevier, vol. 85(C).
    28. Unsal, Omer, 2023. "Corporate crimes and innovation: Evidence from US financial firms," Economic Modelling, Elsevier, vol. 120(C).
    29. Bessler, Wolfgang & Vendrasco, Marco, 2022. "Short-selling restrictions and financial stability in Europe: Evidence from the Covid-19 crisis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 80(C).
    30. Gheorghe Hurduzeu & Radu Lupu & Iulia Lupu & Adrian Cantemir Calin, 2022. "The Nexus Between Research and Development, Protection of Intellectual Property Rights and Financial Development. A European Perspectiv," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 24(Special16), pages 970-970, November.

  52. Douglas Cumming & Sofia Johan & Christian Oberst & Ikenna Uzuegbunam, 2020. "The unintended consequences of biotechnology innovation adoption," Industry and Innovation, Taylor & Francis Journals, vol. 27(10), pages 1089-1109, November.

    Cited by:

    1. Ziegler, Rafael & Balzac-Arroyo, Josephine & Hölsgens, Rick & Holzgreve, Sarah & Lyon, Fergus & Spangenberg, Joachim H. & Thapa, Philipp P., 2022. "Social innovation for biodiversity: A literature review and research challenges," Ecological Economics, Elsevier, vol. 193(C).
    2. Ana Lucia Fernandes da Silva & Jose Antonio Plaza‐Úbeda & Roberta Souza Piao, 2024. "Social innovation as a game changer in agriculture: A literature review," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(4), pages 4160-4171, August.

  53. Akyildirim, Erdinç & Corbet, Shaen & Cumming, Douglas & Lucey, Brian & Sensoy, Ahmet, 2020. "Riding the Wave of Crypto-Exuberance: The Potential Misusage of Corporate Blockchain Announcements," Technological Forecasting and Social Change, Elsevier, vol. 159(C).

    Cited by:

    1. Kyriazis, Nikolaos & Papadamou, Stephanos & Corbet, Shaen, 2020. "A systematic review of the bubble dynamics of cryptocurrency prices," Research in International Business and Finance, Elsevier, vol. 54(C).
    2. Ludovic Tangpi & Shichun Wang, 2024. "Optimal bubble riding with price-dependent entry: a mean field game of controls with common noise," Mathematics and Financial Economics, Springer, volume 18, number 5, December.
    3. Cowden, Birton & Tang, Jintong, 2022. "Institutional entrepreneurial orientation: Beyond setting the rules of the game for blockchain technology," Technological Forecasting and Social Change, Elsevier, vol. 180(C).
    4. Dulani Jayasuriya Daluwathumullagamage & Alexandra Sims, 2021. "Fantastic Beasts: Blockchain Based Banking," JRFM, MDPI, vol. 14(4), pages 1-43, April.
    5. Collings, David & Corbet, Shaen & Hou, Yang (Greg) & Hu, Yang & Larkin, Charles & Oxley, Les, 2022. "The effects of negative reputational contagion on international airlines: The case of the Boeing 737-MAX disasters," International Review of Financial Analysis, Elsevier, vol. 80(C).
    6. Elizaveta Zinovyeva & Raphael C. G. Reule & Wolfgang Karl Hardle, 2021. "Understanding Smart Contracts: Hype or Hope?," Papers 2103.08447, arXiv.org.
    7. Luo, Di & Mishra, Tapas & Yarovaya, Larisa & Zhang, Zhuang, 2021. "Investing during a Fintech Revolution: Ambiguity and return risk in cryptocurrencies," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 73(C).
    8. Kyriazis, Nikolaos & Papadamou, Stephanos & Tzeremes, Panayiotis & Corbet, Shaen, 2023. "Can cryptocurrencies provide a viable hedging mechanism for benchmark index investors?," Research in International Business and Finance, Elsevier, vol. 64(C).
    9. Akyildirim, Erdinc & Corbet, Shaen & Coskun, Ali & Ercan, Metin, 2025. "Connectedness of cryptocurrency-related stocks and the cryptocurrency market: Evidence from the United States," The North American Journal of Economics and Finance, Elsevier, vol. 76(C).
    10. Cappa, Francesco & Collevecchio, Francesca & Oriani, Raffaele & Peruffo, Enzo, 2022. "Banks responding to the digital surge through Open Innovation: Stock market performance effects of M&As with fintech firms," Journal of Economics and Business, Elsevier, vol. 121(C).
    11. Corbet, Shaen & Hou, Yang (Greg) & Hu, Yang & Larkin, Charles & Lucey, Brian & Oxley, Les, 2022. "Cryptocurrency liquidity and volatility interrelationships during the COVID-19 pandemic," Finance Research Letters, Elsevier, vol. 45(C).
    12. Corbet, Shaen & Cumming, Douglas J. & Hou, Yang (Greg) & Hu, Yang & Oxley, Les, 2022. "Have crisis-induced banking supports influenced European bank performance, resilience and price discovery?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 78(C).
    13. Corbet, Shaen & Hou, Yang (Greg) & Hu, Yang & Oxley, Les, 2022. "The influence of the COVID-19 pandemic on the hedging functionality of Chinese financial markets," Research in International Business and Finance, Elsevier, vol. 59(C).
    14. Chou, Yixuan & Tang, Wenjin, 2023. "Corporate advertising expense and share price synchronization," Finance Research Letters, Elsevier, vol. 56(C).
    15. Corbet, Shaen & Hou, Yang (Greg) & Hu, Yang & Oxley, Les, 2022. "The growth of oil futures in China: Evidence of market maturity through global crises," Energy Economics, Elsevier, vol. 114(C).
    16. Conlon, Thomas & Corbet, Shaen & Hou, Yang (Greg), 2024. "Contagion effects of permissionless, worthless cryptocurrency tokens: Evidence from the collapse of FTX," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).
    17. Tang, Mengxuan & Hu, Yang & Corbet, Shaen & Hou, Yang (Greg) & Oxley, Les, 2024. "Fintech, bank diversification and liquidity: Evidence from China," Research in International Business and Finance, Elsevier, vol. 67(PA).
    18. Batra, Shallu & Tiwari, Aviral Kumar & Yadav, Mahender & Danso, Albert, 2025. "Connectedness among diverse financial assets: Evidence from cryptocurrency uncertainty indices," Technological Forecasting and Social Change, Elsevier, vol. 210(C).
    19. Cioroianu, Iulia & Corbet, Shaen & Larkin, Charles, 2021. "The differential impact of corporate blockchain-development as conditioned by sentiment and financial desperation," Journal of Corporate Finance, Elsevier, vol. 66(C).
    20. Kyriazis, Nikolaos & Papadamou, Stephanos & Tzeremes, Panayiotis & Corbet, Shaen, 2023. "The differential influence of social media sentiment on cryptocurrency returns and volatility during COVID-19," The Quarterly Review of Economics and Finance, Elsevier, vol. 89(C), pages 307-317.
    21. Piñeiro-Chousa, Juan & López-Cabarcos, M. Ángeles & Sevic, Aleksandar & González-López, Isaac, 2022. "A preliminary assessment of the performance of DeFi cryptocurrencies in relation to other financial assets, volatility, and user-generated content," Technological Forecasting and Social Change, Elsevier, vol. 181(C).
    22. Akyildirim, Erdinc & Cepni, Oguzhan & Corbet, Shaen & Uddin, Gazi Salah, 2020. "Forecasting Mid-price Movement of Bitcoin Futures Using Machine Learning," Working Papers 20-2020, Copenhagen Business School, Department of Economics.
    23. Cioroianu, Iulia & Corbet, Shaen & Hou, Yang (Greg) & Hu, Yang & Larkin, Charles & Taffler, Richard, 2024. "Exploring the use of emotional sentiment to understanding market response to unexpected corporate pivots," Research in International Business and Finance, Elsevier, vol. 70(PA).
    24. Akyildirim, Erdinc & Corbet, Shaen & Sensoy, Ahmet & Yarovaya, Larisa, 2020. "The impact of blockchain related name changes on corporate performance," Journal of Corporate Finance, Elsevier, vol. 65(C).

  54. Cumming, Douglas & Dai, Na & Johan, Sofia, 2020. "Dodd-Franking the hedge Funds," Journal of Banking & Finance, Elsevier, vol. 119(C).

    Cited by:

    1. Yang, Fan & Havranek, Tomas & Irsova, Zuzana & Novak, Jiri, 2024. "Where Have All the Alphas Gone? A Meta-Analysis of Hedge Fund Performance," MetaArXiv ps2yn, Center for Open Science.
    2. Aiken, Adam L. & Kang, Minjeong, 2023. "Hedge fund manager timing and selectivity skill over time. A holdings-based estimate," Finance Research Letters, Elsevier, vol. 58(PB).

  55. Douglas Cumming & Sofia Johan, 2019. "Government venture capital research: fake science and bad public policy," Venture Capital, Taylor & Francis Journals, vol. 21(1), pages 121-131, January.

    Cited by:

    1. Isabelle Zhang, 2025. "Government Venture Capital and Entrepreneurship: Evidence From China," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 22(4), pages 568-598, December.
    2. Köppl, Stefan & Köppl-Turyna, Monika & Christopoulos, Dimitris, 2025. "The performance of government-backed venture capital investments," Research Policy, Elsevier, vol. 54(8).
    3. Zhang, Jing & Fan, Yueqi & Liu, Ye, 2024. "The effects of government venture capital: New evidence from China based on a two-sided matching structural model," Journal of Corporate Finance, Elsevier, vol. 84(C).
    4. Oh, Seunghwan & Jang, Pilseong & Kwak, Gihyun, 2022. "Enhancing the efficiency of governmental intervention in the venture capital market: The monitoring effect," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 450-463.
    5. Huang, Xiaoxia & Jiang, Yanchen & Mallick, Sushanta, 2025. "Endorsement and firm financing: Evidence from government venture capital market in China," The British Accounting Review, Elsevier, vol. 57(3).
    6. Fu, Xiaoqing Maggie & Harrison, Richard T. & Li, Dongfu Franco, 2022. "Venture capital investment in university spin-offs: Evidence from an emerging economy," Journal of Corporate Finance, Elsevier, vol. 74(C).
    7. Jeaneth Johansson & Malin Malmström & Joakim Wincent & Vinit Parida, 2021. "How individual cognitions overshadow regulations and group norms: a study of government venture capital decisions," Small Business Economics, Springer, vol. 56(2), pages 857-876, February.

  56. Cumming, Douglas & Meoli, Michele & Vismara, Silvio, 2019. "Investors’ choices between cash and voting rights: Evidence from dual-class equity crowdfunding," Research Policy, Elsevier, vol. 48(8), pages 1-1.

    Cited by:

    1. Schmück, Kilian & Schückes, Magnus & Gutmann, Tobias & Gassmann, Oliver, 2025. "Less trust, more truth: Implications and design choices for business models and platform ecosystems in the age of Web3," Technological Forecasting and Social Change, Elsevier, vol. 211(C).
    2. Maximilian Goethner & Lars Hornuf & Tobias Regner, 2020. "Protecting Investors in Equity Crowdfunding: An Empirical Analysis of the Small Investor Protection Act," Jena Economics Research Papers 2020-009, Friedrich-Schiller-University Jena.
    3. Cristiano Bellavitis & Christian Fisch & Rod B. McNaughton, 2022. "COVID-19 and the global venture capital landscape," Small Business Economics, Springer, vol. 59(3), pages 781-805, October.
    4. Troise, Ciro & Tani, Mario & Dinsmore, John & Schiuma, Giovanni, 2021. "Understanding the implications of equity crowdfunding on sustainability-oriented innovation and changes in agri-food systems: Insights into an open innovation approach," Technological Forecasting and Social Change, Elsevier, vol. 171(C).
    5. Douglas J. Cumming & Lars Hornuf, 2020. "Marketplace Lending of SMEs," CESifo Working Paper Series 8100, CESifo.
    6. Dandan Wang & Jörg Prokop, 2025. "Gender homophily and local bias in equity crowdfunding," Small Business Economics, Springer, vol. 64(3), pages 805-836, March.
    7. Vincenzo Butticè & Silvio Vismara, 2022. "Inclusive digital finance: the industry of equity crowdfunding," The Journal of Technology Transfer, Springer, vol. 47(4), pages 1224-1241, August.
    8. Estévez-Mendoza, Carlos & Montoro-Sánchez, Ángeles, 2024. "Exploring the relationship between innovation and corporate governance," Technological Forecasting and Social Change, Elsevier, vol. 209(C).
    9. Fisch, Christian & Masiak, Christian & Vismara, Silvio & Block, Joern, 2021. "Motives and profiles of ICO investors," Journal of Business Research, Elsevier, vol. 125(C), pages 564-576.
    10. Zhu, Bangzhu & Song, Ze, 2026. "The impact of green investors on corporate carbon disclosure: Evidence from Chinese listed companies," Finance Research Letters, Elsevier, vol. 90(C).
    11. Kourosh Shafi, 2021. "Investors’ evaluation criteria in equity crowdfunding," Small Business Economics, Springer, vol. 56(1), pages 3-37, January.
    12. Baile Lu & Shuai Hao & Michael Pinedo & Yuqian Xu, 2021. "Frontiers in Service Science: Fintech Operations—An Overview of Recent Developments and Future Research Directions," Service Science, INFORMS, vol. 13(1), pages 19-35, March.
    13. Peng Zhou & Shijie Jin & Khelifa Mazouz & Wenjie Ding, 2025. "Choices and Effects of Different Green Labels in the EU Bond Market," Journal of Business Ethics, Springer, vol. 200(1), pages 207-229, August.
    14. Estrin, Saul & Khavul, Susanna & Wright, Mike, 2022. "Soft and hard information in equity crowdfunding: network effects in the digitalization of entrepreneurial finance," LSE Research Online Documents on Economics 109808, London School of Economics and Political Science, LSE Library.
    15. Douglas J. Cumming & Andrea Martinez-Salgueiro & Robert S. Reardon & Ahmed Sewaid, 2022. "COVID-19 bust, policy response, and rebound: equity crowdfunding and P2P versus banks," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1825-1846, December.
    16. Nguyen, Minh-Hoang & Huyen, Nguyen Thanh Thanh & Pham, Thanh-Hang & Yen, Nguyen Thi Quynh & Vuong, Quan-Hoang, 2020. "On the 50-year research landscape of entrepreneurial finance: A sign of Western ideological homogeneity?," SocArXiv 7wy2u, Center for Open Science.
    17. Johannes Fuchs & Paul P. Momtaz, 2025. "Token governance in initial coin offerings: Implications of token retention and resale restrictions for ICO success," Small Business Economics, Springer, vol. 64(3), pages 1321-1359, March.
    18. Hwei-Lin Chuang & Yang Zhao & Tingting Zhu, 2025. "Entrepreneurial teams and gender roles: evidence from equity crowdfunding achievement," Small Business Economics, Springer, vol. 65(1), pages 287-314, June.
    19. Muhammad Yar Khan & Anam Javeed & Ly Kim Cuong & Ha Pham, 2020. "Corporate Governance and Cost of Capital: Evidence from Emerging Market," Risks, MDPI, vol. 8(4), pages 1-29, October.
    20. Mataigne, Virginie & Meoli, Michele & Vanacker, Tom & Vismara, Silvio, 2025. "False signaling by platform team members and post-campaign venture outcomes: Evidence from an equity crowdfunding platform," Journal of Business Venturing, Elsevier, vol. 40(1).
    21. Francesca Pietro, 2021. "The rationale for listing on equity crowdfunding: actual and expected benefits for companies," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 48(4), pages 527-549, December.
    22. Coakley, Jerry & Cumming, Douglas J. & Lazos, Aristogenis & Vismara, Silvio, 2021. "Enfranchising the crowd: Nominee account equity crowdfunding," CFS Working Paper Series 664, Center for Financial Studies (CFS).
    23. Alice Rossi & Tom Vanacker & Silvio Vismara, 2023. "Unsuccessful Equity Crowdfunding Offerings and the Persistence in Equity Fundraising of Family Business Start-Ups," Entrepreneurship Theory and Practice, , vol. 47(4), pages 1327-1355, July.
    24. Cai, Wanxiang & Polzin, Friedemann & Stam, Erik, 2021. "Crowdfunding and social capital: A systematic review using a dynamic perspective," Technological Forecasting and Social Change, Elsevier, vol. 162(C).
    25. Pietro, Francesca Di & Bogers, Marcel L.A.M. & Prencipe, Andrea, 2021. "Organisational barriers and bridges to crowd openness in equity crowdfunding," Technological Forecasting and Social Change, Elsevier, vol. 162(C).
    26. Artur A. Trzebiński & Kamil Gemra, 2025. "Success under pressure: the role of competitive and market forces in equity crowdfunding campaigns: evidence from Poland," Future Business Journal, Springer, vol. 11(1), pages 1-15, December.
    27. Coakley, Jerry & Lazos, Aristogenis & Liñares-Zegarra, José M., 2022. "Seasoned equity crowdfunded offerings," Journal of Corporate Finance, Elsevier, vol. 77(C).
    28. Wenqing Wu & Hongxin Wang & Yenchun Jim Wu, 2021. "Internal and external networks, and incubatees’ performance in dynamic environments: entrepreneurial learning’s mediating effect," The Journal of Technology Transfer, Springer, vol. 46(6), pages 1707-1733, December.
    29. Butticè, Vincenzo & Di Pietro, Francesca & Tenca, Francesca, 2020. "Is equity crowdfunding always good? Deal structure and the attraction of venture capital investors," Journal of Corporate Finance, Elsevier, vol. 65(C).
    30. Gabriel Rodríguez-Garnica & María Gutiérrez-Urtiaga & Josep A. Tribo, 2025. "Signaling and herding in reward-based crowdfunding," Small Business Economics, Springer, vol. 64(3), pages 889-916, March.
    31. Thomas Lambert & Daniel Liebau & Peter Roosenboom, 2022. "Security token offerings," Small Business Economics, Springer, vol. 59(1), pages 299-325, June.
    32. Bollaert, Helen & Lopez-de-Silanes, Florencio & Schwienbacher, Armin, 2021. "Fintech and access to finance," Journal of Corporate Finance, Elsevier, vol. 68(C).
    33. Penz, R. Frederic & Hörisch, Jacob & Tenner, Isabell, 2022. "Investors in environmental ventures want good money—and a clean conscience: How framing, interest rates, and the environmental impact of crowdlending projects influence funding decisions," Technological Forecasting and Social Change, Elsevier, vol. 182(C).
    34. Vincenzo Capizzi & Nicola Carta & Elisa Cavezzali & Ugo Rigoni, 2026. "The angels and the crowd: business angels’ investment practices and follow-on crowdfunding in entrepreneurial firms," The Journal of Technology Transfer, Springer, vol. 51(3), pages 1470-1509, June.
    35. Jörn H. Block & Alexander Groh & Lars Hornuf & Tom Vanacker & Silvio Vismara, 2021. "The entrepreneurial finance markets of the future : a comparison of crowdfunding and initial coin offerings," Post-Print hal-03337456, HAL.
    36. Lukkarinen, Anna & Schwienbacher, Armin, 2023. "Secondary market listings in equity crowdfunding: The missing link?," Research Policy, Elsevier, vol. 52(1).
    37. Meoli, Michele & Vismara, Silvio, 2021. "Information manipulation in equity crowdfunding markets," Journal of Corporate Finance, Elsevier, vol. 67(C).
    38. Giuseppe Valenza & Marco Balzano & Mario Tani & Andrea Caputo, 2023. "The role of equity crowdfunding campaigns in shaping firm innovativeness: evidence from Italy," European Journal of Innovation Management, Emerald Group Publishing Limited, vol. 26(7), pages 86-109, January.
    39. Giovanna Campopiano & Valerio Lo Monaco & Tommaso Minola & Silvio Vismara, 2026. "Survival of family start-ups seeking equity crowdfunding: family nuances in entrepreneurial teams," Small Business Economics, Springer, vol. 66(1), pages 1-25, January.
    40. Shafi, Kourosh & Mohammadi, Ali, 2020. "Too gloomy to invest: Weather-induced mood and crowdfunding," Journal of Corporate Finance, Elsevier, vol. 65(C).
    41. Farag, Hisham & Johan, Sofia, 2021. "How alternative finance informs central themes in corporate finance," Journal of Corporate Finance, Elsevier, vol. 67(C).
    42. Cumming, Douglas & Meoli, Michele & Rossi, Alice & Vismara, Silvio, 2024. "ESG and crowdfunding platforms," Journal of Business Venturing, Elsevier, vol. 39(1).
    43. Douglas Cumming & Lars Helge Hass & Linda A. Myers & Monika Tarsalewska, 2023. "Does Venture Capital Backing Improve Disclosure Controls and Procedures? Evidence from Management’s Post-IPO Disclosures," Journal of Business Ethics, Springer, vol. 187(3), pages 539-563, October.
    44. Cinta Borrero-Domínguez & Encarnación Cordón-Lagares & Rocío Hernández-Garrido, 2020. "Sustainability and Real Estate Crowdfunding: Success Factors," Sustainability, MDPI, vol. 12(12), pages 1-13, June.
    45. Cumming, Douglas J. & Johan, Sofia & Reardon, Robert S., 2025. "Institutional quality and success in U.S. equity crowdfunding," Research Policy, Elsevier, vol. 54(1).
    46. Sandra Correia & Miguel Sousa & Elísio Brandão, 2025. "The role of competition on equity crowdfunding," The Journal of Technology Transfer, Springer, vol. 50(4), pages 1416-1460, August.
    47. Wu, Bin & Liu, Yunjing & Zhang, Min, 2025. "Voluntary disclosure of auditor information and stock price crash risk," Finance Research Letters, Elsevier, vol. 81(C).
    48. Capolupo, Paolo & Natalicchio, Angelo & Ardito, Lorenzo & Messeni Petruzzelli, Antonio & Cazzorla, Manuela, 2025. "Family-governed businesses and successful equity crowdfunding: The moderating role of sustainability orientation," Finance Research Letters, Elsevier, vol. 71(C).
    49. Xiaohong Huang & Rezaul Kabir & Thuy Ngoc Nguyen, 2024. "Do project quality and founder information signals always matter? Evidence from equity and reward crowdfunding," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(3), pages 3309-3325, July.
    50. Pommet, Sophie & Sannajust, Aurélie & Xu, Qing, 2023. "Rating of equity crowdfunding platforms," Finance Research Letters, Elsevier, vol. 58(PD).
    51. Nguyen, Thang & Cox, Joe & Rich, Judy, 2019. "Invest or regret? An empirical investigation into funding dynamics during the final days of equity crowdfunding campaigns," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 784-803.
    52. Duan, Yang & Hsieh, Tien-Shih & Wang, Ray R. & Wang, Zhihong, 2020. "Entrepreneurs' facial trustworthiness, gender, and crowdfunding success," Journal of Corporate Finance, Elsevier, vol. 64(C).
    53. Mello, Lucas Pereira de & Moraes, Gustavo Hermínio Salati Marcondes de & Fischer, Bruno Brandão & Vicentin, Damaris Chieregato, 2026. "Pathways to success in equity crowdfunding for sustainable startups: A configurational perspective," Technological Forecasting and Social Change, Elsevier, vol. 222(C).
    54. Nambisan, Satish & Wright, Mike & Feldman, Maryann, 2019. "The digital transformation of innovation and entrepreneurship: Progress, challenges and key themes," Research Policy, Elsevier, vol. 48(8), pages 1-1.
    55. Massimiliano Barbi & Valentina Febo & Giancarlo Giudici, 2023. "Community-level social capital and investment decisions in equity crowdfunding," Small Business Economics, Springer, vol. 61(3), pages 1075-1110, October.
    56. Francesca Battaglia & Francesco Busato & Maria Manganiello, 2022. "A cross-platform analysis of the equity crowdfunding Italian context: the role of intellectual capital," Electronic Commerce Research, Springer, vol. 22(2), pages 649-689, June.
    57. Yuji Honjo & Koki Kurihara, 2024. "Target for campaign success: an empirical analysis of equity crowdfunding in Japan," The Journal of Technology Transfer, Springer, vol. 49(3), pages 926-958, June.
    58. Xiao, Shufeng & AL-Tabbaa, Omar & Park, Byung Il, 2025. "Crowdfunding for entrepreneurial orientation in emerging markets: The moderating role of digital transformation," Technovation, Elsevier, vol. 145(C).
    59. Neuhaus, Julia & Isaak, Andrew Jay & Bostandzic, Denefa, 2021. "Implicit Personality and Big Five Traits in Equity Crowdfunding," EconStor Conference Papers 338891, ZBW - Leibniz Information Centre for Economics.
    60. Tan N. H. Do & Muhammad A. Cheema & Tom Vanacker, 2026. "Mixed blessings? Venture capitalists, angels, and the performance of equity crowdfunded firms," Small Business Economics, Springer, vol. 66(1), pages 531-550, January.
    61. Di Pietro, Francesca & Butticè, Vincenzo, 2020. "Institutional characteristics and the development of crowdfunding across countries," International Review of Financial Analysis, Elsevier, vol. 71(C).
    62. Semen Son Turan, 2021. "Uncovering trust signals in equity crowdfunding: A systematic literature review," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 10(4), pages 215-225, June.
    63. Gregor Dorfleitner & Lars Hornuf & Julia Kreppmeier, 2023. "Promise not fulfilled: FinTech, data privacy, and the GDPR," Electronic Markets, Springer;IIM University of St. Gallen, vol. 33(1), pages 1-29, December.
    64. Vincenzo Butticè & Francesca Pietro & Francesca Tenca, 2022. "They do not look alike: what kind of private investors do equity crowdfunded firms attract?," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1707-1736, December.
    65. Daniel Blaseg & Douglas Cumming & Michael Koetter, 2021. "Equity Crowdfunding: High-Quality or Low-Quality Entrepreneurs?," Entrepreneurship Theory and Practice, , vol. 45(3), pages 505-530, May.
    66. Francesco Fasano & Maurizio La Rocca & F. Javier Sánchez-Vidal & Yassine Boutouar, 2025. "Why SMEs go to crowdfunding? The role of financial constraints and agency issues," Small Business Economics, Springer, vol. 65(2), pages 1183-1207, August.
    67. Valeria Venturelli & Alessia Pedrazzoli & Giovanni Gallo, 2020. "Birds of a Feather Flock Together: The Inclusive Effect of Similarity Patterns in Equity Crowdfunding," Sustainability, MDPI, vol. 12(9), pages 1-24, April.
    68. Jerry Coakley & Aristogenis Lazos & Jose Liñares-Zegarra, 2022. "Strategic entrepreneurial choice between competing crowdfunding platforms," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1794-1824, December.
    69. Felix Reichenbach & Martin Walther, 2021. "Signals in equity-based crowdfunding and risk of failure," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-30, December.
    70. Regan Stevenson & Sean R. McMahon & Chaim Letwin & Michael P. Ciuchta, 2022. "Entrepreneur fund-seeking: toward a theory of funding fit in the era of equity crowdfunding," Small Business Economics, Springer, vol. 58(4), pages 2061-2086, April.
    71. Jesús Mauricio Flórez-Parra & Gracia Rubio Martín & Carmen Rapallo Serrano, 2020. "Corporate Social Responsibility and Crowdfunding: The Experience of the Colectual Platform in Empowering Economic and Sustainable Projects," Sustainability, MDPI, vol. 12(13), pages 1-20, June.
    72. Docherty, Paul & Easton, Steve & Pinder, Sean, 2021. "Flights-to-control: Time variation in the value of a vote," Journal of Corporate Finance, Elsevier, vol. 66(C).
    73. Chen, Xue & Ma, Le, 2023. "Lead investors' insider ownership and crowd investors' agency concerns in investor-led equity crowdfunding," Pacific-Basin Finance Journal, Elsevier, vol. 78(C).
    74. Lazos, Aristogenis, 2025. "When policy makers want to protect investors in equity crowdfunding: Does it have regional implications?," Technological Forecasting and Social Change, Elsevier, vol. 215(C).
    75. Yaokuang Li & Li Ling & Daru Zhang & Juan Wu, 2021. "Lead investors and information disclosure: A test of signaling theory by fuzzy‐set qualitative comparative analysis approach," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 42(4), pages 836-849, June.
    76. Camilla Civardi & Andrea Moro & Joakim Winborg, 2024. "“All that glitters is not gold!”: The (Unexplored) Determinants of Equity Crowdfunding," Small Business Economics, Springer, vol. 63(1), pages 299-324, June.
    77. Alexa Böckel & Jacob Hörisch & Isabell Tenner, 2021. "A systematic literature review of crowdfunding and sustainability: highlighting what really matters," Management Review Quarterly, Springer, vol. 71(2), pages 433-453, April.
    78. Ferretti, Riccardo & Venturelli, Valeria & Pedrazzoli, Alessia, 2021. "Do multiple competing offerings on a crowdfunding platform influence investment behavior?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 30(C).
    79. Meng, Qingbin & Li, Haitong & Chan, Kam C., 2023. "Fleeing entrepreneurs: Foreign residency right and corporate risk-taking," Research in International Business and Finance, Elsevier, vol. 65(C).
    80. Maksim Belitski & Dmitri Boreiko, 2022. "Success factors of initial coin offerings," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1690-1706, December.
    81. Douglas Cumming & Michele Meoli & Silvio Vismara, 2021. "Does equity crowdfunding democratize entrepreneurial finance?," Small Business Economics, Springer, vol. 56(2), pages 533-552, February.
    82. Hyunjeong Kang & Hyong Uk Kim, 2020. "Who Can Survive in an ICT-Enabled Crowdfunding Platform?," Sustainability, MDPI, vol. 12(2), pages 1-16, January.
    83. Zhao, Liang & Sun, Zhe & Chen, Si & Gugnani, Ritika & Sahore, Nidhi, 2024. "Social media opinion leaders and information diffusion of crowdfunding projects: Evidence from China," Technological Forecasting and Social Change, Elsevier, vol. 200(C).
    84. Sofia Johan & Yelin Zhang, 2022. "Investors’ industry preference in equity crowdfunding," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1737-1765, December.
    85. Kamil Gemra & Piotr Hościłowicz, 2021. "Świadomość funkcjonowania crowdfundingu," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 2, pages 67-90.
    86. Douglas Cumming & Satish Kumar & Weng Marc Lim & Nitesh Pandey, 2023. "Mapping the venture capital and private equity research: a bibliometric review and future research agenda," Small Business Economics, Springer, vol. 61(1), pages 173-221, June.
    87. Gemra, Kamil & Hościłowicz, Piotr, . "Świadomość funkcjonowania crowdfundingu," Gospodarka Narodowa-The Polish Journal of Economics, Szkoła Główna Handlowa w Warszawie / SGH Warsaw School of Economics, vol. 2021(2).
    88. Righi, Riccardo & Pedrazzoli, Alessia & Righi, Simone & Venturelli, Valeria, 2024. "The clientele effects in equity crowdfunding: A complex network analysis," Journal of Behavioral and Experimental Finance, Elsevier, vol. 42(C).
    89. Hornuf, Lars & Schilling, Tobias & Schwienbacher, Armin, 2022. "The relevance of investor rights in crowdinvesting," Journal of Corporate Finance, Elsevier, vol. 77(C).
    90. Silvio Vismara & Peter Wirtz, 2025. "Fundraising, Governance and Environmental Ethics: Evidence from Equity Crowdfunding," Journal of Business Ethics, Springer, vol. 200(4), pages 841-865, September.
    91. Regan Stevenson & Jared Eutsler & Bradley Lang & Jesse C. Robertson, 2025. "Financial statement audit and regulatory focus in equity crowdfunding decisions," Small Business Economics, Springer, vol. 64(3), pages 1233-1258, March.
    92. Aristogenis Lazos, 2025. "Does equity crowdfunding benefit ventures located in high unemployment regions?," Small Business Economics, Springer, vol. 64(2), pages 575-598, February.
    93. Cristina Martínez-Gómez & Francisca Jiménez-Jiménez & M. Virtudes Alba-Fernández, 2020. "Determinants of Overfunding in Equity Crowdfunding: An Empirical Study in the UK and Spain," Sustainability, MDPI, vol. 12(23), pages 1-29, December.
    94. Ikenna Uzuegbunam & Brandon Ofem & Joe Fox & Satish Nambisan, 2023. "The angels’ share hypothesis in new firms," Small Business Economics, Springer, vol. 61(2), pages 843-865, August.
    95. Jin, Xianzhe & Li, Jingnan & Gao, Jijun, 2022. "Joint effect of linguistic style and ethnicity on entrepreneurial fundraising: Evidence from equity crowdfunding," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
    96. Gregor Dorfleitner & Lars Hornuf & Julia Kreppmeier, 2021. "Promise not Fulfilled: FinTech Data Privacy, and the GDPR," CESifo Working Paper Series 9359, CESifo.

  57. Douglas Cumming & Minjie Zhang, 2019. "Angel investors around the world," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(5), pages 692-719, July.

    Cited by:

    1. Honjo, Yuji & Ikeuchi, Kenta & Nakamura, Hiroki, 2024. "Does risk aversion affect individuals’ interests and actions in angel investing? Empirical evidence from Japan," Japan and the World Economy, Elsevier, vol. 70(C).
    2. Asuamah Yeboah, Samuel, 2024. "Winning Strategies for Launching a Successful Business in Developing Markets," MPRA Paper 122661, University Library of Munich, Germany, revised 18 Oct 2024.
    3. Park, Sarah & LiPuma, Joseph A., 2020. "New venture internationalization: The role of venture capital types and reputation," Journal of World Business, Elsevier, vol. 55(1).
    4. Nigel Driffield & Yong Yang, 2021. "Leveraging the benefits of location decisions into performance:A global view from matched MNEs," Working Papers 011, The Productivity Institute.
    5. Berger, Marius & Hottenrott, Hanna, 2021. "Start-up subsidies and the sources of venture capital," Journal of Business Venturing Insights, Elsevier, vol. 16(C).
    6. Harrison, Richard T. & Bock, Adam J. & Gregson, Geoff, 2020. "Stairway to heaven? rethinking angel investment policy and practice," Journal of Business Venturing Insights, Elsevier, vol. 14(C).
    7. Waddingham, Jacob A. & Chandler, Jeffrey A. & Alexander, Katherine C. & Zafar, Sana & Anglin, Aaron, 2025. "The leisure paradox for entrepreneurs: A neo-institutional theory perspective of disclosing leisure activities in crowdfunding pitches," Journal of Business Venturing, Elsevier, vol. 40(2).
    8. Christoph Maus & Andrea Greven & Niklas Kurth & Malte Brettel, 2024. "How do investor characteristics of business angels and venture capitalists predict the occurrence of co-investments?," Journal of Business Economics, Springer, vol. 94(5), pages 763-811, July.
    9. Antonella Francesca Cicchiello & Serena Gallo & Stefano Monferrà, 2023. "Financing the cultural and creative industries through crowdfunding: the role of national cultural dimensions and policies," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 47(1), pages 133-175, March.
    10. Harrison, Richard T., 2022. "“Pennies from heaven”? Market failure, circuits of capital and policy support for business angels: The case of cross-border angel investment," Journal of Business Venturing Insights, Elsevier, vol. 17(C).
    11. Gvetadze, Salome & Pal, Kristian & Torfs, Wouter, 2020. "The business angel portfolio under the European Angels Fund: An empirical analysis," EIF Working Paper Series 2020/62, European Investment Fund (EIF).
    12. Hahn, Eugene D. & Massini, Silvia, 2024. "Cross-border and domestic early-stage financial investment in 3D printing: An empirical perspective on drivers and locations," Journal of International Management, Elsevier, vol. 30(5).
    13. Yuji HONJO & Kenta IKEUCHI & Hiroki NAKAMURA, 2022. "Does risk aversion affect individuals’ actions and interests in angel investing? Empirical evidence from Japan," Discussion papers 22040, Research Institute of Economy, Trade and Industry (RIETI).
    14. Douglas Cumming & Minjie Zhang, 2023. "Bankruptcy law and angel investors around the world," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 54(7), pages 1256-1277, September.
    15. Vincenzo Capizzi & Nicola Carta & Elisa Cavezzali & Ugo Rigoni, 2026. "The angels and the crowd: business angels’ investment practices and follow-on crowdfunding in entrepreneurial firms," The Journal of Technology Transfer, Springer, vol. 51(3), pages 1470-1509, June.
    16. Croce, Annalisa & Schwienbacher, Armin & Ughetto, Elisa, 2023. "Internationalization of business angel investments: The role of investor experience," International Business Review, Elsevier, vol. 32(1).
    17. Butticè, Vincenzo & Croce, Annalisa & Ughetto, Elisa, 2021. "Network dynamics in business angel group investment decisions," Journal of Corporate Finance, Elsevier, vol. 66(C).
    18. Mark Humphery‐Jenner, 2025. "Accredited investor tests: How to balance, access, entrepreneurial funding, and investor protection?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 65(1), pages 1047-1058, March.
    19. Boubakri, Narjess & Chkir, Imed & Saadi, Samir & Zhu, Hui, 2021. "Does national culture affect corporate innovation? International evidence," Journal of Corporate Finance, Elsevier, vol. 66(C).
    20. Standaert, Thomas & Collewaert, Veroniek & Vanacker, Tom, 2025. "Regulatory institutions and cross-country differences in high-growth entrepreneurship rates: A configurational approach," Journal of Business Venturing, Elsevier, vol. 40(2).
    21. Izadi, Selma & Rashid, Mamunur & Izadi, Parviz, 2023. "Direct and indirect influence of national culture on foreign direct investment," Research in International Business and Finance, Elsevier, vol. 66(C).
    22. Tan N. H. Do & Muhammad A. Cheema & Tom Vanacker, 2026. "Mixed blessings? Venture capitalists, angels, and the performance of equity crowdfunded firms," Small Business Economics, Springer, vol. 66(1), pages 531-550, January.
    23. James Jones & Timothy E. Trombley & Michael P. Trombley, 2022. "Impact of cultural tightness on vaccination rate," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 25(3), pages 367-389, September.
    24. Wu, Ziqi & Xiao, Yi & Zhang, Jian, 2022. "Labor mobility and corporate investment—Evidence from a Quasi-natural experiment in China," International Review of Economics & Finance, Elsevier, vol. 80(C), pages 1110-1129.
    25. Di Pietro, Francesca & Butticè, Vincenzo, 2020. "Institutional characteristics and the development of crowdfunding across countries," International Review of Financial Analysis, Elsevier, vol. 71(C).
    26. Fernandez, Viviana, 2024. "Micro-angel investments of men and women: The role of institutions," Research in International Business and Finance, Elsevier, vol. 70(PB).
    27. Li, Emma & Liao, Li & Wang, Zhengwei & Xiang, Hongyu, 2020. "Venture capital certification and customer response: Evidence from P2P lending platforms," Journal of Corporate Finance, Elsevier, vol. 60(C).
    28. Cohen, Laurence & Bellavitis, Cristiano & Wirtz, Peter, 2025. "Explaining the involvement and investment of women in business angel groups: The impact of organizational context and investment experience," Journal of Corporate Finance, Elsevier, vol. 91(C).
    29. Viviana Fernandez, 2025. "Angel investments of small family business entrepreneurs: cross-country evidence," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-36, December.
    30. Kacer, Marek & Wilson, Nicholas & Zouari, Sana, 2024. "Exit routes, investor type, and the Covid-19 crisis: Insights from UK equity-funded companies," Economics Letters, Elsevier, vol. 243(C).
    31. Cowling, Marc & Brown, Ross & Lee, Neil, 2021. "The geography of business angel investments in the UK: does local bias (still) matter?," LSE Research Online Documents on Economics 107814, London School of Economics and Political Science, LSE Library.
    32. Axel Buchner & Susanne Espenlaub & Arif Khurshed & Abdulkadir Mohamed, 2024. "Private Debt and the Role of Venture Capital and Private Equity Sponsors," Management Science, INFORMS, vol. 70(1), pages 372-395, January.
    33. Bonini, Stefano & Capizzi, Vincenzo & Giudici, Giancarlo & Tenca, Francesca, 2025. "(Im)perfect Substitutes: Business angels and crowd sourced start-up funding," International Review of Economics & Finance, Elsevier, vol. 103(C).
    34. Douglas Cumming & Satish Kumar & Weng Marc Lim & Nitesh Pandey, 2023. "Mapping the venture capital and private equity research: a bibliometric review and future research agenda," Small Business Economics, Springer, vol. 61(1), pages 173-221, June.
    35. Aldatmaz, Serdar & Celikyurt, Ugur, 2023. "The effect of venture capital backing on innovation in newly public firms," Journal of Empirical Finance, Elsevier, vol. 74(C).
    36. Rong Wang, 2021. "Understanding online equity funding ecology: a comparison of the greater Los Angeles area and Silicon Valley," Quality & Quantity: International Journal of Methodology, Springer, vol. 55(3), pages 1071-1090, June.
    37. Sofia Johan & Minjie Zhang, 2021. "Information Asymmetries in Private Equity: Reporting Frequency, Endowments, and Governance," Journal of Business Ethics, Springer, vol. 174(1), pages 199-220, November.
    38. Mestwerdt, Sönke & Mrożewski, Matthias & Sydow, Alisa & Burkert, Nathalie, 2025. "Unveiling signaling processes in early-stage cross-border investment: Evidence from South African entrepreneurs and European business angels," Journal of World Business, Elsevier, vol. 60(5).

  58. Cumming, Douglas & Johan, Sofia & Zhang, Yelin, 2019. "What is mutual fund flow?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 62(C), pages 222-251.

    Cited by:

    1. Zhang, Wei & Li, Yi, 2021. "Do visiting monks give better sermons? An analysis of the foreign experience of Chinese fund managers," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
    2. Hammouda, Amira & Saeed, Asif & Vidal, Marta & Vidal-García, Javier, 2023. "On the short-term persistence of mutual fund performance in Europe," Research in International Business and Finance, Elsevier, vol. 65(C).
    3. Jiang, Jinglin & Nanda, Vikram & Xiao, Steven Chong, 2021. "Stock-market disruptions and corporate disclosure policies," Journal of Corporate Finance, Elsevier, vol. 66(C).
    4. Zhang, Ning & Zhang, Yue & Zong, Zhe, 2023. "Fund ESG performance and downside risk: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 86(C).
    5. Hebb, Greg & Lin, Shannon, 2024. "Are banks better money doctors? An analysis of mutual fund flows of bank and non-bank funds using Canadian data," The North American Journal of Economics and Finance, Elsevier, vol. 69(PA).
    6. Jonathan E. Ogbuabor & Ekene ThankGod Emeka & Chukwunweike A. Ogbuabor, 2025. "Effects of entrepreneurship and governance quality on global and regional economic performance: A pathway to sustainable development," Sustainable Development, John Wiley & Sons, Ltd., vol. 33(2), pages 2842-2863, April.
    7. Li, Shi & Fu, Rongsha & Li, Meng, 2024. "Taking matters into their own hands: How Investors' stock preferences affect mutual fund flows in China," Pacific-Basin Finance Journal, Elsevier, vol. 88(C).
    8. Mohamad Hassan Shahrour, 2022. "Measuring the financial and social performance of French mutual funds: A data envelopment analysis approach," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 31(2), pages 398-418, April.
    9. Liu, Jie & Chen, Zhenshan & Lin, Gengyan & Zhu, Yinglun, 2024. "Riding the geopolitical storm or dodging bullets: Geopolitical risk timing of mutual funds," Global Finance Journal, Elsevier, vol. 63(C).
    10. Chua, Angeline Kim Pei & Tam, On Kit, 2020. "The shrouded business of style drift in active mutual funds," Journal of Corporate Finance, Elsevier, vol. 64(C).
    11. You, Yu & Yu, Zongdai & Zhang, Wenqiao & Lu, Lei, 2023. "FinTech platforms and mutual fund markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 84(C).
    12. Chen, Jie & Lasfer, Meziane & Song, Wei & Zhou, Si, 2021. "Recession managers and mutual fund performance," Journal of Corporate Finance, Elsevier, vol. 69(C).
    13. Meryem Mehri & M. Kabir Hassan & M. Fasial Safa & Ibrahim Siraj, 2021. "Do determinants of fees differ between Islamic and conventional funds?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 3599-3623, July.
    14. Cumming, Douglas & Monteiro, Pedro, 2022. "Hedge fund sales fees and the flow of funds around the world," Economic Modelling, Elsevier, vol. 112(C).
    15. Zalewska, Anna (Ania) & Zhang, Yue, 2020. "Mutual funds' exits, financial crisis and Darwin," Journal of Corporate Finance, Elsevier, vol. 65(C).

  59. Cumming, Douglas J. & Johan, Sofia A. & Zhang, Yelin, 2019. "The role of due diligence in crowdfunding platforms," Journal of Banking & Finance, Elsevier, vol. 108(C).

    Cited by:

    1. Ni, Jian & Xin, Yi & Yang, Fangzhu, 2025. "Financing micro-entrepreneurship in online crowdfunding markets: What drives local bias?," Journal of Economic Behavior & Organization, Elsevier, vol. 238(C).
    2. Johan, Sofia & Zhang, Yelin, 2020. "Quality revealing versus overstating in equity crowdfunding," Journal of Corporate Finance, Elsevier, vol. 65(C).
    3. Sardar Muhammad Usman & Farasat Ali Shah Bukhari & Huiwei You & Daniel Badulescu & Darie Gavrilut, 2020. "The Effect and Impact of Signals on Investing Decisions in Reward-Based Crowdfunding: A Comparative Study of China and the United Kingdom," JRFM, MDPI, vol. 13(12), pages 1-20, December.
    4. Feng Chen & Jian Ding & Mochou Li & Bingqing Wang, 2021. "From self‐entertainment to being appreciated: how does social media transfer talent to business?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(5), pages 6113-6146, December.
    5. Maximilian Goethner & Lars Hornuf & Tobias Regner, 2020. "Protecting Investors in Equity Crowdfunding: An Empirical Analysis of the Small Investor Protection Act," Jena Economics Research Papers 2020-009, Friedrich-Schiller-University Jena.
    6. Hassen Elarem & Anis Jarboui, 2026. "Entrepreneurial Dynamics: An Empirical Study of Entrepreneur Profiles, Innovation Ecosystems, and R&D Intensity," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(1), pages 71-104.
    7. Xu, Lei & Li, Dahui & Chiu, Chun-Hung & Zhang, Qing & Gao, Runpeng, 2022. "Implications of warm-glow effect and risk aversion in reward-based crowdfunding," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 160(C).
    8. Alex Murray & Greg Fisher, 2023. "When More Is Less: Explaining the Curse of Too Much Capital for Early-Stage Ventures," Organization Science, INFORMS, vol. 34(1), pages 246-282, January.
    9. Sami Ben Jabeur & Faten Ben Slimane & Meriem Haouat Asli & Salma Mefteh-Wali, 2025. "Crowdlending platforms: reputation on the line," International Entrepreneurship and Management Journal, Springer, vol. 21(1), pages 1-24, December.
    10. Vincenzo Butticè & Silvio Vismara, 2022. "Inclusive digital finance: the industry of equity crowdfunding," The Journal of Technology Transfer, Springer, vol. 47(4), pages 1224-1241, August.
    11. Sophie Pommet & Alexandra Rufini & Dominique Torre, 2024. "The role of lead investors in equity crowdfunding campaigns with a secondary market," Small Business Economics, Springer, vol. 63(1), pages 243-273, June.
    12. Sandra Correia & Miguel Sousa & Elísio Brandão, 2024. "What do we know about the choices of entrepreneurs before the equity crowdfunding campaign?," Small Business Economics, Springer, vol. 63(4), pages 1471-1501, December.
    13. He, Qing & Li, Xiaoyang, 2021. "The failure of Chinese peer-to-peer lending platforms: Finance and politics," Journal of Corporate Finance, Elsevier, vol. 66(C).
    14. Fatma Tatli Kalayci & Hasan Aydin Okuyan, 2025. "A bibliometric analysis of reward-based crowdfunding related research: current trends and future prospect," Future Business Journal, Springer, vol. 11(1), pages 1-15, December.
    15. Nguyen, Thien Le-Hoang & Hsieh, Hui-Ching, 2025. "Iron curtain echoes: The enduring impact of communism and crowdfunding," Journal of Corporate Finance, Elsevier, vol. 91(C).
    16. Mataigne, Virginie & Meoli, Michele & Vanacker, Tom & Vismara, Silvio, 2025. "False signaling by platform team members and post-campaign venture outcomes: Evidence from an equity crowdfunding platform," Journal of Business Venturing, Elsevier, vol. 40(1).
    17. Silvio Vismara, 2022. "Expanding corporate finance perspectives to equity crowdfunding," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1629-1639, December.
    18. Lin, Tse-Chun & Pursiainen, Vesa, 2022. "Regional social capital and moral hazard in crowdfunding," Journal of Business Venturing, Elsevier, vol. 37(4).
    19. Zhang, Ye & Johan, Sofia & Fu, Kun & Hughes, Mathew & Scholes, Louise & Liu, Jiajia, 2024. "The effect of lead investor’s human capital on funding performance: The moderating role of investment ambition," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 90(C).
    20. Ali Saleh Alshebami, 2022. "Crowdfunding Platforms as a Substitute Financing Source for Young Saudi Entrepreneurs: Empirical Evidence," SAGE Open, , vol. 12(3), pages 21582440221, September.
    21. Cumming, Douglas J. & Johan, Sofia Atiqah & Reardon, Robert S., 2021. "Governance and success in U.S. equity crowdfunding," CFS Working Paper Series 668, Center for Financial Studies (CFS).
    22. Coakley, Jerry & Lazos, Aristogenis & Liñares-Zegarra, José M., 2022. "Seasoned equity crowdfunded offerings," Journal of Corporate Finance, Elsevier, vol. 77(C).
    23. Douglas Cumming & Fabrice Hervé & Elodie Manthé & Armin Schwienbacher, 2022. "Testing-the-Waters Policy With Hypothetical Investment: Evidence From Equity Crowdfunding," Entrepreneurship Theory and Practice, , vol. 46(4), pages 1019-1053, July.
    24. Guo, Dongliang & Fan, Zhi-Ping & Sun, Minghe, 2022. "B2C car-sharing services: Sharing mode selection and value-added service investment," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 165(C).
    25. Guo, Penghui & Feng, Gengzhong & Wang, Kai & Zhou, Xiaoyang & Liu, Qi, 2025. "Analysis of blockchain technology implementing and financing provision strategies in contract farming supply chains," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 203(C).
    26. Simon Kleinert & Julian Bafera & Diemo Urbig & Christine K. Volkmann, 2022. "Access Denied: How Equity Crowdfunding Platforms Use Quality Signals to Select New Ventures," Entrepreneurship Theory and Practice, , vol. 46(6), pages 1626-1657, November.
    27. Mari-Liis Kukk & Laivi Laidroo, 2020. "Institutional Drivers of Crowdfunding Volumes," JRFM, MDPI, vol. 13(12), pages 1-28, December.
    28. Hsieh, Hui-Ching & Vu, Thi Huyen Chi, 2021. "The impact of economic policy uncertainty on crowdfunding success," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
    29. Bollaert, Helen & Lopez-de-Silanes, Florencio & Schwienbacher, Armin, 2021. "Fintech and access to finance," Journal of Corporate Finance, Elsevier, vol. 68(C).
    30. Ming-Feng Huang & Li-Pei Peng, 2023. "Extracting Evaluation Factors of Social Resilience in Water Resource Protection Areas Using the Fuzzy Delphi Method," Sustainability, MDPI, vol. 15(18), pages 1-18, September.
    31. Ravi Kashyap, 2024. "The Concentration Risk Indicator: Raising the Bar for Financial Stability and Portfolio Performance Measurement," Papers 2408.07271, arXiv.org.
    32. Jinjuan Yang & Jiayuan Xin & Yan Zeng & Pei Jose Liu, 2025. "Signaling and perceiving on equity crowdfunding decisions — a machine learning approach," Small Business Economics, Springer, vol. 65(1), pages 315-356, June.
    33. Jörn H. Block & Alexander Groh & Lars Hornuf & Tom Vanacker & Silvio Vismara, 2021. "The entrepreneurial finance markets of the future : a comparison of crowdfunding and initial coin offerings," Post-Print hal-03337456, HAL.
    34. Massimo G. Colombo & Kourosh Shafi, 2026. "Firms’ venture capital affiliation, platforms’ “skin in the game” and the success of equity crowdfunding campaigns," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 53(1), pages 167-197, March.
    35. Maria Kukurba & Mariusz Salwin & Aneta Ewa Waszkiewicz, 2023. "Model of Value Transfer in Crowdfunding and Sustainable Development of Small and Medium-Sized Enterprises in Poland—Based on Survey Research," Sustainability, MDPI, vol. 15(16), pages 1-55, August.
    36. Peng, Jing & Zhang, Jianghua & Nie, Tengfei & Zhu, Yangguang & Du, Shaofu, 2020. "Pricing and package size decisions in crowdfunding," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 143(C).
    37. Zhou, Xiangyi & Zheng, Fang & Xiao, Sheng, 2025. "Media coverage of startups and venture capital investments," Emerging Markets Review, Elsevier, vol. 68(C).
    38. Antti Talonen & Jarna Pasanen & Olli-Pekka Ruuskanen, 2021. "Exploring the Co-operative Form’s Potential in Crowdfunding: A Non-monetary Perspective," FIIB Business Review, , vol. 10(4), pages 339-351, December.
    39. Farag, Hisham & Johan, Sofia, 2021. "How alternative finance informs central themes in corporate finance," Journal of Corporate Finance, Elsevier, vol. 67(C).
    40. Cumming, Douglas & Meoli, Michele & Rossi, Alice & Vismara, Silvio, 2024. "ESG and crowdfunding platforms," Journal of Business Venturing, Elsevier, vol. 39(1).
    41. Zhao Wang & Cuiqing Jiang & Huimin Zhao, 2022. "Know Where to Invest: Platform Risk Evaluation in Online Lending," Information Systems Research, INFORMS, vol. 33(3), pages 765-783, September.
    42. Mello, Lucas Pereira de & Moraes, Gustavo Hermínio Salati Marcondes de & Fischer, Bruno Brandão & Vicentin, Damaris Chieregato, 2026. "Pathways to success in equity crowdfunding for sustainable startups: A configurational perspective," Technological Forecasting and Social Change, Elsevier, vol. 222(C).
    43. He, Qing & Li, Xiaoyang, 2020. "The failure of Chinese peer-to-peer lending platforms: Finance and politics," BOFIT Discussion Papers 27/2020, Bank of Finland Institute for Emerging Economies (BOFIT).
    44. Massimiliano Barbi & Valentina Febo & Giancarlo Giudici, 2023. "Community-level social capital and investment decisions in equity crowdfunding," Small Business Economics, Springer, vol. 61(3), pages 1075-1110, October.
    45. Serena Gallo, 2021. "Fintech platforms: Lax or careful borrowers’ screening?," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-33, December.
    46. Si, Deng-Kui & Meng, Mingyue & Wang, Jiaming & Zhou, Fuyou, 2024. "Does capital market liberalization increase corporate labor income share? Evidence from China," Economic Modelling, Elsevier, vol. 141(C).
    47. Maarten Cerpentier & Tom Vanacker & Ine Paeleman & Katja Bringmann, 2022. "Equity crowdfunding, market timing, and firm capital structure," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1766-1793, December.
    48. Rocha, Rocío & García-Ramos, Rebeca & Cobo, Ángel, 2025. "Selection of a crowdfunding platform by entrepreneurs using a multi-criteria approach: an application to green energy investment projects," Technological Forecasting and Social Change, Elsevier, vol. 213(C).
    49. Peter Konhäusner & Marius Thielmann & Veronica Câmpian & Dan-Cristian Dabija, 2021. "Crowdfunding for Independent Print Media: E-Commerce, Marketing, and Business Development," Sustainability, MDPI, vol. 13(19), pages 1-17, October.
    50. Du, Shaofu & Peng, Jing & Nie, Tengfei & Yu, Yugang, 2020. "Pricing strategies and mechanism choice in reward-based crowdfunding," European Journal of Operational Research, Elsevier, vol. 284(3), pages 951-966.
    51. Ga-Young Kim & Woo-Jin Lee & Byungchul Choi & Yong Kyu Lew, 2025. "Fostering collaborative opportunities for AI start-ups: The case of a hybrid business incubator in Seoul," The Journal of Technology Transfer, Springer, vol. 50(2), pages 552-581, April.
    52. Jerry Coakley & Aristogenis Lazos & Jose Liñares-Zegarra, 2022. "Strategic entrepreneurial choice between competing crowdfunding platforms," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1794-1824, December.
    53. Li, Emma & Liao, Li & Wang, Zhengwei & Xiang, Hongyu, 2020. "Venture capital certification and customer response: Evidence from P2P lending platforms," Journal of Corporate Finance, Elsevier, vol. 60(C).
    54. Radoslaw Luft & Adam Weinert, 2021. "Analysis of the Crowdfunding European Market: Performance and Perspectives," European Research Studies Journal, European Research Studies Journal, vol. 0(4 - Part ), pages 632-644.
    55. Yalin Wang & Yaokuang Li & Juan Wu & Li Ling & Dan Long, 2023. "Does digitalization sufficiently empower female entrepreneurs? Evidence from their online gender identities and crowdfunding performance," Small Business Economics, Springer, vol. 61(1), pages 325-348, June.
    56. Lazos, Aristogenis, 2025. "When policy makers want to protect investors in equity crowdfunding: Does it have regional implications?," Technological Forecasting and Social Change, Elsevier, vol. 215(C).
    57. Johan, Sofia & Reardon, Robert S., 2024. "The role of platform stakes in equity crowdfunding success," Finance Research Letters, Elsevier, vol. 69(PA).
    58. T.B. Zambalaeva, 2020. "Research of Factors of Successful Crowfunding Finance on the Example of the Russian Boomstarter Platform," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 19(3), pages 398-412.
    59. Ferreira, Valeria & Papaoikonomou, Eleni & Terceño, Antonio, 2022. "Unpeel the layers of trust! A comparative analysis of crowdfunding platforms and what they do to generate trust," Business Horizons, Elsevier, vol. 65(1), pages 7-19.
    60. Berns, John P. & Shahriar, Abu Zafar M. & Unda, Luisa A., 2021. "Delegated monitoring in crowdfunded microfinance: Evidence from Kiva," Journal of Corporate Finance, Elsevier, vol. 66(C).
    61. Douglas Cumming & Satish Kumar & Weng Marc Lim & Nitesh Pandey, 2023. "Mapping the venture capital and private equity research: a bibliometric review and future research agenda," Small Business Economics, Springer, vol. 61(1), pages 173-221, June.
    62. Menéndez-Caravaca, Eloísa & Bueno, Salvador & Gallego, M. Dolores, 2021. "Exploring the link between free and open source software and the collaborative economy: A Delphi-based scenario for the year 2025," Technological Forecasting and Social Change, Elsevier, vol. 173(C).
    63. Kukk, Mari-Liis, 2022. "Predicting business failure after crowdfunding success: Are platforms the unsung heroes?," Journal of Business Venturing Insights, Elsevier, vol. 17(C).

  60. Pawel Bilinski & Douglas Cumming & Lars Hass & Konstantinos Stathopoulos & Martin Walker, 2019. "Strategic distortions in analyst forecasts in the presence of short-term institutional investors," Accounting and Business Research, Taylor & Francis Journals, vol. 49(3), pages 305-341, April.

    Cited by:

    1. Charalambous, Andria & de Ricquebourg, Alan Duboisée & Scarlat, Elvira & Shields, Karin, 2025. "Gender composition and conflicts of interest in the financial industry: Evidence from analysts’ target price optimism," Journal of Banking & Finance, Elsevier, vol. 178(C).
    2. Driouchi, Tarik & So, Raymond H.Y. & Trigeorgis, Lenos, 2020. "Investor ambiguity, systemic banking risk and economic activity: The case of too-big-to-fail," Journal of Corporate Finance, Elsevier, vol. 62(C).
    3. Ji, Xu & Dong, Yan & Vagnani, Gianluca & Yang, Xiaoqi, 2024. "Stock market reactions and optimism bias in analysts’ earnings forecasts: An analysis of China's stock markets," Finance Research Letters, Elsevier, vol. 59(C).
    4. Oesinghaus, Andreas, 2024. "Analysts’ extrapolative expectations in the cross-section," Journal of Economics and Business, Elsevier, vol. 130(C).
    5. Choi, Su-Young & Cho, Hyungjin, 2025. "Dark side of analyst coverage? The case of cash holding adjustment toward the optimal level," Pacific-Basin Finance Journal, Elsevier, vol. 91(C).
    6. Markus Buxbaum & Wolfgang Schultze & Samuel L. Tiras, 2023. "Do analysts’ target prices stabilize the stock market?," Review of Quantitative Finance and Accounting, Springer, vol. 61(3), pages 763-816, October.
    7. Swanson, Edward P. & Young, Glen M. & Yust, Christopher G., 2022. "Are all activists created equal? The effect of interventions by hedge funds and other private activists on long-term shareholder value," Journal of Corporate Finance, Elsevier, vol. 72(C).
    8. Contreras, Harold & Marcet, Francisco, 2021. "Sell-side analyst heterogeneity and insider trading," Journal of Corporate Finance, Elsevier, vol. 66(C).

  61. Douglas J. Cumming & Sofia Johan & Anshum Pant, 2019. "Regulation of the Crypto-Economy: Managing Risks, Challenges, and Regulatory Uncertainty," JRFM, MDPI, vol. 12(3), pages 1-14, July.

    Cited by:

    1. Sobolev, Daphne & Kallinterakis, Vasileios, 2024. "Risk is in the eye of the investor: Cryptocurrency investors’ engagement with risk, regulatory advice, and regulatory institutions," Journal of Behavioral and Experimental Finance, Elsevier, vol. 44(C).
    2. Cole, Rebel & Johan, Sofia & Schweizer, Denis, 2021. "Corporate failures: Declines, collapses, and scandals," Journal of Corporate Finance, Elsevier, vol. 67(C).
    3. Bellavitis, Cristiano & Fisch, Christian & Wiklund, Johan, 2021. "A comprehensive review of the global development of initial coin offerings (ICOs) and their regulation," Journal of Business Venturing Insights, Elsevier, vol. 15(C).
    4. Klaus Grobys & Timothy King & Niranjan Sapkota, 2022. "A Fractal View on Losses Attributable to Scams in the Market for Initial Coin Offerings," JRFM, MDPI, vol. 15(12), pages 1-18, December.
    5. Cristiano Bellavitis & Douglas Cumming & Tom Vanacker, 2022. "Ban, Boom, and Echo! Entrepreneurship and Initial Coin Offerings," Entrepreneurship Theory and Practice, , vol. 46(5), pages 1136-1169, September.
    6. Wang, Wei & Enilov, Martin & Stankov, Petar, 2025. "Can cryptocurrency or gold rescue BRICS stocks amid the Russia-Ukraine conflict?," International Review of Financial Analysis, Elsevier, vol. 104(PA).
    7. Anton Miglo, 2022. "Choice between IEO and ICO: Speed vs. Liquidity vs. Risk," FinTech, MDPI, vol. 1(3), pages 1-18, September.
    8. Mohamd Laimon & Rula Almadadha & Steven Goh, 2025. "Energy Consumption of Crypto Mining: Consequences and Sustainable Solutions Using Systems Thinking and System Dynamics Analysis," Sustainability, MDPI, vol. 17(8), pages 1-9, April.
    9. Ahmad Alaassar & Anne-Laure Mention & Tor Helge Aas, 2023. "Facilitating innovation in FinTech: a review and research agenda," Review of Managerial Science, Springer, vol. 17(1), pages 33-66, January.
    10. Saleem Malik & Mehmood Chadhar & Savanid Vatanasakdakul & Madhu Chetty, 2021. "Factors Affecting the Organizational Adoption of Blockchain Technology: Extending the Technology–Organization–Environment (TOE) Framework in the Australian Context," Sustainability, MDPI, vol. 13(16), pages 1-33, August.
    11. Casey Watters, 2023. "Digital Gold or Digital Security? Unravelling the Legal Fabric of Decentralised Digital Assets," Commodities, MDPI, vol. 2(4), pages 1-12, October.
    12. Yuze Li & Shangrong Jiang & Xuerong Li & Shouyang Wang, 2022. "Hybrid data decomposition-based deep learning for Bitcoin prediction and algorithm trading," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-24, December.
    13. Farag, Hisham & Johan, Sofia, 2021. "How alternative finance informs central themes in corporate finance," Journal of Corporate Finance, Elsevier, vol. 67(C).
    14. Leander Bindewald, 2021. "Inconsistent Definitions of Money and Currency in Financial Legislation as a Threat to Innovation and Sustainability," JRFM, MDPI, vol. 14(2), pages 1-17, January.
    15. Reza-Gharehbagh, Raziyeh & Asian, Sobhan & Hafezalkotob, Ashkan & Wei, Chen, 2021. "Reframing supply chain finance in an era of reglobalization: On the value of multi-sided crowdfunding platforms," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 149(C).
    16. Karolina Anna Nowak & Marcin Wiśniewski & Michał Litwiński, 2025. "Is It Worth Investing in Tokens? Investment Performance of Digital Tokens in Financial and Axiological Contexts," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(1), pages 663-690, March.
    17. Benedetti, Hugo & Nikbakht, Ehsan, 2021. "Returns and network growth of digital tokens after cross-listings," Journal of Corporate Finance, Elsevier, vol. 66(C).
    18. Hao Fu & Yue Liu & Pengfei Cheng & Sijie Cheng, 2022. "Evolutionary Game Analysis on Innovation Behavior of Digital Financial Enterprises under the Dynamic Reward and Punishment Mechanism of Government," Sustainability, MDPI, vol. 14(19), pages 1-18, October.
    19. David Ahlstrom & Amber Y. Chang & Jessie S. T. Cheung, 2019. "Encouraging Entrepreneurship and Economic Growth," JRFM, MDPI, vol. 12(4), pages 1-14, November.
    20. Ioana Raluca DIACONU, 2022. "Bitcoin: Medium of Exchange or Speculative Asset?," Finante - provocarile viitorului (Finance - Challenges of the Future), University of Craiova, Faculty of Economics and Business Administration, vol. 1(24), pages 72-82, November.
    21. Paul P. Momtaz, 2024. "Decentralized finance (DeFi) markets for startups: search frictions, intermediation, and the efficiency of the ICO market," Small Business Economics, Springer, vol. 63(4), pages 1415-1447, December.
    22. Alaassar, Ahmad & Mention, Anne-Laure & Aas, Tor Helge, 2020. "Exploring how social interactions influence regulators and innovators: The case of regulatory sandboxes," Technological Forecasting and Social Change, Elsevier, vol. 160(C).
    23. Rehman, Mobeen Ur & Katsiampa, Paraskevi & Zeitun, Rami & Vo, Xuan Vinh, 2023. "Conditional dependence structure and risk spillovers between Bitcoin and fiat currencies," Emerging Markets Review, Elsevier, vol. 55(C).

  62. Cumming, Douglas & Deloof, Marc & Manigart, Sophie & Wright, Mike, 2019. "New directions in entrepreneurial finance," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 252-260.

    Cited by:

    1. Honjo, Yuji & Ikeuchi, Kenta & Nakamura, Hiroki, 2024. "Does risk aversion affect individuals’ interests and actions in angel investing? Empirical evidence from Japan," Japan and the World Economy, Elsevier, vol. 70(C).
    2. Yuji Honjo & Yunosuke Iwaki & Masatoshi Kato, 2025. "Outside or inside the firm? The impact of debt financing on the exit routes of start-up firms," Small Business Economics, Springer, vol. 64(4), pages 1877-1900, April.
    3. Paige Clayton & Maryann Feldman & Benjamin Montmartin, 2024. "Entrepreneurial finance and regional ecosystem emergence," Small Business Economics, Springer, vol. 62(4), pages 1493-1521, April.
    4. Maung, Min, 2024. "The bright side of social trust and entrepreneurial finance," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 778-795.
    5. Aurélie Sannajust & Alexander Groh, 2023. "Pioneering management buy-out and entrepreneurial finance research: Mike Wright’s research legacy," Small Business Economics, Springer, vol. 60(1), pages 1-35, January.
    6. Nguyen, Minh-Hoang & Huyen, Nguyen Thanh Thanh & Pham, Thanh-Hang & Yen, Nguyen Thi Quynh & Vuong, Quan-Hoang, 2020. "On the 50-year research landscape of entrepreneurial finance: A sign of Western ideological homogeneity?," SocArXiv 7wy2u, Center for Open Science.
    7. Carlos Alberto Gómez Cano, 2026. "Chapter 7. Common financial mistakes of entrepreneurs. A literature review," South American Publishing Books Chapters, in: Carlos Alberto Gómez Cano & Vugar Abdullayev (ed.), Rethinking homo economicus, South American Publishing.
    8. Burström, Thommie & Lahti, Tom & Parida, Vinit & Wartiovaara, Markus & Wincent, Joakim, 2023. "A definition, review, and extension of global ecosystems theory: Trends, architecture and orchestration of global VCs and mechanisms behind unicorns," Journal of Business Research, Elsevier, vol. 157(C).
    9. Hegeman, Puck D. & Sørheim, Roger & Landström, Hans & Saether, Erik Andreas, 2024. "Corporate angels: A new breed of investors in the funding landscape for technology-based start-ups," Technovation, Elsevier, vol. 134(C).
    10. Christoph Maus & Andrea Greven & Niklas Kurth & Malte Brettel, 2024. "How do investor characteristics of business angels and venture capitalists predict the occurrence of co-investments?," Journal of Business Economics, Springer, vol. 94(5), pages 763-811, July.
    11. Paul P. Momtaz, 2023. "The economics of PIPEs, revisited," Small Business Economics, Springer, vol. 60(1), pages 59-83, January.
    12. Huiling Zhang & Yaokuang Li & Juan Wu & Li Ling, 2022. "How do the network structures of lead investors affect the following of distant strangers? Evidence from Chinese equity crowdfunding," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(8), pages 3516-3533, December.
    13. Burger, Anže & Hogan, Teresa & Kotnik, Patricia & Rao, Sandeep & Sakinç, Mustafa Erdem, 2023. "Does acquisition lead to the growth of high-tech scale-ups? Evidence from Europe," Research in International Business and Finance, Elsevier, vol. 64(C).
    14. Xincai Gao & Zhongyang Ji & Fayyaz Ahmad & Muhammad Umar Draz, 2019. "Financial Support and Growth of Township and Village Enterprises in China: Fresh Evidence From Regional Analyses," SAGE Open, , vol. 9(2), pages 21582440198, June.
    15. Anton Miglo, 2020. "Financing of Entrepreneurial Firms in Canada: Some Patterns," Administrative Sciences, MDPI, vol. 10(3), pages 1-27, August.
    16. Manuela Vega-Pascual & Filippo di Pietro & María-José Palacín-Sánchez & Rafaela Alfalla-Luque, 2025. "Linking financial ecosystem and the growth of young SMEs: evidence from Spanish regions," Review of Managerial Science, Springer, vol. 19(6), pages 1859-1888, June.
    17. Vincenzo Capizzi & Nicola Carta & Elisa Cavezzali & Ugo Rigoni, 2026. "The angels and the crowd: business angels’ investment practices and follow-on crowdfunding in entrepreneurial firms," The Journal of Technology Transfer, Springer, vol. 51(3), pages 1470-1509, June.
    18. Bozintan (Cosma-Guler) Ioana-Carmen & Badulescu Daniel, 2025. "Strategies And Vulnerabilities In Crowdfunding For Innovative Firms," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 1, pages 122-132, February.
    19. La Rocca, Maurizio & Fasano, Francesco & Staglianò, Raffaele & La Rocca, Elvira Tiziana & Deloof, Marc, 2025. "The financial life cycle of European SMEs before, during and after crisis periods. What is the role of a country's financial system?," International Review of Financial Analysis, Elsevier, vol. 104(PA).
    20. Haider Alvi, Farzad & Ulrich, Klaus, 2023. "Innovation finance ecosystems for entrepreneurial firms: A conceptual model and research propositions," Journal of Business Research, Elsevier, vol. 156(C).
    21. Bryan Malki & Timur Uman & Daniel Pittino, 2022. "The entrepreneurial financing of the immigrant entrepreneurs: a literature review," Small Business Economics, Springer, vol. 58(3), pages 1337-1365, March.
    22. Eduardo da Silva Fernandes & Inês Hexsel Grochau & Carla Schwengber Ten Caten, 2023. "Impact Investing: Determinants of External Financing of Social Enterprises in Brazil," Sustainability, MDPI, vol. 15(15), pages 1-21, August.
    23. Clayton, Paige, 2024. "Mentored without incubation: Start-up survival, funding, and the role of entrepreneurial support organization services," Research Policy, Elsevier, vol. 53(4).
    24. Douglas J. Cumming & Sofia Johan & Anshum Pant, 2019. "Regulation of the Crypto-Economy: Managing Risks, Challenges, and Regulatory Uncertainty," JRFM, MDPI, vol. 12(3), pages 1-14, July.
    25. Lavanchy, Maude & Reichert, Patrick & Joshi, Amit, 2022. "Blood in the water: An abductive approach to startup valuation on ABC's Shark Tank," Journal of Business Venturing Insights, Elsevier, vol. 17(C).
    26. Swati Oberoi & Rohit Joshi & Atul Mehta & Smita Srivastava & Vishal K. Gupta, 2024. "Crowdfunding Research: Critical Analysis and Constructive Agenda for Future Inquiry," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 33(3), pages 651-699, August.
    27. Pomme Theunissen & Matteo Millone, 2024. "Gender effects in crowdfunded business loan campaigns," PLOS ONE, Public Library of Science, vol. 19(7), pages 1-28, July.
    28. Thomas Ulmer & Ulrich Pape, 2022. "Streamliners, Switchmen and Bridge Builders: About the Mechanisms and Uniqueness of Accelerator Programs," Sustainability, MDPI, vol. 14(23), pages 1-25, November.
    29. Fahimeh Khatami & Enrico Cagno & Luboš Smrčka & Zoltan Rozsa, 2024. "Assessing the role of FinTech in entrepreneurial ecosystems at the international level," International Entrepreneurship and Management Journal, Springer, vol. 20(4), pages 3373-3402, December.
    30. Daniel Blaseg & Douglas Cumming & Michael Koetter, 2021. "Equity Crowdfunding: High-Quality or Low-Quality Entrepreneurs?," Entrepreneurship Theory and Practice, , vol. 45(3), pages 505-530, May.
    31. Jonathan Taglialatela & Andrea Mina, 2021. "Innovation, asymmetric information and the capital structure of new firms," LEM Papers Series 2021/36, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    32. Sin Tian Ho, Cynthia & Fili, Andreas, 2020. "Dynamic financial landscapes and entrepreneurial cultures on new firm formation in different industries," Working Paper Series 20/12, Royal Institute of Technology, Department of Real Estate and Construction Management & Banking and Finance.
    33. Niculaescu, Corina-Elena & Sangiorgi, Ivan & Bell, Adrian R., 2023. "Venture capital financing in the eSports industry," Research in International Business and Finance, Elsevier, vol. 65(C).
    34. Honjo, Yuji & Kwak, Charee & Uchida, Hirofumi, 2022. "Initial funding and founders’ human capital: An empirical analysis using multiple surveys for start-up firms," Japan and the World Economy, Elsevier, vol. 63(C).
    35. Alaassar, Ahmad & Mention, Anne-Laure & Aas, Tor Helge, 2020. "Exploring how social interactions influence regulators and innovators: The case of regulatory sandboxes," Technological Forecasting and Social Change, Elsevier, vol. 160(C).
    36. Fernandez, Viviana, 2021. "The role of trust and social commitment in start-up financing," International Review of Financial Analysis, Elsevier, vol. 75(C).
    37. Aghdam, Ali Nassiri & Behdarvand, Shahin & Sheshdeh, Mohammad Ghasemi, 2023. "The effect of credit composition on entrepreneurship," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 4(4).
    38. Katherine Coronel-Pangol & Jessica Paule-Vianez & Carmen Orden-Cruz, 2024. "Conventional or alternative financing to promote entrepreneurship? An analysis of female and male entrepreneurship in developed and developing countries," International Entrepreneurship and Management Journal, Springer, vol. 20(1), pages 163-187, March.
    39. Dustin Bauer & Sebastian Junge & Tobias Reif, 2024. "May the resources be with you: a systematic review and framework of startup funding options," Management Review Quarterly, Springer, vol. 74(3), pages 1365-1396, September.
    40. Berns, John P. & Shahriar, Abu Zafar M. & Unda, Luisa A., 2021. "Delegated monitoring in crowdfunded microfinance: Evidence from Kiva," Journal of Corporate Finance, Elsevier, vol. 66(C).
    41. Kelvin Mugambi Kinyua & Frederick Kibon Changwony & Kevin Campbell, 2025. "Government procurement contracts, external audit certification, and financing of small- and medium-sized enterprises," Small Business Economics, Springer, vol. 64(3), pages 1163-1231, March.
    42. Bhattacharyya, Jagriti & Subrahmanya, M.H. Bala, 2024. "Determinants of a digital start-up's access to VC financing in India: A signaling theory perspective," Technological Forecasting and Social Change, Elsevier, vol. 207(C).
    43. Lina Uebbing & Marius Claus Wehner & Alba Yela Aránega & José Manuel Guaita Martínez, 2025. "Make it or leave it?– An exploration of post-foundation dynamics among female entrepreneurs," International Entrepreneurship and Management Journal, Springer, vol. 21(1), pages 1-38, December.
    44. Menéndez-Caravaca, Eloísa & Bueno, Salvador & Gallego, M. Dolores, 2021. "Exploring the link between free and open source software and the collaborative economy: A Delphi-based scenario for the year 2025," Technological Forecasting and Social Change, Elsevier, vol. 173(C).

  63. Cumming, Douglas & Johan, Sofia, 2019. "Capital-market effects of securities regulation: Prior conditions, implementation, and enforcement revisited," Finance Research Letters, Elsevier, vol. 31(C).

    Cited by:

    1. Buckle, Mike & Chen, Jing & Guo, Qian & Li, Xiaoxi, 2023. "Does smile help detect the UK's price leadership change after MiFID?," International Review of Economics & Finance, Elsevier, vol. 84(C), pages 756-769.
    2. Cowan, Arnold R. & Salotti, Valentina, 2020. "Anti-selective disclosure regulation and analyst forecast accuracy and usefulness," Journal of Corporate Finance, Elsevier, vol. 64(C).
    3. Aitken, Michael & Cumming, Douglas & Zhan, Feng, 2023. "Algorithmic trading and market quality: International evidence of the impact of errors in colocation dates," Journal of Banking & Finance, Elsevier, vol. 151(C).
    4. Anolick, Nina & Batten, Jonathan A. & Kinateder, Harald & Wagner, Niklas, 2021. "Time for gift giving: Abnormal share repurchase returns and uncertainty," Journal of Corporate Finance, Elsevier, vol. 66(C).
    5. Douglas J. Cumming & Sofia Johan & Anshum Pant, 2019. "Regulation of the Crypto-Economy: Managing Risks, Challenges, and Regulatory Uncertainty," JRFM, MDPI, vol. 12(3), pages 1-14, July.
    6. Andriosopoulos, Dimitris & Panetsidou, Styliani, 2021. "A global analysis of Private Investments in Public Equity," Journal of Corporate Finance, Elsevier, vol. 69(C).
    7. Cumming, Douglas J. & Firth, Christopher & Gathergood, John & Stewart, Neil, 2021. "Covid, work-from-home, and securities misconduct," CFS Working Paper Series 666, Center for Financial Studies (CFS).
    8. Knyazeva, Anzhela, 2019. "Financial innovation in microcap public offerings," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 283-305.
    9. Isabel‐María García‐Sánchez & Laura Sierra‐García & María‐Antonia García‐Benau, 2022. "How does the EU non‐financial directive affect the assurance market?," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 31(3), pages 823-845, July.

  64. Cao, Xiaping & Cumming, Douglas & Goh, Jeremy & Wang, Xiaoming, 2019. "The impact of investor protection law on global takeovers: LBO vs. non-LBO transactions," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 59(C), pages 1-18.

    Cited by:

    1. Jia, Xiao & McCourt, Maurice, 2022. "Global leveraged buyout deal performance: A cross-border cross-cultural perspective," Pacific-Basin Finance Journal, Elsevier, vol. 71(C).
    2. Benjamin Hammer & Heiko Hinrichs & Denis Schweizer, 2022. "What is different about private equity‐backed acquirers?," Review of Financial Economics, John Wiley & Sons, vol. 40(2), pages 117-149, April.
    3. Kellard, Neil M. & Kontonikas, Alexandros & Lamla, Michael J. & Maiani, Stefano & Wood, Geoffrey, 2023. "Institutional settings and financing green innovation," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 89(C).
    4. Maung, Min & Wilson, Craig & Yu, Weisu, 2020. "Does reputation risk matter? Evidence from cross-border mergers and acquisitions," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 66(C).
    5. Nguyen, Giang & Vu, Le, 2021. "Does venture capital syndication affect mergers and acquisitions?," Journal of Corporate Finance, Elsevier, vol. 67(C).
    6. Paulo P. Alves & M. Ricardo Cunha & Luís K. Pacheco & João M. Pinto, 2022. "How Banks Price Loans for LBOs: an Empirical Analysis of Spread Determinants ," Journal of Financial Services Research, Springer;Western Finance Association, vol. 62(3), pages 163-200, December.
    7. Drobetz, W. & Momtaz, Paul P., 2020. "Antitakeover Provisions and Firm Value: New Evidence from the M&A Market," Journal of Corporate Finance, Elsevier, vol. 62(C).
    8. Dissanaike, Gishan & Drobetz, Wolfgang & Momtaz, Paul P. & Rocholl, Jörg, 2021. "The Economics of Law Enforcement: Quasi-Experimental Evidence from Corporate Takeover Law," Journal of Corporate Finance, Elsevier, vol. 67(C).
    9. Faverzani, Lara, 2024. "Financial resource pooling in club deals," Journal of Corporate Finance, Elsevier, vol. 84(C).

  65. Stefano Bonini & Vincenzo Capizzi & Douglas Cumming, 2019. "Emerging trends in entrepreneurial finance," Venture Capital, Taylor & Francis Journals, vol. 21(2-3), pages 133-136, July.

    Cited by:

    1. José Alberto Martínez-González & Urszula Kobylinska & Desiderio Gutiérrez-Taño, 2021. "Exploring Personal and Contextual Variables of the Global Entrepreneurship Monitor through the Rasch Mathematical Model," Mathematics, MDPI, vol. 9(16), pages 1-23, August.
    2. Hegeman, Puck D. & Sørheim, Roger & Landström, Hans & Saether, Erik Andreas, 2024. "Corporate angels: A new breed of investors in the funding landscape for technology-based start-ups," Technovation, Elsevier, vol. 134(C).
    3. Anifowose Oluwafemi Dele & Ngah Rohana & Abdullah Hasnie, 2023. "Student-Staff Partnerships, Internally Generated Revenue and Financial Inclusion towards Entrepreneurial Venture in Nigerian Universities: Systematic Review of Literature," Information Management and Business Review, AMH International, vol. 15(4), pages 586-602.
    4. Laurence Cohen & Peter Wirtz, 2022. "Decision-making style in entrepreneurial finance and growth," Small Business Economics, Springer, vol. 59(1), pages 183-210, June.
    5. Alexandra Zamfirache & Titus Suciu & Carmen Elena Anton & Ruxandra-Gabriela Albu & Ioana-Simona Ivasciuc, 2023. "The Interest Shown by Potential Young Entrepreneurs in Romania Regarding Feasible Funding Sources, in the Context of a Sustainable Entrepreneurial Education," Sustainability, MDPI, vol. 15(6), pages 1-29, March.
    6. Douglas J. Cumming & Sofia Johan & Anshum Pant, 2019. "Regulation of the Crypto-Economy: Managing Risks, Challenges, and Regulatory Uncertainty," JRFM, MDPI, vol. 12(3), pages 1-14, July.
    7. Louisa Heiduk & Maximilian Schreiter, 2025. "Deciphering investment heuristics: Inside the minds of German investors—An empirical study about investors’ decision-making heuristics," Journal of International Entrepreneurship, Springer, vol. 23(4), pages 893-933, December.
    8. Geci Fatos & Toçi Valentin, 2026. "The Impact of Financial Development and Financial Inclusion on Income Inequality: Evidence from OECD Countries," South East European Journal of Economics and Business, Sciendo, vol. 21(2), pages 37-54.

  66. Douglas Cumming & Jochen Christian Werth & Yelin Zhang, 2019. "Governance in entrepreneurial ecosystems: venture capitalists vs. technology parks," Small Business Economics, Springer, vol. 52(2), pages 455-484, February.
    See citations under working paper version above.
  67. Cumming, Douglas & Johan, Sofia & Peter, Rejo, 2018. "Developments in financial institutions, governance, agency costs, and misconduct," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 54(C), pages 1-14.

    Cited by:

    1. Zuo, Yuehua & Liu, Xiaojun & Jiang, Feng & Shen, Shulin, 2024. "Sharpened “Real Teeth” of China's securities regulatory agency: Evidence from CEO turnover," International Review of Economics & Finance, Elsevier, vol. 96(PB).
    2. Zaman, Rashid, 2024. "When corporate culture matters: The case of stakeholder violations," The British Accounting Review, Elsevier, vol. 56(1).
    3. Niu, Geng & Yu, Li & Fan, Gang-Zhi & Zhang, Donghao, 2019. "Corporate fraud, risk avoidance, and housing investment in China," Emerging Markets Review, Elsevier, vol. 39(C), pages 18-33.
    4. Duong, Huu Nhan & Khalifa, Mariem & Sheikhbahaei, Ali & Sualihu, Mohammed Aminu, 2024. "Corporate noncompliance: Do corporate violations affect bank loan contracting?," Journal of Banking & Finance, Elsevier, vol. 166(C).
    5. Batten, Jonathan A. & Lončarski, Igor & Szilagyi, Peter G., 2021. "Strategic insider trading in foreign exchange markets," Journal of Corporate Finance, Elsevier, vol. 69(C).
    6. Luong, Hoa & Khedmati, Mehdi & Nguyen, Lan Anh & Nigmonov, Asror & Ovi, Nafisa Zabeen & Shams, Syed, 2023. "CEO-director ties and board gender diversity: US evidence," Journal of Behavioral and Experimental Finance, Elsevier, vol. 40(C).
    7. Driouchi, Tarik & So, Raymond H.Y. & Trigeorgis, Lenos, 2020. "Investor ambiguity, systemic banking risk and economic activity: The case of too-big-to-fail," Journal of Corporate Finance, Elsevier, vol. 62(C).
    8. Zaman, Rashid & Atawnah, Nader & Baghdadi, Ghasan A. & Liu, Jia, 2021. "Fiduciary duty or loyalty? Evidence from co-opted boards and corporate misconduct," Journal of Corporate Finance, Elsevier, vol. 70(C).
    9. Yener Altunbaş & John Thornton & Yurtsev Uymaz, 2019. "Money laundering and bank risk: evidence from US banks," Working Papers 19005, Bangor Business School, Prifysgol Bangor University (Cymru / Wales).
    10. Ichiro Iwasaki & Evžen Kočenda, 2025. "Corporate Crime in European Emerging Markets," CESifo Working Paper Series 12132, CESifo.
    11. Chen, Yangfa & Jiang, Ji & Liu, Jie & Liu, Xiao & Wu, Weili, 2025. "Registration system reform, information environment, and market manipulation," Journal of Corporate Finance, Elsevier, vol. 93(C).
    12. Altunbaş, Yener & Thornton, John & Uymaz, Yurtsev, 2018. "CEO tenure and corporate misconduct: Evidence from US banks," Finance Research Letters, Elsevier, vol. 26(C), pages 1-8.
    13. D'Avino, Carmela & Tselika, Maria, 2024. "Unveiling the drivers of banks' misconduct: Sanctions, signals, and the extent of unethical behaviour," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    14. Naeem, Kashif & Li, Matthew C., 2019. "Corporate investment efficiency: The role of financial development in firms with financing constraints and agency issues in OECD non-financial firms," International Review of Financial Analysis, Elsevier, vol. 62(C), pages 53-68.
    15. Fleta-Asín, Jorge & Muñoz, Fernando, 2025. "In the name of the law: How does legal distance affect US international mutual funds’ financial performance?," Research in International Business and Finance, Elsevier, vol. 74(C).
    16. Gelman, Michael & Khan, Zaheer & Shoham, Amir & Tarba, Shlomo Y., 2021. "Does local competition and firm market power affect investment adviser misconduct?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    17. Ho, Choy Yeing (Chloe) & Wu, Eliza & Yu, Jing, 2024. "The price of corporate social irresponsibility in seasoned equity offerings: International evidence," The British Accounting Review, Elsevier, vol. 56(4).
    18. Cai, Guilong & Xie, Sujuan & Xu, Yue & Zeng, Yamin & Zhang, Junsheng, 2019. "Ultimate parent's board reform and controlling shareholder entrenchment: Evidence from a quasi-natural experiment in China," Emerging Markets Review, Elsevier, vol. 38(C), pages 389-403.
    19. Rashid Zaman & Nader Atawnah & Muhammad Nadeem & Stephen Bahadar & Irfan Haider Shakri, 2022. "Do liquid assets lure managers? Evidence from corporate misconduct," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(7-8), pages 1425-1453, July.
    20. Sujuan Xie & Yue Xu & Yamin Zeng & Junsheng Zhang, 2019. "Ultimate parent board reform and corporate overinvestment: a quasi‐natural experiment study," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(5), pages 1469-1501, March.
    21. Chen, Jing & Hong, Junjie & Zhong, Weifeng & Wang, Chengqi & Liu, Xinghe, 2024. "Doing right at home: Do hometown CEOs curb corporate misconduct?11Chengqi Wang acknowledges the financial support of National Natural Science Foundation of China (No. 72332005). Xinghe Liu acknowledges the financial support of National Social Science," Technological Forecasting and Social Change, Elsevier, vol. 205(C).

  68. Cumming, Douglas & Peter Groh, Alexander & Johan, Sofia, 2018. "Same rules, different enforcement: Market abuse in Europe," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 54(C), pages 130-151.
    See citations under working paper version above.
  69. Cumming, Douglas & Fleming, Grant & Liu, Zhangxin (Frank), 2018. "Shadow banking in Asia: Foreign versus domestic lending to real estate projects," Emerging Markets Review, Elsevier, vol. 35(C), pages 137-147.

    Cited by:

    1. Liu, Chao & Zheng, Ying & Zhao, Qi & Wang, Chao, 2020. "Financial stability and real estate price fluctuation in China," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 540(C).

  70. Cumming, Douglas & Groh, Alexander Peter, 2018. "Entrepreneurial finance: Unifying themes and future directions," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 538-555.
    See citations under working paper version above.
  71. Joern H. Block & Massimo G. Colombo & Douglas J. Cumming & Silvio Vismara, 2018. "New players in entrepreneurial finance and why they are there," Small Business Economics, Springer, vol. 50(2), pages 239-250, February.

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    2. Manuel Kaiser & Andreas Kuckertz, 2025. "Emotions and entrepreneurial finance: Analysis of venture capitalists’ and business angels’ digital footprints on Twitter," International Entrepreneurship and Management Journal, Springer, vol. 21(1), pages 1-29, December.
    3. Magnus Schückes & Tobias Gutmann, 2021. "Why do startups pursue initial coin offerings (ICOs)? The role of economic drivers and social identity on funding choice," Small Business Economics, Springer, vol. 57(2), pages 1027-1052, August.
    4. Ploypailin Kijkasiwat & Hamza Almustafa & Pongsutti Phuensane, 2023. "Initial coin offerings for business: a systematic literature review and bibliometric analysis," SN Business & Economics, Springer, vol. 3(1), pages 1-31, January.
    5. Honjo, Yuji & Ikeuchi, Kenta & Nakamura, Hiroki, 2024. "Does risk aversion affect individuals’ interests and actions in angel investing? Empirical evidence from Japan," Japan and the World Economy, Elsevier, vol. 70(C).
    6. Maggor, Erez & Marantz, Erez Aharon, 2026. "Growing up but staying home: Patient equity investors and firm scale-up," Research Policy, Elsevier, vol. 55(2).
    7. Maximilian Goethner & Lars Hornuf & Tobias Regner, 2020. "Protecting Investors in Equity Crowdfunding: An Empirical Analysis of the Small Investor Protection Act," Jena Economics Research Papers 2020-009, Friedrich-Schiller-University Jena.
    8. Cristiano Bellavitis & Christian Fisch & Rod B. McNaughton, 2022. "COVID-19 and the global venture capital landscape," Small Business Economics, Springer, vol. 59(3), pages 781-805, October.
    9. Michael M. Moedl, 2021. "Two’s a company, three’s a crowd: Deal breaker terms in equity crowdfunding for prospective venture capital," Small Business Economics, Springer, vol. 57(2), pages 927-952, August.
    10. Romi Kher & Siri Terjesen & Chen Liu, 2021. "Blockchain, Bitcoin, and ICOs: a review and research agenda," Small Business Economics, Springer, vol. 56(4), pages 1699-1720, April.
    11. Steffen Grebe & Svenja Jarchow, 2025. "“The dynamics of IP contract patterns in the German biotechnology industry – a mixed-methods approach”," Journal of Business Economics, Springer, vol. 95(1), pages 75-102, January.
    12. Francesco Cappa & Michele Pinelli & Riccardo Maiolini & Maria Isabella Leone, 2021. "“Pledge” me your ears! The role of narratives and narrator experience in explaining crowdfunding success," Small Business Economics, Springer, vol. 57(2), pages 953-973, August.
    13. Yuji Honjo & Yunosuke Iwaki & Masatoshi Kato, 2025. "Outside or inside the firm? The impact of debt financing on the exit routes of start-up firms," Small Business Economics, Springer, vol. 64(4), pages 1877-1900, April.
    14. Maiolini, Riccardo & Cappa, Francesco & Franco, Stefano & Quaratino, Giovanni Raimondo, 2024. "The impact of sustainable development goals in lending-based prosocial crowdfunding: A topic modeling analysis on the kiva platform," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    15. Bongini, Paola & Osborne, Francesco & Pedrazzoli, Alessia & Rossolini, Monica, 2022. "A topic modelling analysis of white papers in security token offerings: Which topic matters for funding?," Technological Forecasting and Social Change, Elsevier, vol. 184(C).
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    17. João Ricardo Faria & Juan Carlos Cuestas & Luis Gil-Alana & Estefania Mourelle, 2020. "Self-employment by gender in the EU: convergence and clusters," Working Papers 2020/22, Economics Department, Universitat Jaume I, Castellón (Spain).
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    19. Fisch, Christian & Masiak, Christian & Vismara, Silvio & Block, Joern, 2021. "Motives and profiles of ICO investors," Journal of Business Research, Elsevier, vol. 125(C), pages 564-576.
    20. Edamisan Stephen Ikuemonisan & Taiwo Ejiola Mafimisebi & Igbekele Amos Ajibefun & Adeyose Emmanuel Akinbola & Olanrewaju Peter Oladoyin, 2022. "Analysis of Youth’s Willingness to Exploit Agribusiness Opportunities in Nigeria with Entrepreneurship as a Moderating Variable," Businesses, MDPI, vol. 2(2), pages 1-20, April.
    21. María Dolores Redondo-Rodríguez & Diana C. Pérez-Bustamante Yábar & Eloísa Díaz-Garrido, 2026. "What factors drive technology adoption in entrepreneurship? a qualitative analysis," International Entrepreneurship and Management Journal, Springer, vol. 22(2), pages 1-56, June.
    22. Ughetto, Elisa & Cowling, Marc & Lee, Neil, 2019. "Regional and spatial issues in the financing of small and medium-sized enterprises and new ventures," LSE Research Online Documents on Economics 100524, London School of Economics and Political Science, LSE Library.
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    25. Md. Mukitul Hoque, 2024. "Crowdfunding for innovation: a comprehensive empirical review," Future Business Journal, Springer, vol. 10(1), pages 1-19, December.
    26. Sandra Correia & Miguel Sousa & Elísio Brandão, 2024. "What do we know about the choices of entrepreneurs before the equity crowdfunding campaign?," Small Business Economics, Springer, vol. 63(4), pages 1471-1501, December.
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    29. Kukurba Maria & Waszkiewicz Aneta, 2018. "Crowdfunding as a Form of Funding for Businesses in the Culturally-Changing Global Economy: A Literature Review," Journal of Intercultural Management, Sciendo, vol. 10(2), pages 99-137, June.
    30. Vismara, Silvio, 2019. "Sustainability in equity crowdfunding," Technological Forecasting and Social Change, Elsevier, vol. 141(C), pages 98-106.
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    32. Annalisa Croce & Elisa Ughetto & Andrea Fronzetti Colladon, 2025. "Investment strategies of bank-affiliated and independent venture capitalists: a focus on innovation in the fintech sector in the wake of the global financial crisis," Review of Managerial Science, Springer, vol. 19(10), pages 2969-3012, October.
    33. Ahmad Alaassar & Anne-Laure Mention & Tor Helge Aas, 2022. "Ecosystem dynamics: exploring the interplay within fintech entrepreneurial ecosystems," Small Business Economics, Springer, vol. 58(4), pages 2157-2182, April.
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    36. Alsagr, Naif & Cumming, Douglas J. & Davis, Justin G. & Sewaid, Ahmed, 2023. "Geopolitical risk and crowdfunding performance," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 85(C).
    37. Jonas Löher, 2025. "The equity crowdfunding choice: A demand-side perspective," Journal of Business Economics, Springer, vol. 95(4), pages 527-551, May.
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    39. Burström, Thommie & Lahti, Tom & Parida, Vinit & Wartiovaara, Markus & Wincent, Joakim, 2023. "A definition, review, and extension of global ecosystems theory: Trends, architecture and orchestration of global VCs and mechanisms behind unicorns," Journal of Business Research, Elsevier, vol. 157(C).
    40. Hegeman, Puck D. & Sørheim, Roger & Landström, Hans & Saether, Erik Andreas, 2024. "Corporate angels: A new breed of investors in the funding landscape for technology-based start-ups," Technovation, Elsevier, vol. 134(C).
    41. Francesca Pietro, 2021. "The rationale for listing on equity crowdfunding: actual and expected benefits for companies," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 48(4), pages 527-549, December.
    42. Almubarak, Norah, 2025. "Benchmarking equity crowdfunding attractiveness: Evidence from the G20," Finance Research Letters, Elsevier, vol. 86(PB).
    43. Alice Rossi & Silvio Vismara & Michele Meoli, 2019. "Voting rights delivery in investment-based crowdfunding: a cross-platform analysis," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 46(2), pages 251-281, June.
    44. Mikael Samuelsson & Anna Söderblom & Alexander McKelvie, 2021. "Path Dependence in New Ventures’ Capital Structures," Entrepreneurship Theory and Practice, , vol. 45(2), pages 319-349, March.
    45. De Crescenzo, Veronica & Ribeiro-Soriano, Domingo Enrique & Covin, Jeffrey G., 2020. "Exploring the viability of equity crowdfunding as a fundraising instrument: A configurational analysis of contingency factors that lead to crowdfunding success and failure," Journal of Business Research, Elsevier, vol. 115(C), pages 348-356.
    46. Gambacorta, Leonardo & Cornelli, Giulio & Doerr, Sebastian & Merrouche, Ouarda, 2020. "Inside the Regulatory Sandbox: Effects on Fintech Funding," CEPR Discussion Papers 15502, Centre for Economic Policy Research.
    47. Sun Hee Lee & Sang‐Youn Lee, 2024. "The effect of signaling on crowdfunding performance on social economy organizations in South Korea," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 95(3), pages 783-813, September.
    48. Ida Ketut Kusumawijaya, 2019. "The Prediction of Need for Achievement to Generate Entrepreneurial Intention: A Locus of Control Mediation," International Review of Management and Marketing, Econjournals, vol. 9(4), pages 54-62.
    49. Viktoriya Zabolotnikova & Irina Selezneva & Arzigul Nizamdinova & Tamara Mukhamedyarova-Levina & Sagynkul Praliyeva, 2020. "Entrepreneurial projects’ development: alternative sources of investments," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(2), pages 253-268, December.
    50. Dabić, Marina & Vlačić, Bozidar & Paul, Justin & Dana, Leo-Paul & Sahasranamam, Sreevas & Glinka, Beata, 2020. "Immigrant entrepreneurship: A review and research agenda," Journal of Business Research, Elsevier, vol. 113(C), pages 25-38.
    51. Dennis M. Steininger & M. Kathryn Brohman & Jörn H. Block, 2022. "Digital Entrepreneurship: What is New if Anything?," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 64(1), pages 1-14, February.
    52. Vincenzo Butticè & Diego Useche, 2022. "Crowdfunding to overcome the immigrant entrepreneurs’ liability of outsidership: the role of internal social capital," Small Business Economics, Springer, vol. 59(4), pages 1519-1540, December.
    53. Lars Hornuf & Eliza Stenzhorn & Tim Vintis, 2020. "Are Sustainability-Oriented Investors Different? Evidence from Equity Crowdfunding," Bremen Papers on Economics & Innovation 2011, University of Bremen, Faculty of Business Studies and Economics.
    54. Pietro, Francesca Di & Bogers, Marcel L.A.M. & Prencipe, Andrea, 2021. "Organisational barriers and bridges to crowd openness in equity crowdfunding," Technological Forecasting and Social Change, Elsevier, vol. 162(C).
    55. Billio, Monica & Butticè, Vincenzo & Pietro, Francesca Di & Tenca, Francesca & Vismara, Silvio, 2025. "Rising tides, rising funds: Floods and climate mitigation campaigns in equity crowdfunding," Finance Research Letters, Elsevier, vol. 74(C).
    56. Paul P. Momtaz, 2023. "The economics of PIPEs, revisited," Small Business Economics, Springer, vol. 60(1), pages 59-83, January.
    57. Susan D. Phillips & Bernadette Johnson, 2021. "Inching to Impact: The Demand Side of Social Impact Investing," Journal of Business Ethics, Springer, vol. 168(3), pages 615-629, January.
    58. Jean-Michel Dalle & Matthijs Besten & Jeremie Morfin, 2025. "Accelerator-mediated access to investors among early-stage start-ups," Annals of Operations Research, Springer, vol. 348(3), pages 1925-1952, May.
    59. Yuji Honjo, 2021. "Public or perish? From founding to initial public offering," Review of Managerial Science, Springer, vol. 15(6), pages 1573-1610, August.
    60. Antonella Francesca Cicchiello & Serena Gallo & Stefano Monferrà, 2023. "Financing the cultural and creative industries through crowdfunding: the role of national cultural dimensions and policies," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 47(1), pages 133-175, March.
    61. Cristiano Bellavitis & Douglas Cumming & Tom Vanacker, 2022. "Ban, Boom, and Echo! Entrepreneurship and Initial Coin Offerings," Entrepreneurship Theory and Practice, , vol. 46(5), pages 1136-1169, September.
    62. Stylianou, Ioanna & Anaxagorou, Christiana & Avloniti, Anthi & Anagnostopoulos, Christos & Wieczorek-Kosmala, Monika, 2026. "Crowdfunding for entrepreneurship and digital technologies in the emerging markets: The role of informal and formal institutions," Technovation, Elsevier, vol. 149(C).
    63. Tali Hadasa Blank & Abraham Carmeli, 2021. "Does founding team composition influence external investment? The role of founding team prior experience and founder CEO," The Journal of Technology Transfer, Springer, vol. 46(6), pages 1869-1888, December.
    64. Antonia Schickinger & Alexandra Bertschi-Michel & Max P. Leitterstorf & Nadine Kammerlander, 2022. "Same same, but different: capital structures in single family offices compared with private equity firms," Small Business Economics, Springer, vol. 58(3), pages 1407-1425, March.
    65. Elert, Niklas & Henrekson, Magnus, 2020. "Innovative Entrepreneurship as a Collaborative Effort: An Institutional Framework," Working Paper Series 1345, Research Institute of Industrial Economics, revised 24 Mar 2021.
    66. Christopher J. Boudreaux & Joao Fernando Rossi Mazzoni, 2026. "Mise en place: rural entrepreneurship and the role of the community," Small Business Economics, Springer, vol. 67(1), pages 181-205, June.
    67. Legenzova Renata & Leckė Gintarė, 2022. "Exploring Lithuanian Real Estate Crowdfunding Investors’ Rationality," Management of Organizations: Systematic Research, Paradigm, vol. 87(1), pages 83-102, June.
    68. Simon Kleinert & Kazem Mochkabadi, 2022. "Gender stereotypes in equity crowdfunding: the effect of gender bias on the interpretation of quality signals," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1640-1661, December.
    69. Helmut Kraemer-Eis & Joern Block & Antonia Botsari & Frank Lang & Solvej Lorenzen & Walter Diegel, 2024. "Entrepreneurial finance in Europe and the Russian war against Ukraine," The Journal of Technology Transfer, Springer, vol. 49(6), pages 2273-2305, December.
    70. Thomas Cyron & Marcel Garz & Norbert Steigenberger, 2024. "Beware the community type: engagement and growth in core vs. open online communities," Small Business Economics, Springer, vol. 62(4), pages 1383-1407, April.
    71. Bruno Torres & Zélia Serrasqueiro & Márcio Oliveira, 2024. "Crowdfunding in Portugal—Using the Raize Platform to Ensure the Sustainability of Companies and Projects," Sustainability, MDPI, vol. 16(11), pages 1-23, May.
    72. Carolin Bock & Christian Hackober, 2020. "Unicorns—what drives multibillion-dollar valuations?," Business Research, Springer;German Academic Association for Business Research, vol. 13(3), pages 949-984, November.
    73. Jeffrey Sohl, 2022. "Angel investors: the impact of regret from missed opportunities," Small Business Economics, Springer, vol. 58(4), pages 2281-2296, April.
    74. Zhao, Ruoran & Hou, Wenxuan & Kumar, V. & Kumar, Ajay, 2023. "Signalling effects of doing good in global ICO markets," Journal of Business Research, Elsevier, vol. 168(C).
    75. Cerchione, Roberto & Liccardo, Giuseppe & Passaro, Renato, 2025. "Crowdfunding business models through the lens of sustainable development: A taxonomy for backers and funders," Finance Research Letters, Elsevier, vol. 78(C).
    76. Amirmahmood Amini Sedeh & Rosa Caiazza, 2024. "Does entrepreneurship hold the key? Steering through income inequality towards happiness," Business Strategy and the Environment, Wiley Blackwell, vol. 33(5), pages 4424-4440, July.
    77. David Bruce Audretsch & Martina Aronica & Maksim Belitski & Davide Piacentino, 2024. "Natural selection or strategic adaptation? Entrepreneurial digital technologies and survival of the species," The Journal of Technology Transfer, Springer, vol. 49(5), pages 1631-1659, October.
    78. Fan, Xiaoming, 2024. "Fintech platforms and information service quality from the perspective of investor cognition," Technology in Society, Elsevier, vol. 77(C).
    79. Yuji HONJO & Kenta IKEUCHI & Hiroki NAKAMURA, 2022. "Does risk aversion affect individuals’ actions and interests in angel investing? Empirical evidence from Japan," Discussion papers 22040, Research Institute of Economy, Trade and Industry (RIETI).
    80. Anne-Kathrin Kleine & Antje Schmitt & Barbara M. Wisse, 2024. "Financial stress and quit intention: the mediating role of entrepreneurs’ affective commitment," International Entrepreneurship and Management Journal, Springer, vol. 20(2), pages 1487-1510, June.
    81. John P. Berns & Maria Figueroa-Armijos & Serge P. da Motta Veiga & Timothy C. Dunne, 2020. "Dynamics of Lending-Based Prosocial Crowdfunding: Using a Social Responsibility Lens," Journal of Business Ethics, Springer, vol. 161(1), pages 169-185, January.
    82. Bollaert, Helen & Lopez-de-Silanes, Florencio & Schwienbacher, Armin, 2021. "Fintech and access to finance," Journal of Corporate Finance, Elsevier, vol. 68(C).
    83. Mansouri, Sasan & Momtaz, Paul P., 2022. "Financing sustainable entrepreneurship: ESG measurement, valuation, and performance," Journal of Business Venturing, Elsevier, vol. 37(6).
    84. Manuela Vega-Pascual & Filippo di Pietro & María-José Palacín-Sánchez & Rafaela Alfalla-Luque, 2025. "Linking financial ecosystem and the growth of young SMEs: evidence from Spanish regions," Review of Managerial Science, Springer, vol. 19(6), pages 1859-1888, June.
    85. Ahmad Alaassar & Anne-Laure Mention & Tor Helge Aas, 2023. "Facilitating innovation in FinTech: a review and research agenda," Review of Managerial Science, Springer, vol. 17(1), pages 33-66, January.
    86. Gallucci, Carmen & Giakoumelou, Anastasia & Santulli, Rosalia & Tipaldi, Riccardo, 2023. "How financial literacy moderates the relationship between qualitative business information and the success of an equity crowdfunding campaign: Evidence from Mediterranean and Gulf Cooperation Council countries," Technology in Society, Elsevier, vol. 75(C).
    87. Alessia Pedrazzoli & Paola Bongini & Monica Rossolini & Silvio Vismara, 2026. "The role of decentralized and traditional entrepreneurial finance in startups financing: an analysis of ICO-funded startups," Small Business Economics, Springer, vol. 66(3), pages 1471-1493, March.
    88. Jörn H. Block & Alexander Groh & Lars Hornuf & Tom Vanacker & Silvio Vismara, 2021. "The entrepreneurial finance markets of the future : a comparison of crowdfunding and initial coin offerings," Post-Print hal-03337456, HAL.
    89. Dinh, Jeannette Mai & Isaak, Andrew Jay & Yahyaoui, Yasmine, 2024. "Investing for good – Uncovering crowd investors' motivations to participate in sustainability-oriented crowdlending," Technological Forecasting and Social Change, Elsevier, vol. 207(C).
    90. Mihaela MATEI & Mihaela IORDACHE, 2020. "Increasing Entrepreneurship In Romania Through European Structural Funds And Emigration," Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 14(1), pages 561-571, November.
    91. Shabnam Kazembalaghi & Jerry Coakley & José M. Liñares-Zegarra & Silvio Vismara, 2025. "Digital equity and government support during COVID-19," Small Business Economics, Springer, vol. 64(4), pages 1679-1705, April.
    92. Messeni Petruzzelli, Antonio & Natalicchio, Angelo & Panniello, Umberto & Roma, Paolo, 2019. "Understanding the crowdfunding phenomenon and its implications for sustainability," Technological Forecasting and Social Change, Elsevier, vol. 141(C), pages 138-148.
    93. Massimo G. Colombo & Kourosh Shafi, 2026. "Firms’ venture capital affiliation, platforms’ “skin in the game” and the success of equity crowdfunding campaigns," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 53(1), pages 167-197, March.
    94. Giuseppe Valenza & Marco Balzano & Mario Tani & Andrea Caputo, 2023. "The role of equity crowdfunding campaigns in shaping firm innovativeness: evidence from Italy," European Journal of Innovation Management, Emerald Group Publishing Limited, vol. 26(7), pages 86-109, January.
    95. Francis Kwaku Kuma & Mohd Effandi Bin Yusoff & Paul Kwasi Apreku-Djan, 2024. "A Synthesis of Crowdfunding Concepts in the Ghanaian Context: Crowdfunding Information Challenges in Ghana," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 435-460, March.
    96. Nicola Del Sarto & Alberto Di Minin & Giulio Ferrigno & Andrea Piccaluga, 2021. "Born global and well educated: start-up survival through fuzzy set analysis," Small Business Economics, Springer, vol. 56(4), pages 1405-1423, April.
    97. Juliane Proelss & Denis Schweizer & Tingyu Zhou, 2021. "Economics of philanthropy—evidence from health crowdfunding," Small Business Economics, Springer, vol. 57(2), pages 999-1026, August.
    98. Vaznyte, Egle & Andries, Petra, 2019. "Entrepreneurial orientation and start-ups' external financing," Journal of Business Venturing, Elsevier, vol. 34(3), pages 439-458.
    99. Sewaid, Ahmed & Garcia-Cestona, Miguel & Silaghi, Florina, 2021. "Resolving information asymmetries in financing new product development: The case of reward-based crowdfunding," Research Policy, Elsevier, vol. 50(10).
    100. Giovanna Campopiano & Valerio Lo Monaco & Tommaso Minola & Silvio Vismara, 2026. "Survival of family start-ups seeking equity crowdfunding: family nuances in entrepreneurial teams," Small Business Economics, Springer, vol. 66(1), pages 1-25, January.
    101. Winifred Huang & Michele Meoli & Silvio Vismara, 2020. "The geography of initial coin offerings," Small Business Economics, Springer, vol. 55(1), pages 77-102, June.
    102. Phan, Chung & Filomeni, Stefano & Kok, Seng Kiong, 2024. "The impact of technology on access to credit: A review of loan approval and terms in rural Vietnam and Thailand," Research in International Business and Finance, Elsevier, vol. 72(PA).
    103. Jeffrey M. Pollack & Markku Maula & Thomas H. Allison & Maija Renko & Christina C. Günther, 2021. "Making a Contribution to Entrepreneurship Research by Studying Crowd-Funded Entrepreneurial Opportunities," Entrepreneurship Theory and Practice, , vol. 45(2), pages 247-262, March.
    104. Cumming, Douglas & Meoli, Michele & Vismara, Silvio, 2019. "Investors’ choices between cash and voting rights: Evidence from dual-class equity crowdfunding," Research Policy, Elsevier, vol. 48(8), pages 1-1.
    105. Lars Hornuf & Theresa Kück & Armin Schwienbacher, 2022. "Initial coin offerings, information disclosure, and fraud," Small Business Economics, Springer, vol. 58(4), pages 1741-1759, April.
    106. Cumming, Douglas & Meoli, Michele & Rossi, Alice & Vismara, Silvio, 2024. "ESG and crowdfunding platforms," Journal of Business Venturing, Elsevier, vol. 39(1).
    107. Ivan Savin & Kristina Chukavina & Andrey Pushkarev, 2023. "Topic-based classification and identification of global trends for startup companies," Small Business Economics, Springer, vol. 60(2), pages 659-689, February.
    108. Haider Alvi, Farzad & Ulrich, Klaus, 2023. "Innovation finance ecosystems for entrepreneurial firms: A conceptual model and research propositions," Journal of Business Research, Elsevier, vol. 156(C).
    109. Fabrice Hervé & Elodie Manthé & Aurélie Sannajust & Armin Schwienbacher, 2019. "Determinants of Individual Investment Decisions in Investment-Based Crowdfunding," Post-Print hal-02065048, HAL.
    110. Del Gaudio, Belinda Laura & Lazos, Aristogenis & Previtali, Daniele, 2025. "Does equity crowdfunding enhance the survival of sustainability ventures?," Finance Research Letters, Elsevier, vol. 75(C).
    111. A. Roy Thurik & David B. Audretsch & Jörn H. Block & Andrew Burke & Martin A. Carree & Marcus Dejardin & Cornelius A. Rietveld & Mark Sanders & Ute Stephan & Johan Wiklund, 2024. "The impact of entrepreneurship research on other academic fields," Small Business Economics, Springer, vol. 62(2), pages 727-751, February.
    112. Rosangela Feola & Massimiliano Vesci & Ezio Marinato & Roberto Parente, 2021. "Segmenting “digital investors”: evidence from the Italian equity crowdfunding market," Small Business Economics, Springer, vol. 56(3), pages 1235-1250, February.
    113. Xiaohong Huang & Rezaul Kabir & Thuy Ngoc Nguyen, 2024. "Do project quality and founder information signals always matter? Evidence from equity and reward crowdfunding," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(3), pages 3309-3325, July.
    114. Olivier Meier & Aurélie Sannajust, 2021. "The smart contract revolution: a solution for the holdup problem?," Small Business Economics, Springer, vol. 57(2), pages 1073-1088, August.
    115. Pommet, Sophie & Sannajust, Aurélie & Xu, Qing, 2023. "Rating of equity crowdfunding platforms," Finance Research Letters, Elsevier, vol. 58(PD).
    116. Massimo G. Colombo & Benedetta Montanaro & Silvio Vismara, 2023. "What drives the valuation of entrepreneurial ventures? A map to navigate the literature and research directions," Small Business Economics, Springer, vol. 61(1), pages 59-84, June.
    117. Nguyen, Thang & Cox, Joe & Rich, Judy, 2019. "Invest or regret? An empirical investigation into funding dynamics during the final days of equity crowdfunding campaigns," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 784-803.
    118. W. Cai & F.H.J. Polzin & F.C. Stam, 2019. "Crowdfunding and Social Capital: A Systematic Literature Review," Working Papers 19-05, Utrecht School of Economics.
    119. Douglas Cumming & Ahmed Sewaid, 2025. "Crowdlending, Self-Employment, and Entrepreneurial Performance," Entrepreneurship Theory and Practice, , vol. 49(2), pages 403-434, March.
    120. Ellen Loots & Diana Betzler & Trine Bille & Karol Jan Borowiecki & Boram Lee, 2022. "New forms of finance and funding in the cultural and creative industries. Introduction to the special issue," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 46(2), pages 205-230, June.
    121. Fabio Bertoni & Stefano Bonini & Vincenzo Capizzi & Massimo G. Colombo & Sophie Manigart, 2022. "Digitization in the Market for Entrepreneurial Finance: Innovative Business Models and New Financing Channels," Entrepreneurship Theory and Practice, , vol. 46(5), pages 1120-1135, September.
    122. Massimiliano Barbi & Valentina Febo & Giancarlo Giudici, 2023. "Community-level social capital and investment decisions in equity crowdfunding," Small Business Economics, Springer, vol. 61(3), pages 1075-1110, October.
    123. Cumming, Douglas & Drobetz, Wolfgang & Momtaz, Paul P. & Schermann, Niclas, 2025. "Financing decentralized digital platform growth: The role of crypto funds in blockchain-based startups," Journal of Business Venturing, Elsevier, vol. 40(1).
    124. Eric Tassel, 2023. "Crowdfunding investors, intermediaries and risky entrepreneurs," Small Business Economics, Springer, vol. 60(3), pages 1033-1050, March.
    125. Simon Kleinert & Christine Volkmann & Marc Grünhagen, 2020. "Third-party signals in equity crowdfunding: the role of prior financing," Small Business Economics, Springer, vol. 54(1), pages 341-365, January.
    126. Christian Masiak & Joern H. Block & Tobias Masiak & Matthias Neuenkirch & Katja N. Pielen, 2020. "Initial coin offerings (ICOs): market cycles and relationship with bitcoin and ether," Small Business Economics, Springer, vol. 55(4), pages 1113-1130, December.
    127. Nicola Cortinovis, 2025. "Does crowdfunding foster rural entrepreneurship?," Papers in Evolutionary Economic Geography (PEEG) 2535, Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography, revised Dec 2025.
    128. Moro, Andrea & Maresch, Daniela & Fink, Matthias & Ferrando, Annalisa & Piga, Claudio, 2020. "Spillover effects of government initiatives fostering entrepreneurship on the access to bank credit for entrepreneurial firms in Europe," Journal of Corporate Finance, Elsevier, vol. 62(C).
    129. Meoli, Michele & Vismara, Silvio, 2022. "Machine-learning forecasting of successful ICOs," Journal of Economics and Business, Elsevier, vol. 121(C).
    130. Tan N. H. Do & Muhammad A. Cheema & Tom Vanacker, 2026. "Mixed blessings? Venture capitalists, angels, and the performance of equity crowdfunded firms," Small Business Economics, Springer, vol. 66(1), pages 531-550, January.
    131. Samuel Ribeiro-Navarrete & Juan Piñeiro-Chousa & M. Ángeles López-Cabarcos & Daniel Palacios-Marqués, 2022. "Crowdlending: mapping the core literature and research frontiers," Review of Managerial Science, Springer, vol. 16(8), pages 2381-2411, November.
    132. Kazem Mochkabadi & Christine K. Volkmann, 2020. "Equity crowdfunding: a systematic review of the literature," Small Business Economics, Springer, vol. 54(1), pages 75-118, January.
    133. Manuel Kaiser & Elisabeth S. C. Berger, 2021. "Trust in the investor relationship marketing of startups: a systematic literature review and research agenda," Management Review Quarterly, Springer, vol. 71(2), pages 491-517, April.
    134. Audretsch, David B. & Belitski, Maksim & Theodoraki, Christina, 2024. "Micro and macro factors of firm scaling," Technological Forecasting and Social Change, Elsevier, vol. 202(C).
    135. Manpreet Kaur & Manjula Srinivas, 2024. "Entrepreneurial Finance Alternatives in the Digital Era: A Systematic Review and Future Agenda," Acta Universitatis Bohemiae Meridionalis, University of South Bohemia in Ceske Budejovice, Faculty of Economics, vol. 27(3), pages 34-45.
    136. Swati Oberoi & Rohit Joshi & Atul Mehta & Smita Srivastava & Vishal K. Gupta, 2024. "Crowdfunding Research: Critical Analysis and Constructive Agenda for Future Inquiry," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 33(3), pages 651-699, August.
    137. Patel, Ritesh & Migliavacca, Milena & Oriani, Marco E., 2022. "Blockchain in banking and finance: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 62(C).
    138. Francesco Cappa & Stefano Franco & Federica Rosso, 2022. "Citizens and cities: Leveraging citizen science and big data for sustainable urban development," Business Strategy and the Environment, Wiley Blackwell, vol. 31(2), pages 648-667, February.
    139. Minh-Hoang Nguyen & Thanh-Hang Pham & Manh-Toan Ho & Huyen Thanh T. Nguyen & Quan-Hoang Vuong, 2021. "On the social and conceptual structure of the 50-year research landscape in entrepreneurial finance," SN Business & Economics, Springer, vol. 1(1), pages 1-29, January.
    140. David B. Audretsch & Erik E. Lehmann, 2023. "Narrative entrepreneurship: bringing (his)story back to entrepreneurship," Small Business Economics, Springer, vol. 60(4), pages 1593-1612, April.
    141. Pomme Theunissen & Matteo Millone, 2024. "Gender effects in crowdfunded business loan campaigns," PLOS ONE, Public Library of Science, vol. 19(7), pages 1-28, July.
    142. Ciro Troise & Guido Giovando & Fauzia Jabeen & Stefano Bresciani, 2024. "Unveiling the role of entrepreneurial teams in the equity crowdfunding journey," Small Business Economics, Springer, vol. 63(4), pages 1517-1538, December.
    143. Fahimeh Khatami & Enrico Cagno & Luboš Smrčka & Zoltan Rozsa, 2024. "Assessing the role of FinTech in entrepreneurial ecosystems at the international level," International Entrepreneurship and Management Journal, Springer, vol. 20(4), pages 3373-3402, December.
    144. Ciro Troise & Enrico Battisti & Michael Christofi & Nina Jorien Vulpen & Shlomo Tarba, 2023. "How Can SMEs Use Crowdfunding Platforms to Internationalize? The Role of Equity and Reward Crowdfunding," Management International Review, Springer, vol. 63(1), pages 117-159, February.
    145. Francesco Fasano & Maurizio La Rocca & F. Javier Sánchez-Vidal & Yassine Boutouar, 2025. "Why SMEs go to crowdfunding? The role of financial constraints and agency issues," Small Business Economics, Springer, vol. 65(2), pages 1183-1207, August.
    146. Jeaneth Johansson & Malin Malmström & Joakim Wincent, 2021. "Sustainable Investments in Responsible SMEs: That’s What’s Distinguish Government VCs from Private VCs," JRFM, MDPI, vol. 14(1), pages 1-22, January.
    147. Alexander Pöschl & Isabella Manh Quynh Mai, 2026. "Cross-border investments and fundraising communication in entrepreneurship-through-acquisition: exploratory evidence from search fund entrepreneurs in Asia," Asia Pacific Journal of Management, Springer, vol. 43(1), pages 269-301, March.
    148. Barbi, Massimiliano & Mattioli, Sara, 2019. "Human capital, investor trust, and equity crowdfunding," Research in International Business and Finance, Elsevier, vol. 49(C), pages 1-12.
    149. Marek Kacer & Nicholas Wilson & Sana Zouari & Marc Cowling, 2025. "Entrepreneurial finance and the survival of equity-funded firms in crisis periods: the case of COVID-19," Small Business Economics, Springer, vol. 65(2), pages 837-870, August.
    150. Kristofik Peter, 2019. "Current state and latest development of social venture capital in Europe," WSB Journal of Business and Finance, Sciendo, vol. 53(2), pages 44-54.
    151. Ida Ketut Kusumawijaya, 2019. "Predicting the Unseen: Entrepreneurial Opportunity on Entrepreneurial Intention," International Review of Management and Marketing, Econjournals, vol. 9(5), pages 141-149.
    152. Borello, Giuliana & De Crescenzo, Veronica & Pichler, Flavio, 2019. "Factors for success in European crowdinvesting," Journal of Economics and Business, Elsevier, vol. 106(C).
    153. Zhou, Jun & Zhang, Xueyi & Korkmaz, Aslihan Gizem & Li, Youwei & Yue, Pengpeng, 2025. "Entrepreneurship in the digital era," Research in International Business and Finance, Elsevier, vol. 78(C).
    154. Demir, Tolga & Mohammadi, Ali & Shafi, Kourosh, 2022. "Crowdfunding as gambling: Evidence from repeated natural experiments," Journal of Corporate Finance, Elsevier, vol. 77(C).
    155. Muhammad Sualeh Khattak & Muhammad Anwar & Thomas Clauß, 2021. "The Role of Entrepreneurial Finance in Corporate Social Responsibility and New Venture Performance in an Emerging Market," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 30(2), pages 336-366, September.
    156. Fisch, Christian & Momtaz, Paul P., 2020. "Institutional investors and post-ICO performance: an empirical analysis of investor returns in initial coin offerings (ICOs)," Journal of Corporate Finance, Elsevier, vol. 64(C).
    157. Sahasranamam, Sreevas & Nandakumar, M.K., 2020. "Individual capital and social entrepreneurship: Role of formal institutions," Journal of Business Research, Elsevier, vol. 107(C), pages 104-117.
    158. Soni, Gunjan & Kumar, Satish & Mahto, Raj V. & Mangla, Sachin K. & Mittal, M.L. & Lim, Weng Marc, 2022. "A decision-making framework for Industry 4.0 technology implementation: The case of FinTech and sustainable supply chain finance for SMEs," Technological Forecasting and Social Change, Elsevier, vol. 180(C).
    159. Yu, Honglan & Attah-Boakye, Rexford & Zhang, Yameng & Adams, Kweku & Owusu-Yirenkyi, Diana, 2025. "Home–country technological legitimacy in crowdfunding: The moderating role of positive psychological capital language," Technovation, Elsevier, vol. 141(C).
    160. Lehmann, Erik, 2018. "Corporate governance," UO Working Papers 01-18, University of Augsburg, Chair of Management and Organization.
    161. Ed Saiedi & Anders Broström & Felipe Ruiz, 2021. "Global drivers of cryptocurrency infrastructure adoption," Small Business Economics, Springer, vol. 57(1), pages 353-406, June.
    162. Knyazeva, Anzhela, 2019. "Financial innovation in microcap public offerings," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 283-305.
    163. Ulf Hübenbecker, 2024. "Is nobody interested in the future of banks? a scoping literature review on the state of the debate," Management Review Quarterly, Springer, vol. 74(3), pages 1283-1326, September.
    164. Honjo, Yuji & Kwak, Charee & Uchida, Hirofumi, 2022. "Initial funding and founders’ human capital: An empirical analysis using multiple surveys for start-up firms," Japan and the World Economy, Elsevier, vol. 63(C).
    165. Aurélien Petit & Peter Wirtz, 2022. "Experts in the crowd and their influence on herding in reward-based crowdfunding of cultural projects," Small Business Economics, Springer, vol. 58(1), pages 419-449, January.
    166. Gaia Bassani & Nicoletta Marinelli & Silvio Vismara, 2019. "Crowdfunding in healthcare," The Journal of Technology Transfer, Springer, vol. 44(4), pages 1290-1310, August.
    167. Patrick Haslanger & Erik E. Lehmann & Nikolaus Seitz, 2023. "The performance effects of corporate venture capital: a meta-analysis," The Journal of Technology Transfer, Springer, vol. 48(6), pages 2132-2160, December.
    168. Alaassar, Ahmad & Mention, Anne-Laure & Aas, Tor Helge, 2020. "Exploring how social interactions influence regulators and innovators: The case of regulatory sandboxes," Technological Forecasting and Social Change, Elsevier, vol. 160(C).
    169. Caroline Tarillon & Han Yu & Ludivine Adla & Elodie Manthé & Geoffroy Enjolras, 2023. "Similarity is not everything: the influence of personal characteristics of entrepreneurs and investors on their fit," International Entrepreneurship and Management Journal, Springer, vol. 19(2), pages 709-732, June.
    170. Camilla Civardi & Andrea Moro & Joakim Winborg, 2024. "“All that glitters is not gold!”: The (Unexplored) Determinants of Equity Crowdfunding," Small Business Economics, Springer, vol. 63(1), pages 299-324, June.
    171. Sahasranamam, Sreevas & Nandakumar, M.K. & Pereira, Vijay & Temouri, Yama, 2021. "Knowledge capital in social and commercial entrepreneurship: Investigating the role of informal institutions," Journal of International Management, Elsevier, vol. 27(1).
    172. Mourad Messaadia & Mohammed Mispah Said Omar & Fouad Ben Abdelaziz, 2025. "Modeling Firm Growth Dynamics: The Role of Financing Strategies, Financial Management, and Managerial Skills through Multiagent Simulation," Annals of Data Science, Springer, vol. 12(6), pages 1825-1849, December.
    173. Brown, Ross & Rocha, Augusto, 2020. "Entrepreneurial uncertainty during the Covid-19 crisis: Mapping the temporal dynamics of entrepreneurial finance," Journal of Business Venturing Insights, Elsevier, vol. 14(C).
    174. Dr. Md. Anowar Hossain & Brazendra Nath Roy & Md. Ali Hasan & Md. Shahadat Hossain, 2024. "Fostering Entrepreneurial Growth: The Impact of Institutional Credits," International Journal of Science and Business, IJSAB International, vol. 32(1), pages 65-73.
    175. Derek Eldridge & Tahir M. Nisar & Mariateresa Torchia, 2021. "What impact does equity crowdfunding have on SME innovation and growth? An empirical study," Small Business Economics, Springer, vol. 56(1), pages 105-120, January.
    176. Torres, Pedro & Augusto, Mário, 2020. "Digitalisation, social entrepreneurship and national well-being," Technological Forecasting and Social Change, Elsevier, vol. 161(C).
    177. Dustin Bauer & Sebastian Junge & Tobias Reif, 2024. "May the resources be with you: a systematic review and framework of startup funding options," Management Review Quarterly, Springer, vol. 74(3), pages 1365-1396, September.
    178. Maksim Belitski & Dmitri Boreiko, 2022. "Success factors of initial coin offerings," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1690-1706, December.
    179. Douglas Cumming & Michele Meoli & Silvio Vismara, 2021. "Does equity crowdfunding democratize entrepreneurial finance?," Small Business Economics, Springer, vol. 56(2), pages 533-552, February.
    180. Anna Brattström & Karl Wennberg, 2022. "The Entrepreneurial Story and its Implications for Research," Entrepreneurship Theory and Practice, , vol. 46(6), pages 1443-1468, November.
    181. Simon Kleinert & Silvio Vismara, 2026. "The reconfiguration of entrepreneurship: how digital platforms and artificial intelligence transform the entrepreneurial process," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 16(1), pages 1-24, March.
    182. Maximilian Goethner & Sebastian Luettig & Tobias Regner, 2021. "Crowdinvesting in entrepreneurial projects: disentangling patterns of investor behavior," Small Business Economics, Springer, vol. 57(2), pages 905-926, August.
    183. Shuangfa Huang & David Pickernell & Martina Battisti & Thang Nguyen, 2022. "Signalling entrepreneurs’ credibility and project quality for crowdfunding success: cases from the Kickstarter and Indiegogo environments," Small Business Economics, Springer, vol. 58(4), pages 1801-1821, April.
    184. Bhattacharyya, Jagriti & Subrahmanya, M.H. Bala, 2024. "Determinants of a digital start-up's access to VC financing in India: A signaling theory perspective," Technological Forecasting and Social Change, Elsevier, vol. 207(C).
    185. Douglas Cumming & Satish Kumar & Weng Marc Lim & Nitesh Pandey, 2023. "Mapping the venture capital and private equity research: a bibliometric review and future research agenda," Small Business Economics, Springer, vol. 61(1), pages 173-221, June.
    186. Gheith, Mohamed Hani & Troise, Ciro & Battisti, Enrico & Christofi, Michael, 2025. "Determinants of entrepreneurs' intention to use crowdfunding in an emerging market," Technovation, Elsevier, vol. 143(C).
    187. Aristogenis Lazos, 2025. "Does equity crowdfunding benefit ventures located in high unemployment regions?," Small Business Economics, Springer, vol. 64(2), pages 575-598, February.
    188. Dmitri Boreiko & Dimche Risteski, 2021. "Serial and large investors in initial coin offerings," Small Business Economics, Springer, vol. 57(2), pages 1053-1071, August.
    189. Christian Hackober & Carolin Bock, 2021. "Which investors’ characteristics are beneficial for initial coin offerings? Evidence from blockchain technology-based firms," Journal of Business Economics, Springer, vol. 91(8), pages 1085-1124, October.
    190. Kotsopoulos, Dimosthenis & Karagianaki, Angeliki & Baloutsos, Stratos, 2022. "The effect of human capital, innovation capacity, and Covid-19 crisis on Knowledge-Intensive Enterprises’ growth within a VC-driven innovation ecosystem," Journal of Business Research, Elsevier, vol. 139(C), pages 1177-1191.
    191. Fabrice Hervé & Armin Schwienbacher, 2018. "Crowfunding and Innovation," Post-Print hal-01875915, HAL.
    192. Jie Li & Massimo G. Colombo & Cristina Rossi-Lamastra & Candida Brush, 2026. "Gender disparities in entrepreneurial finance: drivers, mechanisms, boundary conditions, and future research avenues," The Journal of Technology Transfer, Springer, vol. 51(3), pages 1641-1682, June.
    193. Gurău, Călin & Dana, Leo-Paul, 2020. "Financing paths, firms’ governance and corporate entrepreneurship: Accessing and applying operant and operand resources in biotechnology firms," Technological Forecasting and Social Change, Elsevier, vol. 153(C).
    194. Sardo, Filipe & Serrasqueiro, Zélia & Armada, Manuel Rocha, 2022. "The importance of owner loans for rebalancing the capital structure of small knowledge-intensive service firms," Research in International Business and Finance, Elsevier, vol. 61(C).
    195. Hong-Hai Ho & Thi-Hanh Vu & Ngoc-Tien Dao & Manh-Tung Ho & Quan-Hoang Vuong, 2019. "When the Poor Buy the Rich: New Evidence on Wealth Effects of Cross-Border Acquisitions," JRFM, MDPI, vol. 12(2), pages 1-15, June.
    196. Cristina Martínez-Gómez & Francisca Jiménez-Jiménez & M. Virtudes Alba-Fernández, 2020. "Determinants of Overfunding in Equity Crowdfunding: An Empirical Study in the UK and Spain," Sustainability, MDPI, vol. 12(23), pages 1-29, December.
    197. Marco Gazel & Armin Schwienbacher, 2021. "Entrepreneurial fintech clusters," Small Business Economics, Springer, vol. 57(2), pages 883-903, August.
    198. Alexander Peter Groh & Christina Guenther & Denis Schweizer & Silvio Vismara, 2025. "Entrepreneurial finance in an extended period of crises," Small Business Economics, Springer, vol. 65(2), pages 763-776, August.
    199. Pacelli, Vincenzo & Miglietta, Federica & Foglia, Matteo, 2022. "The extreme risk connectedness of the new financial system: European evidence," International Review of Financial Analysis, Elsevier, vol. 84(C).
    200. Stefan Catana & Sorin-George Toma & Catalin Gradinaru & Zainea Loredana Nicoleta, 2020. "HOW WERE BANKS INVOLVED IN SUPPORTING ROMANIAN SMEs DURING THE COVID-19 PANDEMIC?," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 5, pages 15-19, October.
    201. Jeaneth Johansson & Malin Malmström & Joakim Wincent & Vinit Parida, 2021. "How individual cognitions overshadow regulations and group norms: a study of government venture capital decisions," Small Business Economics, Springer, vol. 56(2), pages 857-876, February.
    202. Farè, Luca & Meoli, Michele & Vismara, Silvio, 2024. "Sustainable crowdfunding and cultural contexts: Evidence from a longitudinal multi-country analysis," Finance Research Letters, Elsevier, vol. 70(C).
    203. Fisch, Christian, 2019. "Initial coin offerings (ICOs) to finance new ventures," Journal of Business Venturing, Elsevier, vol. 34(1), pages 1-22.
    204. Demir, Tolga & Mohammad, Ali & Shafi, Kourosh, 2019. "Crowdfunding as Gambling: Evidence from Repeated Natural Experiments," Working Paper Series in Economics and Institutions of Innovation 481, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
    205. Martin Obschonka & David B. Audretsch, 2020. "Artificial intelligence and big data in entrepreneurship: a new era has begun," Small Business Economics, Springer, vol. 55(3), pages 529-539, October.
    206. Hörisch, Jacob & Tenner, Isabell, 2020. "How environmental and social orientations influence the funding success of investment-based crowdfunding: The mediating role of the number of funders and the average funding amount," Technological Forecasting and Social Change, Elsevier, vol. 161(C).

  72. Douglas Cumming & Wenxuan Hou & Eliza Wu, 2018. "Exchange trading rules, governance, and trading location of cross-listed stocks," The European Journal of Finance, Taylor & Francis Journals, vol. 24(16), pages 1453-1484, November.

    Cited by:

    1. Schmidt, Dominik & Stöckl, Thomas & Palan, Stefan, 2024. "Voting for insider trading regulation. An experimental study of informed and uninformed traders’ preferences," Journal of Banking & Finance, Elsevier, vol. 169(C).
    2. Merl, Robert & Palan, Stefan & Schmidt, Dominik & Stöckl, Thomas, 2023. "Insider trading regulation and trader migration," Journal of Financial Markets, Elsevier, vol. 66(C).
    3. Kathryn Schumann‐Foster & Elias Semaan & Hui Sono, 2020. "The local market perception of firm risks during cross‐listing events," The Financial Review, Eastern Finance Association, vol. 55(2), pages 221-246, May.
    4. Day, Min-Yuh & Ni, Yensen, 2023. "Be greedy when others are fearful: Evidence from a two-decade assessment of the NDX 100 and S&P 500 indexes," International Review of Financial Analysis, Elsevier, vol. 90(C).
    5. Cumming, Douglas & Johan, Sofia, 2019. "Capital-market effects of securities regulation: Prior conditions, implementation, and enforcement revisited," Finance Research Letters, Elsevier, vol. 31(C).
    6. Chang, Yuyuan & He, Wen & Mi, Lin, 2024. "Cross-border regulatory cooperation and cash holdings: Evidence from US-listed foreign firms," The British Accounting Review, Elsevier, vol. 56(6).
    7. Zijian Cheng & Charles P. Cullinan & Zhangxin (Frank) Liu & Junrui Zhang, 2021. "Cross‐listings and dividend size and stability: evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(1), pages 415-465, March.

  73. Douglas Cumming & Sofia Johan & Denis Schweizer, 2017. "Information systems, agency problems, and fraud," Information Systems Frontiers, Springer, vol. 19(3), pages 421-424, June.

    Cited by:

    1. Joseph Vithayathil & Vidyanand Choudhary, 2022. "Organizational Structure for the IT Department: Profit Center or Cost Center?," Information Systems Frontiers, Springer, vol. 24(6), pages 2053-2076, December.
    2. Michael E. Cummings & Hans Rawhouser & Silvio Vismara & Erin L. Hamilton, 2020. "An equity crowdfunding research agenda: evidence from stakeholder participation in the rulemaking process," Small Business Economics, Springer, vol. 54(4), pages 907-932, April.
    3. Gelman, Michael & Khan, Zaheer & Shoham, Amir & Tarba, Shlomo Y., 2021. "Does local competition and firm market power affect investment adviser misconduct?," Journal of Corporate Finance, Elsevier, vol. 66(C).

  74. Douglas Cumming & Simona Zambelli, 2017. "Due Diligence and Investee Performance," European Financial Management, European Financial Management Association, vol. 23(2), pages 211-253, March.

    Cited by:

    1. Takahashi, Hidenori & Yamakawa, Yasuhiro & Mathew, Prem G., 2018. "Board members' influence on resource investments to start-ups and IPO outcomes: Does prior affiliation matter?," Pacific-Basin Finance Journal, Elsevier, vol. 49(C), pages 30-42.
    2. Block, Joern H. & Hirschmann, Mirko & Fisch, Christian, 2021. "Which criteria matter when impact investors screen social enterprises?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    3. Guenther, Christina & Özcan, Serden & Sassmannshausen, Dirk, 2022. "Referrals among VCs and the length of due diligence: The effect of relational embeddedness," Journal of Business Venturing, Elsevier, vol. 37(5).
    4. Benjamin Hammer & Heiko Hinrichs & Denis Schweizer, 2022. "What is different about private equity‐backed acquirers?," Review of Financial Economics, John Wiley & Sons, vol. 40(2), pages 117-149, April.
    5. Douglas Cumming & Fabrice Hervé & Elodie Manthé & Armin Schwienbacher, 2022. "Testing-the-Waters Policy With Hypothetical Investment: Evidence From Equity Crowdfunding," Entrepreneurship Theory and Practice, , vol. 46(4), pages 1019-1053, July.
    6. Bi, XiaoGang & Tang, Judy & Tharyan, Rajesh, 2020. "Switching due diligence auditor in Chinese mergers and acquisitions," Research in International Business and Finance, Elsevier, vol. 54(C).
    7. Zhou, Xiangyi & Zheng, Fang & Xiao, Sheng, 2025. "Media coverage of startups and venture capital investments," Emerging Markets Review, Elsevier, vol. 68(C).
    8. Renneboog, Luc & Vansteenkiste, Cara, 2017. "Leveraged Buyouts : A Survey of the Literature," Other publications TiSEM 573ebdd5-a720-4110-8ed1-e, Tilburg University, School of Economics and Management.
    9. Douglas Cumming & Lars Helge Hass & Linda A. Myers & Monika Tarsalewska, 2023. "Does Venture Capital Backing Improve Disclosure Controls and Procedures? Evidence from Management’s Post-IPO Disclosures," Journal of Business Ethics, Springer, vol. 187(3), pages 539-563, October.
    10. Perafán-Peña, Héctor Fabio & Gill-de-Albornoz, Belén & Giner, Begoña, 2022. "Earnings management of target firms and deal premiums: The role of industry relatedness," The British Accounting Review, Elsevier, vol. 54(2).
    11. Goktan, M. Sinan & Muslu, Volkan, 2018. "Benefits of public reporting: Evidence from IPOs backed by listed private equity firms," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 669-688.
    12. Tumasjan, Andranik & Braun, Reiner & Stolz, Barbara, 2021. "Twitter sentiment as a weak signal in venture capital financing," Journal of Business Venturing, Elsevier, vol. 36(2).
    13. Davis, Frederick & Khadivar, Hamed, 2024. "Accrual and real earnings management by rumored takeover targets," International Review of Financial Analysis, Elsevier, vol. 92(C).
    14. Cumming, Douglas J. & Johan, Sofia A. & Zhang, Yelin, 2019. "The role of due diligence in crowdfunding platforms," Journal of Banking & Finance, Elsevier, vol. 108(C).

  75. Douglas Cumming & Lutz Johanning & Umut Ordo & Denis Schweizer, 2017. "Ambiguity in Option Markets - Evidence from SEOs," Journal of Financial Management, Markets and Institutions, Società editrice il Mulino, issue 1, pages 67-92, June.

    Cited by:

    1. Bernales, Alejandro & Cañón, Carlos & Verousis, Thanos, 2018. "Bid–ask spread and liquidity searching behaviour of informed investors in option markets," Finance Research Letters, Elsevier, vol. 25(C), pages 96-102.

  76. Cumming, Douglas J. & Grilli, Luca & Murtinu, Samuele, 2017. "Governmental and independent venture capital investments in Europe: A firm-level performance analysis," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 439-459.

    Cited by:

    1. Huang, Ying Sophie & Wu, Jiajia & Guo, Feng, 2022. "Venture capital staging under economic policy uncertainty," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 572-596.
    2. Peng, Kai & Yu, Fang & Kong, Dongmin & Li, Yang & Geng, Ruihang, 2024. "Do government-guided funds "guide" the transregional mobility of capital? Evidence from cross-city equity investments," Finance Research Letters, Elsevier, vol. 66(C).
    3. Pavlova, Elitsa & Signore, Simone, 2021. "The European venture capital landscape: An EIF perspective. Volume VI: The impact of VC on the exit and innovation outcomes of EIF-backed start-ups," EIF Working Paper Series 2021/70, European Investment Fund (EIF).
    4. Mark R. Ayoub & Sandra Gottschalk & Bettina Müller, 2017. "Impact of public seed-funding on academic spin-offs," The Journal of Technology Transfer, Springer, vol. 42(5), pages 1100-1124, October.
    5. Tereza Tykvová, 2018. "Venture capital and private equity financing: an overview of recent literature and an agenda for future research," Journal of Business Economics, Springer, vol. 88(3), pages 325-362, May.
    6. Yuejia Zhang, 2018. "Gain or pain? New evidence on mixed syndication between governmental and private venture capital firms in China," Small Business Economics, Springer, vol. 51(4), pages 995-1031, December.
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    9. Zhang, Yuejia & Mayes, David Geoffrey, 2018. "The performance of governmental venture capital firms: A life cycle perspective and evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 48(C), pages 162-185.
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    11. Katarzyna Szkuta & Blagoy Stamenov & Anna Ianshyna, 2017. "Improving access to finance for young innovative enterprises with growth potential: evidence of impact on firms' outputs: Part 1. Equity instruments: lessons learned from policy evaluations," JRC Research Reports JRC109163, Joint Research Centre.
    12. Hottenrott, Hanna & Berger, Marius, 2021. "Start-Up Subsidies and the Sources of Venture Capital," VfS Annual Conference 2021 (Virtual Conference): Climate Economics 242383, Verein für Socialpolitik / German Economic Association.
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    14. Ge, Guoqing & Xue, Jian & Zhang, Qian, 2025. "Syndicate partner composition of governmental venture capital firms: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 90(C).
    15. Isabelle Zhang, 2025. "Government Venture Capital and Entrepreneurship: Evidence From China," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 22(4), pages 568-598, December.
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    17. Patrik Gustavsson Tingvall & Josefin Videnord, 2020. "Regional differences in effects of publicly sponsored R&D grants on SME performance," Small Business Economics, Springer, vol. 54(4), pages 951-969, April.
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    19. Nawab Khan & Faryal Bibi & Qu Haitao & Rui Li & Wang Shihao, 2026. "Venture Capital Certification and Financial Stability: An Empirical Study of Chinese IPOs," International Journal of Business and Management (IJBM), International Emerging Scholars Society (IESS), New Zealand, vol. 5(2), pages 1-24, July.
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    26. Bingbing Liu, 2024. "National Integrated Circuit Industry Investment Fund and enterprise technological innovation: evidence from China," International Journal of Economic Policy Studies, Springer, vol. 18(1), pages 63-84, February.
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    98. Ahmed I. Kato & Chiloane-Phetla E. Germinah, 2022. "Empirical examination of relationship between venture capital financing and profitability of portfolio companies in Uganda," Journal of Innovation and Entrepreneurship, Springer, vol. 11(1), pages 1-18, December.
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  77. Douglas Cumming & Sofia Johan & Jeffrey G. MacIntosh, 2017. "A drop in an empty pond: Canadian public policy towards venture capital," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 103-117, March.

    Cited by:

    1. Massimiliano Guerini & Francesca Tenca, 2018. "The geography of technology-intensive start-ups and venture capital: European evidence," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 45(3), pages 361-386, September.
    2. Douglas Cumming & Sofia Johan, 2019. "Government venture capital research: fake science and bad public policy," Venture Capital, Taylor & Francis Journals, vol. 21(1), pages 121-131, January.
    3. Köppl, Stefan & Köppl-Turyna, Monika & Christopoulos, Dimitris, 2025. "The performance of government-backed venture capital investments," Research Policy, Elsevier, vol. 54(8).
    4. Joern H. Block & Douglas J. Cumming & Silvio Vismara, 2017. "International perspectives on venture capital and bank finance for entrepreneurial firms," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 3-22, March.
    5. João Ricardo Faria & Laudo Ogura & Mauricio Prado & Christopher J. Boudreaux, 2023. "Government investments and entrepreneurship," Small Business Economics, Springer, vol. 61(4), pages 1657-1670, December.

  78. Douglas J. Cumming & Silvio Vismara, 2017. "De-segmenting research in entrepreneurial finance," Venture Capital, Taylor & Francis Journals, vol. 19(1-2), pages 17-27, January.

    Cited by:

    1. Wolfgang Drobetz & Lars Hornuf & Paul P. Momtaz & Niclas Schermann, 2025. "Token-Based Crowdfunding: Investor Choice and the Optimal Timing of Initial Coin Offerings," Entrepreneurship Theory and Practice, , vol. 49(1), pages 232-282, January.
    2. Mikael Samuelsson & Anna Söderblom & Alexander McKelvie, 2021. "Path Dependence in New Ventures’ Capital Structures," Entrepreneurship Theory and Practice, , vol. 45(2), pages 319-349, March.
    3. McSweeney, Jordan J. & McSweeney, Kevin T. & Allison, Thomas H. & Anglin, Aaron H., 2025. "The entrepreneurial pitching process: A systematic review using topic modeling and future research agenda," Journal of Business Venturing, Elsevier, vol. 40(5).
    4. Paul P. Momtaz, 2023. "The economics of PIPEs, revisited," Small Business Economics, Springer, vol. 60(1), pages 59-83, January.
    5. Andrea Bellucci & Gianluca Gucciardi & Daniel Nepelski, 2025. "Public grants beneficiaries and venture capital-backed firms: a tale of two funding strategies," The Journal of Technology Transfer, Springer, vol. 50(5), pages 2262-2305, October.
    6. Laurence Cohen & Peter Wirtz, 2022. "Decision-making style in entrepreneurial finance and growth," Small Business Economics, Springer, vol. 59(1), pages 183-210, June.
    7. Simon Kleinert & Kazem Mochkabadi, 2022. "Gender stereotypes in equity crowdfunding: the effect of gender bias on the interpretation of quality signals," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1640-1661, December.
    8. Andersson, Fredrik W. & Lodefalk, Magnus, 2020. "Business Angels and Firm Performance: First Evidence from Population Data," Ratio Working Papers 342, The Ratio Institute.
    9. Alessia Pedrazzoli & Paola Bongini & Monica Rossolini & Silvio Vismara, 2026. "The role of decentralized and traditional entrepreneurial finance in startups financing: an analysis of ICO-funded startups," Small Business Economics, Springer, vol. 66(3), pages 1471-1493, March.
    10. Bastien Lextrait, 2022. "Optimizing portfolios in the illiquid, unlisted market of SME crowdlending," EconomiX Working Papers 2022-23, University of Paris Nanterre, EconomiX.
    11. Cumming, Douglas & Meoli, Michele & Vismara, Silvio, 2019. "Investors’ choices between cash and voting rights: Evidence from dual-class equity crowdfunding," Research Policy, Elsevier, vol. 48(8), pages 1-1.
    12. Farag, Hisham & Johan, Sofia, 2021. "How alternative finance informs central themes in corporate finance," Journal of Corporate Finance, Elsevier, vol. 67(C).
    13. Joern H. Block & Douglas J. Cumming & Silvio Vismara, 2017. "International perspectives on venture capital and bank finance for entrepreneurial firms," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 3-22, March.
    14. Walthoff-Borm, Xavier & Schwienbacher, Armin & Vanacker, Tom, 2018. "Equity crowdfunding: First resort or last resort?," Journal of Business Venturing, Elsevier, vol. 33(4), pages 513-533.
    15. Massimo G. Colombo & Benedetta Montanaro & Silvio Vismara, 2023. "What drives the valuation of entrepreneurial ventures? A map to navigate the literature and research directions," Small Business Economics, Springer, vol. 61(1), pages 59-84, June.
    16. Nguyen, Thang & Cox, Joe & Rich, Judy, 2019. "Invest or regret? An empirical investigation into funding dynamics during the final days of equity crowdfunding campaigns," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 784-803.
    17. Fabio Bertoni & Stefano Bonini & Vincenzo Capizzi & Massimo G. Colombo & Sophie Manigart, 2022. "Digitization in the Market for Entrepreneurial Finance: Innovative Business Models and New Financing Channels," Entrepreneurship Theory and Practice, , vol. 46(5), pages 1120-1135, September.
    18. Inessa Love, 2020. "Entrepreneurial Access to Finance in the US," Working Papers 202004, University of Hawaii at Manoa, Department of Economics.
    19. Marc Deloof & Maurizio La Rocca & Tom Vanacker, 2019. "Local Banking Development and the Use of Debt Financing by New Firms," Entrepreneurship Theory and Practice, , vol. 43(6), pages 1250-1276, November.
    20. Tan N. H. Do & Muhammad A. Cheema & Tom Vanacker, 2026. "Mixed blessings? Venture capitalists, angels, and the performance of equity crowdfunded firms," Small Business Economics, Springer, vol. 66(1), pages 531-550, January.
    21. Kazem Mochkabadi & Christine K. Volkmann, 2020. "Equity crowdfunding: a systematic review of the literature," Small Business Economics, Springer, vol. 54(1), pages 75-118, January.
    22. Cumming, Douglas & Groh, Alexander Peter, 2018. "Entrepreneurial finance: Unifying themes and future directions," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 538-555.
    23. Maarten Cerpentier & Tom Vanacker & Ine Paeleman & Katja Bringmann, 2022. "Equity crowdfunding, market timing, and firm capital structure," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1766-1793, December.
    24. Borello, Giuliana & De Crescenzo, Veronica & Pichler, Flavio, 2019. "Factors for success in European crowdinvesting," Journal of Economics and Business, Elsevier, vol. 106(C).
    25. Paul P. Momtaz, 2024. "Decentralized finance (DeFi) markets for startups: search frictions, intermediation, and the efficiency of the ICO market," Small Business Economics, Springer, vol. 63(4), pages 1415-1447, December.
    26. Gaia Bassani & Nicoletta Marinelli & Silvio Vismara, 2019. "Crowdfunding in healthcare," The Journal of Technology Transfer, Springer, vol. 44(4), pages 1290-1310, August.
    27. Dustin Bauer & Sebastian Junge & Tobias Reif, 2024. "May the resources be with you: a systematic review and framework of startup funding options," Management Review Quarterly, Springer, vol. 74(3), pages 1365-1396, September.
    28. Gheith, Mohamed Hani & Troise, Ciro & Battisti, Enrico & Christofi, Michael, 2025. "Determinants of entrepreneurs' intention to use crowdfunding in an emerging market," Technovation, Elsevier, vol. 143(C).
    29. Alice Rossi & Silvio Vismara, 2018. "What do crowdfunding platforms do? A comparison between investment-based platforms in Europe," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 8(1), pages 93-118, March.

  79. Joern H. Block & Douglas J. Cumming & Silvio Vismara, 2017. "International perspectives on venture capital and bank finance for entrepreneurial firms," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 3-22, March.

    Cited by:

    1. Francesca Pietro, 2021. "The rationale for listing on equity crowdfunding: actual and expected benefits for companies," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 48(4), pages 527-549, December.
    2. Alice Rossi & Silvio Vismara & Michele Meoli, 2019. "Voting rights delivery in investment-based crowdfunding: a cross-platform analysis," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 46(2), pages 251-281, June.
    3. Mikael Samuelsson & Anna Söderblom & Alexander McKelvie, 2021. "Path Dependence in New Ventures’ Capital Structures," Entrepreneurship Theory and Practice, , vol. 45(2), pages 319-349, March.
    4. Giancarlo Giudici & Saman Adhami, 2019. "The impact of governance signals on ICO fundraising success," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 46(2), pages 283-312, June.
    5. X. Zhang & L. D. Valdez & H. E. Stanley & L. A. Braunstein, 2019. "Modeling Risk Contagion in the Venture Capital Market: A Multilayer Network Approach," Complexity, Hindawi, vol. 2019, pages 1-11, December.
    6. Lehmann, Erik, 2018. "Corporate governance," UO Working Papers 01-18, University of Augsburg, Chair of Management and Organization.
    7. Alice Rossi & Silvio Vismara, 2018. "What do crowdfunding platforms do? A comparison between investment-based platforms in Europe," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 8(1), pages 93-118, March.

  80. Cumming, Douglas J. & Leboeuf, Gael & Schwienbacher, Armin, 2017. "Crowdfunding cleantech," Energy Economics, Elsevier, vol. 65(C), pages 292-303.
    See citations under working paper version above.
  81. Douglas Cumming & Igor Filatotchev & April Knill & David Mitchell Reeb & Lemma Senbet, 2017. "Law, finance, and the international mobility of corporate governance," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 48(2), pages 123-147, February.

    Cited by:

    1. Franklin Allen & Meijun Qian, 2025. "Alternative finance in the international business context: a review and future research," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 56(1), pages 43-61, February.
    2. Joanna Adamska-Mieruszewska & Urszula Mrzygłód, 2020. "Foreign listing pricing effects. The case of emerging economies," Bank i Kredyt, Narodowy Bank Polski, vol. 51(4), pages 367-382.
    3. Drobetz, Wolfgang & Ehlert, Sebastian & Schröder, Henning, 2021. "Institutional ownership and firm performance in the global shipping industry," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 146(C).
    4. Chang Liu & Chune Young Chung & Hong Kee Sul & Kainan Wang, 2018. "Does hometown advantage matter? The case of institutional blockholder monitoring on earnings management in Korea," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(2), pages 196-221, February.
    5. Luis Alfonso Dau & Aya S. Chacar & Marjorie A. Lyles & Jiatao Li, 2022. "Informal institutions and international business: Toward an integrative research agenda," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(6), pages 985-1010, August.
    6. Paul Brockman & Wolfgang Drobetz & Sadok El Ghoul & Omrane Guedhami & Ying Zheng, 2024. "Do foreign institutional shareholders affect international debt contracting? Evidence from Yankee bond covenants," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 55(5), pages 551-576, July.
    7. Dorota Dobija & Claudia Arena & Łukasz Kozłowski & Joanna Krasodomska & Justyna Godawska, 2023. "Towards sustainable development: The role of directors' international orientation and their diversity for non‐financial disclosure," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(1), pages 66-90, January.
    8. Liang, Quanxi & Gao, Wenlian & Xie, Hongji, 2022. "Do foreign investors deter corporate fraud? Evidence from China," The Quarterly Review of Economics and Finance, Elsevier, vol. 84(C), pages 92-111.
    9. Filatotchev, Igor & Poulsen, Annette & Bell, R. Greg, 2019. "Corporate governance of a multinational enterprise: Firm, industry and institutional perspectives," Journal of Corporate Finance, Elsevier, vol. 57(C), pages 1-8.
    10. Wenjing Li & Jeff Ng & Albert Tsang & Oktay Urcan, 2019. "Country-level institutions and management earnings forecasts," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(1), pages 48-82, February.
    11. Cumming, Douglas & Ge, Ying & Lai, Huiwen, 2020. "Trust and quality uncertainty in global value chains," Journal of Multinational Financial Management, Elsevier, vol. 57.
    12. Zhang, Wenlong & Zhang, Gaiyan & Helwege, Jean, 2022. "Cross country linkages and transmission of sovereign risk: Evidence from China’s credit default swaps," Journal of Financial Stability, Elsevier, vol. 58(C).
    13. Herita Akamah & Ole-Kristian Hope & Wayne B Thomas, 2018. "Tax havens and disclosure aggregation," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(1), pages 49-69, January.
    14. Machokoto, Michael & Areneke, Geofry, 2020. "Does innovation and financial constraints affect the propensity to save in emerging markets?," Research in International Business and Finance, Elsevier, vol. 52(C).
    15. Victor Zitian Chen & Sunny Li Sun, 2019. "Barbarians at the Gate of the Middle Kingdom: The International Mobility of Financing Contract and Governance," Entrepreneurship Theory and Practice, , vol. 43(4), pages 802-837, July.
    16. Du, Yan & Goodell, John W. & Piljak, Vanja & Vulanovic, Milos, 2022. "Subsidiary financing choices: The roles of institutional distances from home countries," International Review of Financial Analysis, Elsevier, vol. 83(C).
    17. Alessandro Zattoni & Emmanouil Dedoulis & Stergios Leventis & Hans Van Ees, 2020. "Corporate governance and institutions—A review and research agenda," Corporate Governance: An International Review, Wiley Blackwell, vol. 28(6), pages 465-487, November.
    18. Amin, Qazi Awais & Cumming, Douglas, 2021. "Blockholders and real earnings management-the emerging markets context," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
    19. Jin, Jason Lu & Lai, Xiaopeng & Dong, Meitong & Wang, Liwen & Zheng, Yaqin, 2026. "Institutional distance and foreign firms’ live streaming use in the host market," Journal of World Business, Elsevier, vol. 61(2).
    20. Campbell R. Harvey & Daniel Rabetti, 2024. "International business and decentralized finance," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 55(7), pages 840-863, September.
    21. Xiaoran Ni & Yi Si & Bohui Zhang, 2026. "Climate vulnerability and stock price crash risk worldwide," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 57(2), pages 257-280, March.
    22. Voicu D. Dragomir, 2022. "Comparative Evidence on Corporate Governance Outcomes in the G20 Countries," World, MDPI, vol. 3(4), pages 1-16, December.
    23. Ugur Lel, 2019. "The role of foreign institutional investors in restraining earnings management activities across countries," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(6), pages 895-922, August.
    24. Serhat Yildiz & Qun Wu & Ethan D. Watson, 2025. "The impact of country level investor protection on economic policy uncertainty and corporate investment link," International Review of Finance, International Review of Finance Ltd., vol. 25(1), March.
    25. Cristiano Bellavitis & Douglas Cumming & Tom Vanacker, 2022. "Ban, Boom, and Echo! Entrepreneurship and Initial Coin Offerings," Entrepreneurship Theory and Practice, , vol. 46(5), pages 1136-1169, September.
    26. Trinh, Quoc Dat & Haddad, Christian & Salameh, Elie, 2023. "Financial institutional blockholders and earnings quality: Do blockholders contestability and countries' institutions matter?," International Review of Financial Analysis, Elsevier, vol. 87(C).
    27. Chune Young Chung & Sang Jun Cho & Doojin Ryu & Doowon Ryu, 2019. "Institutional blockholders and corporate social responsibility," Asian Business & Management, Palgrave Macmillan, vol. 18(3), pages 143-186, July.
    28. Amar, J. & Lecourt, C., 2023. "Sovereign wealth fund governance: A trade-off between internal and external legitimacy," International Business Review, Elsevier, vol. 32(6).
    29. Mario La Torre & Helen Chiappini (ed.), 2020. "Contemporary Issues in Sustainable Finance," Palgrave Studies in Impact Finance, Palgrave Macmillan, number 978-3-030-40248-8, March.
    30. Guanmin Liao & Mark (Shuai) Ma & Xiaoyun Yu, 2022. "Transporting transparency: Director foreign experience and corporate information environment," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(7), pages 1343-1369, September.
    31. Vanacker, Tom & Zahra, Shaker A. & Holmes, R. Michael, 2021. "Corporate entrepreneurship, country institutions and firm financial performance," Journal of World Business, Elsevier, vol. 56(3).
    32. Areneke, Geofry & Kimani, Danson, 2019. "Value relevance of multinational directorship and cross-listing on MNEs national governance disclosure practices in Sub-Saharan Africa: Evidence from Nigeria," Journal of World Business, Elsevier, vol. 54(4), pages 285-306.
    33. Jeanne Amar & Christelle Lecourt, 2023. "Sovereign wealth fund governance: A trade-off between internal and external legitimacy," Post-Print hal-04231607, HAL.
    34. Christian Eufinger & Andrej Gill & Florian Hett, 2024. "Domestic financial conditions and MNCs’ global competitiveness: evidence from the Swiss franc shock," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 55(8), pages 1057-1068, October.
    35. Chen, Ruiyuan (Ryan) & Guedhami, Omrane & Yang, Yang & Zaynutdinova, Gulnara R., 2020. "Corporate governance and cash holdings: Evidence from worldwide board reforms," Journal of Corporate Finance, Elsevier, vol. 65(C).
    36. Naciye Sekerci & Don Pagach, 2020. "Firm Ownership and Enterprise Risk Management Implementation: Evidence from the Nordic Region," JRFM, MDPI, vol. 13(9), pages 1-21, September.
    37. Douglas Cumming & Florencio Lopez-de-Silanes & Joseph A McCahery & Armin Schwienbacher, 2020. "Tranching in the syndicated loan market around the world," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 51(1), pages 95-120, February.
    38. Tao Huang & Fei Wu & Jing Yu & Bohui Zhang, 2020. "Investor protection and the value impact of stock liquidity," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 51(1), pages 72-94, February.
    39. Wong, Raymond M.K. & Dak-Adzaklo, Cephas Simon Peter & Lo, Agnes W.Y., 2024. "Debt choice in the regulated competition era," Journal of International Money and Finance, Elsevier, vol. 142(C).
    40. Xede, James & Simon Peter Dak-Adzaklo, Cephas & Ofosu, Emmanuel & Wise Dodzidenu Adza, Solomon, 2023. "Competition laws, external financing and investment," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 82(C).
    41. Ruth V. Aguilera & Valentina Marano & Ilir Haxhi, 2019. "International corporate governance: A review and opportunities for future research," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(4), pages 457-498, June.
    42. Bozos, Konstantinos & Filatotchev, Igor & Goergen, Marc, 2025. "Corporate governance, finance, and global strategy," International Business Review, Elsevier, vol. 34(6).
    43. Tiemei Li & Michel Magnan & Yaqi Shi, 2022. "Governance tensions in MNCs’ accounting quality," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(8), pages 1641-1669, October.
    44. Gyimah, Daniel & Kwansa, Nana Abena & Kyiu, Anthony K. & Sikochi, Anywhere (Siko), 2021. "Multinationality and capital structure dynamics: A corporate governance explanation," International Review of Financial Analysis, Elsevier, vol. 76(C).
    45. Conyon, Martin J. & Haß, Lars Helge & Vergauwe, Skrålan & Zhang, Zhifang, 2019. "Foreign experience and CEO compensation," Journal of Corporate Finance, Elsevier, vol. 57(C), pages 102-121.
    46. Jeong-Bon Kim & Mikhail Pevzner & Xiangang Xin, 2019. "Foreign institutional ownership and auditor choice: Evidence from worldwide institutional ownership," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(1), pages 83-110, February.
    47. Douglas Cumming & Minjie Zhang, 2019. "Angel investors around the world," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(5), pages 692-719, July.
    48. Ruiyuan Chen & Sadok El Ghoul & Omrane Guedhami & Chuck C. Y. Kwok & Robert Nash, 2021. "International evidence on state ownership and trade credit: Opportunities and motivations," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(6), pages 1121-1158, August.
    49. Liang, Shangkun & Niu, Yuhao & Xin, Fu & Jiang, Lixian, 2024. "CEO foreign experience and corporate financial investment," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 929-946.
    50. Miriam Koning & Gerard Mertens & Peter Roosenboom, 2018. "Drivers of institutional change around the world: The case of IFRS," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(3), pages 249-271, April.
    51. Birgitte Grøgaard & Michael A. Sartor & Linda Rademaker, 2022. "What merits greater scholarly attention in international business?," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(7), pages 1508-1518, September.
    52. Areneke, Geofry & Adegbite, Emmanuel & Tunyi, Abongeh, 2022. "Transfer of corporate governance practices into weak emerging market environments by foreign institutional investors," International Business Review, Elsevier, vol. 31(5).
    53. Geofry Areneke & Abongeh A. Tunyi, 2022. "Chairperson and CEO foreignness and CG quality of emerging markets MNCs: Moderating role of international board interlocks," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(3), pages 3071-3092, July.
    54. Simon Döring & Wolfgang Drobetz & Sadok El Ghoul & Omrane Guedhami & Henning Schröder, 2021. "Institutional investment horizons and firm valuation around the world," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(2), pages 212-244, March.
    55. Drobetz, W. & Momtaz, Paul P., 2020. "Antitakeover Provisions and Firm Value: New Evidence from the M&A Market," Journal of Corporate Finance, Elsevier, vol. 62(C).
    56. S. Veeramani & Abha Shukla & Mariam Jamaleh, 2020. "Financial theories of foreign direct investment: a review of literature," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 47(2), pages 185-217, June.
    57. Wafa Tariq Waqar, 2020. "Board size and acquisition outcome: The moderating role of home country formal institutional development," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 41(4), pages 529-541, June.
    58. Yiwei Fang & Iftekhar Hasan & Woon Sau Leung & Qingwei Wang, 2019. "Foreign ownership, bank information environments, and the international mobility of corporate governance," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(9), pages 1566-1593, December.
    59. Cynthia E. Clark & Punit Arora & Patricia Gabaldon, 2022. "Female Representation on Corporate Boards in Europe: The Interplay of Organizational Social Consciousness and Institutions," Journal of Business Ethics, Springer, vol. 180(1), pages 165-186, September.
    60. Massimo Massa & Xiaoqiao Wang & Bohui Zhang & Hong Zhang, 2025. "The boundaries of the law: can US private enforcement discipline foreign firms?," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 56(1), pages 62-83, February.
    61. Apostolov Mico & Scagnelli Simone Domenico, 2019. "Foreign-Versus Domestic-Owned firms in the Predicament ‘Cui bono?’," Business Systems Research, Paradigm, vol. 10(2), pages 18-36, September.
    62. Kunst, Vincent E. & Beugelsdijk, Sjoerd, 2026. "The predictive power of agency theory in a multipolar world," International Business Review, Elsevier, vol. 35(1).
    63. Chung, Hsi-Mei & Dahms, Sven, 2018. "Ownership Strategy and Foreign Affiliate Performance in Multinational Family Business Groups: A Double-edged Sword," Journal of International Management, Elsevier, vol. 24(4), pages 303-316.
    64. Dak-Adzaklo, Adelaide, 2025. "International competition laws and trade credit financing," Economics Letters, Elsevier, vol. 247(C).
    65. Tao, Qizhi & Wei, K.C. John & Xiang, Xueman & Yi, Biao, 2022. "Board directors' foreign experience and firm dividend payouts," Journal of Corporate Finance, Elsevier, vol. 75(C).
    66. Gu, Yiwen (Jenny) & Filatotchev, Igor & Greg Bell, R. & Rasheed, Abdul A., 2019. "Liability of foreignness in capital markets: Institutional distance and the cost of debt," Journal of Corporate Finance, Elsevier, vol. 57(C), pages 142-160.
    67. Chung, Chune Young & Kim, Hye Seok & Liu, Chang, 2024. "Institutional monitoring on corporate earnings: Evidence from U.S. Cross-listed Firms," The North American Journal of Economics and Finance, Elsevier, vol. 70(C).
    68. Seppo Ikäheimo & Eduardo Schiehll & Vikash Kumar Sinha, 2023. "Board Response to Transnational Regulation on Corporate Governance: A Case Study on EU Banking Regulation," Risks, MDPI, vol. 12(1), pages 1-20, December.
    69. Maira Bauer & Mariya Bulatenko & Natalia Shimshirt, 2022. "RETRACTED ARTICLE:Development of corporate investment funds as a tool to achieve the goals of international treaties in the field of climate change," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 22(1), pages 119-138, March.

  82. Douglas Cumming & Alessandra Guariglia & Wenxuan Hou & Edward Lee, 2017. "Chinese capital markets: institutional reforms and growing global links," The European Journal of Finance, Taylor & Francis Journals, vol. 23(7-9), pages 573-580, July.

    Cited by:

    1. Zheng, Yiwei, 2024. "Digital information disclosure, investor sentiment and enterprise default risk," Finance Research Letters, Elsevier, vol. 62(PA).
    2. Bruce Burton & Satish Kumar & Nitesh Pandey, 2020. "Twenty-five years of The European Journal of Finance (EJF): a retrospective analysis," The European Journal of Finance, Taylor & Francis Journals, vol. 26(18), pages 1817-1841, December.

  83. Cumming, Douglas & Haslem, Bruce & Knill, April, 2017. "Entrepreneurial Litigation and Venture Capital Finance," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 52(5), pages 2217-2250, October.

    Cited by:

    1. Lyu, Yanying, 2024. "Essays in behavioral and empirical corporate finance," Other publications TiSEM a636d1ce-f80d-4aa1-9b28-0, Tilburg University, School of Economics and Management.
    2. Kim, Jinhwan & Shi, Terrence Tianshuo & Verdi, Rodrigo S., 2025. "The innovation consequences of judicial efficiency," Journal of Accounting and Economics, Elsevier, vol. 80(2).
    3. Colombo, Massimo G. & Cumming, Douglas & Mohammadi, Ali & Rossi-Lamastra , Cristina & Wadhwa , Anu, 2014. "Open Business Models And Venture Capital Finance," Working Paper Series in Economics and Institutions of Innovation 347, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
    4. Yongqiang Chu & Yijia (Eddie) Zhao, 2021. "The dark side of shareholder litigation: Evidence from corporate takeovers," Financial Management, Financial Management Association International, vol. 50(3), pages 845-873, September.
    5. Megginson, William L. & Park, Hyeonjoon, 2025. "The impact of enhanced creditor rights on venture capital: Evidence from the Uniform Fraudulent Transfer Act," Journal of Corporate Finance, Elsevier, vol. 94(C).
    6. Pelucco, Valerio & Vismara, Silvio, 2025. "Where do angels come from?," Journal of Corporate Finance, Elsevier, vol. 94(C).

  84. Douglas Cumming & Grant Fleming, 2016. "Taking China private: The Carlyle Group, leveraged buyouts and financial capitalism in Greater China," Business History, Taylor & Francis Journals, vol. 58(3), pages 345-363, April.

    Cited by:

    1. Victor Zitian Chen & Sunny Li Sun, 2019. "Barbarians at the Gate of the Middle Kingdom: The International Mobility of Financing Contract and Governance," Entrepreneurship Theory and Practice, , vol. 43(4), pages 802-837, July.
    2. Cumming, Douglas & Fleming, Grant & Liu, Zhangxin (Frank), 2018. "Shadow banking in Asia: Foreign versus domestic lending to real estate projects," Emerging Markets Review, Elsevier, vol. 35(C), pages 137-147.
    3. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    4. Benjamin Hammer & Heiko Hinrichs & Denis Schweizer, 2022. "What is different about private equity‐backed acquirers?," Review of Financial Economics, John Wiley & Sons, vol. 40(2), pages 117-149, April.

  85. Douglas Cumming & Robert Dixon & Wenxuan Hou & Edward Lee, 2016. "Media coverage and foreign share discount puzzle in China," The European Journal of Finance, Taylor & Francis Journals, vol. 22(4-6), pages 393-412, April.

    Cited by:

    1. Ding, Rong & Hou, Wenxuan & Liu, Yue (Lucy) & Zhang, John Ziyang, 2018. "Media censorship and stock price: Evidence from the foreign share discount in China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 55(C), pages 112-133.
    2. Cumming, Douglas & Verdoliva, Vincenzo & Zhan, Feng, 2021. "New and future research in corporate finance and governance in China and emerging markets," Emerging Markets Review, Elsevier, vol. 46(C).
    3. Cai, Weixing & Lee, Edward & Xu, Alice Liang & Zeng, Cheng (Colin), 2019. "Does corporate social responsibility disclosure reduce the information disadvantage of foreign investors?," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 34(C), pages 12-29.
    4. Turner, John D. & Ye, Qing & Walker, Clive B., 2016. "Media coverage and stock returns on the London Stock Exchange, 1825-70," QUCEH Working Paper Series 2016-02, Queen's University Belfast, Queen's University Centre for Economic History.
    5. Zhang, Zuochao & Goodell, John W. & Shen, Dehua & Lahmar, Oumaima, 2024. "Media opinion divergence and stock returns: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 93(C).

  86. Douglas Cumming & Sofia Johan, 2016. "Venture’s economic impact in Australia," The Journal of Technology Transfer, Springer, vol. 41(1), pages 25-59, February.

    Cited by:

    1. Alperovych, Yan & Hübner, Georges & Lobet, Fabrice, 2015. "How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium," Journal of Business Venturing, Elsevier, vol. 30(4), pages 508-525.
    2. Mark R. Ayoub & Sandra Gottschalk & Bettina Müller, 2017. "Impact of public seed-funding on academic spin-offs," The Journal of Technology Transfer, Springer, vol. 42(5), pages 1100-1124, October.
    3. Jörn H. Block & Christian Fisch & Walter Diegel, 2024. "Schumpeterian entrepreneurial digital identity and funding from venture capital firms," The Journal of Technology Transfer, Springer, vol. 49(1), pages 119-157, February.
    4. Douglas Cumming & Sofia Johan, 2019. "Government venture capital research: fake science and bad public policy," Venture Capital, Taylor & Francis Journals, vol. 21(1), pages 121-131, January.
    5. Thomas Standaert & Sophie Manigart, 2018. "Government as fund-of-fund and VC fund sponsors: effect on employment in portfolio companies," Small Business Economics, Springer, vol. 50(2), pages 357-373, February.
    6. Stéphane Koffel & Jonathan Labbé, 2017. "Private Equity and Business Angels: An Effect on Innovation [Capital-Investissement et Business Angels : Un effet sur l’innovation]," Post-Print hal-03000127, HAL.
    7. Erik Engberg & Patrik Gustavsson Tingvall & Daniel Halvarsson, 2021. "Direct and indirect effects of private- and government-sponsored venture capital," Empirical Economics, Springer, vol. 60(2), pages 701-735, February.
    8. Köppl, Stefan & Köppl-Turyna, Monika & Christopoulos, Dimitris, 2025. "The performance of government-backed venture capital investments," Research Policy, Elsevier, vol. 54(8).
    9. Joern H. Block & Douglas J. Cumming & Silvio Vismara, 2017. "International perspectives on venture capital and bank finance for entrepreneurial firms," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 3-22, March.
    10. Kong, Dongmin & Liu, Shasha & Wang, Yanan, 2018. "Learning from outsiders: Do managers benefit from communication with market participants?," Finance Research Letters, Elsevier, vol. 26(C), pages 192-197.
    11. Gilding, Michael & Brennecke, Julia & Bunton, Vikki & Lusher, Dean & Molloy, Peter L. & Codoreanu, Alex, 2020. "Network failure: Biotechnology firms, clusters and collaborations far from the world superclusters," Research Policy, Elsevier, vol. 49(2).
    12. Tommaso Minola & Silvio Vismara & Davide Hahn, 2017. "Screening model for the support of governmental venture capital," The Journal of Technology Transfer, Springer, vol. 42(1), pages 59-77, February.
    13. Engberg, Erik & Halvarsson, Daniel & Tingvall, Patrik, 2017. "Direct and Indirect Effects of Private- and Government Sponsored Venture Capital," Ratio Working Papers 288, The Ratio Institute.
    14. Ahmed I. Kato & Chiloane-Phetla E. Germinah, 2022. "Empirical examination of relationship between venture capital financing and profitability of portfolio companies in Uganda," Journal of Innovation and Entrepreneurship, Springer, vol. 11(1), pages 1-18, December.
    15. Yongjie Zhang & Qiaoran Meng & Dayong Liu, 2024. "Venture capital and technology commercialization: evidence from China," The Journal of Technology Transfer, Springer, vol. 49(6), pages 2336-2388, December.

  87. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.

    Cited by:

    1. Aleenajitpong, Natdanai & Leemakdej, Arnat, 2021. "Venture Capital Networks in Southeast Asia: Network characteristics and cohesive subgroups," International Review of Financial Analysis, Elsevier, vol. 76(C).
    2. Kayalvizhi, P.N. & Thenmozhi, M., 2018. "Does quality of innovation, culture and governance drive FDI?: Evidence from emerging markets," Emerging Markets Review, Elsevier, vol. 34(C), pages 175-191.
    3. Cumming, Douglas & Fleming, Grant & Liu, Zhangxin (Frank), 2018. "Shadow banking in Asia: Foreign versus domestic lending to real estate projects," Emerging Markets Review, Elsevier, vol. 35(C), pages 137-147.
    4. Ram Subramaniam & Murali Sambasivan, 2025. "Analyzing the role of digital/non-digital technology entrepreneur typology in external factors’ influence on venture launch decisions," Journal of Innovation and Entrepreneurship, Springer, vol. 14(1), pages 1-19, December.
    5. Bernardo, Márcio R. & Campani, Carlos Heitor, 2019. "Liability driven investment with alternative assets: Evidence from Brazil," Emerging Markets Review, Elsevier, vol. 41(C).
    6. Carè, Rosella & Fatima, Rabia & Agnese, Paolo, 2025. "Crowdfunding and sustainable development: A systematic review," Finance Research Letters, Elsevier, vol. 78(C).
    7. Farzana Chowdhury & David B. Audretsch & Maksim Belitski, 2019. "Institutions and Entrepreneurship Quality," Entrepreneurship Theory and Practice, , vol. 43(1), pages 51-81, January.
    8. Johannes Wallmeroth & Peter Wirtz & Alexander Peter Groh, 2017. "Institutional Seed Financing, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review," Working Papers hal-01527999, HAL.
    9. Messeni Petruzzelli, Antonio & Natalicchio, Angelo & Panniello, Umberto & Roma, Paolo, 2019. "Understanding the crowdfunding phenomenon and its implications for sustainability," Technological Forecasting and Social Change, Elsevier, vol. 141(C), pages 138-148.
    10. Qureshi, Fiza & Kutan, Ali M. & Ismail, Izlin & Gee, Chan Sok, 2017. "Mutual funds and stock market volatility: An empirical analysis of Asian emerging markets," Emerging Markets Review, Elsevier, vol. 31(C), pages 176-192.
    11. Li, Ke & Lu, Lei & Qian, Jun & Zhu, Julie Lei, 2020. "Enforceability and the effectiveness of laws and regulations," Journal of Corporate Finance, Elsevier, vol. 62(C).
    12. Audretsch, David B. & Belitski, Maksim & Chowdhury, Farzana & Desai, Sameeksha, 2024. "Regulating entrepreneurship quality and quantity," Research Policy, Elsevier, vol. 53(2).
    13. Dian Primanita Oktasari & Winda Widyanty & Devy Mawarnie Puspitasari & I Gede Mahatma Yuda Bakti & Nurfadlih Syahlani & Agung Widyo Utomo & Sik Sumaedi & Medi Yarmen & Prita Prasetya & Mochammad Fahle, 2026. "A novel integrated model of Generation Z’s green investment intentions: combining SOR, social cognitive, utility, and prospect theories," Future Business Journal, Springer, vol. 12(1), pages 1-22, December.
    14. Joern H. Block & Douglas J. Cumming & Silvio Vismara, 2017. "International perspectives on venture capital and bank finance for entrepreneurial firms," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 3-22, March.
    15. Nguyen, Thang & Cox, Joe & Rich, Judy, 2019. "Invest or regret? An empirical investigation into funding dynamics during the final days of equity crowdfunding campaigns," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 784-803.
    16. Yu Huan & Md. Qamruzzaman, 2022. "Innovation-Led FDI Sustainability: Clarifying the Nexus between Financial Innovation, Technological Innovation, Environmental Innovation, and FDI in the BRIC Nations," Sustainability, MDPI, vol. 14(23), pages 1-26, November.
    17. Nigam, Nirjhar & Benetti, Cristiane & Johan, Sofia A., 2020. "Digital start-up access to venture capital financing: What signals quality?," Emerging Markets Review, Elsevier, vol. 45(C).
    18. Bach Nguyen & Nguyen Phuc Canh & Su Dinh Thanh, 2021. "Institutions, Human Capital and Entrepreneurship Density," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 12(3), pages 1270-1293, September.
    19. Qizhi Tao & Yizhe Dong & Ziming Lin, 0. "Who can get money? Evidence from the Chinese peer-to-peer lending platform," Information Systems Frontiers, Springer, vol. 0, pages 1-17.
    20. Wagner, Rodrigo A. & Stein, Ernesto H., 2019. "The development of venture capital in Latin America and the Caribbean: a comparative perspective," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
    21. Vincent Fromentin & Bruno Pecchioli & David Moroz, 2024. "Time-varying Causality among Whisky, Wine, and Equity Markets," Post-Print hal-04530296, HAL.
    22. Gabriele Iannotta & Marta Cannistrà & Tommaso Agasisti, 2024. "It's never too late to be financially literate: Evaluating a financial education intervention for adults in Italy," Journal of Consumer Affairs, Wiley Blackwell, vol. 58(2), pages 397-431, June.
    23. Yang, Baohua & Zhou, Yingluo & Zhou, Zhong-Guo, 2022. "Strategic behavior of insiders in initial underpricing and long-run underperformance," Emerging Markets Review, Elsevier, vol. 53(C).
    24. Gaies, Brahim & Vesci, Massimiliano & Crudele, Chiara & Calabrò, Andrea & Maalaoui, Adnane, 2025. "How does institutional quality influence opportunity entrepreneurship? A panel data analysis of OECD countries," Journal of Business Research, Elsevier, vol. 192(C).
    25. Zhou, Lu Jolly & Zhang, Xinyu & Sha, Yezhou, 2021. "The role of angel investment for technology-based SMEs: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
    26. Zhongqi Deng & Yu Zhang & Ao Yu, 2020. "The New Economy in China: An Intercity Comparison," SAGE Open, , vol. 10(4), pages 21582440209, December.
    27. Qizhi Tao & Yizhe Dong & Ziming Lin, 2017. "Who can get money? Evidence from the Chinese peer-to-peer lending platform," Information Systems Frontiers, Springer, vol. 19(3), pages 425-441, June.
    28. Chen, Xudong & Yao, Liming & Xu, Zhenye & Xu, Qi, 2018. "Foreign entry and bank competition on financial products in China: A model of bank size," Pacific-Basin Finance Journal, Elsevier, vol. 49(C), pages 43-59.
    29. Sannajust, Aurélie & Groh, Alexander Peter, 2020. "There's no need to be a pioneer in emerging private equity markets," Journal of Corporate Finance, Elsevier, vol. 65(C).
    30. Zhu, Tingting & Moro, Andrea & Gartner, Johannes & Puntaier, Elmar & Abebe, Solomon Akele, 2026. "Global minds, global funds: International top management and ICO fundraising in developing economies," Technovation, Elsevier, vol. 149(C).
    31. Aurélie Sannajust & Alexander Peter Groh, 2020. "There's no need to be a pioneer in emerging private equity markets," Post-Print hal-03511382, HAL.
    32. Fang, Hongyan & Nofsinger, John R. & Song, Zhihui & Wang, Shuxun, 2018. "Private equity performance and capital flows: Evidence from China," Emerging Markets Review, Elsevier, vol. 37(C), pages 223-244.

  88. Massimo G. Colombo & Douglas Cumming & Ali Mohammadi & Cristina Rossi-Lamastra & Anu Wadhwa, 2016. "Open business models and venture capital finance," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 25(2), pages 353-370.
    See citations under working paper version above.
  89. Cole, Rebel & Cumming, Douglas & Li, Dan, 2016. "Do banks or VCs spur small firm growth?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 41(C), pages 60-72.

    Cited by:

    1. McGuinness, Paul B., 2021. "Board member age, stock seasoning and the evolution of capital structure in Chinese firms," International Business Review, Elsevier, vol. 30(3).
    2. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    3. Samuel Fosu & Albert Danso & Henry Agyei‐Boapeah & Collins G. Ntim, 2021. "Credit information sharing and bank loan pricing: Do concentration and governance matter?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 5884-5911, October.
    4. Rudra P. Pradhan & Mak B. Arvin & Mahendhiran Nair & Sara E. Bennett, 2017. "Venture capital investment, financial development, and economic growth: the case of European single market countries," Venture Capital, Taylor & Francis Journals, vol. 19(4), pages 313-333, October.
    5. MeiChi Huang, 2019. "Risk diversification gains from metropolitan housing assets," Review of Financial Economics, John Wiley & Sons, vol. 37(4), pages 453-481, October.
    6. Zhang, Chao & Guan, Jiancheng, 2021. "Returnee policies in China: Does a strategy of alleviating the financing difficulty of returnee firms promote innovation?," Technological Forecasting and Social Change, Elsevier, vol. 164(C).
    7. Arokodare M. A. & Asikhia O. U. & Makinde G. O., 2021. "Information Technology Capability and Performance of Selected Oil and Gas Marketing Companies in Lagos State, Nigeria: The Moderating Role of Organizational Culture," International Journal of Business and Management, Canadian Center of Science and Education, vol. 15(3), pages 1-37, July.
    8. Balazs Egert, 2021. "Investment in OECD Countries: A Primer," CESifo Working Paper Series 9136, CESifo.
    9. Huang, Xinfei & Zhang, Yue & Zong, Zhe, 2025. "Governmental venture capital and investor sentiment: Evidence from Chinese government guidance funds," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 99(C).
    10. Vaznyte, Egle & Andries, Petra, 2019. "Entrepreneurial orientation and start-ups' external financing," Journal of Business Venturing, Elsevier, vol. 34(3), pages 439-458.
    11. Honjo, Yuji, 2021. "The impact of founders’ human capital on initial capital structure: Evidence from Japan," Technovation, Elsevier, vol. 100(C).
    12. Joern H. Block & Douglas J. Cumming & Silvio Vismara, 2017. "International perspectives on venture capital and bank finance for entrepreneurial firms," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 3-22, March.
    13. Walthoff-Borm, Xavier & Schwienbacher, Armin & Vanacker, Tom, 2018. "Equity crowdfunding: First resort or last resort?," Journal of Business Venturing, Elsevier, vol. 33(4), pages 513-533.
    14. Cristiano Bellavitis & Igor Filatotchev & Dzidziso Samuel Kamuriwo & Tom Vanacker, 2017. "Entrepreneurial finance: new frontiers of research and practice," Venture Capital, Taylor & Francis Journals, vol. 19(1-2), pages 1-16, January.
    15. Fang, Hanqing & Chrisman, James J. & Memili, Esra & Wang, Minglin, 2020. "Foreign venture presence and domestic entrepreneurship: A macro level study," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 68(C).
    16. Inessa Love, 2020. "Entrepreneurial Access to Finance in the US," Working Papers 202004, University of Hawaii at Manoa, Department of Economics.
    17. Marc Deloof & Maurizio La Rocca & Tom Vanacker, 2019. "Local Banking Development and the Use of Debt Financing by New Firms," Entrepreneurship Theory and Practice, , vol. 43(6), pages 1250-1276, November.
    18. Dimitrios Kolokas & Tom Vanacker & David Veredas & Shaker A. Zahra, 2022. "Venture Capital, Credit, and FinTech Start-Up Formation: A Cross-Country Study," Entrepreneurship Theory and Practice, , vol. 46(5), pages 1198-1230, September.
    19. Gaies, Brahim & Vesci, Massimiliano & Crudele, Chiara & Calabrò, Andrea & Maalaoui, Adnane, 2025. "How does institutional quality influence opportunity entrepreneurship? A panel data analysis of OECD countries," Journal of Business Research, Elsevier, vol. 192(C).
    20. Cumming, Douglas & Groh, Alexander Peter, 2018. "Entrepreneurial finance: Unifying themes and future directions," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 538-555.
    21. Ogane, Yuta, 2023. "The number of bank relationships and bank lending to informationally opaque SMEs," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
    22. Lefebvre, Vincent & Certhoux, Gilles & Radu-Lefebvre, Miruna, 2022. "Sustaining trust to cross the Valley of Death: A retrospective study of business angels’ investment and reinvestment decisions," Technovation, Elsevier, vol. 109(C).
    23. Cipollone, Angela & Giordani, Paolo E., 2019. "Market frictions in entrepreneurial innovation: Theory and evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 163(C), pages 297-331.
    24. Ahamed, M. Mostak & Mallick, Sushanta K., 2019. "Is financial inclusion good for bank stability? International evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 157(C), pages 403-427.
    25. Chun-Yueh Lin & Yi-Hsien Wang, 2021. "Evaluating the Optimal External Equity Financing Strategy and Critical Factors for the Startup of Lending Company in Taiwan: An Application of Expert Network Decision Model," Mathematics, MDPI, vol. 9(18), pages 1-15, September.

  90. Cumming, Douglas & Henriques, Irene & Sadorsky, Perry, 2016. "‘Cleantech’ venture capital around the world," International Review of Financial Analysis, Elsevier, vol. 44(C), pages 86-97.

    Cited by:

    1. Jie Ren & Jar-Der Luo & Ke Rong, 2020. "How Do Venture Capitals Build Up Syndication Ecosystems for Sustainable Development?," Sustainability, MDPI, vol. 12(11), pages 1-14, May.
    2. Ren, Yu & Liu, Xiongfei & Zhang, YuLong & Zhu, Yi, 2024. "Gradual market development reforms and venture capital strategy adjustments: Evidence based on industrial chain innovation and development," Finance Research Letters, Elsevier, vol. 68(C).
    3. Vismara, Silvio, 2019. "Sustainability in equity crowdfunding," Technological Forecasting and Social Change, Elsevier, vol. 141(C), pages 98-106.
    4. Vilija Aleknevičien&# & Asta Bendoraityt&#, 2023. "Role of Green Finance in Greening the Economy: Conceptual Approach," Central European Business Review, Prague University of Economics and Business, vol. 2023(2), pages 105-130.
    5. Matteo Ambrois & Annalisa Croce & Elisa Ughetto, 2025. "Greening the future: how venture capital nurtures cleantech companies’ growth in Europe," Small Business Economics, Springer, vol. 65(1), pages 191-229, June.
    6. Lohwasser, Todor S., 2020. "Meta-analyzing the relative performance of venture capital-backed firms," Discussion Papers of the Institute for Organisational Economics 4/2020, University of Münster, Institute for Organisational Economics.
    7. Polzin, Friedemann & Egli, Florian & Steffen, Bjarne & Schmidt, Tobias S., 2019. "How do policies mobilize private finance for renewable energy?—A systematic review with an investor perspective," Applied Energy, Elsevier, vol. 236(C), pages 1249-1268.
    8. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    9. Luca Grilli & Boris Mrkajic & Gresa Latifi, 2018. "Venture capital in Europe: social capital, formal institutions and mediation effects," Small Business Economics, Springer, vol. 51(2), pages 393-410, August.
    10. Chen Zhang & Xinghua Dang & Tao Peng & Chaokai Xue, 2019. "Dynamic Evolution of Venture Capital Network in Clean Energy Industries Based on STERGM," Sustainability, MDPI, vol. 11(22), pages 1-25, November.
    11. Soh Young In & Ashby H. B. Monk & Janelle Knox-Hayes, 2020. "Financing Energy Innovation: The Need for New Intermediaries in Clean Energy," Sustainability, MDPI, vol. 12(24), pages 1-25, December.
    12. Linnenluecke, Martina K. & Han, Jianlei & Pan, Zheyao & Smith, Tom, 2019. "How markets will drive the transition to a low carbon economy," Economic Modelling, Elsevier, vol. 77(C), pages 42-54.
    13. Maksim Belitski & Rosa Caiazza & Erik E. Lehmann, 2021. "Knowledge frontiers and boundaries in entrepreneurship research," Small Business Economics, Springer, vol. 56(2), pages 521-531, February.
    14. Köppl-Turyna, Monika & Köppl, Stefan & Christopulos, Dimitris, 2023. "How to support cleantech start-ups? Lessons from European venture-capital deals," Research Papers 25, EcoAustria – Institute for Economic Research.
    15. Polzin, Friedemann, 2017. "Mobilizing private finance for low-carbon innovation – A systematic review of barriers and solutions," Renewable and Sustainable Energy Reviews, Elsevier, vol. 77(C), pages 525-535.
    16. Anthony M Levenda & Eliot Tretter, 2020. "The environmentalization of urban entrepreneurialism: From technopolis to start-up city," Environment and Planning A, , vol. 52(3), pages 490-509, May.
    17. Cumming, Douglas J. & Leboeuf, Gael & Schwienbacher, Armin, 2017. "Crowdfunding cleantech," Energy Economics, Elsevier, vol. 65(C), pages 292-303.
    18. Ekaterina Turkina & Boris Oreshkin, 2021. "The Impact of Co-Inventor Networks on Smart Cleantech Innovation: The Case of Montreal Agglomeration," Sustainability, MDPI, vol. 13(13), pages 1-17, June.
    19. Andreea Larisa Olteanu (Burcă) & Alina Elena Ionașcu, 2023. "Navigating the ESG Landscape and Its Impact in the Business and Investment Sector," Journal of Financial Studies, Institute of Financial Studies, vol. 15(8), pages 144-158, November.

  91. Douglas J. Cumming & Alessandra Guariglia & Wenxuan Hou & Edward Lee, 2016. "Special Issue: History and Evolution of Entrepreneurship and Finance in China," Business History, Taylor & Francis Journals, vol. 58(3), pages 317-318, April.

    Cited by:

    1. Andrea Fracasso & Kun Jiang, 2022. "The performance of private companies in China before and during the global financial crisis: firms’ characteristics and entrepreneurs’ attributes," Economic Change and Restructuring, Springer, vol. 55(2), pages 803-836, May.

  92. Cumming, Douglas & Rui, Oliver & Wu, Yiping, 2016. "Political instability, access to private debt, and innovation investment in China," Emerging Markets Review, Elsevier, vol. 29(C), pages 68-81.

    Cited by:

    1. Paul B. McGuinness, 2024. "Research note: An investigation of the relation between pre-IPO dividends and vendor sales," Review of Quantitative Finance and Accounting, Springer, vol. 62(3), pages 889-910, April.
    2. Amin, Md Ruhul & Wang, Xinyu & Aktas, Elvan, 2023. "Does oil price uncertainty affect corporate innovation?," Energy Economics, Elsevier, vol. 118(C).
    3. Yu-Hong Ai & Di-Yun Peng & Huan-Huan Xiong, 2021. "Impact of Environmental Regulation Intensity on Green Technology Innovation: From the Perspective of Political and Business Connections," Sustainability, MDPI, vol. 13(9), pages 1-23, April.
    4. Caiyue Ouyang & Xin Wang & Jiacai Xiong, 2019. "Do Controlling Shareholders Who Pledged Their Shares Affect Sustainable Development? An Investigation Based on the Perspective of Corporate Innovation," Sustainability, MDPI, vol. 11(10), pages 1-17, May.
    5. McGuinness, Paul B., 2021. "Board member age, stock seasoning and the evolution of capital structure in Chinese firms," International Business Review, Elsevier, vol. 30(3).
    6. Kalon Si & Xin Long Xu & Hsing Hung Chen, 2020. "Examining the Interactive Endogeneity Relationship between R&D Investment and Financially Sustainable Performance: Comparison from Different Types of Energy Enterprises," Energies, MDPI, vol. 13(9), pages 1-15, May.
    7. Jooyoung Kwak & Shih-Yi Chang & Meihui Jin, 2023. "The effects of political ties on innovation performance in China: Differences between central and local governments," Asian Business & Management, Palgrave Macmillan, vol. 22(1), pages 300-329, February.
    8. Christopher A. Hartwell & Paul M. Vaaler, 2023. "The Price of Empire: Unrest Location and Sovereign Risk in Tsarist Russia," Papers 2309.06885, arXiv.org, revised Nov 2023.
    9. Tee, Chwee-Ming & Wong, Wai-Yan & Hooy, Chee-Wooi, 2022. "Government power and the value of political connections: Evidence from Covid-19 economic lockdowns," Finance Research Letters, Elsevier, vol. 47(PB).
    10. Samuel Amponsah Odei, 2024. "The relationship between perceived institutional conditions and firm-level innovations in emerging markets: Moderating effects of firm ownerships," PLOS ONE, Public Library of Science, vol. 19(1), pages 1-25, January.
    11. Hou, Qingsong & Chen, Zhihao & Teng, Min, 2022. "Today’s baton and tomorrow’s vision: The effect of strengthening patent examination system on corporate innovation strategies," Journal of Business Research, Elsevier, vol. 144(C), pages 614-626.
    12. Wang, Yizhong & Chen, Lifang & Huang, Ying Sophie & Li, Yong, 2018. "How does credit market distortion affect corporate investment efficiency? The role of managerial forecast," Finance Research Letters, Elsevier, vol. 25(C), pages 266-273.
    13. Lin, Yongjia & Fu, Xiaoqing & Fu, Xiaolan, 2021. "Varieties in state capitalism and corporate innovation: Evidence from an emerging economy," Journal of Corporate Finance, Elsevier, vol. 67(C).
    14. Cumming, Douglas & Fleming, Grant & Liu, Zhangxin (Frank), 2018. "Shadow banking in Asia: Foreign versus domestic lending to real estate projects," Emerging Markets Review, Elsevier, vol. 35(C), pages 137-147.
    15. Yuan Yang & Min Tang, 2020. "Finding the Ethics of “Red Capitalists”: Political Connection and Philanthropy of Chinese Private Entrepreneurs," Journal of Business Ethics, Springer, vol. 161(1), pages 133-147, January.
    16. Cheng, Lei & Cheng, Hong & Zhuang, Ziyin, 2019. "Political connections, corporate innovation and entrepreneurship: Evidence from the China Employer-Employee Survey (CEES)," China Economic Review, Elsevier, vol. 54(C), pages 286-305.
    17. Shiyuan Liu & Jiang Du & Weike Zhang & Xiaoli Tian, 2021. "Opening the box of subsidies: which is more effective for innovation?," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 11(3), pages 421-449, September.
    18. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    19. Liu, Wei & De Sisto, Marco & Li, Wen Helena, 2021. "How does the turnover of local officials make firms more charitable? A comprehensive analysis of corporate philanthropy in China," Emerging Markets Review, Elsevier, vol. 46(C).
    20. Weidong Chen & Xiaohui Yuan, 2021. "Financial inclusion in China: an overview," Frontiers of Business Research in China, Springer, vol. 15(1), pages 1-21, December.
    21. Neaime, Simon & Gaysset, Isabelle, 2018. "Financial inclusion and stability in MENA: Evidence from poverty and inequality," Finance Research Letters, Elsevier, vol. 24(C), pages 230-237.
    22. Shi, Xing & Zhang, Ya & Wu, Yanrui & Wu, Huaqing, 2023. "Political turnover and firm innovation in China: The moderating role of innovation and entrepreneurship environment," Journal of Asian Economics, Elsevier, vol. 88(C).
    23. Li, Zhimin & Cheng, Lei, 2020. "What do private firms do after losing political capital? Evidence from China," Journal of Corporate Finance, Elsevier, vol. 60(C).
    24. Elvira Sojli & Wing Wah Tham, 2017. "Foreign political connections," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 48(2), pages 244-266, February.
    25. Tan, Xue & Yu, Lin & Fung, Hung-Gay, 2022. "Firms with short-termism: Evidence from expatriate controlling shareholders," Pacific-Basin Finance Journal, Elsevier, vol. 73(C).
    26. Zheng, Mingbo & Feng, Gen-Fu & Jang, Chyi-Lu & Chang, Chun-Ping, 2021. "Terrorism and green innovation in renewable energy," Energy Economics, Elsevier, vol. 104(C).
    27. Phan, Trang Hoai & Stachuletz, Rainer & Nguyen, Hai Thi Hong, 2022. "Export Decision and Credit Constraints under Institution Obstacles," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 132783, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    28. Dang, Vinh Q.T. & So, Erin P.K., 2018. "Having the wrong friends at the wrong time: Effects of political turmoil on politically-connected firms," Emerging Markets Review, Elsevier, vol. 36(C), pages 79-94.
    29. Trang Hoai Phan & Rainer Stachuletz & Hai Thi Hong Nguyen, 2022. "Export Decision and Credit Constraints under Institution Obstacles," Sustainability, MDPI, vol. 14(9), pages 1-27, May.
    30. Jiang, Xiandeng & Kong, Dongming & Xiao, Chengrui, 2020. "Policy certainty and heterogeneous firm innovation: Evidence from China," China Economic Review, Elsevier, vol. 63(C).
    31. Syed Muhammad Imran & Hafeez Ur Rehman & Rana Ejaz Ali Khan, 2020. "Effect of corruption on firm level innovation: Evidence from Pakistan," Economics and Business Letters, Oviedo University Press, vol. 9(1), pages 41-47.
    32. Abidin Alhassan & Leon Li & Krishna Reddy & Geeta Duppati, 2021. "The relationship between political instability and financial inclusion: Evidence from Middle East and North Africa," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(1), pages 353-374, January.
    33. Qian, Ningyu, 2018. "Anti-corruption effects on the credit risk of local financing vehicles and the pricing of Chengtou bonds: Evidence from a quasi-natural experiment in China," Finance Research Letters, Elsevier, vol. 26(C), pages 162-168.
    34. Han Yu & Abraham Y. Nahm & Zengji Song, 2022. "Turnover of local government core officials, political connections and the investment and financing of private‐sector enterprises," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(3), pages 3490-3509, July.
    35. Chen, Doudou & Bu, Tao, 2024. "The threshold effect of political connection on the green innovation of businesses: Evidence from China," The North American Journal of Economics and Finance, Elsevier, vol. 74(C).
    36. Rong Ran & Xiaoran Yang & Yejing Chen & Jie Zhang & Yijia Xia, 2026. "The Impact of Non‐Market Strategic Integration on Green Innovation: The Moderating Effect of Shareholding Structure," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 35(2), pages 1072-1098, April.
    37. Sun, Zhongjuan & Yu, Zhu & Wang, Cizhi & Fang, Hanqing, 2023. "Threshold effects, technology purchasing, and firm outcomes: An absorptive capacity perspective," Emerging Markets Review, Elsevier, vol. 55(C).
    38. Hao Qin & Hua Zou & Huimin Ji, 2023. "Research on Enterprise Interactive Innovation Balance Decision in Green Manufacturing Innovation Ecosystem," Sustainability, MDPI, vol. 15(10), pages 1-22, May.
    39. Sun, Yangyang & Yang, Yue, 2024. "Do government environmental target constraints break the political resource curse? --A study on political connections and firm green innovation," International Review of Economics & Finance, Elsevier, vol. 96(PA).
    40. Luan, Fushu & Chen, Yang & Lang, Lin & Lim, King Yoong, 2025. "Banking prudentials, leverage, and innovation partnership choice in China," Journal of Banking & Finance, Elsevier, vol. 171(C).
    41. Paul B. McGuinness, 2019. "The Role of Governance and Bank Funding in the Determination of Cornerstone Allocations in Chinese Equity Offers," JRFM, MDPI, vol. 12(3), pages 1-20, July.
    42. Ding, Sai & Kim, Minjoo & Zhang, Xiao, 2018. "Do firms care about investment opportunities? Evidence from China," Journal of Corporate Finance, Elsevier, vol. 52(C), pages 214-237.
    43. Wang, Rouzhi & Wu, Chaopeng, 2020. "Politician as venture capitalist: Politically-connected VCs and IPO activity in China," Journal of Corporate Finance, Elsevier, vol. 64(C).
    44. Beladi, Hamid & Hou, Qingsong & Hu, May, 2022. "The party school education and corporate innovation: Evidence from SOEs in China," Journal of Corporate Finance, Elsevier, vol. 72(C).
    45. Zou, Na, 2020. "Anticorruption efforts and corporate fraud," VfS Annual Conference 2020 (Virtual Conference): Gender Economics 224619, Verein für Socialpolitik / German Economic Association.
    46. Xing Shi & Ya Zhang & Yanrui Wu & Huaqing Wu, 2023. "Political Turnover and Firm Innovation in China: The Moderating Role of Innovation and Entrepreneurship Environment," Economics Discussion / Working Papers 23-08, The University of Western Australia, Department of Economics.
    47. Yang, Zhenbing & Chen, Zhuo & Shi, Qi & Yan, Bing, 2021. "Does outward foreign direct investment increase debt ratio? Firm-level evidence from China," Structural Change and Economic Dynamics, Elsevier, vol. 57(C), pages 1-12.
    48. Weng, Chen & Chen, Jie, 2025. "Can political connections promote corporate social responsibility? Evidence from targeted poverty alleviation programs," International Review of Financial Analysis, Elsevier, vol. 104(PA).
    49. Bennett, Daniel L. & Bjørnskov, Christian & Gohmann, Stephan F., 2025. "Coup d’États, Institutional Change, and Productivity," Working Paper Series 1518, Research Institute of Industrial Economics.
    50. Cao, Xiaping & Cumming, Douglas & Zhou, Sili, 2020. "State ownership and corporate innovative efficiency," Emerging Markets Review, Elsevier, vol. 44(C).
    51. Liu, Shiyuan & Du, Jiang & Zhang, Weike & Tian, Xiaoli & Kou, Gang, 2021. "Innovation quantity or quality? The role of political connections," Emerging Markets Review, Elsevier, vol. 48(C).

  93. Douglas Cumming & Uwe Walz & Jochen Christian Werth, 2016. "Entrepreneurial Spawning: Experience, Education, and Exit," The Financial Review, Eastern Finance Association, vol. 51(4), pages 507-525, November.
    See citations under working paper version above.
  94. Douglas Cumming & Wenxuan Hou & Edward Lee, 2016. "Business Ethics and Finance in Greater China: Synthesis and Future Directions in Sustainability, CSR, and Fraud," Journal of Business Ethics, Springer, vol. 138(4), pages 601-626, November.

    Cited by:

    1. Ying Jiang & Xiaolong Xue & Weirui Xue, 2018. "Proactive Corporate Environmental Responsibility and Financial Performance: Evidence from Chinese Energy Enterprises," Sustainability, MDPI, vol. 10(4), pages 1-13, March.
    2. Hongjin Zhu & Yue Pan & Jiaping Qiu & Jinli Xiao, 2022. "Hometown Ties and Favoritism in Chinese Corporations: Evidence from CEO Dismissals and Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 176(2), pages 283-310, March.
    3. Kim, Y. Han (Andy) & Park, Junho & Shin, Hojong, 2022. "CEO facial masculinity, fraud, and ESG: Evidence from South Korea," Emerging Markets Review, Elsevier, vol. 53(C).
    4. Yingzhao Xiao & Liuyang Xue & David Ahlstrom & Chundong Zheng & Xiling Hao, 2024. "To Conform or Not to Conform? The Role of Social Status and Firm Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 193(3), pages 655-677, September.
    5. Wong, Jin Boon & Zhang, Qin, 2022. "Stock market reactions to adverse ESG disclosure via media channels," The British Accounting Review, Elsevier, vol. 54(1).
    6. Yang Liu & Weiqi Dai & Mingqing Liao & Jiang Wei, 2021. "Social Status and Corporate Social Responsibility: Evidence from Chinese Privately Owned Firms," Journal of Business Ethics, Springer, vol. 169(4), pages 651-672, April.
    7. Yao, Shouyu & Zhao, Weijia & Sensoy, Ahmet & Cheng, Feiyang & Goodell, John W., 2021. "The dark side of marital leadership: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 77(C).
    8. Gianni Onesti & Riccardo Palumbo, 2023. "Tone at the Top for Sustainable Corporate Governance to Prevent Fraud," Sustainability, MDPI, vol. 15(3), pages 1-16, January.
    9. Yongfeng Zhang & Peng Wang & Jongwook Kwon, 2021. "CSR in China: Does Being Close to the Central or Local Government Matter?," Sustainability, MDPI, vol. 13(16), pages 1-12, August.
    10. Helen Wei Hu & Jiamin Zhang, 2023. "How do Corporate Social Responsibility and Innovation Co-evolve with Organizational Forms? Evidence from a Transitional Economy," Journal of Business Ethics, Springer, vol. 186(4), pages 815-829, September.
    11. Farman Ullah Khan & Junrui Zhang & Nanyan Dong & Muhammad Usman & Sajid Ullah & Shahid Ali, 2021. "Does privatization matter for corporate social responsibility? Evidence from China," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 11(3), pages 497-515, September.
    12. Shu-Yun Du & Xiao-Chen Shao & Alfredo Jiménez & Jeoung Yul Lee, 2022. "Corporate Social Responsibility of Chinese Multinational Enterprises: A Review and Future Research Agenda," Sustainability, MDPI, vol. 14(23), pages 1-22, December.
    13. Quentin Dupont & Jonathan M. Karpoff, 2020. "The Trust Triangle: Laws, Reputation, and Culture in Empirical Finance Research," Journal of Business Ethics, Springer, vol. 163(2), pages 217-238, May.
    14. Isabel‐Maria García‐Sánchez & Nazim Hussain & Sana Akbar Khan & Jennifer Martínez‐Ferrero, 2020. "Managerial entrenchment, corporate social responsibility, and earnings management," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(4), pages 1818-1833, July.
    15. Gunn, Joshua L. & Li, Chan & Liao, Lin & Yang, Jinxuan & Zhou, Shan, 2024. "Audit firms’ corporate social responsibility activities and auditor reputation," Accounting, Organizations and Society, Elsevier, vol. 113(C).
    16. Ruichen Ma, 2023. "The sustainable development trend in environmental, social, and governance issues and stakeholder engagement: Evidence from mergers and acquisitions in China," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(6), pages 3159-3173, November.
    17. Chao Fu & Xiuyuan Deng & Hongfei Tang, 2023. "Who cares about corporate fraud? Evidence from cross-border mergers and acquisitions of Chinese companies," Review of Quantitative Finance and Accounting, Springer, vol. 60(2), pages 747-789, February.
    18. Efrén Gómez‐Bolaños & Nuria Esther Hurtado‐Torres & Blanca Luisa Delgado‐Márquez, 2020. "Disentangling the influence of internationalization on sustainability development: Evidence from the energy sector," Business Strategy and the Environment, Wiley Blackwell, vol. 29(1), pages 229-239, January.
    19. Feng, Yuruo & Hao, Wei & Fang, Jiali & Wongchoti, Udomsak, 2024. "In the radiance of enlightenment: The influence of nontheistic religions on corporate default risk," Emerging Markets Review, Elsevier, vol. 60(C).
    20. Peng Zhou & Felix Arndt & Kun Jiang & Weiqi Dai, 2021. "Looking Backward and Forward: Political Links and Environmental Corporate Social Responsibility in China," Journal of Business Ethics, Springer, vol. 169(4), pages 631-649, April.
    21. Feng Guo & Bo Zou & Jinyu Guo & Yan Shi & Qingwen Bo & Liangxing Shi, 2019. "What determines academic entrepreneurship success? A social identity perspective," International Entrepreneurship and Management Journal, Springer, vol. 15(3), pages 929-952, September.
    22. Zheng, Mengmeng & Zhang, Lu & Tripe, David & Zhang, Yuming, 2026. "Can artificial intelligence mitigate greenwashed green credit? Evidence from loan contracts of Chinese listed firms," International Review of Financial Analysis, Elsevier, vol. 110(C).
    23. Ach Maulidi & Jake Ansell, 2025. "CSR Fraud, Employee Green Behaviour, Green Capability: The Mediating Role of Person‐Organisation Fit," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 32(5), pages 6159-6180, September.
    24. Zixun Zhou & Xinyu Zhou & Xuezhi Zhang & Wei Chen, 2025. "Judicial Waves, Ethical Shifts: Bankruptcy Courts and Corporate ESG Performance," Journal of Business Ethics, Springer, vol. 198(3), pages 537-557, May.
    25. Israel Akinbode Owolabi & Michael Odei Erdiaw‐Kwasie & Emmanuel Tenakwah & Matthew Abunyewah, 2026. "Corporate Sustainability Performance and Fraud Risk Management in Nigeria's Extractive Sector: The Moderating Role of Ownership Structure in an Evolving Environmental Policy Landscape," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 33(2), pages 2906-2927, March.
    26. Nerissa C. Brown & Jared D. Smith & Roger M. White & Chad J. Zutter, 2021. "Political Corruption and Firm Value in the U.S.: Do Rents and Monitoring Matter?," Journal of Business Ethics, Springer, vol. 168(2), pages 335-351, January.
    27. Ma, Xiaoqi & Ma, Tianze, 2026. "Financial fraud and corporate financing capacity: The moderating effect of institutional environment and economic policy uncertainty," Economic Analysis and Policy, Elsevier, vol. 89(C), pages 591-605.
    28. Anand, Amitabh & Rottig, Daniel & Stocker, Miklós & Bodolica, Virginia, 2026. "A multilevel framework for analysing organisational misconduct in emerging economies," International Business Review, Elsevier, vol. 35(2).
    29. Sun, Guanglin & Li, Ting & Ai, Yongfang & Li, Qinghai, 2023. "Digital finance and corporate financial fraud," International Review of Financial Analysis, Elsevier, vol. 87(C).
    30. Cui, Huan-yu & Cao, Yue-qun, 2025. "Environmental justice, ethical transformation: Environmental courts and corporate ESG performance," Journal of Asian Economics, Elsevier, vol. 100(C).
    31. So-Jin Yu & Jin-Sung Rha, 2021. "Research Trends in Accounting Fraud Using Network Analysis," Sustainability, MDPI, vol. 13(10), pages 1-26, May.
    32. Lu Xing & Tinghua Duan & Wenxuan Hou, 2019. "Do Board Secretaries Influence Management Earnings Forecasts?," Journal of Business Ethics, Springer, vol. 154(2), pages 537-574, January.
    33. Chen, Xuchang & Zhang, Zhu, 2025. "Fintech development and corporate misconduct," Technological Forecasting and Social Change, Elsevier, vol. 213(C).
    34. Boubakri, Narjess & Guedhami, Omrane & Kwok, Chuck C.Y. & Wang, He (Helen), 2019. "Is privatization a socially responsible reform?," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 129-151.
    35. Xie, Liufang & Peng, Zhengbo & Tong, Xiaoge, 2026. "AI strategy, earnings management, and corporate fraud: Evidence from listed firms in China," Economic Modelling, Elsevier, vol. 156(C).
    36. Hyeong Joon Kim & Seongjae Mun & Seung Hun Han, 2023. "Corporate social responsibility and the alignment of CEO and shareholders wealth: Does a strong alignment induce or restrain CSR?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(2), pages 720-741, March.

  95. Douglas Cumming & April Knill & Kelsey Syvrud, 2016. "Do international investors enhance private firm value? Evidence from venture capital," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 47(3), pages 347-373, April.

    Cited by:

    1. Cumming, Douglas & Deloof, Marc & Manigart, Sophie & Wright, Mike, 2019. "New directions in entrepreneurial finance," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 252-260.
    2. Ugur Lel & Darius Miller & Natalia Reisel, 2019. "Explaining top management turnover in private corporations: The role of cross-country legal institutions and capital market forces," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(5), pages 720-739, July.
    3. Chen, Xuchang & Wu, Changqi & Xie, Xuanli, 2025. "Foreign ownership and corporate litigation risk," Journal of Business Research, Elsevier, vol. 189(C).
    4. Cristiano Bellavitis & Christian Fisch & Rod B. McNaughton, 2022. "COVID-19 and the global venture capital landscape," Small Business Economics, Springer, vol. 59(3), pages 781-805, October.
    5. Park, Sarah & LiPuma, Joseph A., 2020. "New venture internationalization: The role of venture capital types and reputation," Journal of World Business, Elsevier, vol. 55(1).
    6. Tereza Tykvová, 2018. "Venture capital and private equity financing: an overview of recent literature and an agenda for future research," Journal of Business Economics, Springer, vol. 88(3), pages 325-362, May.
    7. Tykvová, Tereza, 2018. "Legal framework quality and success of (different types of) venture capital investments," Journal of Banking & Finance, Elsevier, vol. 87(C), pages 333-350.
    8. Antonio Gledson De Carvalho & Humberto Gallucci-Netto & Eduardo M. R. Siqueira, 2017. "Determinants of success in venture capital investments: evidence from Brazil," Venture Capital, Taylor & Francis Journals, vol. 19(3), pages 147-161, July.
    9. Victor Zitian Chen & Sunny Li Sun, 2019. "Barbarians at the Gate of the Middle Kingdom: The International Mobility of Financing Contract and Governance," Entrepreneurship Theory and Practice, , vol. 43(4), pages 802-837, July.
    10. Jing Zhang & Huizhi Yu, 2017. "Venture Capitalists’ Experience and Foreign IPOs: Evidence from China," Entrepreneurship Theory and Practice, , vol. 41(5), pages 677-707, September.
    11. Mingo, Santiago & Junkunc, Marc & Morales, Francisco, 2018. "The interplay between home and host country institutions in an emerging market context: Private equity in Latin America," Journal of World Business, Elsevier, vol. 53(5), pages 653-667.
    12. Benjamin Hammer & Nils Janssen & Bernhard Schwetzler, 2021. "Cross-border buyout pricing," Journal of Business Economics, Springer, vol. 91(5), pages 705-731, July.
    13. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    14. Tian, Xiaocong, 2022. "The art of rhetoric: Host country political hostility and the rhetorical strategies of foreign subsidiaries in developing economies," Journal of World Business, Elsevier, vol. 57(5).
    15. Kollmann, Harald & Müllner, Jakob & Puck, Jonas, 2025. "The company you keep: Syndicate formation in venture capitalists’ cross-border investments," International Business Review, Elsevier, vol. 34(6).
    16. Ugur Lel, 2019. "The role of foreign institutional investors in restraining earnings management activities across countries," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(6), pages 895-922, August.
    17. Douglas Cumming & Sofia Johan & Jeffrey G. MacIntosh, 2017. "A drop in an empty pond: Canadian public policy towards venture capital," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 103-117, March.
    18. Arif Khurshed & Abdulkadir Mohamed & Armin Schwienbacher & Fan Wang, 2020. "Do venture capital firms benefit from international syndicates?," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 51(6), pages 986-1007, August.
    19. Andrea Boellis & Sergio Mariotti & Alessandro Minichilli & Lucia Piscitello, 2016. "Family involvement and firms’ establishment mode choice in foreign markets," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 47(8), pages 929-950, October.
    20. Croce, Annalisa & Schwienbacher, Armin & Ughetto, Elisa, 2023. "Internationalization of business angel investments: The role of investor experience," International Business Review, Elsevier, vol. 32(1).
    21. Plagmann, Carolin & Lutz, Eva, 2019. "Beggars or choosers? Lead venture capitalists and the impact of reputation on syndicate partner selection in international settings," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 359-378.
    22. Meuleman, Miguel & Jääskeläinen, Mikko & Maula, Markku V.J. & Wright, Mike, 2017. "Venturing into the unknown with strangers: Substitutes of relational embeddedness in cross-border partner selection in venture capital syndicates," Journal of Business Venturing, Elsevier, vol. 32(2), pages 131-144.
    23. Reiff, Annika & Tykvová, Tereza, 2021. "IPO withdrawals: Are corporate governance and VC characteristics the guiding light in the rough sea of volatile markets?," Journal of Corporate Finance, Elsevier, vol. 67(C).
    24. Liu, Yu & Maula, Markku, 2021. "Contextual status effects: The performance effects of host-country network status and regulatory institutions in cross-border venture capital," Research Policy, Elsevier, vol. 50(5).
    25. Sinha, Kanhaiya K. & Goel, Sanjay & Nguyen, Nga, 2024. "Differentiating between successful VC exit strategies: The influences of time-since-first-funding-received by the venture and strength of US VCs in cross-border syndicates," International Review of Financial Analysis, Elsevier, vol. 96(PB).
    26. Axel Buchner & Susanne Espenlaub & Arif Khurshed & Abdulkadir Mohamed, 2018. "Cross-border venture capital investments: The impact of foreignness on returns," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(5), pages 575-604, July.
    27. Markus Taussig, 2017. "Foreignness as both a global asset and a local liability: How host country idiosyncrasies and business activities matter," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 48(4), pages 498-522, May.
    28. Richard T Harrison & Babangida Yohanna & Yannis Pierrakis, 2020. "Internationalisation and localisation: Foreign venture capital investments in the United Kingdom," Local Economy, London South Bank University, vol. 35(3), pages 230-256, May.
    29. Chemmanur, Thomas J. & Hu, Gang & Wu, Chaopeng & Wu, Shinong & Yan, Zehao, 2021. "Transforming the management and governance of private family firms: The role of venture capital," Journal of Corporate Finance, Elsevier, vol. 66(C).
    30. Amir Pezeshkan & Adam Smith & Stav Fainshmidt & Anil Nair, 2022. "A neo-configurational institutional analysis of international venture capital attractiveness and performance: insights for Asia-Pacific," Asia Pacific Journal of Management, Springer, vol. 39(2), pages 365-393, June.
    31. William Aparecido Maciel da Silva & Michele Nascimento Jucá, 2023. "Determinants of Startup´s Value According to Venture Capitalists," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 96-118.
    32. Fu, Hui & Liu, Qianqian & An, Yunbi & Yang, Jun & Xiong, Heng, 2025. "Exit disruption and matching in venture capital markets: Evidence based on IPO suspensions in China," International Review of Economics & Finance, Elsevier, vol. 98(C).
    33. Douglas Cumming & Igor Filatotchev & April Knill & David Mitchell Reeb & Lemma Senbet, 2017. "Law, finance, and the international mobility of corporate governance," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 48(2), pages 123-147, February.
    34. Helbing, Pia & Lucey, Brian M. & Vigne, Samuel A., 2019. "The determinants of IPO withdrawal – Evidence from Europe," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 415-436.
    35. Purkayastha, Anish & Kumar, Vikas, 2021. "Internationalization through foreign listing: A review and future research agenda," Journal of World Business, Elsevier, vol. 56(3).
    36. Douglas Cumming & Minjie Zhang, 2019. "Angel investors around the world," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(5), pages 692-719, July.
    37. Ruiyuan Chen & Sadok El Ghoul & Omrane Guedhami & Chuck C. Y. Kwok & Robert Nash, 2021. "International evidence on state ownership and trade credit: Opportunities and motivations," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(6), pages 1121-1158, August.
    38. Fu, Hui & Qi, Huilan & An, Yunbi, 2024. "When do venture capital and startups team up? Matching matters," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
    39. Mihail Miletkov & Annette Poulsen & M. Babajide Wintoki, 2017. "Foreign independent directors and the quality of legal institutions," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 48(2), pages 267-292, February.
    40. Yuzhong Lu & Zengrui Tian & Guillermo A. Buitrago, 2021. "Evaluation and selection of Chinese government venture capital investment projects: A research based on analytic hierarchy process and intuitionistic fuzzy set–technique for order of preference by similarity to ideal solution method," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 42(4), pages 821-835, June.
    41. Shleha, Waleed & Vaillant, Yancy & Vendrell-Herrero, Ferran, 2023. "Entry mode diversity and closing commercial deals with international customers: The moderating role of advanced servitization," International Business Review, Elsevier, vol. 32(1).
    42. Areneke, Geofry & Adegbite, Emmanuel & Tunyi, Abongeh, 2022. "Transfer of corporate governance practices into weak emerging market environments by foreign institutional investors," International Business Review, Elsevier, vol. 31(5).
    43. Simon Döring & Wolfgang Drobetz & Sadok El Ghoul & Omrane Guedhami & Henning Schröder, 2021. "Institutional investment horizons and firm valuation around the world," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(2), pages 212-244, March.
    44. Suting Hong & Massimiliano Guerini & Haemin Dennis Park, 2025. "Global Connections, Local Impacts: The Enduring Effects of International Syndication Experience on Venture Capital Investments," Entrepreneurship Theory and Practice, , vol. 49(6), pages 1710-1740, November.
    45. Wood, Geoffrey & Papagiannakis, Giorgos & Ioakimidis, Marilou & Martin, Jens, 2026. "Internationalization and Private Equity Partnerships: Legal Origin Heterogeneity and Fund Performance," International Business Review, Elsevier, vol. 35(1).
    46. Leviticus Mensah & Murad Abdurahman Bein & Richard Arhinful, 2025. "The Impact of Capital Structure on Business Growth Under IFRS Adoption: Evidence From Firms Listed in the Frankfurt Stock Exchange," SAGE Open, , vol. 15(2), pages 21582440251, May.
    47. Keith D. Brouthers & Liang Chen & Sali Li & Noman Shaheer, 2022. "Charting new courses to enter foreign markets: Conceptualization, theoretical framework, and research directions on non-traditional entry modes," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(9), pages 2088-2115, December.

  96. Douglas Cumming & Wenxuan Hou & Edward Lee, 2016. "Sustainable and Ethical Entrepreneurship, Corporate Finance and Governance, and Institutional Reform in China," Journal of Business Ethics, Springer, vol. 134(4), pages 505-508, April.

    Cited by:

    1. G. Ribes-Giner & I. Moya-Clemente & R. Cervelló-Royo & M. R. Perello-Marin, 2019. "Wellbeing indicators affecting female entrepreneurship in OECD countries," Quality & Quantity: International Journal of Methodology, Springer, vol. 53(2), pages 915-933, March.
    2. Vallaster, Christine & Kraus, Sascha & Merigó Lindahl, José M. & Nielsen, Annika, 2019. "Ethics and entrepreneurship: A bibliometric study and literature review," Journal of Business Research, Elsevier, vol. 99(C), pages 226-237.
    3. Feng, Yuruo & Hao, Wei & Fang, Jiali & Wongchoti, Udomsak, 2024. "In the radiance of enlightenment: The influence of nontheistic religions on corporate default risk," Emerging Markets Review, Elsevier, vol. 60(C).
    4. Hadar Gafni & Marek Hudon & Anaïs A Périlleux, 2020. "Business or basic needs ?The impact of loan purpose on social crowdfunding platforms," Working Papers CEB 20-008, ULB -- Universite Libre de Bruxelles.
    5. Demir, Ender & García-Gómez, Conrado Diego & Díez-Esteban, José María & Farinha, Jorge Bento, 2023. "How does uncertainty impact IPO activity? International evidence," Finance Research Letters, Elsevier, vol. 58(PC).
    6. Sebastián Uriarte & Cristian Geldes & Jesús Santorcuato, 2025. "Evolution of Ethics and Entrepreneurship: Hybrid Literature Review and Theoretical Propositions," Journal of Business Ethics, Springer, vol. 198(2), pages 321-343, May.
    7. Yali Zhao & Ran Zhou, 2025. "Clan Culture, Socioemotional Wealth and Family Business Social Responsibility," American Journal of Economics and Sociology, Wiley Blackwell, vol. 84(5), pages 653-670, November.

  97. Massimo Colombo & Douglas Cumming & Silvio Vismara, 2016. "Governmental venture capital for innovative young firms," The Journal of Technology Transfer, Springer, vol. 41(1), pages 10-24, February.

    Cited by:

    1. Xiaoli Wang & Yi Tan, 2025. "Research on the Influence of Government-Guided VC Funds on Regional Economic Development," JRFM, MDPI, vol. 18(3), pages 1-20, March.
    2. Massimo G. Colombo & Caterina Lucarelli & Nicoletta Marinelli & Alessandra Micozzi, 2024. "Emergence of new firms: A test of the resource-based view, signaling and behavioral perspectives," International Entrepreneurship and Management Journal, Springer, vol. 20(2), pages 1153-1196, June.
    3. Ion-Matei Dumitrescu, 2025. "Smart Public Policies For Startup Growth In Romania," Romanian Economic Business Review, Romanian-American University, vol. 20(4), pages 9-23, December.
    4. Yang, Qing & Huang, Ying Sophie & Guo, Feng & Zhang, Jindan & Zhao, Xiaoyang, 2023. "Does public policy towards venture capital promote local innovation? Evidence from China's establishment of fund town," Finance Research Letters, Elsevier, vol. 52(C).
    5. Jonathan Labbé, 2017. "Private Equity: Universality of financing and universality of effects on business innovation? A conceptual approach [Capital-investissement : Universalité du financement et universalité des effets sur l’innovation des entreprises ? Une approche co," Post-Print hal-03000109, HAL.
    6. Peng, Kai & Yu, Fang & Kong, Dongmin & Li, Yang & Geng, Ruihang, 2024. "Do government-guided funds "guide" the transregional mobility of capital? Evidence from cross-city equity investments," Finance Research Letters, Elsevier, vol. 66(C).
    7. Marek Zinecker & Martina Skalicka & Adam P. Balcerzak & Michał Bernard Pietrzak, 2022. "Identifying the impact of external environment on business angel activity," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 35(1), pages 83-105, December.
    8. Lu, Junwei & Gao, He & Yang, Laifeng & Liu, Zhangxin (Frank), 2026. "Government-guided funds and the rise of corporate AI: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 95(C).
    9. Vincenzo Butticè & Silvio Vismara, 2022. "Inclusive digital finance: the industry of equity crowdfunding," The Journal of Technology Transfer, Springer, vol. 47(4), pages 1224-1241, August.
    10. Jörn H. Block & Christian Fisch & Walter Diegel, 2024. "Schumpeterian entrepreneurial digital identity and funding from venture capital firms," The Journal of Technology Transfer, Springer, vol. 49(1), pages 119-157, February.
    11. Yuejia Zhang, 2018. "Gain or pain? New evidence on mixed syndication between governmental and private venture capital firms in China," Small Business Economics, Springer, vol. 51(4), pages 995-1031, December.
    12. Fulong Xiao & Zini Liang & Yongbin Lv & Wei Wang, 2024. "The effect of government‐guided funds on target industries in development zones – Evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(5), pages 4701-4722, December.
    13. Zhang, Yuejia & Mayes, David Geoffrey, 2018. "The performance of governmental venture capital firms: A life cycle perspective and evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 48(C), pages 162-185.
    14. Bingqiang Li & Lei Huang, 2019. "The Effect of Incremental Innovation and Disruptive Innovation on the Sustainable Development of Manufacturing in China," SAGE Open, , vol. 9(1), pages 21582440198, February.
    15. Albert N. Link & Martijn Hasselt & Silvio Vismara, 2021. "Going public with public money," Small Business Economics, Springer, vol. 57(3), pages 1419-1426, October.
    16. Isabelle Zhang, 2025. "Government Venture Capital and Entrepreneurship: Evidence From China," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 22(4), pages 568-598, December.
    17. Douglas J. Cumming & Andrea Martinez-Salgueiro & Robert S. Reardon & Ahmed Sewaid, 2022. "COVID-19 bust, policy response, and rebound: equity crowdfunding and P2P versus banks," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1825-1846, December.
    18. Masatoshi KATO & Nicolas LEGENDRE & Hiroki YOSHIDA, 2022. "Does VC Investor Type Matter? Determinants and effects of VC backing for new firms in Japan," Discussion papers 22117, Research Institute of Economy, Trade and Industry (RIETI).
    19. Erika Jaki & Endre Mihaly Molnar & György Walter, 2017. "Market Failures of Start-up Financing," MIC 2017: Managing the Global Economy; Proceedings of the Joint International Conference, Monastier di Treviso, Italy, 24–27 May 2017,, University of Primorska Press.
    20. Tingting Juni Zhu & Marcio Cruz, 2023. "Developing Entrepreneurial Ecosystems for Digital Businesses and Beyond," World Bank Publications - Books, The World Bank Group, number 40305, April.
    21. Christopher S. Hayter, 2016. "A trajectory of early-stage spinoff success: the role of knowledge intermediaries within an entrepreneurial university ecosystem," Small Business Economics, Springer, vol. 47(3), pages 633-656, October.
    22. Peng, Huan & Bumailikaimu, Sulidan & Feng, Ting, 2024. "The power of market: Venture capital and enterprise digital transformation," The North American Journal of Economics and Finance, Elsevier, vol. 74(C).
    23. Jiamin Zhang & Qian Cecilia Gu, 2024. "Unraveling the puzzling risk–return relationship: Distinctive roles of government involvement in venture capital investment," Strategic Management Journal, Wiley Blackwell, vol. 45(11), pages 2307-2339, November.
    24. Silva, Sergio Evangelista & Venâncio, Ana & Silva, Joaquim Ramos & Gonçalves, Carlos Alberto, 2020. "Open innovation in science parks: The role of public policies," Technological Forecasting and Social Change, Elsevier, vol. 151(C).
    25. Annalisa Croce & Jose Martí & Carmelo Reverte, 2019. "The role of private versus governmental venture capital in fostering job creation during the crisis," Small Business Economics, Springer, vol. 53(4), pages 879-900, December.
    26. Signori, Andrea & Vismara, Silvio, 2018. "Does success bring success? The post-offering lives of equity-crowdfunded firms," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 575-591.
    27. Umeair Shahzad & Jing Liu & Faisal Mahmood & Fukai Luo, 2021. "Corporate innovation and trade credit demand: Evidence from China," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 42(6), pages 1591-1606, September.
    28. Richard A. Bettis & Constance E. Helfat & J. Myles Shaver & Massimo G. Colombo & Kourosh Shafi, 2016. "Swimming with sharks in Europe: When are they dangerous and what can new ventures do to defend themselves?," Strategic Management Journal, Wiley Blackwell, vol. 37(11), pages 2307-2322, November.
    29. Douglas Cumming & Jochen Christian Werth & Yelin Zhang, 2019. "Governance in entrepreneurial ecosystems: venture capitalists vs. technology parks," Small Business Economics, Springer, vol. 52(2), pages 455-484, February.
    30. Kevin Koziol & Maja Schmitz & Suleika Bort, 2025. "Gender differences in entrepreneurial equity financing—a systematic literature review," Small Business Economics, Springer, vol. 65(1), pages 231-286, June.
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    75. Umeair Shahzad & Fukai Luo & Jing Liu, 2023. "Debt financing and technology investment Kuznets curve: Evidence from China," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(1), pages 751-765, January.
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    77. Lo Mele, Valentina & Quas, Anita & Reichert, Patrick & Romito, Stefano, 2024. "Impact orientation and venture capital financing: The interplay of governmental, social impact and traditional venture capital," Finance Research Letters, Elsevier, vol. 68(C).
    78. Imanou Akala & Laetitia Pozniak, 2023. "Do Smes Listed On The Alternative Investment Market Outperform Smes Listed On Euronext?," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 17(1), pages 49-60.
    79. José Martí & Anita Quas, 2018. "A beacon in the night: government certification of SMEs towards banks," Small Business Economics, Springer, vol. 50(2), pages 397-413, February.
    80. Tommaso Minola & Silvio Vismara & Davide Hahn, 2017. "Screening model for the support of governmental venture capital," The Journal of Technology Transfer, Springer, vol. 42(1), pages 59-77, February.
    81. Power Jane & Power Bernadette & Ryan Geraldine, 2022. "Determinants of equity financing: a demand-side analysis of Irish indigenous technology-based firms," The Irish Journal of Management, Paradigm, vol. 41(1), pages 52-68, July.
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    83. Yangjie Huang & Yajing Bu & Ping Li, 2026. "Pathways to prosperity: A configurational analysis of national entrepreneurship," Small Business Economics, Springer, vol. 66(2), pages 849-867, February.
    84. Ahmed Idi Kato, 2025. "Unveiling venture capital’s disruptive power; fuelling innovation and economic growth in high-impact firms in East Africa," Future Business Journal, Springer, vol. 11(1), pages 1-18, December.
    85. Nabila Abid & James A Cunningham & José-Luis Perea-Vicente, 2024. "A thematic review of 45 years of The Journal of Technology Transfer," Post-Print hal-04980007, HAL.
    86. David B. Audretsch & Maksim Belitski & Georg Eichler, 2020. "Bilingualism and regional entrepreneurship," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 65(3), pages 787-806, December.
    87. Jeaneth Johansson & Malin Malmström & Joakim Wincent, 2021. "Sustainable Investments in Responsible SMEs: That’s What’s Distinguish Government VCs from Private VCs," JRFM, MDPI, vol. 14(1), pages 1-22, January.
    88. Marek Kacer & Nicholas Wilson & Sana Zouari & Marc Cowling, 2025. "Entrepreneurial finance and the survival of equity-funded firms in crisis periods: the case of COVID-19," Small Business Economics, Springer, vol. 65(2), pages 837-870, August.
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    100. Gaia Bassani & Nicoletta Marinelli & Silvio Vismara, 2019. "Crowdfunding in healthcare," The Journal of Technology Transfer, Springer, vol. 44(4), pages 1290-1310, August.
    101. Yongjie Zhang & Qiaoran Meng & Dayong Liu, 2024. "Venture capital and technology commercialization: evidence from China," The Journal of Technology Transfer, Springer, vol. 49(6), pages 2336-2388, December.
    102. Fabio Bertoni & Massimo G. Colombo & Anita Quas, 2019. "The Role of Governmental Venture Capital in the Venture Capital Ecosystem: An Organizational Ecology Perspective," Entrepreneurship Theory and Practice, , vol. 43(3), pages 611-628, May.
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    115. Anita Quas & Jose Martí & Carmelo Reverte, 2021. "What money cannot buy: a new approach to measure venture capital ability to add non-financial resources," Small Business Economics, Springer, vol. 57(3), pages 1361-1382, October.
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    13. Feng He & Xin Huang & Guanchun Liu & Ziqiao Wang, 2024. "Does CSR Engagement Deter Corporate Misconduct? Quasi-natural Experimental Evidence from Firms Joining a Government-Initiated Social Program in China," Journal of Business Ethics, Springer, vol. 193(3), pages 555-587, September.
    14. Qiu, Jing & Li, Dan, 2024. "Analyst tracking and innovation inconsistency in companies," Research in International Business and Finance, Elsevier, vol. 71(C).
    15. Duong, Huu Nhan & Khalifa, Mariem & Sheikhbahaei, Ali & Sualihu, Mohammed Aminu, 2024. "Corporate noncompliance: Do corporate violations affect bank loan contracting?," Journal of Banking & Finance, Elsevier, vol. 166(C).
    16. Chen, Zhen & Tang, Xudong & Wang, Yanying, 2025. "Punish one, teach a hundred: The impact of punishments on ex-post misconduct of unpunished firms," International Review of Financial Analysis, Elsevier, vol. 104(PB).
    17. Huy Viet Hoang, 2025. "Does National Insecurity Motivate Ambiguous Financial Reporting? An Insight Into Terrorism," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(4), pages 3600-3627, October.
    18. Ashrafee Tanvir Hossain & Lawrence Kryzanowski, 2021. "Political corruption shielding and corporate acquisitions," The Financial Review, Eastern Finance Association, vol. 56(1), pages 55-83, February.
    19. Helen Wei Hu & Jiamin Zhang, 2023. "How do Corporate Social Responsibility and Innovation Co-evolve with Organizational Forms? Evidence from a Transitional Economy," Journal of Business Ethics, Springer, vol. 186(4), pages 815-829, September.
    20. Dang, Chongyu & Foerster, Stephen & Li, Zhichuan (Frank) & Tang, Zhenyang, 2021. "Analyst talent, information, and insider trading," Journal of Corporate Finance, Elsevier, vol. 67(C).
    21. Muhammad Usman & Ernest Gyapong & Henry Agyei-Boapeah & Junming Yin, 2025. "Returnee directors and corporate fraud," Review of Accounting Studies, Springer, vol. 30(3), pages 2822-2867, September.
    22. He, Feng & Du, Hanyu & Yu, Bo, 2022. "Corporate ESG performance and manager misconduct: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 82(C).
    23. Hou, Canran & Liu, Huan, 2025. "Human capital structure upgrading and corporate fraud: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 102(C).
    24. Zhou, Ying & Xiao, Zhi & Gao, Ruize & Wang, Chang, 2024. "Using data-driven methods to detect financial statement fraud in the real scenario," International Journal of Accounting Information Systems, Elsevier, vol. 54(C).
    25. Xin Xu & Feng Xiong & Zhe An, 2023. "Using Machine Learning to Predict Corporate Fraud: Evidence Based on the GONE Framework," Journal of Business Ethics, Springer, vol. 186(1), pages 137-158, August.
    26. Liu, Xiaofeng & Feng, Hua & Tian, Gaoliang & Zhang, Ting, 2024. "Environmental legal institutions and management earnings forecasts: Evidence from the establishment of environmental courts in China," International Review of Economics & Finance, Elsevier, vol. 93(PB), pages 545-573.
    27. Xibo Zhao & Dan Yang & Zhengguang Li & Lynda Song, 2021. "Multiple large shareholders and corporate fraud: evidence from China," Frontiers of Business Research in China, Springer, vol. 15(1), pages 1-21, December.
    28. Huixia Chen & Yurou Liu, 2026. "Is Mediation a Shortcut to Deter Financial Fraud? Evidence from the Mediation Scheme in China," Journal of Business Ethics, Springer, vol. 203(3), pages 549-573, January.
    29. Xuefeng Hu & Wenlan Wang & Rong Xu & Fulong Xiao, 2024. "Keju tradition and major litigation cases: The persistent impact of Confucian norm standard," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(5), pages 4647-4673, December.
    30. Lu, Pu & Wang, Yong & Li, Bing, 2024. "Short selling and corporate financial fraud: Empirical evidence from China," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 1569-1582.
    31. Xiao, Tian & Chan, Hing Kai & Ni, Wenbin & Tan, Kim Hua, 2025. "The impacts of non-regulatory pressures on corporate social responsibility reporting patterns in an emerging market: Evidence from China," International Journal of Production Economics, Elsevier, vol. 284(C).
    32. Siyi He & Qinglu Jin & Yipin Yu, 2025. "Will Local Analysts Cater to Government Needs in Earnings Forecasts? Evidence from Financial Misconduct in Chinese State-Owned Enterprises," Journal of Business Ethics, Springer, vol. 201(3), pages 663-687, October.
    33. Hou, Qingsong & Li, Weifang & Teng, Min & Hu, May, 2022. "Just a short-lived glory?The effect of China's anti-corruption on the accuracy of analyst earnings forecasts," Journal of Corporate Finance, Elsevier, vol. 76(C).
    34. Yu, Boqi & Li, Wendi & Li, Qi & Wang, Liangcheng, 2026. "Bright side or dark side? The impact of analyst coverage on corporate sustainable development," Research in International Business and Finance, Elsevier, vol. 84(C).
    35. Xu, Zhan & Wang, Solomon & Ye, Junchen, 2024. "The effect of digitization on corporate fraud detection evidence from China," International Review of Financial Analysis, Elsevier, vol. 96(PB).
    36. Ge Ren & Ping Zeng & Tiebo Song, 2022. "Corporate fraud as a negative signal: Implications for firms’ innovation performance," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 31(3), pages 790-808, July.
    37. Dai, Yunhao & Chao, Yang & Wang, Li, 2021. "The brain gain of CFOs in China: The case of analyst forecasts," International Review of Financial Analysis, Elsevier, vol. 75(C).
    38. Yuanyuan Wang & Jijie Ma & Kun Zhang, 2024. "Can digital transformation reduce corporate illegality?," Economics and Politics, Wiley Blackwell, vol. 36(2), pages 1090-1109, July.
    39. Wang, Wenjiao & Sun, Ziyuan & Wang, Lan, 2025. "Does ESG rating divergence exacerbate management tone manipulation? − Empirical evidence based on MD&A text," Journal of Business Research, Elsevier, vol. 197(C).
    40. Xiangfang Zhao & Yongliang Zeng & Qun Wang & Jiamin Weng, 2026. "Second‐Generation Involvement and Earnings Management in Family Firms," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 31(1), pages 1044-1069, January.
    41. Luo, Jin-hui & Dong, Huaili & Liu, Yue, 2023. "Does high cash compensation compromise the independence of outside directors? Evidence from directors' dissenting votes in China," Pacific-Basin Finance Journal, Elsevier, vol. 78(C).
    42. Chen Weijun, 2022. "The Impact of Government Support and Technological Innovation on Enterprise Performance: A Case Study of Guangdong Hi- tech Enterprises," International Journal of Science and Business, IJSAB International, vol. 14(1), pages 196-231.
    43. Xi Zhong & Liuyang Ren & Tiebo Song, 2022. "Beyond Market Strategies: How Multiple Decision-Maker Groups Jointly Influence Underperforming Firms’ Corporate Social (Ir)responsibility," Journal of Business Ethics, Springer, vol. 178(2), pages 481-499, June.
    44. Que, Jiangjing & Zhang, Xueyong, 2019. "Pre-IPO growth, venture capital, and the long-run performance of IPOs," Economic Modelling, Elsevier, vol. 81(C), pages 205-216.
    45. Liu, Bei & Wang, Yuan & Yang, Lufei & Bian, Huabin, 2025. "Managerial ownership pays off: Controlling shareholders' share pledging and corporate innovation quality in China," Pacific-Basin Finance Journal, Elsevier, vol. 93(C).
    46. Dunli Zhang & Jinzhao Zhou & Jingjuan Ma, 2024. "Ex‐military Top Executives and Corporate Violations: Evidence from China," Abacus, Accounting Foundation, University of Sydney, vol. 60(2), pages 365-398, June.
    47. Monica Ramos Montesdeoca & Agustín J. Sánchez Medina & Felix Blázquez Santana, 2019. "Research Topics in Accounting Fraud in the 21st Century: A State of the Art," Sustainability, MDPI, vol. 11(6), pages 1-31, March.
    48. Douglas Cumming & Wenxuan Hou & Edward Lee, 2016. "Business Ethics and Finance in Greater China: Synthesis and Future Directions in Sustainability, CSR, and Fraud," Journal of Business Ethics, Springer, vol. 138(4), pages 601-626, November.
    49. Junjie Wang & Yan Chen & Sanfa Wang, 2024. "Exploring the relationship between corporate ESG performance and corporate violation: Based on the fraud triangle theory," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(6), pages 5606-5626, November.
    50. Jing Zhou & Silin Ye & Wei Lan & Yunwen Jiang, 2021. "The effect of social media on corporate violations: Evidence from Weibo posts in China," International Review of Finance, International Review of Finance Ltd., vol. 21(3), pages 966-988, September.
    51. Emmanuel Oseifuah & Carl Hope Korkpoe & Comfort Akorfa Anipa, 2025. "The last frontier - going transparent with XBRL reporting for Sub-Saharan African listed firms," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 14(5), pages 241-249, July.
    52. Hangbo Liu & Xuemeng Guo & Dachen Sheng, 2024. "The Impact of Heterogeneous Market Sentiments on Corporate Risk-Taking and Governance," Mathematics, MDPI, vol. 12(22), pages 1-21, November.
    53. Xiong, Jiacai & Ouyang, Caiyue & Tong, Jamie Yixing & Zhang, Feida Frank, 2021. "Fraud commitment in a smaller world: Evidence from a natural experiment," Journal of Corporate Finance, Elsevier, vol. 70(C).
    54. Luo, Jin-hui & Peng, Chenchen & Zhang, Xin, 2020. "The impact of CFO gender on corporate fraud: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 63(C).
    55. Amitabh Anand & Daniel Rottig & Nakul Parameswar & Anne Marie Zwerg‐Villegas, 2023. "Diving deep into the dark side: A review and examination of research on organizational misconduct in emerging markets," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 32(2), pages 612-637, April.
    56. Xing Chen & Fenghua Wen & Jinli Xiao & Gary Gang Tian, 2025. "Weathering the Risk: How Climate Uncertainty Fuels Corporate Fraud," Journal of Business Ethics, Springer, vol. 201(2), pages 519-547, October.
    57. Wang, Xin & Xie, Yan & Song, Di & Zhang, Weihua, 2022. "Do multiple large shareholders affect corporate bond yield spreads? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 73(C).
    58. Zhou, Jian & Yu, Jianglong & Lei, Xiaodong, 2024. "Do sanctions imposed on peers have a deterrence effect on related-party transactions of observing firms? Evidence from Chinese listed firms," Economic Modelling, Elsevier, vol. 141(C).
    59. Ping Zeng & Ge Ren & Xi Zhong, 2025. "Returnee executives and corporate fraud: Evidence from China," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 34(4), pages 1086-1105, October.
    60. Wang, Ziwei & Yao, Shouyu & Sensoy, Ahmet & Goodell, John W. & Cheng, Feiyang, 2022. "Learning from failures: Director interlocks and corporate misconduct," International Review of Financial Analysis, Elsevier, vol. 84(C).
    61. Yi Chen & Zhongwen Xu & Xuehao Wang & Yining Yang, 2023. "How does green credit policy improve corporate social responsibility in China? An analysis based on carbon‐intensive listed firms," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(2), pages 889-904, March.
    62. Wenjiao Wang & Ziyuan Sun & Yuting Dong & Longyu Zhang, 2025. "Cost of debt financing, stock returns, and corporate strategic ESG disclosure: Evidence from China," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 34(4), pages 1787-1812, October.
    63. Hossain, Ashrafee Tanvir & Hossain, Takdir & Kryzanowski, Lawrence, 2021. "Political corruption and corporate payouts," Journal of Banking & Finance, Elsevier, vol. 123(C).
    64. Rind, Asad Ali & Abbassi, Wajih & Allaya, Manel & Hammouda, Amira, 2022. "Local peers and firm misconduct: The role of sustainability and competition," Economic Modelling, Elsevier, vol. 116(C).
    65. Chen, Yunyan & Wu, Shinong & Zhou, Yucheng & Huo, Di, 2023. "Gambling culture and corporate violations: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
    66. Douglas Cumming & Esteban Hernandez & Shan Ji, 2026. "Not All Family Firms Are Alike: How Founder-Led and Governance-Entrenched Family Control Shape the Trading Environment Around the Firm," Papers 2607.10876, arXiv.org.
    67. Teklay, Belaynesh & Yu, Wei & Zhu, Keying, 2024. "The effect of superstitious beliefs on corporate investment efficiency: evidence from China," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 1434-1447.
    68. Hou, Xiaohui & Wang, Tengyu & Ma, Caoyuan, 2021. "Economic policy uncertainty and corporate fraud," Economic Analysis and Policy, Elsevier, vol. 71(C), pages 97-110.
    69. Yanhong Tang & Xin Miao & Hongyu Zang & Yanhong Gao, 2018. "Information Disclosure on Hazards from Industrial Water Pollution Incidents: Latent Resistance and Countermeasures in China," Sustainability, MDPI, vol. 10(5), pages 1-15, May.
    70. Qifeng Zhao & Javier Cifuentes‐Faura & Long Wang & Qianfeng Luo, 2026. "Manipulators or Innovators? Corporate Misconduct and Green Innovation," Business Strategy and the Environment, Wiley Blackwell, vol. 35(3), pages 3898-3922, March.
    71. CAO, Ning & McGUINNESS, Paul B. & XI, Chao, 2021. "Does securities enforcement improve disclosure quality? An examination of Chinese listed companies' restatement activities," Journal of Corporate Finance, Elsevier, vol. 67(C).
    72. Changchun Tan & Leixin Liu & Huaqing Wu & Peng Zhou, 2024. "The real effect of CSRC's random inspections on corporate financial fraud," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(S1), pages 5009-5038, December.
    73. Xiaoting Ling & Yuan George Shan & Wuqing Wu & Lu Zhang & Xinyue Zhang, 2025. "Do overpaid dividends drive stock price crash risk?," Economics and Politics, Wiley Blackwell, vol. 37(1), pages 7-58, March.
    74. Isabel María García‐Sánchez & María‐Elena Gómez‐Miranda & Fátima David & Lazaro Rodríguez‐Ariza, 2019. "Analyst coverage and forecast accuracy when CSR reports improve stakeholder engagement: The Global Reporting Initiative‐International Finance Corporation disclosure strategy," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 26(6), pages 1392-1406, November.
    75. Liuyang Ren & Xi Zhong & Liangyong Wan, 2022. "Missing Analyst Forecasts and Corporate Fraud: Evidence from China," Journal of Business Ethics, Springer, vol. 181(1), pages 171-194, November.
    76. Chen, Jean Jinghan & Liu, Jianmei & Xie, Li & Cheng, Xinsheng, 2024. "Impression management, forward-looking strategy-related disclosure, and excess executive compensation: Evidence from China," The British Accounting Review, Elsevier, vol. 56(5).
    77. Kai Wang & Lihong Wang, 2025. "Do non‐controlling blockholders with common ownership monitor controlling shareholders effectively? Evidence from China," International Review of Finance, International Review of Finance Ltd., vol. 25(1), March.
    78. Zhou, Jian & Lei, Xiaodong, 2025. "ESG rating uncertainty and corporate financial misconduct," Journal of Business Research, Elsevier, vol. 189(C).
    79. Que, Jiangjing & Zhang, Xueyong, 2021. "Money chasing hot industries? Investor attention and valuation of venture capital backed firms," Journal of Corporate Finance, Elsevier, vol. 68(C).
    80. Bai, Min & Fu, Yumei & Sun, Mingwei, 2023. "Corporate diversification and labor investment efficiency: Evidence from China," Economic Modelling, Elsevier, vol. 127(C).
    81. Zhong, Xi & Ren, Liuyang & Song, Tiebo, 2021. "Different effects of internal and external tournament incentives on corporate financial misconduct: Evidence from China," Journal of Business Research, Elsevier, vol. 134(C), pages 329-341.
    82. Moreno, Alonso, 2024. "Impression management in bilingual corporate reporting: An analysis of textual characteristics in Spanish and English," Research in International Business and Finance, Elsevier, vol. 70(PA).
    83. Hideaki Sakawa & Naoki Watanabel, 2022. "Accounting Frauds and Main-Bank Monitoring in Japanese Corporations," Journal of Business Ethics, Springer, vol. 180(2), pages 605-621, October.
    84. Xiaofeng Quan & Cheng Xiang & Qingbo Yuan, 2026. "Cultivating Integrity? The Role of Employee Directors in Mitigating Corporate Financial Misconduct," Journal of Business Ethics, Springer, vol. 205(3), pages 575-598, May.
    85. Shi Qiu & Yuansheng Luo & Hongwei Guo, 2021. "Multisource evidence theory‐based fraud risk assessment of China's listed companies," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 40(8), pages 1524-1539, December.
    86. Xi Zhong & Liuyang Ren & Tiebo Song, 2023. "To cheat when continuously missing aspirations: Does CEO experience matter?," Asia Pacific Journal of Management, Springer, vol. 40(2), pages 815-845, June.
    87. Ho, Choy Yeing (Chloe) & Wu, Eliza & Yu, Jing, 2024. "The price of corporate social irresponsibility in seasoned equity offerings: International evidence," The British Accounting Review, Elsevier, vol. 56(4).
    88. Liting Li & Haichao Zheng & Dongyu Chen & Bin Zhu, 2024. "Whose reviews are most valuable for predicting the default risk of peer-to-peer lending platforms? Evidence from China," Electronic Commerce Research, Springer, vol. 24(3), pages 1619-1658, September.
    89. Hai Long & Jianzhi Zhao & Xiaochen Lin & Lanyong Liu, 2022. "Does Venture Capital Reputation Contribute to Pre-IPO Performance of Entrepreneurial Firms in the Chinese Context?," SAGE Open, , vol. 12(4), pages 21582440221, November.
    90. Chu, Shaner & Oldford, Erin & Wang, Jun, 2023. "Corporate social responsibility and corporate fraud in China: The perspective of moderating effect of board gender diversity," International Review of Economics & Finance, Elsevier, vol. 88(C), pages 1582-1601.
    91. Geng, Xiaoyuan & Wang, Haonan & Yan, Liangyu, 2026. "Interpretable AI for financial risk perception: A machine learning approach to corporate crisis prediction," Finance Research Letters, Elsevier, vol. 89(C).
    92. Wang Dong & Yuan Meng & Jun Chen & Yun Ke, 2025. "Financial Shared Service Centers and Corporate Misconduct: Evidence from China," Journal of Business Ethics, Springer, vol. 199(1), pages 113-139, June.
    93. Luo, Danglun & Piao, Zhirong & Wu, Cen & Zhang, Frank Feida, 2024. "Collateral damage: Evidence from share pledging in China," International Review of Financial Analysis, Elsevier, vol. 93(C).
    94. Chen, Xuchang & Zhang, Zhu, 2025. "Fintech development and corporate misconduct," Technological Forecasting and Social Change, Elsevier, vol. 213(C).
    95. Su, Fei & Guan, Mengyao & Liu, Yujie & Liu, Jia, 2024. "ESG performance and corporate fraudulence: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 93(C).
    96. Wang, Yang & Zhang, Yifei & Kang, Wei & Ahmed, Ahmed Hassan, 2022. "Female analysts and COVID-19 corporate donation," Emerging Markets Review, Elsevier, vol. 53(C).
    97. Zhao, Ziying & Lu, Chao & Xia, Xiaoxue, 2024. "Regulator as a minority shareholder and corporate fraud: Quasi-natural experiment evidence from the pilot project of China Securities Investor Services Center," The British Accounting Review, Elsevier, vol. 56(5).
    98. Wenyu Zhang & Zeyi Wei & Linyun Ge & Ya Zhang & Guanghua Xu, 2025. "How Does ESG Performance Matter for Corporate Sustainability Performance? Evidence from China," Sustainability, MDPI, vol. 17(4), pages 1-33, February.
    99. Sareh Pouryousefi & Jeff Frooman, 2019. "The Consumer Scam: An Agency-Theoretic Approach," Journal of Business Ethics, Springer, vol. 154(1), pages 1-12, January.
    100. Jiefei Yang & Ruohan Wang & Yi Xue, 2021. "Analyst coverage and corporate misconduct," Australian Economic Papers, Wiley Blackwell, vol. 60(2), pages 261-288, June.
    101. Lu, Qiaoshan & Xiang, Cheng & Li, Bingxiang & Feng, Lixuan, 2023. "Non-controlling shareholders' governance participation and corporate misconduct: Evidence from voting in general meetings," Pacific-Basin Finance Journal, Elsevier, vol. 81(C).
    102. Rashid Zaman & Nader Atawnah & Muhammad Nadeem & Stephen Bahadar & Irfan Haider Shakri, 2022. "Do liquid assets lure managers? Evidence from corporate misconduct," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(7-8), pages 1425-1453, July.
    103. GuoHua Cao & WenJun Geng & Jing Zhang & Qi Li, 2023. "Financial constraints, short selling and corporate fraud: Evidence from China," Australian Economic Papers, Wiley Blackwell, vol. 62(2), pages 297-320, June.
    104. Li, Wanli & Lai, Yin & Zhong, Yufen, 2024. "The closer the better: Supplier geographic proximity and corporate information disclosure violation," The North American Journal of Economics and Finance, Elsevier, vol. 69(PA).

  99. Jiandong Chen & Douglas Cumming & Wenxuan Hou & Edward Lee, 2016. "CEO Accountability for Corporate Fraud: Evidence from the Split Share Structure Reform in China," Journal of Business Ethics, Springer, vol. 138(4), pages 787-806, November.

    Cited by:

    1. Tsafack, Georges & Guo, Lin, 2021. "Foreign shareholding, corporate governance and firm performance: Evidence from Chinese companies," Journal of Behavioral and Experimental Finance, Elsevier, vol. 31(C).
    2. Federica Nieri & Luciano Ciravegna & Ruth V. Aguilera & Elisa Giuliani, 2019. "Larger, more internationalized, better behaved? A configurational study of em erging market multinational enterprises' involvement in corporate wrongdoing," Discussion Papers 2019/255, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    3. Luciano Ciravegna & Federica Nieri, 2022. "Business and Human Rights: A Configurational View of the Antecedents of Human Rights Infringements by Emerging Market Firms," Journal of Business Ethics, Springer, vol. 179(2), pages 431-450, August.
    4. Chen, Jiamin & Fan, Yaoyao & Zhang, Xuezhi, 2022. "Rookie independent directors and corporate fraud in China," Finance Research Letters, Elsevier, vol. 46(PB).
    5. Pan, Maomao & Bai, Min & Ren, Xiaoxiao, 2022. "Does internet convergence improve manufacturing enterprises’ competitive advantage? Empirical research based on the mediation effect model," Technology in Society, Elsevier, vol. 69(C).
    6. Xiaojing Zheng & Xiaotian Lei, 2025. "Corporate litigation and CEO accountability: evidence from China," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 29(3), pages 849-889, September.
    7. Pan, Jianping & Weng, Ruoyu & Yin, Sirui & Fu, Xiaoqing (Maggie), 2022. "Central supervision and earnings management: Quasi-experimental evidence from China," The British Accounting Review, Elsevier, vol. 54(3).
    8. Cai, Weixing & Lee, Edward & Wu, Zhenyu & Xu, Alice Liang & Zeng, Cheng (Colin), 2017. "Do Economic Incentives of Controlling Shareholders Influence Corporate Social Responsibility Disclosure? A Natural Experiment," The International Journal of Accounting, Elsevier, vol. 52(3), pages 238-250.
    9. Cumming, Douglas & Verdoliva, Vincenzo & Zhan, Feng, 2021. "New and future research in corporate finance and governance in China and emerging markets," Emerging Markets Review, Elsevier, vol. 46(C).
    10. Yang, Junhong & Guariglia, Alessandra & Guo, Jie (Michael), 2019. "To what extent does corporate liquidity affect M&A decisions, method of payment and performance? Evidence from China," Journal of Corporate Finance, Elsevier, vol. 54(C), pages 128-152.
    11. Indri Dwi Apriliyanti & Marleen Dieleman & Trond Randøy, 2024. "Multiple‐Principal Demands and CEO Compliance in Emerging Market State‐Owned Enterprises," Journal of Management Studies, Wiley Blackwell, vol. 61(6), pages 2406-2436, September.
    12. Ziqiao Wang & Wei Zhang & Feng He & Xin Huang, 2026. "Turning the Wheels of Justice: How Judicial Reforms Deter Corporate Misconduct in China," Journal of Business Ethics, Springer, vol. 204(2), pages 243-272, March.
    13. Mengqin Zhang & Yi He & Surui Zhang & Xiang Zhang & Stavros Sindakis & Saloome Showkat, 2024. "RETRACTED ARTICLE: Stock Liquidity and Investment Efficiency: Evidence from the New Regulation of Insider Selling in China," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 8563-8587, June.
    14. Liu, Bin & Ahlstrom, David & Zhang, Yutong, 2025. "The schizophrenic board secretary: An embedded agent between multiple stakeholders and financial misconduct," The British Accounting Review, Elsevier, vol. 57(4).
    15. CAO, Ning & McGUINNESS, Paul B. & XI, Chao, 2021. "Does securities enforcement improve disclosure quality? An examination of Chinese listed companies' restatement activities," Journal of Corporate Finance, Elsevier, vol. 67(C).
    16. Liuyang Ren & Xi Zhong & Liangyong Wan, 2022. "Missing Analyst Forecasts and Corporate Fraud: Evidence from China," Journal of Business Ethics, Springer, vol. 181(1), pages 171-194, November.
    17. Jiang, Fuxiu & Kim, Kenneth A. & Nofsinger, John R. & Zhu, Bing, 2017. "A pecking order of shareholder structure," Journal of Corporate Finance, Elsevier, vol. 44(C), pages 1-14.
    18. So-Jin Yu & Jin-Sung Rha, 2021. "Research Trends in Accounting Fraud Using Network Analysis," Sustainability, MDPI, vol. 13(10), pages 1-26, May.
    19. Khalil Jebran & Shihua Chen & Wanying Cai, 2022. "Excess of everything is bad: CEO greed and corporate policies," Review of Quantitative Finance and Accounting, Springer, vol. 59(4), pages 1577-1607, November.
    20. Yang Wang & Yifei Zhang & Xiao Chang & Wei Kang, 2024. "CEO tenure and environmental fraud for listed family firms," Business Strategy and the Environment, Wiley Blackwell, vol. 33(3), pages 1887-1905, March.
    21. Cao, Guohua & Geng, Wenjun & Zhang, Jing & Yuan, Yongqi, 2024. "Overconfidence, short selling, and corporate fraud: Evidence from China," The Quarterly Review of Economics and Finance, Elsevier, vol. 97(C).
    22. Hope, Ole-Kristian & Wang, Jingjing, 2018. "Management deception, big-bath accounting, and information asymmetry: Evidence from linguistic analysis," Accounting, Organizations and Society, Elsevier, vol. 70(C), pages 33-51.
    23. Lu Xing & Tinghua Duan & Wenxuan Hou, 2019. "Do Board Secretaries Influence Management Earnings Forecasts?," Journal of Business Ethics, Springer, vol. 154(2), pages 537-574, January.
    24. Maria Boutchkova & Angelica Gonzalez & Brian G.M. Main & Vathunyoo Sila, 2021. "Gender diversity and the spillover effects of women on boards," Corporate Governance: An International Review, Wiley Blackwell, vol. 29(1), pages 2-21, January.
    25. Shu-Cing Peng, 2022. "Does U.S. CEO connectedness in China matter? Evidence from Chinese import penetration," Review of Quantitative Finance and Accounting, Springer, vol. 59(3), pages 1051-1094, October.
    26. Muhammad Ikram & Qingyu Zhang & Robert Sroufe & Marcos Ferasso, 2020. "The Social Dimensions of Corporate Sustainability: An Integrative Framework Including COVID-19 Insights," Sustainability, MDPI, vol. 12(20), pages 1-29, October.

  100. Aitken, Michael & Cumming, Douglas & Zhan, Feng, 2015. "High frequency trading and end-of-day price dislocation," Journal of Banking & Finance, Elsevier, vol. 59(C), pages 330-349.
    See citations under working paper version above.
  101. Cumming, Douglas & Knill, April & Richardson, Nela, 2015. "Firm size and the impact of securities regulation," Journal of Comparative Economics, Elsevier, vol. 43(2), pages 417-442.

    Cited by:

    1. Duan, Tinghua & Hou, Wenxuan & Rees, William, 2020. "CEO international experience and foreign IPOs," Economic Modelling, Elsevier, vol. 87(C), pages 461-470.
    2. Cumming, Douglas & Dannhauser, Robert & Johan, Sofia, 2015. "Financial market misconduct and agency conflicts: A synthesis and future directions," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 150-168.
    3. Vismara, Silvio & Signori, Andrea & Paleari, Stefano, 2015. "Changes in underwriters' selection of comparable firms pre- and post-IPO: Same bank, same company, different peers," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 235-250.
    4. Xu, Wenming & Xu, Guangdong, 2020. "Understanding public enforcement of securities law in China: An empirical analysis of the enforcement actions of the CSRC and its regional offices against informational misconduct," International Review of Law and Economics, Elsevier, vol. 61(C).

  102. Cumming, Douglas & Fleming, Grant, 2015. "Corporate Defaults, Workouts, and the Rise of the Distressed Asset Investment Industry," Business History Review, Cambridge University Press, vol. 89(2), pages 305-330, July.
    See citations under working paper version above.
  103. Cumming, Douglas & Schwienbacher, Armin & Zhan, Feng, 2015. "The scope of international mutual fund outsourcing: Fees, performance and risks," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 38(C), pages 185-199.

    Cited by:

    1. Gajewski, Jean-François & Tran Dieu, Linh, 2021. "Determinants and performance of outsourcing in the european mutual fund market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 73(C).
    2. Qureshi, Fiza & Kutan, Ali M. & Ismail, Izlin & Gee, Chan Sok, 2017. "Mutual funds and stock market volatility: An empirical analysis of Asian emerging markets," Emerging Markets Review, Elsevier, vol. 31(C), pages 176-192.
    3. Casavecchia, Lorenzo & Ge, Chanyuan, 2019. "Jack of all trades versus specialists: Fund family specialization and mutual fund performance," International Review of Financial Analysis, Elsevier, vol. 63(C), pages 69-85.
    4. Katarzyna Perez & £ukasz Szymczyk, 2022. "Actual rate of the management fee in mutual funds of different styles," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 17(4), pages 969-1014, December.
    5. Yang, Tianna & Hou, Wenxuan, 2016. "Pay-performance sensitivity and risk-taking behaviors: Evidence from closed-end funds," Emerging Markets Review, Elsevier, vol. 29(C), pages 274-288.
    6. Jean-François Gajewski & Linh Tran Dieu, 2021. "Determinants And Performance Of Outsourcing In The European Mutual Fund Market," Post-Print hal-03221014, HAL.
    7. Jacob, Martin & Johan, Sofia & Schweizer, Denis & Zhan, Feng, 2016. "Corporate finance and the governance implications of removing government support programs," Journal of Banking & Finance, Elsevier, vol. 63(C), pages 35-47.
    8. Cumming, Douglas & Johan, Sofia & Zhang, Yelin, 2019. "What is mutual fund flow?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 62(C), pages 222-251.

  104. Cao, Jerry X. & Cumming, Douglas & Qian, Meijun & Wang, Xiaoming, 2015. "Cross-border LBOs," Journal of Banking & Finance, Elsevier, vol. 50(C), pages 69-80.

    Cited by:

    1. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    2. Matteo P. Arena & Michaël Dewally, 2017. "Investment Bank Expertise In Cross-Border Mergers And Acquisitions," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 40(1), pages 81-112, March.
    3. Luc Renneboog & Peter G. Szilagyi & Cara Vansteenkiste, 2017. "Creditor rights, claims enforcement, and bond performance in mergers and acquisitions," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 48(2), pages 174-194, February.
    4. Buchner, Axel & Mohamed, Abdulkadir & Schwienbacher, Armin, 2016. "Does risk explain persistence in private equity performance?," Journal of Corporate Finance, Elsevier, vol. 39(C), pages 18-35.
    5. Holloway, Isaac & Lee, Hoan Soo & Shen, Tao, 2016. "Private equity firm heterogeneity and cross-border acquisitions," International Review of Economics & Finance, Elsevier, vol. 44(C), pages 118-141.
    6. K.S. Reddy & En Xie & Yuanyuan Huang, 2016. "Contractual buyout - a legitimate growth model in the enterprise development: foundations and implications," International Journal of Management and Enterprise Development, Inderscience Enterprises Ltd, vol. 15(1), pages 1-23.
    7. Douglas Cumming & Igor Filatotchev & April Knill & David Mitchell Reeb & Lemma Senbet, 2017. "Law, finance, and the international mobility of corporate governance," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 48(2), pages 123-147, February.
    8. Hammer, Benjamin & Knauer, Alexander & Pflücke, Magnus & Schwetzler, Bernhard, 2017. "Inorganic growth strategies and the evolution of the private equity business model," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 31-63.
    9. Renneboog, Luc & Vansteenkiste, Cara, 2017. "Leveraged Buyouts : A Survey of the Literature," Discussion Paper 2017-015, Tilburg University, Center for Economic Research.

  105. Cumming, Douglas & Dannhauser, Robert & Johan, Sofia, 2015. "Financial market misconduct and agency conflicts: A synthesis and future directions," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 150-168.

    Cited by:

    1. Zuo, Yuehua & Liu, Xiaojun & Jiang, Feng & Shen, Shulin, 2024. "Sharpened “Real Teeth” of China's securities regulatory agency: Evidence from CEO turnover," International Review of Economics & Finance, Elsevier, vol. 96(PB).
    2. Zaman, Rashid, 2024. "When corporate culture matters: The case of stakeholder violations," The British Accounting Review, Elsevier, vol. 56(1).
    3. Niu, Geng & Yu, Li & Fan, Gang-Zhi & Zhang, Donghao, 2019. "Corporate fraud, risk avoidance, and housing investment in China," Emerging Markets Review, Elsevier, vol. 39(C), pages 18-33.
    4. Wang, Tracy Yue & Winton, Andrew, 2021. "Industry informational interactions and corporate fraud," Journal of Corporate Finance, Elsevier, vol. 69(C).
    5. Liang, Quanxi & Gao, Wenlian & Xie, Hongji, 2022. "Do foreign investors deter corporate fraud? Evidence from China," The Quarterly Review of Economics and Finance, Elsevier, vol. 84(C), pages 92-111.
    6. Fisch, Christian & Masiak, Christian & Vismara, Silvio & Block, Joern, 2021. "Motives and profiles of ICO investors," Journal of Business Research, Elsevier, vol. 125(C), pages 564-576.
    7. Aghanya, Daniel & Agarwal, Vineet & Poshakwale, Sunil, 2020. "Market in Financial Instruments Directive (MiFID), stock price informativeness and liquidity," Journal of Banking & Finance, Elsevier, vol. 113(C).
    8. Deng, Chao & Chen, Keyuan & Yu, Li & He, Yinxi & Hong, Yun & Jiang, Yanhui, 2025. "The asymmetric relationship between state media tone and the Chinese bond market during COVID-19: Evidence from a nonlinear ARDL model," Journal of Behavioral and Experimental Finance, Elsevier, vol. 46(C).
    9. Syed Qasim Shah & Izlin Ismail & Aidial Rizal bin Shahrin, 2020. "Heterogeneous investors and deterioration of market integrity: an analysis of market manipulation cases," Journal of Financial Crime, Emerald Group Publishing Limited, vol. 30(2), pages 389-403, May.
    10. Cole, Rebel & Johan, Sofia & Schweizer, Denis, 2021. "Corporate failures: Declines, collapses, and scandals," Journal of Corporate Finance, Elsevier, vol. 67(C).
    11. Stenfors, Alexis & Dilshani, Kaveesha & Guo, Andy & Mere, Peter, 2024. "Detecting the risk of cross-product manipulation in the EUREX fixed income futures market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 92(C).
    12. Alexis Stenfors & Mehrdaad Doraghi & Cristina Soviany & Masayuki Susai & Kaveh Vakili, 2022. "Cross-Market Spoofing," Working Papers in Economics & Finance 2022-04, University of Portsmouth, Portsmouth Business School, Economics and Finance Subject Group.
    13. Xu, Wenming & Wu, Zhicheng & Cai, Jianjun, 2024. "Revisiting the stock market reactions to the private securities litigation against informational misconducts in China," International Review of Economics & Finance, Elsevier, vol. 95(C).
    14. Anutchanat Jaroenjitrkam & Sirimon Treepongkaruna & Pornsit Jiraporn, 2022. "Does shareholder litigation risk promote or hinder corporate social responsibility? A quasi‐natural experiment," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(3), pages 657-674, May.
    15. Mataigne, Virginie & Meoli, Michele & Vanacker, Tom & Vismara, Silvio, 2025. "False signaling by platform team members and post-campaign venture outcomes: Evidence from an equity crowdfunding platform," Journal of Business Venturing, Elsevier, vol. 40(1).
    16. Xihan Xiong & Zhipeng Wang & Tianxiang Cui & William Knottenbelt & Michael Huth, 2023. "Market Misconduct in Decentralized Finance (DeFi): Analysis, Regulatory Challenges and Policy Implications," Papers 2311.17715, arXiv.org, revised Nov 2024.
    17. Duong, Huu Nhan & Khalifa, Mariem & Sheikhbahaei, Ali & Sualihu, Mohammed Aminu, 2024. "Corporate noncompliance: Do corporate violations affect bank loan contracting?," Journal of Banking & Finance, Elsevier, vol. 166(C).
    18. Vismara, Silvio & Signori, Andrea & Paleari, Stefano, 2015. "Changes in underwriters' selection of comparable firms pre- and post-IPO: Same bank, same company, different peers," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 235-250.
    19. Lijun Liang & Tongxin Dai & Mengwan Zhang, 2024. "Generation mechanism of behavioral risk for organizational decision-makers in financial institutions: organizational and human errors," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-10, December.
    20. Atawnah, Nader & Eshraghi, Arman & Baghdadi, Ghasan A. & Bhatti, Ishaq, 2024. "Managerial ability and firm value: A new perspective," Research in International Business and Finance, Elsevier, vol. 67(PB).
    21. Alexis Stenfors & Kaveesha Dilshani & Andy Guo & Peter Mere, 2023. "A Model to Quantify the Risk of Cross-Product Manipulation: Evidence from the European Government Bond Futures Market," Working Papers in Economics & Finance 2023-06, University of Portsmouth, Portsmouth Business School, Economics and Finance Subject Group.
    22. Banerjee, Rajabrata & Gupta, Kartick & Krishnamurti, Chandrasekhar, 2022. "Does corrupt practice increase the implied cost of equity?," Journal of Corporate Finance, Elsevier, vol. 73(C).
    23. Chen, Jun & Dong, Wang & Tong, Yixing & Zhang, Feida, 2020. "Corporate philanthropy and corporate misconduct: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 65(C), pages 17-31.
    24. Huang, Winifred & Vismara, Silvio & Wei, Xingjie, 2022. "Confidence and capital raising," Journal of Corporate Finance, Elsevier, vol. 77(C).
    25. Li, Changhong & Li, Jialong & Liu, Mingzhi & Wang, Yuan & Wu, Zhenyu, 2017. "Anti-misconduct policies, corporate governance and capital market responses: International evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 48(C), pages 47-60.
    26. Saurabh Maheshwari & Niti Nandini Chatnani, 2025. "Applications of Artificial Intelligence and Machine Learning-based Supervisory Technology in Financial Markets Surveillance: A Review of Literature," FIIB Business Review, , vol. 14(5), pages 586-604, October.
    27. Huixia Chen & Yurou Liu, 2026. "Is Mediation a Shortcut to Deter Financial Fraud? Evidence from the Mediation Scheme in China," Journal of Business Ethics, Springer, vol. 203(3), pages 549-573, January.
    28. Baumöhl, Eduard & Iwasaki, Ichiro & Kočenda, Evžen, 2019. "Institutions and determinants of firm survival in European emerging markets," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 431-453.
    29. Aharony, Joseph & Liu, Chelsea & Yawson, Alfred, 2015. "Corporate litigation and executive turnover," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 268-292.
    30. Stenfors, Alexis & Susai, Masayuki, 2021. "Spoofing and pinging in foreign exchange markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 70(C).
    31. Aitken, Michael & Cumming, Douglas & Zhan, Feng, 2015. "Exchange trading rules, surveillance and suspected insider trading," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 311-330.
    32. Douglas Cumming & Sofia Johan & Jeffrey G. MacIntosh, 2017. "A drop in an empty pond: Canadian public policy towards venture capital," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 103-117, March.
    33. Karpoff, Jonathan M., 2021. "The future of financial fraud," Journal of Corporate Finance, Elsevier, vol. 66(C).
    34. Mai, Nhat Chi, 2020. "Essays on the Vietnam Stock Market," OSF Preprints 3uaqt, Center for Open Science.
    35. Meoli, Michele & Vismara, Silvio, 2021. "Information manipulation in equity crowdfunding markets," Journal of Corporate Finance, Elsevier, vol. 67(C).
    36. Li, Ke & Lu, Lei & Qian, Jun & Zhu, Julie Lei, 2020. "Enforceability and the effectiveness of laws and regulations," Journal of Corporate Finance, Elsevier, vol. 62(C).
    37. Jenni Kallunki & Juha‐pekka Kallunki & Wayne Landsman & Emma‐riikka Myllymäki & Lasse Niemi, 2026. "Family Matters: Exploring the Link Between Parental and Executive Financial Misconduct," Post-Print hal-05447148, HAL.
    38. Xing, Kai & Yang, Fang & Liu, Ping & Wang, Jue & Wu, Junchuan, 2025. "Environmental violations and financial distress risk: Evidence from Chinese listed heavily polluting companies," Pacific-Basin Finance Journal, Elsevier, vol. 89(C).
    39. Rita Rodríguez‐Arrojo & Manuel Luna & Camilo J. Vázquez‐Ordás & Myriam García‐Olalla, 2024. "Mapping research on corporate misconduct in banking: Lessons from literature on preventive and punitive actions," Global Policy, London School of Economics and Political Science, vol. 15(S1), pages 62-75, March.
    40. Chen, Rong & Geng, Heng (Griffin) & Lin, Hai & Nguyen, Phuong Thi Ly, 2021. "Liquidity, informed trading, and a market surveillance system: Evidence from the Vietnamese stock market," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
    41. Chen, Fengwen & Wang, Bing & Wang, Wei & Hu, Chen, 2024. "The secret of imitating wrongdoing: Accidental or deliberate," Research in International Business and Finance, Elsevier, vol. 69(C).
    42. Batten, Jonathan A. & Lucey, Brian M. & Peat, Maurice, 2016. "Gold and silver manipulation: What can be empirically verified?," Economic Modelling, Elsevier, vol. 56(C), pages 168-176.
    43. Farag, Hisham & Johan, Sofia, 2021. "How alternative finance informs central themes in corporate finance," Journal of Corporate Finance, Elsevier, vol. 67(C).
    44. Duan, Jiaxin & Kou, Fangyuan & Wang, Zining & Wei, Yixin, 2024. "When echoes surpass voices: Market reaction to forwarded news," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    45. Shaen Corbet & Yang (Greg) Hou & Yang Hu & Les Oxley, 2022. "We Reddit in a Forum: The Influence of Message Boards on Firm Stability," Review of Corporate Finance, now publishers, vol. 2(1), pages 151-190, March.
    46. Zaman, Rashid & Atawnah, Nader & Baghdadi, Ghasan A. & Liu, Jia, 2021. "Fiduciary duty or loyalty? Evidence from co-opted boards and corporate misconduct," Journal of Corporate Finance, Elsevier, vol. 70(C).
    47. Carretta, Alessandro & Cucinelli, Doriana & Fattobene, Lucrezia & Schwizer, Paola, 2025. "Bank misconduct: The deterrent effect of country governance and customer reaction," Journal of Banking & Finance, Elsevier, vol. 174(C).
    48. Dan Amiram & Zahn Bozanic & James D. Cox & Quentin Dupont & Jonathan M. Karpoff & Richard Sloan, 2018. "Financial reporting fraud and other forms of misconduct: a multidisciplinary review of the literature," Review of Accounting Studies, Springer, vol. 23(2), pages 732-783, June.
    49. Florian El Mouaaouy, 2018. "Financial crime ‘hot spots’ – empirical evidence from the foreign exchange market," The European Journal of Finance, Taylor & Francis Journals, vol. 24(7-8), pages 565-583, May.
    50. Cumming, Douglas & Ji, Shan & Peter, Rejo & Tarsalewska, Monika, 2020. "Market manipulation and innovation," Journal of Banking & Finance, Elsevier, vol. 120(C).
    51. Xing Chen & Fenghua Wen & Jinli Xiao & Gary Gang Tian, 2025. "Weathering the Risk: How Climate Uncertainty Fuels Corporate Fraud," Journal of Business Ethics, Springer, vol. 201(2), pages 519-547, October.
    52. Mamatzakis, Emmanuel, 2022. "An international study on the impact of corruption on analysts’ forecasts," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 48(C).
    53. Douglas J. Cumming & Sofia Johan & Anshum Pant, 2019. "Regulation of the Crypto-Economy: Managing Risks, Challenges, and Regulatory Uncertainty," JRFM, MDPI, vol. 12(3), pages 1-14, July.
    54. Yener Altunbaş & John Thornton & Yurtsev Uymaz, 2019. "Money laundering and bank risk: evidence from US banks," Working Papers 19005, Bangor Business School, Prifysgol Bangor University (Cymru / Wales).
    55. Yuna Hao & Behrang Vand & Benjamin Manrique Delgado & Simone Baldi, 2023. "Market Manipulation in Stock and Power Markets: A Study of Indicator-Based Monitoring and Regulatory Challenges," Energies, MDPI, vol. 16(4), pages 1-28, February.
    56. Liu, Bin & Ahlstrom, David & Zhang, Yutong, 2025. "The schizophrenic board secretary: An embedded agent between multiple stakeholders and financial misconduct," The British Accounting Review, Elsevier, vol. 57(4).
    57. Douglas Cumming & Esteban Hernandez & Shan Ji, 2026. "Not All Family Firms Are Alike: How Founder-Led and Governance-Entrenched Family Control Shape the Trading Environment Around the Firm," Papers 2607.10876, arXiv.org.
    58. Angela Kamidi & Junhua Guo, 2023. "The impact of political turnover on corporate misconduct and philanthropy: evidence from China," Asian Business & Management, Palgrave Macmillan, vol. 22(4), pages 1369-1393, September.
    59. Chen, Yangfa & Jiang, Ji & Liu, Jie & Liu, Xiao & Wu, Weili, 2025. "Registration system reform, information environment, and market manipulation," Journal of Corporate Finance, Elsevier, vol. 93(C).
    60. Altunbaş, Yener & Thornton, John & Uymaz, Yurtsev, 2018. "CEO tenure and corporate misconduct: Evidence from US banks," Finance Research Letters, Elsevier, vol. 26(C), pages 1-8.
    61. CAO, Ning & McGUINNESS, Paul B. & XI, Chao, 2021. "Does securities enforcement improve disclosure quality? An examination of Chinese listed companies' restatement activities," Journal of Corporate Finance, Elsevier, vol. 67(C).
    62. D'Avino, Carmela & Tselika, Maria, 2024. "Unveiling the drivers of banks' misconduct: Sanctions, signals, and the extent of unethical behaviour," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    63. Ma, Xinxin & Iwasaki, Ichiro, 2026. "Board composition, private sector development, and corporate crime: Evidence from China," The Quarterly Review of Economics and Finance, Elsevier, vol. 105(C).
    64. Douglas Cumming & Sofia Johan & Denis Schweizer, 2017. "Information systems, agency problems, and fraud," Information Systems Frontiers, Springer, vol. 19(3), pages 421-424, June.
    65. Thornton, John & Altunbaş, Yener & Uymaz, Yurtsev, 2025. "Financial misconduct and bank risk-taking: Evidence from US banks," Journal of Banking & Finance, Elsevier, vol. 177(C).
    66. Aitzaz Ahsan Alias Sarang & Asad Ali Rind & Riadh Manita & Asif Saeed, 2025. "Does a co‐opted director affect a firm's financial distress risk?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(2), pages 1275-1301, April.
    67. Groh, Alexander Peter & Proelss, Juliane & Sannajust, Aurélie & Schweizer, Denis, 2025. "Misconduct in the SPAC market: Evidence from venture capital exits," Journal of Corporate Finance, Elsevier, vol. 93(C).
    68. Neupane, Suman & Rhee, S. Ghon & Vithanage, Kulunu & Veeraraghavan, Madhu, 2017. "Trade-based manipulation: Beyond the prosecuted cases," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 115-130.
    69. Gelman, Michael & Khan, Zaheer & Shoham, Amir & Tarba, Shlomo Y., 2021. "Does local competition and firm market power affect investment adviser misconduct?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    70. Attig, Najah & El Ghoul, Sadok & Hossain, Ashrafee, 2026. "Stakeholder-centric corporate misconduct and financing policies: A precautionary tale," Journal of Banking & Finance, Elsevier, vol. 182(C).
    71. Li, Shan & Shi, Hanzhong & Sowah, Joseph Sowahfio & Zhai, Kerui, 2024. "Customers’ blockchain adoption and suppliers’ provision of trade credit: A pre-registered report," Pacific-Basin Finance Journal, Elsevier, vol. 86(C).
    72. Ouyang, Liangyi & Cao, Bolong, 2020. "Selective pump-and-dump: The manipulation of their top holdings by Chinese mutual funds around quarter-ends," Emerging Markets Review, Elsevier, vol. 44(C).
    73. Xiaofeng Quan & Cheng Xiang & Qingbo Yuan, 2026. "Cultivating Integrity? The Role of Employee Directors in Mitigating Corporate Financial Misconduct," Journal of Business Ethics, Springer, vol. 205(3), pages 575-598, May.
    74. Jenni Kallunki & Juha‐Pekka Kallunki & Wayne Landsman & Emma‐Riikka Myllymäki & Lasse Niemi, 2026. "Family Matters: Exploring the Link Between Parental and Executive Financial Misconduct," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 64(2), pages 561-632, May.
    75. Neukirchen, Daniel & Köchling, Gerrit & Posch, Peter N., 2025. "Institutional distraction and illegal business practices: The role of career concerns and wealth incentives," Journal of Financial Stability, Elsevier, vol. 80(C).
    76. Sturla Lyngnes Fjesme, 2019. "When do investment banks use IPO price support?," European Financial Management, European Financial Management Association, vol. 25(3), pages 437-461, June.
    77. Cioroianu, Iulia & Corbet, Shaen & Larkin, Charles, 2021. "The differential impact of corporate blockchain-development as conditioned by sentiment and financial desperation," Journal of Corporate Finance, Elsevier, vol. 66(C).
    78. Lerong He & Rong Yang & Yuanlong He, 2018. "Does social exchange relationship impair audit committee effectiveness?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 22(2), pages 219-249, June.
    79. Galema, Rients & Gerritsen, Dirk, 2019. "The effect of the accidental disclosure of confidential short sales positions," Finance Research Letters, Elsevier, vol. 28(C), pages 87-94.
    80. Bessler, Wolfgang & Vendrasco, Marco, 2022. "Short-selling restrictions and financial stability in Europe: Evidence from the Covid-19 crisis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 80(C).
    81. Lu, Qiaoshan & Xiang, Cheng & Li, Bingxiang & Feng, Lixuan, 2023. "Non-controlling shareholders' governance participation and corporate misconduct: Evidence from voting in general meetings," Pacific-Basin Finance Journal, Elsevier, vol. 81(C).
    82. Rashid Zaman & Nader Atawnah & Muhammad Nadeem & Stephen Bahadar & Irfan Haider Shakri, 2022. "Do liquid assets lure managers? Evidence from corporate misconduct," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(7-8), pages 1425-1453, July.

  106. Gerrit K.C. Ahlers & Douglas Cumming & Christina Günther & Denis Schweizer, 2015. "Signaling in Equity Crowdfunding," Entrepreneurship Theory and Practice, , vol. 39(4), pages 955-980, July.

    Cited by:

    1. Kolbe, Maura & Mansouri, Sasan & Momtaz, Paul P., 2022. "Why do video pitches matter in crowdfunding?," Journal of Economics and Business, Elsevier, vol. 122(C).
    2. Aaron F. McKenny & Thomas H. Allison & David J. Ketchen Jr. & Jeremy C. Short & R. Duane Ireland, 2017. "How Should Crowdfunding Research Evolve? A Survey of the Entrepreneurship Theory and Practice Editorial Board," Entrepreneurship Theory and Practice, , vol. 41(2), pages 291-304, March.
    3. Johan, Sofia & Zhang, Yelin, 2020. "Quality revealing versus overstating in equity crowdfunding," Journal of Corporate Finance, Elsevier, vol. 65(C).
    4. Matthews, Michael J. & Anglin, Aaron H. & Drover, Will & Wolfe, Marcus T., 2024. "Just a number? Using artificial intelligence to explore perceived founder age in entrepreneurial fundraising," Journal of Business Venturing, Elsevier, vol. 39(1).
    5. Andreas Wald & Merete Holmesland & Kalanit Efrat, 2019. "It Is Not All About Money: Obtaining Additional Benefits Through Equity Crowdfunding," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 28(2), pages 270-294, September.
    6. Sardar Muhammad Usman & Farasat Ali Shah Bukhari & Huiwei You & Daniel Badulescu & Darie Gavrilut, 2020. "The Effect and Impact of Signals on Investing Decisions in Reward-Based Crowdfunding: A Comparative Study of China and the United Kingdom," JRFM, MDPI, vol. 13(12), pages 1-20, December.
    7. Sardar Muhammad Usman & Farasat Ali Shah Bukhari & Muhammad Usman & Daniel Badulescu & Muhammad Safdar Sial, 2019. "Does the Role of Media and Founder’s Past Success Mitigate the Problem of Information Asymmetry? Evidence from a UK Crowdfunding Platform," Sustainability, MDPI, vol. 11(3), pages 1-24, January.
    8. Carla Martínez-Climent & Ricardo Costa-Climent & Pejvak Oghazi, 2019. "Sustainable Financing through Crowdfunding," Sustainability, MDPI, vol. 11(3), pages 1-16, February.
    9. Yasar, Burze & Sevilay Yılmaz, Işıl & Hatipoğlu, Nurullah & Salih, Aslıhan, 2022. "Stretching the success in reward-based crowdfunding," Journal of Business Research, Elsevier, vol. 152(C), pages 205-220.
    10. Hsieh, Hui-Ching & Hsieh, Ying-Che & Vu, Thi Huyen Chi, 2019. "How social movements influence crowdfunding success," Pacific-Basin Finance Journal, Elsevier, vol. 53(C), pages 308-320.
    11. Anton Miglo, 2020. "Crowdfunding in a Competitive Environment," JRFM, MDPI, vol. 13(3), pages 1-38, February.
    12. Saif Ullah & Yulin Zhou, 2020. "Gender, Anonymity and Team: What Determines Crowdfunding Success on Kickstarter," JRFM, MDPI, vol. 13(4), pages 1-26, April.
    13. Mónika Kuti & Zsolt Bedõ & Dorottya Geiszl, 2017. "Equity-based Crowdfunding," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 16(4), pages 187-200.
    14. Michael M. Moedl, 2021. "Two’s a company, three’s a crowd: Deal breaker terms in equity crowdfunding for prospective venture capital," Small Business Economics, Springer, vol. 57(2), pages 927-952, August.
    15. Douglas J. Cumming & Lars Hornuf, 2020. "Marketplace Lending of SMEs," CESifo Working Paper Series 8100, CESifo.
    16. Francesco Cappa & Michele Pinelli & Riccardo Maiolini & Maria Isabella Leone, 2021. "“Pledge” me your ears! The role of narratives and narrator experience in explaining crowdfunding success," Small Business Economics, Springer, vol. 57(2), pages 953-973, August.
    17. Jascha-Alexander Koch & Michael Siering, 2019. "The recipe of successful crowdfunding campaigns," Electronic Markets, Springer;IIM University of St. Gallen, vol. 29(4), pages 661-679, December.
    18. Bi, Gongbing & Lv, Jiancheng, 2023. "Can an early exit mechanism attract more pledges in equity-based crowdfunding? Evidence from China," Finance Research Letters, Elsevier, vol. 56(C).
    19. Xu, Lei & Li, Dahui & Chiu, Chun-Hung & Zhang, Qing & Gao, Runpeng, 2022. "Implications of warm-glow effect and risk aversion in reward-based crowdfunding," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 160(C).
    20. Maiolini, Riccardo & Cappa, Francesco & Franco, Stefano & Quaratino, Giovanni Raimondo, 2024. "The impact of sustainable development goals in lending-based prosocial crowdfunding: A topic modeling analysis on the kiva platform," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    21. Hsieh, Hui-Ching & Nguyen, Dat Thanh & Nguyen, Thien Le-Hoang, 2024. "Betting on success: Unveiling the role of local gambling culture in equity crowdfunding," Journal of Empirical Finance, Elsevier, vol. 78(C).
    22. Wehnert, Peter & Baccarella, Christian V. & Beckmann, Markus, 2019. "In crowdfunding we trust? Investigating crowdfunding success as a signal for enhancing trust in sustainable product features," Technological Forecasting and Social Change, Elsevier, vol. 141(C), pages 128-137.
    23. Chakhar, Salem & Ishizaka, Alessio & Thorpe, Andy & Cox, Joe & Nguyen, Thang & Ford, Liz, 2020. "Calculating the relative importance of condition attributes based on the characteristics of decision rules and attribute reducts: Application to crowdfunding," European Journal of Operational Research, Elsevier, vol. 286(2), pages 689-712.
    24. Praag, Mirjam van & Zunino, Diego & Dushnitsky, Gary, 2017. "Badge of Honor or Scarlet Letter? Unpacking Investors’ Judgment of Entrepreneurs’ Past Failure," CEPR Discussion Papers 12329, Centre for Economic Policy Research.
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  107. Cao, Jerry & Cumming, Douglas & Wang, Xiaoming, 2015. "One-child policy and family firms in China," Journal of Corporate Finance, Elsevier, vol. 33(C), pages 317-329.

    Cited by:

    1. Zhiyong Niu & Hongzhou Pei & Wei Sheng & Yani Wu, 2024. "The influence of founders’ membership status on transgenerational succession intention in family business: Evidence from China," Asia Pacific Journal of Management, Springer, vol. 41(3), pages 1729-1764, September.
    2. Tang, Junhua & Osmer, Eric & Zheng, Yao, 2022. "Do married couples make better family firm leaders: Evidence from China," Journal of Economics and Business, Elsevier, vol. 118(C).
    3. Shen, Na & Su, Jun, 2017. "Religion and succession intention - Evidence from Chinese family firms," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 150-161.
    4. Liu, Qigui & Luo, Tianpei & Tian, Gary Gang, 2015. "Family control and corporate cash holdings: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 31(C), pages 220-245.
    5. Douglas Cumming & Jun Hu & Huiying Wu, 2024. "Leaving a Legacy for my Children: The One-Child Policy Reform and Engagement in CSR Among Family Firms in China," Journal of Business Ethics, Springer, vol. 193(3), pages 611-632, September.
    6. Xu, Jingjing & Zhang, Yan, 2018. "Family CEO and information disclosure: Evidence from China," Finance Research Letters, Elsevier, vol. 26(C), pages 169-176.
    7. Bennedsen, Morten & Fan, Joseph P.H. & Jian, Ming & Yeh, Yin-Hua, 2015. "The family business map: Framework, selective survey, and evidence from Chinese family firm succession," Journal of Corporate Finance, Elsevier, vol. 33(C), pages 212-226.
    8. Pan, Xiaofei & Tian, Gary Gang, 2016. "Family control and loan collateral: Evidence from China," Journal of Banking & Finance, Elsevier, vol. 67(C), pages 53-68.
    9. Hanqing “Chevy” Fang & Kulraj Singh & Taewoo Kim & Laura Marler & James J. Chrisman, 2022. "Family business research in Asia: review and future directions," Asia Pacific Journal of Management, Springer, vol. 39(4), pages 1215-1256, December.
    10. Wang, Tianxi & Gonzalez, Angelica & Hagendorff, Jens & Sila, Vathunyoo, 2025. "Little emperor CEOs: Firm risk and performance when CEOs grow up without siblings," Journal of Corporate Finance, Elsevier, vol. 90(C).
    11. Tzu-Ching Weng & Kai-Jui Hsu & Tzu-Hsuan Kuo, 2023. "Family Succession and Quality of Financial Information: Evidence from China," Advances in Management and Applied Economics, SCIENPRESS Ltd, vol. 13(3), pages 1-4.
    12. Huang, Haijie & Lee, Edward & Lyu, Changjiang & Zhao, Yiyi, 2020. "Bequest motive, information transparency, and family firm value: A natural experiment," Journal of Corporate Finance, Elsevier, vol. 65(C).
    13. Bornhausen, Anna Maria, 2022. "Conceptualizing cross-country analyses of family firms: A systematic review and future research agenda," International Business Review, Elsevier, vol. 31(4).
    14. Jiang, Fuxiu & Jiang, Zhan & Kim, Kenneth A. & Zhang, Min, 2015. "Family-firm risk-taking: Does religion matter?," Journal of Corporate Finance, Elsevier, vol. 33(C), pages 260-278.
    15. Carney, Michael & Zhao, Jing & Zhu, Limin, 2019. "Lean innovation: Family firm succession and patenting strategy in a dynamic institutional landscape," Journal of Family Business Strategy, Elsevier, vol. 10(4).
    16. Pinheiro, Roberto & Yung, Chris, 2015. "CEOs in family firms: Does junior know what he's doing?," Journal of Corporate Finance, Elsevier, vol. 33(C), pages 345-361.
    17. Fu, Yishu, 2020. "The impact of married couples on firm innovation: Evidence from Chinese family firms," Finance Research Letters, Elsevier, vol. 33(C).
    18. Pan, Yue & Weng, Ruoyu & Xu, Nianhang & Chan, Kam C., 2018. "The role of corporate philanthropy in family firm succession: A social outreach perspective," Journal of Banking & Finance, Elsevier, vol. 88(C), pages 423-441.
    19. Feng, Xunan & Johansson, Anders C., 2016. "Living through the Great Chinese Famine: Early-Life Experiences and Managerial Decisions," Stockholm School of Economics Asia Working Paper Series 2016-41, Stockholm School of Economics, Stockholm China Economic Research Institute.
    20. Aleš Kubíček & Ondřej Machek, 2019. "Gender-related factors in family business succession: a systematic literature review," Review of Managerial Science, Springer, vol. 13(5), pages 963-1002, November.
    21. Kodama, Naomi & Murakami, Yoshiaki & Tanaka, Mari, 2021. "No Successor, No Success? Impact of a Little Son on Business Performance," Journal of the Japanese and International Economies, Elsevier, vol. 62(C).
    22. Miruna Radu-Lefebvre & James Davis & William Gartner, 2024. "Legacy in Family Business: A Systematic Literature Review and Future Research Agenda," Post-Print hal-04515862, HAL.
    23. Ruoyu Weng & Shihui Chen & Qiuping Chen, 2025. "Financial arrangement of female successors: a perspective from earnings management during successions in Chinese family firms," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 15(1), pages 303-330, March.
    24. Chen, Shu & Ying, Sammy Xiaoyan & Wu, Huiying & You, Jiaxing, 2021. "Carrying on the family's legacy: Male heirs and firm innovation," Journal of Corporate Finance, Elsevier, vol. 69(C).
    25. Amit, Raphael & Ding, Yuan & Villalonga, Belén & Zhang, Hua, 2015. "The role of institutional development in the prevalence and performance of entrepreneur and family-controlled firms," Journal of Corporate Finance, Elsevier, vol. 31(C), pages 284-305.
    26. Chemmanur, Thomas J. & Hu, Gang & Wu, Chaopeng & Wu, Shinong & Yan, Zehao, 2021. "Transforming the management and governance of private family firms: The role of venture capital," Journal of Corporate Finance, Elsevier, vol. 66(C).
    27. Fuxiu Jiang & Xiaojia Zheng & Wei Tang, 2018. "Non-family chair and corporate performance," Frontiers of Business Research in China, Springer, vol. 12(1), pages 1-30, December.
    28. Danni Zhang & Yusen Dong, 2026. "Securities Fraud Among Family Firms—Evidence from the One-Child Policy Reform in China," Journal of Business Ethics, Springer, vol. 203(4), pages 727-749, February.
    29. Domnisoru, Ciprian & Miller, Robert A., 2025. "Planning for Family Succession," IZA Discussion Papers 17800, IZA Network @ LISER.
    30. Hao, Jing & Ren, Xingzi & Bi, Huining & Wu, Ji (George), 2025. "How does digital transformation predict the investment cycle in family enterprises?," Technological Forecasting and Social Change, Elsevier, vol. 210(C).
    31. Jing Zhao & Michael Carney & Shubo Zhang & Limin Zhu, 2020. "How does an intra-family succession effect strategic change and performance in China’s family firms?," Asia Pacific Journal of Management, Springer, vol. 37(2), pages 363-389, June.
    32. Gao, Hao & He, Jing & Li, Yong & Qu, Yuanyu, 2020. "Family control and cost of debt: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 60(C).
    33. Yuan, Song & Xie, Jian, 2021. "The Cultural Origins of Family Firms," MPRA Paper 111315, University Library of Munich, Germany.
    34. Chen, Mengyuan & Xiao, Jason Zezhong & Zhao, Yang, 2021. "Confucianism, successor choice, and firm performance in family firms: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 69(C).
    35. Liu, Yuanyuan & Zhang, Jingwen & Bi, Qingmiao & Onochie, Joseph, 2026. "Family firms performance under competitive pressure: Evidence from market access reforms in China," Pacific-Basin Finance Journal, Elsevier, vol. 96(C).
    36. Chan Guo, 2022. "Sustainable Development of Chinese Family Firms: A Perspective from Downward Earnings Management before Successions," Sustainability, MDPI, vol. 14(15), pages 1-21, July.
    37. Xu, Nianhang & Yuan, Qingbo & Jiang, Xuanyu & Chan, Kam C., 2015. "Founder's political connections, second generation involvement, and family firm performance: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 33(C), pages 243-259.
    38. Zheng, Xiaojia & Zhu, Bing & Yang, Ge, 2023. "The soft landing: Does intrafamily succession matter for corporate risk-taking?," Pacific-Basin Finance Journal, Elsevier, vol. 78(C).
    39. Weng, Tzu-Ching & Chi, Hsin-Yi, 2019. "Family succession and business diversification: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 53(C), pages 56-81.
    40. Dou, Junsheng & Wu, Saisai & Fang, Hanqing, 2022. "Family involvement, family essence, and family-centered non-economic and economic goals in Chinese family firms: A replication study," Journal of Family Business Strategy, Elsevier, vol. 13(4).

  108. Aitken, Michael & Cumming, Douglas & Zhan, Feng, 2015. "Exchange trading rules, surveillance and suspected insider trading," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 311-330.

    Cited by:

    1. Ampofo Isaac Atta Junior & Ampofo Isaac Atta Senior, 2020. "The Challenge Of Women Entreprene urs In Accessing Funds In Kumasi (Ghana)," Social Values & Society (SVS), Zibeline International Publishing, vol. 2(2), pages 37-41, November.
    2. Gao, Shenghao & Liu, Jinzhao & Zhang, Qi & Zhou, Jun, 2023. "Stock hyping before auction-style SEOs: Are primary market investors misled?," International Review of Economics & Finance, Elsevier, vol. 88(C), pages 123-140.
    3. Cumming, Douglas & Dannhauser, Robert & Johan, Sofia, 2015. "Financial market misconduct and agency conflicts: A synthesis and future directions," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 150-168.
    4. Laure de Batz, 2018. "Financial Impact of Regulatory Sanctions on French Listed Companies," Working Papers IES 2018/10, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Apr 2018.
    5. Batten, Jonathan A. & Liu, Lanlan & Sha, Yezhou, 2026. "Illegal insider trading profitability and the legal environment," Journal of Banking & Finance, Elsevier, vol. 185(C).
    6. Anutchanat Jaroenjitrkam & Sirimon Treepongkaruna & Pornsit Jiraporn, 2022. "Does shareholder litigation risk promote or hinder corporate social responsibility? A quasi‐natural experiment," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(3), pages 657-674, May.
    7. Rahman, Dewan & Malik, Ihtisham & Ali, Searat & Iqbal, Jamshed, 2021. "Do co-opted boards increase insider profitability?," Journal of Contemporary Accounting and Economics, Elsevier, vol. 17(3).
    8. Palan, Stefan & Stöckl, Thomas, 2017. "When chasing the offender hurts the victim: The case of insider legislation," Journal of Financial Markets, Elsevier, vol. 35(C), pages 104-129.
    9. Batten, Jonathan A. & Lončarski, Igor & Szilagyi, Peter G., 2021. "Strategic insider trading in foreign exchange markets," Journal of Corporate Finance, Elsevier, vol. 69(C).
    10. Luke M. Bennett & Wei Hu, 2023. "Filtration enlargement‐based time series forecast in view of insider trading," Journal of Economic Surveys, Wiley Blackwell, vol. 37(1), pages 112-140, February.
    11. Neupane, Biwesh & Thapa, Chandra & Marshall, Andrew & Neupane, Suman, 2021. "Mimicking insider trades," Journal of Corporate Finance, Elsevier, vol. 68(C).
    12. Calluzzo, Paul & Wang, Wei & Wu, Serena, 2021. "SEC scrutiny shopping," Journal of Corporate Finance, Elsevier, vol. 67(C).
    13. Collings, David & Corbet, Shaen & Hou, Yang (Greg) & Hu, Yang & Larkin, Charles & Oxley, Les, 2022. "The effects of negative reputational contagion on international airlines: The case of the Boeing 737-MAX disasters," International Review of Financial Analysis, Elsevier, vol. 80(C).
    14. Miles Kellerman, 2021. "Market structure and disempowering regulatory intermediaries: Insights from U.S. trade surveillance," Regulation & Governance, John Wiley & Sons, vol. 15(4), pages 1350-1369, October.
    15. Cline, Brandon N. & Williamson, Claudia R. & Xiong, Haoyang, 2021. "Culture and the regulation of insider trading across countries," Journal of Corporate Finance, Elsevier, vol. 67(C).
    16. Sun, Fangcheng & Dutta, Shantanu & Zhu, Pengcheng & Ren, Wentao, 2021. "Female insiders' ethics and trading profitability," International Review of Financial Analysis, Elsevier, vol. 74(C).
    17. Aharony, Joseph & Liu, Chelsea & Yawson, Alfred, 2015. "Corporate litigation and executive turnover," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 268-292.
    18. Shen, Dongxiao & He, Guanming, 2025. "Restricting insider trading through increasing managerial risk aversion – A behavioral mechanism," International Review of Financial Analysis, Elsevier, vol. 106(C).
    19. Mai, Nhat Chi, 2020. "Essays on the Vietnam Stock Market," OSF Preprints 3uaqt, Center for Open Science.
    20. Rahman, Dewan & Kabir, Muhammad & Oliver, Barry, 2021. "Does exposure to product market competition influence insider trading profitability?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    21. Fu, Xudong & Kong, Lei & Tang, Tian & Yan, Xinyan, 2020. "Insider trading and shareholder investment horizons," Journal of Corporate Finance, Elsevier, vol. 62(C).
    22. Irene Karamanou & Grace Pownall & Rachna Prakash, 2021. "Asymmetric information consolidation and price discovery: Inferring bad news from insider sales," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(1-2), pages 230-268, January.
    23. Goergen, Marc & Renneboog, Luc & Zhao, Yang, 2019. "Insider trading and networked directors," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 152-175.
    24. Li, Ke & Lu, Lei & Qian, Jun & Zhu, Julie Lei, 2020. "Enforceability and the effectiveness of laws and regulations," Journal of Corporate Finance, Elsevier, vol. 62(C).
    25. Wang, Kedi & Wu, Chen, 2023. "Financial-judicial specialization and corporate misconduct: Evidence from the establishment of the Shanghai Financial Court," Economics Letters, Elsevier, vol. 229(C).
    26. Chen, Rong & Geng, Heng (Griffin) & Lin, Hai & Nguyen, Phuong Thi Ly, 2021. "Liquidity, informed trading, and a market surveillance system: Evidence from the Vietnamese stock market," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
    27. Weitseng Chen, 2026. "Beyond Security: The Compliance Dimension of National Security Reviews in Singapore and Taiwan," Regulation & Governance, John Wiley & Sons, vol. 20(1), pages 210-225, January.
    28. Batten, Jonathan A. & Lucey, Brian M. & Peat, Maurice, 2016. "Gold and silver manipulation: What can be empirically verified?," Economic Modelling, Elsevier, vol. 56(C), pages 168-176.
    29. Shaen Corbet & Yang (Greg) Hou & Yang Hu & Les Oxley, 2022. "We Reddit in a Forum: The Influence of Message Boards on Firm Stability," Review of Corporate Finance, now publishers, vol. 2(1), pages 151-190, March.
    30. Kryzanowski, Lawrence & Nie, Yulin (George), 2019. "M&A price pressure revisited," Finance Research Letters, Elsevier, vol. 28(C), pages 299-308.
    31. Cumming, Douglas & Johan, Sofia, 2019. "Capital-market effects of securities regulation: Prior conditions, implementation, and enforcement revisited," Finance Research Letters, Elsevier, vol. 31(C).
    32. Cumming, Douglas & Ji, Shan & Peter, Rejo & Tarsalewska, Monika, 2020. "Market manipulation and innovation," Journal of Banking & Finance, Elsevier, vol. 120(C).
    33. Atanasov, Vladimir & Davies, Ryan J. & Merrick, John J., 2015. "Financial intermediaries in the midst of market manipulation: Did they protect the fool or help the knave?," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 210-234.
    34. Sun, Fangcheng & Dutta, Shantanu & Huang, Hui & Zhu, Pengcheng, 2021. "News media and insider trading profitability: An emerging country perspective," Emerging Markets Review, Elsevier, vol. 49(C).
    35. Zhongju Liao & Ke Chen, 2025. "What Drives Market‐Oriented Trading of Resource and Environmental Elements: An Analysis Based on the Technology–Organization–Environment Framework," Sustainable Development, John Wiley & Sons, Ltd., vol. 33(4), pages 5998-6012, August.
    36. James, Robert & Leung, Henry & Prokhorov, Artem, 2023. "A machine learning attack on illegal trading," Journal of Banking & Finance, Elsevier, vol. 148(C).
    37. Rachel E. Gordon, 2021. "Are outside director trades informative? Evidence from acquiring firms," International Review of Finance, International Review of Finance Ltd., vol. 21(2), pages 447-477, June.
    38. Douglas Cumming & Esteban Hernandez & Shan Ji, 2026. "Not All Family Firms Are Alike: How Founder-Led and Governance-Entrenched Family Control Shape the Trading Environment Around the Firm," Papers 2607.10876, arXiv.org.
    39. Ann-Ngoc Nguyen & Viet Le & Andros Gregoriou & David Kernohan, 2024. "Insider Trading before Earnings News: The Role of Executive Pay Disparity," JRFM, MDPI, vol. 17(10), pages 1-36, October.
    40. Cline, Brandon N. & Posylnaya, Valeriya V., 2019. "Illegal insider trading: Commission and SEC detection," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 247-269.
    41. Cumming, Douglas J. & Firth, Christopher & Gathergood, John & Stewart, Neil, 2021. "Covid, work-from-home, and securities misconduct," CFS Working Paper Series 666, Center for Financial Studies (CFS).
    42. Kyriacou, Kyriacos & Liu, Siming & Mase, Bryan, 2024. "Corruption and insider trading," Journal of Corporate Finance, Elsevier, vol. 89(C).
    43. Douglas Cumming & Sofia Johan & Denis Schweizer, 2017. "Information systems, agency problems, and fraud," Information Systems Frontiers, Springer, vol. 19(3), pages 421-424, June.
    44. Fleta-Asín, Jorge & Muñoz, Fernando, 2025. "In the name of the law: How does legal distance affect US international mutual funds’ financial performance?," Research in International Business and Finance, Elsevier, vol. 74(C).
    45. Neupane, Suman & Rhee, S. Ghon & Vithanage, Kulunu & Veeraraghavan, Madhu, 2017. "Trade-based manipulation: Beyond the prosecuted cases," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 115-130.
    46. Dai, Lili & Fu, Renhui & Kang, Jun-Koo & Lee, Inmoo, 2016. "Corporate governance and the profitability of insider trading," Journal of Corporate Finance, Elsevier, vol. 40(C), pages 235-253.
    47. Liyun Zhou & Chunpeng Yang, 2019. "Differences in the effects of seller-initiated versus buyer-initiated crowded trades in stock markets," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 14(4), pages 859-890, December.
    48. Agrawal, Anup & Cooper, Tommy, 2015. "Insider trading before accounting scandals," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 169-190.
    49. Cioroianu, Iulia & Corbet, Shaen & Larkin, Charles, 2021. "The differential impact of corporate blockchain-development as conditioned by sentiment and financial desperation," Journal of Corporate Finance, Elsevier, vol. 66(C).
    50. Duong, Huu Nhan & Goyal, Abhinav & Kallinterakis, Vasileios & Veeraraghavan, Madhu, 2021. "Market manipulation rules and IPO underpricing," Journal of Corporate Finance, Elsevier, vol. 67(C).

  109. Douglas J. Cumming & J. Ari Pandes & Michael J. Robinson, 2015. "The Role of Agents in Private Entrepreneurial Finance," Entrepreneurship Theory and Practice, , vol. 39(2), pages 345-374, March.

    Cited by:

    1. Ciro Troise, 2020. "Marketing Strategies in Equity Crowdfunding: A Comparative Study of Italian Platforms," International Journal of Marketing Studies, Canadian Center of Science and Education, vol. 11(4), pages 1-16, March.
    2. Jinjuan Yang & Jiayuan Xin & Yan Zeng & Pei Jose Liu, 2025. "Signaling and perceiving on equity crowdfunding decisions — a machine learning approach," Small Business Economics, Springer, vol. 65(1), pages 315-356, June.

  110. Cumming, Douglas & Dai, Na & Johan, Sofia, 2015. "Are hedge funds registered in Delaware different?," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 232-246.

    Cited by:

    1. Dai, Na & Nahata, Rajarishi & Brauner, Aaron, 2022. "Does individualism matter for hedge funds? A cross-country examination," Journal of Corporate Finance, Elsevier, vol. 72(C).
    2. Cumming, Douglas J. & Johan, Sofia Atiqah & Reardon, Robert S., 2021. "Governance and success in U.S. equity crowdfunding," CFS Working Paper Series 668, Center for Financial Studies (CFS).
    3. Cumming, Douglas J. & Johan, Sofia & Reardon, Robert S., 2025. "Institutional quality and success in U.S. equity crowdfunding," Research Policy, Elsevier, vol. 54(1).
    4. von Lilienfeld-Toal, Ulf & Schnitzler, Jan, 2020. "The anatomy of block accumulations by activist shareholders," Journal of Corporate Finance, Elsevier, vol. 62(C).
    5. Agarwal, Vikas & Lu, Yan & Ray, Sugata, 2021. "Are hedge funds' charitable donations strategic?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    6. Vera Pober, 2025. "What we don’t know about corporate ownership: A study of ownership chains in 500 multinationals," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 51(2), pages 21-54.
    7. Judy Qiu & Leilei Tang & Ingo Walter, 2018. "Hedge fund incentives, management commitment and survivorship," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 32(2), pages 115-142, May.
    8. Agarwal, Vikas & Lu, Yan & Ray, Sugata, 2020. "Are hedge funds' charitable donations strategic?," CFR Working Papers 20-14, University of Cologne, Centre for Financial Research (CFR).

  111. Andres, Christian & Cumming, Douglas & Karabiber, Timur & Schweizer, Denis, 2014. "Do markets anticipate capital structure decisions? — Feedback effects in equity liquidity," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 133-156.

    Cited by:

    1. Vo, Xuan Vinh, 2017. "Determinants of capital structure in emerging markets: Evidence from Vietnam," Research in International Business and Finance, Elsevier, vol. 40(C), pages 105-113.
    2. Yildirim, Ramazan & Masih, Mansur & Bacha, Obiyathulla, 2017. "Determinants of capital structure - Evidence from Shari'ah compliant and non-compliant firms," MPRA Paper 90280, University Library of Munich, Germany, revised 26 May 2018.
    3. Costas Lambrinoudakis & Michael Neumann & George Skiadopoulos, 2014. "Capital Structure and Financial Flexibility: Expectations of Future Shocks," Working Papers 731, Queen Mary University of London, School of Economics and Finance.
    4. Park, Na Young, 2019. "Patience in financial decisions and post-secondary education," Finance Research Letters, Elsevier, vol. 31(C).
    5. Minghui Li & Chaohai Shen & Mengyao Wen, 2023. "The Effect of Firm-Specific Environmental Punishment on Stock Price Crash Risk: Evidence From China," SAGE Open, , vol. 13(4), pages 21582440231, October.
    6. Yarong Chen & Luca Sensini & Maria Vazquez, 2021. "Determinants of Leverage in Emerging Markets: Empirical Evidence," International Journal of Economics and Financial Issues, Econjournals, vol. 11(2), pages 40-46.
    7. Xiong, Yuhao & Wang, Yonghai, 2024. "Research on the risk effects of accounting information disclosure," International Review of Economics & Finance, Elsevier, vol. 95(C).
    8. Zeeshan Ahmed & Qasim Saleem & Abdul Qadir Bhatti & Bilal Ahmed, 2020. "Corporate Leverage Transmission under Information Asymmetry: Evidence from Non-financial Firms of Pakistan," International Journal of Economics and Financial Issues, Econjournals, vol. 10(4), pages 176-184.
    9. Weiwei Gao & Jiarui Yang & Zhen Huang, 2022. "Does feedback effect exist in firms' investment decisions? From the perspective of equity liquidity," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(6), pages 2225-2236, September.
    10. Ripamonti, Alexandre, 2019. "Capital Structure Adjustments and Asymmetric Information," MPRA Paper 96936, University Library of Munich, Germany.
    11. Pan, Lee-Hsien & Lin, Chien-Ting & Lee, Shih-Cheng & Ho, Kung-Cheng, 2015. "Information ratings and capital structure," Journal of Corporate Finance, Elsevier, vol. 31(C), pages 17-32.
    12. ElBannan, Mona A., 2017. "Stock market liquidity, family ownership, and capital structure choices in an emerging country," Emerging Markets Review, Elsevier, vol. 33(C), pages 201-231.
    13. Nadarajah, Sivathaasan & Ali, Searat & Liu, Benjamin & Huang, Allen, 2018. "Stock liquidity, corporate governance and leverage: New panel evidence," Pacific-Basin Finance Journal, Elsevier, vol. 50(C), pages 216-234.
    14. Alessandra Amendola & Marinella Boccia & Gianluca Mele & Luca Sensini, 2020. "Tax Policy and Firms' Financial Choices: Empirical Evidence from the Dominican Republic," MIC 2020: The 20th Management International Conference,, University of Primorska Press.
    15. Zhang, Man & Brookins, Oscar T. & Huang, Xiaowei, 2022. "The crowding out effect of central versus local government debt: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 72(C).
    16. Ahmad, Muhammad Munir & Hunjra, Ahmed Imran & Taskin, Dilvin, 2023. "Do asymmetric information and leverage affect investment decisions?," The Quarterly Review of Economics and Finance, Elsevier, vol. 87(C), pages 337-345.
    17. Firano, Zakaria & Filali adib, Fatine, 2022. "Optimal Capital structure and financial stability," MPRA Paper 115790, University Library of Munich, Germany, revised 2022.
    18. Elena Valentina IVASCU & Nicoleta BARBUTA-MISU, 2017. "Influences of the Capital Structure and the Cost of Capital on Financial Performance. Case Study on ENGIE Group," Proceedings RCE 2017, Editura Lumen, vol. 0, pages 304-320, November.
    19. Abdul Rashid & Hira Mehmood, 2017. "Liquidity and Capital Structure: The Case of Pakistani Non-Financial Firms," Economics Bulletin, AccessEcon, vol. 37(2), pages 675-685.
    20. Michael Machokoto, 2021. "Do financial constraints really matter? A case of understudied African firms," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 4670-4705, July.
    21. Roy, Partha P. & Rao, Sandeep & Zhu, Min, 2022. "Mandatory CSR expenditure and stock market liquidity," Journal of Corporate Finance, Elsevier, vol. 72(C).
    22. Huang, Zhen & Gao, Weiwei, 2022. "The effects of formal and informal CEO power on debt policy persistence," The North American Journal of Economics and Finance, Elsevier, vol. 62(C).
    23. Moradi, Amir & Paulet, Elisabeth, 2019. "The firm-specific determinants of capital structure – An empirical analysis of firms before and during the Euro Crisis," Research in International Business and Finance, Elsevier, vol. 47(C), pages 150-161.
    24. Nguyen, Trang & Alpert, Karen & Faff, Robert, 2021. "Relative bond-stock liquidity and capital structure choices," Journal of Corporate Finance, Elsevier, vol. 69(C).
    25. Liu, Guangqiang & Liu, Boyang, 2023. "How digital technology improves the high-quality development of enterprises and capital markets: A liquidity perspective," Finance Research Letters, Elsevier, vol. 53(C).
    26. Zhen Huang & Weiwei Gao, 2022. "Has the past really passed? Strategic inertia and capital structure persistence," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(4), pages 883-893, June.
    27. Márquez-de-la-Cruz, Elena & Martínez-Cañete, Ana R. & Nieto, Belén, 2025. "Stock and corporate bond liquidity: When having the same issuer induces commonality," The North American Journal of Economics and Finance, Elsevier, vol. 77(C).

  112. Cumming, Douglas, 2014. "Public economics gone wild: Lessons from venture capital," International Review of Financial Analysis, Elsevier, vol. 36(C), pages 251-260.

    Cited by:

    1. Jonathan Labbé, 2017. "Private Equity: Universality of financing and universality of effects on business innovation? A conceptual approach [Capital-investissement : Universalité du financement et universalité des effets sur l’innovation des entreprises ? Une approche co," Post-Print hal-03000109, HAL.
    2. Ren, Yu & Liu, Xiongfei & Zhang, YuLong & Zhu, Yi, 2024. "Gradual market development reforms and venture capital strategy adjustments: Evidence based on industrial chain innovation and development," Finance Research Letters, Elsevier, vol. 68(C).
    3. Jonathan Labbé, 2016. "Relationship between private and public investors: lever or hindrance to innovation [Relations entre investisseurs privés et publics : levier ou obstacle à l'innovation]," Post-Print hal-03000105, HAL.
    4. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    5. Douglas Cumming & Sofia Johan, 2019. "Government venture capital research: fake science and bad public policy," Venture Capital, Taylor & Francis Journals, vol. 21(1), pages 121-131, January.
    6. Robert Baldock, 2016. "An assessment of the business impacts of the UK’s Enterprise Capital Funds," Environment and Planning C, , vol. 34(8), pages 1556-1581, December.
    7. Jianjun Xu & Lijie Yu & Rakesh Gupta, 2020. "Evaluating the Performance of the Government Venture Capital Guiding Fund Using the Intuitionistic Fuzzy Analytic Hierarchy Process," Sustainability, MDPI, vol. 12(17), pages 1-24, August.
    8. Pavlova, Elitsa & Signore, Simone, 2019. "The European venture capital landscape: an EIF perspective. Volume V: The economic impact of VC investments supported by the EIF," EIF Working Paper Series 2019/55, European Investment Fund (EIF).
    9. M. Tanzeem Raza & P. Natarajan, 2023. "Factors Driving Venture Capital Investments in India," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 9(1), pages 62-79, January.
    10. Di Pietro, Francesca & Butticè, Vincenzo, 2020. "Institutional characteristics and the development of crowdfunding across countries," International Review of Financial Analysis, Elsevier, vol. 71(C).
    11. Huang, Xiaoxia & Jiang, Yanchen & Mallick, Sushanta, 2025. "Endorsement and firm financing: Evidence from government venture capital market in China," The British Accounting Review, Elsevier, vol. 57(3).
    12. Cumming, Douglas & Henriques, Irene & Sadorsky, Perry, 2016. "‘Cleantech’ venture capital around the world," International Review of Financial Analysis, Elsevier, vol. 44(C), pages 86-97.
    13. Geng, Xiaoyuan & Liu, Jiaxin & Dai, Mengqi, 2026. "How government-guided funds cultivate and expand patient capital in China's GEM market?," International Review of Financial Analysis, Elsevier, vol. 110(C).

  113. Douglas Cumming & Lars Helge Haß & Denis Schweizer, 2014. "Strategic Asset Allocation and the Role of Alternative Investments," European Financial Management, European Financial Management Association, vol. 20(3), pages 521-547, June.

    Cited by:

    1. ALIU Florin & NUHIU Artor & KNAPKOVA Adriana & LUBISHTANI Ermal & TRAN Khang, 2021. "Do Cryptocurrencies Offer Diversification Benefits For Equity Portfolios?," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 16(2), pages 5-18, August.
    2. Holtfort, Thomas & Horsch, Andreas & Schwarz, Joachim, 2022. "Economic, technological and social drivers of cryptocurrency market evolution and its managerial impact," Freiberg Working Papers 2022/01, TU Bergakademie Freiberg, Faculty of Economics and Business Administration.
    3. Emmanouil Platanakis & Athanasios Sakkas & Charles Sutcliffe, 2017. "Should Portfolio Model Inputs Be Estimated Using One or Two Economic Regimes?," ICMA Centre Discussion Papers in Finance icma-dp2017-07, Henley Business School, University of Reading.
    4. Racicot, François-Éric & Théoret, Raymond & Gregoriou, Greg N., 2021. "The response of hedge fund higher moment risk to macroeconomic and illiquidity shocks," International Review of Economics & Finance, Elsevier, vol. 72(C), pages 289-318.
    5. Rehman, Mobeen Ur & Asghar, Nadia & Kang, Sang Hoon, 2020. "Do Islamic indices provide diversification to bitcoin? A time-varying copulas and value at risk application," Pacific-Basin Finance Journal, Elsevier, vol. 61(C).
    6. Angelidis, Timotheos & Sakkas, Athanasios & Tessaromatis, Nikolaos, 2025. "Predicting commodity returns: Time series vs. cross sectional prediction models," Journal of Commodity Markets, Elsevier, vol. 38(C).
    7. Xinyu Huang & Weihao Han & David Newton & Emmanouil Platanakis & Dimitrios Stafylas & Charles Sutcliffe, 2023. "The diversification benefits of cryptocurrency asset categories and estimation risk: pre and post Covid-19," The European Journal of Finance, Taylor & Francis Journals, vol. 29(7), pages 800-825, May.
    8. Sakkas, Athanasios & Tessaromatis, Nikolaos, 2020. "Factor based commodity investing," Journal of Banking & Finance, Elsevier, vol. 115(C).
    9. Platanakis, Emmanouil & Sakkas, Athanasios & Sutcliffe, Charles, 2019. "Harmful diversification: Evidence from alternative investments," The British Accounting Review, Elsevier, vol. 51(1), pages 1-23.

  114. Douglas Cumming & Wenxuan Hou, 2014. "Valuation of restricted shares by conflicting shareholders in the Split Share Structure Reform," The European Journal of Finance, Taylor & Francis Journals, vol. 20(7-9), pages 778-802, September.

    Cited by:

    1. Fang, Hongyan & Song, Zhihui & Nofsinger, John R. & Wang, Yuyue, 2017. "Trading restrictions and firm dividends: The share lockup expiration experience in China," Journal of Banking & Finance, Elsevier, vol. 85(C), pages 83-98.
    2. Chuan-Yang Hwang & Shaojun Zhang & Yanjian Zhu, 2018. "Float, Speculation And Stock Price: Evidence From The Split Share Structure Reform In China," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 63(03), pages 701-729, June.
    3. Yang, Junhong & Guariglia, Alessandra & Guo, Jie (Michael), 2019. "To what extent does corporate liquidity affect M&A decisions, method of payment and performance? Evidence from China," Journal of Corporate Finance, Elsevier, vol. 54(C), pages 128-152.
    4. Xiaocui Deng & Xiaojian Su, 2023. "Do Financial Liabilities Matter in “Size Effect”? Evidence from the Chinese A-Share Market," Sustainability, MDPI, vol. 15(4), pages 1-11, February.
    5. Chen, Yinghui & Du, Julan, 2020. "Does regulatory reform of cumulative voting promote a more balanced power distribution in the boardroom?," Journal of Corporate Finance, Elsevier, vol. 64(C).
    6. Jerry X. Cao & Yuan Ding & Hua Zhang, 2016. "Social Capital, Informal Governance, and Post-IPO Firm Performance: A Study of Chinese Entrepreneurial Firms," Journal of Business Ethics, Springer, vol. 134(4), pages 529-551, April.
    7. Liu, Jinyu & Wang, Zhengwei & Zhu, Wuxiang, 2021. "Does privatization reform alleviate ownership discrimination? Evidence from the Split-share structure reform in China," Journal of Corporate Finance, Elsevier, vol. 66(C).

  115. Cumming, Douglas & Haß, Lars Helge & Schweizer, Denis, 2014. "The fast track IPO – Success factors for taking firms public with SPACs," Journal of Banking & Finance, Elsevier, vol. 47(C), pages 198-213.

    Cited by:

    1. Feng, Felix & Nohel, Tom & Tian, Xuan & Wang, Wenyu & Wu, Yufeng, 2026. "The incentives of SPAC sponsors," Journal of Financial Economics, Elsevier, vol. 177(C).
    2. Amaya, Diego & Brolley, Michael & Smith, Brian F., 2020. "Diamonds in the rough: The value of scouting for early-stage funding," The North American Journal of Economics and Finance, Elsevier, vol. 52(C).
    3. Magnus Blomkvist & Giacomo Nocera & Milos Vulanovic, 2022. "SPAC CEOs and capital raising outcomes," Economics Bulletin, AccessEcon, vol. 42(2), pages 729-739.
    4. Dimic, Nebojsa & Tinoco, Mario Hernandez & Piljak, Vanja & Vulanovic, Milos, 2025. "Energy SPACs performance and governance," Energy Economics, Elsevier, vol. 145(C).
    5. Vismara, Silvio & Signori, Andrea & Paleari, Stefano, 2015. "Changes in underwriters' selection of comparable firms pre- and post-IPO: Same bank, same company, different peers," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 235-250.
    6. Tasawar Nawaz, 2025. "Not on My Nickel: The Aptness of Blank Check Companies for Islamic Finance," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(4), pages 4125-4131, October.
    7. Kolb, Johannes & Tykvová, Tereza, 2016. "Going public via special purpose acquisition companies: Frogs do not turn into princes," Journal of Corporate Finance, Elsevier, vol. 40(C), pages 80-96.
    8. Chiang, Yao-Min & Kim, Woojin & Park, Bokyung & Yoon, Tae Jun, 2025. "De-SPAC performance under better aligned sponsor contracts," Journal of Banking & Finance, Elsevier, vol. 176(C).
    9. Lee, Charles M.C. & Qu, Yuanyu & Shen, Tao, 2019. "Going public in China: Reverse mergers versus IPOs," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 92-111.
    10. Bhuyan, Md Nazmul Hasan & Subedi, Meena & Akter, Maimuna, 2022. "CEO-friendly boards and seasoned equity offerings," Journal of Behavioral and Experimental Finance, Elsevier, vol. 36(C).
    11. Dimic, Nebojsa & Goodell, John W. & Piljak, Vanja & Vulanovic, Milos, 2023. "Acquisition determinants of energy SPACs: Reflecting a closed group?," Finance Research Letters, Elsevier, vol. 55(PB).
    12. Hyunseok Kim & Jayoung Ko & Chulhee Jun & Kyojik “Roy” Song, 2021. "Going public through mergers with special purpose acquisition companies," International Review of Finance, International Review of Finance Ltd., vol. 21(3), pages 742-768, September.
    13. Akdoğu, Evrim & Simsir, Serif Aziz & Meriç Yılmaz, Merve, 2022. "SPACs and the regulation gap: The effect of first SEC intervention on share and warrant returns," Finance Research Letters, Elsevier, vol. 50(C).
    14. Kang, Hyung Cheol & Lee, Sangwon, 2024. "SPACs and the COVID-19 pandemic: Evidence from Korea," Research in International Business and Finance, Elsevier, vol. 72(PB).
    15. Magnus Blomkvist & Milos Vulanovic, 2020. "SPAC IPO waves," Post-Print hal-03039846, HAL.
    16. Del Giudice, Alfonso & Signori, Andrea, 2024. "Sponsor reputation and agency conflicts in SPACs," International Review of Financial Analysis, Elsevier, vol. 92(C).
    17. Matthias Eschweiler & Marvin Zumkley, 2026. "May the better team perform: team effects in the performance of DeSPACs," Journal of Asset Management, Palgrave Macmillan, vol. 27(1), pages 1-18, March.
    18. Signori, Andrea & Vismara, Silvio, 2018. "M&A synergies and trends in IPOs," Technological Forecasting and Social Change, Elsevier, vol. 127(C), pages 141-153.
    19. Shachmurove, Yochanan & Vulanovic, Milos, 2017. "U.S. SPACs with a focus on China," Journal of Multinational Financial Management, Elsevier, vol. 39(C), pages 1-18.
    20. Dimitrova, Lora, 2017. "Perverse incentives of special purpose acquisition companies, the “poor man's private equity funds”," Journal of Accounting and Economics, Elsevier, vol. 63(1), pages 99-120.
    21. Danial Hemmings & Aziz Jaafar, 2025. "Jumpstart our SPAC IPOs? Unintended consequences of the JOBS Act," Journal of Asset Management, Palgrave Macmillan, vol. 26(3), pages 333-343, May.
    22. James R. Barth & Min Gu & Jiachen Liu, 2023. "SPACs: An overview and assessment of returns," American Journal of Economics and Sociology, Wiley Blackwell, vol. 82(2), pages 129-139, March.
    23. Bin Liu & Gongming Qian & Jane Wenzhen Lu & Diya Shu, 2024. "Listing pathway, industry competition and internationalization: the case of Chinese family firms," Asia Pacific Journal of Management, Springer, vol. 41(3), pages 1515-1543, September.
    24. Papathanasiou, Spyros & Koutsokostas, Drosos & Pergeris, Georgios, 2022. "Novel alternative assets within a transmission mechanism of volatility spillovers: The role of SPACs," Finance Research Letters, Elsevier, vol. 47(PA).

  116. Douglas Cumming & Sofia Johan, 2013. "Technology parks and entrepreneurial outcomes around the world," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 9(4), pages 279-293, September.

    Cited by:

    1. Douglas Cumming & Jochen Christian Werth & Yelin Zhang, 2019. "Governance in entrepreneurial ecosystems: venture capitalists vs. technology parks," Small Business Economics, Springer, vol. 52(2), pages 455-484, February.

  117. Douglas Cumming & Gaël Imad’Eddine & Armin Schwienbacher, 2013. "Legality and the Spread of Voluntary Investor Protection," Finance, Presses universitaires de Grenoble, vol. 34(3), pages 31-65.

    Cited by:

    1. Cumming, Douglas & Schwienbacher, Armin & Zhan, Feng, 2015. "The scope of international mutual fund outsourcing: Fees, performance and risks," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 38(C), pages 185-199.
    2. Lisa De Simone & Rebecca Lester & Kevin Markle, 2020. "Transparency and Tax Evasion: Evidence from the Foreign Account Tax Compliance Act (FATCA)," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 58(1), pages 105-153, March.

  118. Cumming, Douglas & Zambelli, Simona, 2013. "Private equity performance under extreme regulation," Journal of Banking & Finance, Elsevier, vol. 37(5), pages 1508-1523.

    Cited by:

    1. Arayssi, Mahmoud, 2015. "Captive Funds and Banks' Capital," MPRA Paper 64912, University Library of Munich, Germany.
    2. Douglas Cumming & Simona Zambelli, 2017. "Due Diligence and Investee Performance," European Financial Management, European Financial Management Association, vol. 23(2), pages 211-253, March.
    3. Tereza Tykvová, 2018. "Venture capital and private equity financing: an overview of recent literature and an agenda for future research," Journal of Business Economics, Springer, vol. 88(3), pages 325-362, May.
    4. Muhammad Zubair Khan & Walter Ferrier & Zafir Ullah Khan & Affan Hameed, 2025. "The interplay of institutional quality and financial development in venture capital fundraising," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 52(2), pages 379-413, June.
    5. Gibbs, Michael & Hao, (Grace) Qing, 2018. "Short selling around the expiration of IPO share lockups," Journal of Banking & Finance, Elsevier, vol. 88(C), pages 30-43.
    6. Sakshi Sharma & Kunjana Malik & Manmeet Kaur & Neha Saini, 2023. "Mapping research in the field of private equity: a bibliometric analysis," Management Review Quarterly, Springer, vol. 73(1), pages 61-89, February.
    7. Naz Sayari & Bill Marcum & Ram Baliga, 2024. "To overstate or not to overstate Corporate Social Responsibility (CSR): What does Bayes tell us about CSR decoupling and firm value?," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 45(1), pages 264-282, January.
    8. Johan, Sofia & Zhang, Minjie, 2016. "Private equity exits in emerging markets," Emerging Markets Review, Elsevier, vol. 29(C), pages 133-153.
    9. Baschieri, Giulia & Carosi, Andrea & Mengoli, Stefano, 2016. "Does the earnings quality matter? Evidence from a quasi-experimental setting," Finance Research Letters, Elsevier, vol. 19(C), pages 146-157.
    10. Renneboog, Luc & Vansteenkiste, Cara, 2017. "Leveraged Buyouts : A Survey of the Literature," Other publications TiSEM 573ebdd5-a720-4110-8ed1-e, Tilburg University, School of Economics and Management.
    11. Gejadze, Maia & Giot, Pierre & Schwienbacher, Armin, 2017. "Private equity fundraising and firm specialization," The Quarterly Review of Economics and Finance, Elsevier, vol. 64(C), pages 259-274.
    12. Elisa Ughetto, 2016. "Investments, Financing Constraints and Buyouts: the Effect of Private Equity Investors on the Sensitivity of Investments to Cash Flow," Manchester School, University of Manchester, vol. 84(1), pages 25-54, January.
    13. Minetti, Raoul & Murro, Pierluigi & Paiella, Monica, 2015. "Ownership structure, governance, and innovation," European Economic Review, Elsevier, vol. 80(C), pages 165-193.
    14. Díaz, Antonio & Esparcia, Carlos & Tegtmeier, Lars, 2025. "Private equity market dynamics: Beyond the surface," International Review of Economics & Finance, Elsevier, vol. 100(C).

  119. Cumming, Douglas & Helge Haß, Lars & Schweizer, Denis, 2013. "Private equity benchmarks and portfolio optimization," Journal of Banking & Finance, Elsevier, vol. 37(9), pages 3515-3528.

    Cited by:

    1. McKenzie, Michael & Satchell, Stephen & Wongwachara, Warapong, 2014. "Converting true returns into reported returns: A general theory of linear smoothing and anti-smoothing," Journal of Empirical Finance, Elsevier, vol. 28(C), pages 215-229.
    2. Chen, Linda H. & Dyl, Edward A. & Jiang, George J. & Juneja, Januj A., 2015. "Risk, illiquidity or marketability: What matters for the discounts on private equity placements?," Journal of Banking & Finance, Elsevier, vol. 57(C), pages 41-50.
    3. Jean‐Christophe Delfim & Martin Hoesli, 2021. "Robust desmoothed real estate returns," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(1), pages 75-105, March.
    4. Loic Mar'echal & Alain Mermoud & Dimitri Percia David & Mathias Humbert, 2024. "Measuring the performance of investments in information security startups: An empirical analysis by cybersecurity sectors using Crunchbase data," Papers 2402.04765, arXiv.org, revised Feb 2024.
    5. Auer, Benjamin R. & Schuhmacher, Frank, 2016. "Do socially (ir)responsible investments pay? New evidence from international ESG data," The Quarterly Review of Economics and Finance, Elsevier, vol. 59(C), pages 51-62.
    6. Leurent, Martin & Da Costa, Pascal & Jasserand, Frédéric & Rämä, Miika & Persson, Urban, 2018. "Cost and climate savings through nuclear district heating in a French urban area," Energy Policy, Elsevier, vol. 115(C), pages 616-630.
    7. Jacob, Martin & Johan, Sofia & Schweizer, Denis & Zhan, Feng, 2016. "Corporate finance and the governance implications of removing government support programs," Journal of Banking & Finance, Elsevier, vol. 63(C), pages 35-47.
    8. Díaz, Antonio & Esparcia, Carlos & Tegtmeier, Lars, 2025. "Private equity market dynamics: Beyond the surface," International Review of Economics & Finance, Elsevier, vol. 100(C).
    9. Machairas, Vasileios & Tsangrassoulis, Aris & Axarli, Kleo, 2014. "Algorithms for optimization of building design: A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 31(C), pages 101-112.
    10. Platanakis, Emmanouil & Sakkas, Athanasios & Sutcliffe, Charles, 2019. "Harmful diversification: Evidence from alternative investments," The British Accounting Review, Elsevier, vol. 51(1), pages 1-23.
    11. Kallenos, Theodosis L. & Nishiotis, George P., 2023. "Market-based private equity returns," Journal of Banking & Finance, Elsevier, vol. 157(C).

  120. Douglas Cumming & Sofia Johan, 2013. "Demand-driven securities regulation: evidence from crowdfunding," Venture Capital, Taylor & Francis Journals, vol. 15(4), pages 361-379, October.

    Cited by:

    1. Johan, Sofia & Zhang, Yelin, 2020. "Quality revealing versus overstating in equity crowdfunding," Journal of Corporate Finance, Elsevier, vol. 65(C).
    2. Emil Adamek & Jan Janku, 2022. "What Drives Small Business Crowdfunding? Impact of Macroeconomic and Financial Factors," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 72(2), pages 172-196, June.
    3. Jascha-Alexander Koch & Michael Siering, 2019. "The recipe of successful crowdfunding campaigns," Electronic Markets, Springer;IIM University of St. Gallen, vol. 29(4), pages 661-679, December.
    4. Alex Murray & Greg Fisher, 2023. "When More Is Less: Explaining the Curse of Too Much Capital for Early-Stage Ventures," Organization Science, INFORMS, vol. 34(1), pages 246-282, January.
    5. Silvio Vismara, 2018. "Information Cascades among Investors in Equity Crowdfunding," Entrepreneurship Theory and Practice, , vol. 42(3), pages 467-497, May.
    6. Andreas Hoegen & Dennis M. Steininger & Daniel Veit, 2018. "How do investors decide? An interdisciplinary review of decision-making in crowdfunding," Electronic Markets, Springer;IIM University of St. Gallen, vol. 28(3), pages 339-365, August.
    7. Vismara, Silvio, 2019. "Sustainability in equity crowdfunding," Technological Forecasting and Social Change, Elsevier, vol. 141(C), pages 98-106.
    8. Sven Siebeneicher & Ilker Yenice & Carolin Bock, 2022. "Financial-Return Crowdfunding for Energy and Sustainability in the German-Speaking Realm," Sustainability, MDPI, vol. 14(19), pages 1-23, September.
    9. Appio, Francesco Paolo & Leone, Daniele & Platania, Federico & Schiavone, Francesco, 2020. "Why are rewards not delivered on time in rewards-based crowdfunding campaigns? An empirical exploration," Technological Forecasting and Social Change, Elsevier, vol. 157(C).
    10. Armin Schwienbacher, 2018. "Entrepreneurial risk-taking in crowdfunding campaigns," Small Business Economics, Springer, vol. 51(4), pages 843-859, December.
    11. Joan MacLeod Heminway, 2016. "Securities Crowdfunding and Investor Protection," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 14(02), pages 11-15, July.
    12. Lars Hornuf & Armin Schwienbacher, 2015. "Funding Dynamics in Crowdinvesting," Research Papers in Economics 2015-09, University of Trier, Department of Economics.
    13. Douglas Cumming & Fabrice Hervé & Elodie Manthé & Armin Schwienbacher, 2022. "Testing-the-Waters Policy With Hypothetical Investment: Evidence From Equity Crowdfunding," Entrepreneurship Theory and Practice, , vol. 46(4), pages 1019-1053, July.
    14. Ronnie Figueiredo & Flavia Bendelá, 2024. "The Role of Equity Crowdfunding in the Brazilian Entrepreneurial Ecosystem: An Empirical Analysis," Administrative Sciences, MDPI, vol. 14(9), pages 1-28, September.
    15. Bruno Torres & Zélia Serrasqueiro & Márcio Oliveira, 2024. "Crowdfunding in Portugal—Using the Raize Platform to Ensure the Sustainability of Companies and Projects," Sustainability, MDPI, vol. 16(11), pages 1-23, May.
    16. Ciro Troise & Mario Tani & Ornella Papaluca, 2020. "Equity and Reward Crowdfunding: A Multiple Signal Analysis," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 12(3), pages 1-30, March.
    17. Jörn H. Block & Alexander Groh & Lars Hornuf & Tom Vanacker & Silvio Vismara, 2021. "The entrepreneurial finance markets of the future : a comparison of crowdfunding and initial coin offerings," Post-Print hal-03337456, HAL.
    18. Goethner, Maximilian & Hornuf, Lars & Regner, Tobias, 2021. "Protecting investors in equity crowdfunding: An empirical analysis of the small investor protection act," Technological Forecasting and Social Change, Elsevier, vol. 162(C).
    19. Meoli, Michele & Vismara, Silvio, 2021. "Information manipulation in equity crowdfunding markets," Journal of Corporate Finance, Elsevier, vol. 67(C).
    20. Christina Guenther & Sofia Johan & Denis Schweizer, 2018. "Is the crowd sensitive to distance?—how investment decisions differ by investor type," Small Business Economics, Springer, vol. 50(2), pages 289-305, February.
    21. Bagheri, Afsaneh & Chitsazan, Hasti & Ebrahimi, Ashkan, 2019. "Crowdfunding motivations: A focus on donors' perspectives," Technological Forecasting and Social Change, Elsevier, vol. 146(C), pages 218-232.
    22. Walthoff-Borm, Xavier & Schwienbacher, Armin & Vanacker, Tom, 2018. "Equity crowdfunding: First resort or last resort?," Journal of Business Venturing, Elsevier, vol. 33(4), pages 513-533.
    23. Hornuf, Lars & Schwienbacher, Armin, 2014. "The Emergence of Crowdinvesting in Europe," Discussion Papers in Economics 21388, University of Munich, Department of Economics.
    24. Tanja Jovanović, 2019. "Crowdfunding: What Do We Know So Far?," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 16(01), pages 1-25, February.
    25. Francesca Battaglia & Marika Carboni & Antonella Francesca Cicchiello & Stefano MonferrÃ, 2021. "Assessing the Effects of Anti-corruption Law on Entrepreneurial Finance: Evidence from Latin America," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 20(1), pages 48-78, April.
    26. Hornuf, Lars & Schwienbacher, Armin, 2014. "Should Securities Regulation Promote Crowdinvesting?," Discussion Papers in Economics 20975, University of Munich, Department of Economics.
    27. Saman Adhami & Gianfranco Gianfrate & Sofia Johan, 2023. "Risks and returns in crowdlending," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 13(2), pages 309-340, June.
    28. John Donovan, 2021. "Financial Reporting and Entrepreneurial Finance: Evidence from Equity Crowdfunding," Management Science, INFORMS, vol. 67(11), pages 7214-7237, November.
    29. Hongmin Zhang & Jinghua Zhang, 2023. "Pollution Transfer under Intergovernmental Competition: Suppression or Opportunity," Sustainability, MDPI, vol. 15(21), pages 1-18, October.
    30. Kazem Mochkabadi & Christine K. Volkmann, 2020. "Equity crowdfunding: a systematic review of the literature," Small Business Economics, Springer, vol. 54(1), pages 75-118, January.
    31. Yousra A. Abdelwahed & Johannes Schaaper & Hanane Elzeiny, 2025. "The Effect of Crowdfunding Criteria on the Intentions to Fund Entrepreneurial Projects: A Comparative Study between Egypt and France," International Journal of Business and Management, Canadian Center of Science and Education, vol. 20(5), pages 121-121, October.
    32. Ciro Troise & Enrico Battisti & Michael Christofi & Nina Jorien Vulpen & Shlomo Tarba, 2023. "How Can SMEs Use Crowdfunding Platforms to Internationalize? The Role of Equity and Reward Crowdfunding," Management International Review, Springer, vol. 63(1), pages 117-159, February.
    33. Hornuf, Lars & Schwienbacher, Armin, 2018. "Market mechanisms and funding dynamics in equity crowdfunding," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 556-574.
    34. Knyazeva, Anzhela, 2019. "Financial innovation in microcap public offerings," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 283-305.
    35. Silvio Vismara, 2016. "Equity retention and social network theory in equity crowdfunding," Small Business Economics, Springer, vol. 46(4), pages 579-590, April.
    36. Ferretti, Riccardo & Venturelli, Valeria & Pedrazzoli, Alessia, 2021. "Do multiple competing offerings on a crowdfunding platform influence investment behavior?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 30(C).
    37. Gerrit K.C. Ahlers & Douglas Cumming & Christina Günther & Denis Schweizer, 2015. "Signaling in Equity Crowdfunding," Entrepreneurship Theory and Practice, , vol. 39(4), pages 955-980, July.
    38. Regan Stevenson & Jared Eutsler & Bradley Lang & Jesse C. Robertson, 2025. "Financial statement audit and regulatory focus in equity crowdfunding decisions," Small Business Economics, Springer, vol. 64(3), pages 1233-1258, March.
    39. Shneor, Rotem & Munim, Ziaul Haque, 2019. "Reward crowdfunding contribution as planned behaviour: An extended framework," Journal of Business Research, Elsevier, vol. 103(C), pages 56-70.
    40. Cristina Martínez-Gómez & Francisca Jiménez-Jiménez & M. Virtudes Alba-Fernández, 2020. "Determinants of Overfunding in Equity Crowdfunding: An Empirical Study in the UK and Spain," Sustainability, MDPI, vol. 12(23), pages 1-29, December.
    41. Jianjun Li & Ji Wu & Tairan Kevin Huang & Yu Guo, 2025. "Dialect Distance and Venture Capital Risk‐Taking: Evidence From China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 65(5), pages 4352-4369, December.
    42. Habib Ahmed, 2025. "Crowdfunding and entrepreneurial/SME finance: regulatory framework for financial inclusion," Journal of Banking Regulation, Palgrave Macmillan, vol. 26(3), pages 503-517, September.

  121. Cumming, Douglas & Li, Dan, 2013. "Public policy, entrepreneurship, and venture capital in the United States," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 345-367.

    Cited by:

    1. Alperovych, Yan & Hübner, Georges & Lobet, Fabrice, 2015. "How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium," Journal of Business Venturing, Elsevier, vol. 30(4), pages 508-525.
    2. Sofie De Prijcker & Sophie Manigart & Veroniek Collewaert & Tom Vanacker, 2019. "Relocation to Get Venture Capital: A Resource Dependence Perspective," Entrepreneurship Theory and Practice, , vol. 43(4), pages 697-724, July.
    3. Naga Lakshmi Damaraju & Jay B. Barney & Gregory G. Dess, 2021. "Do Stringent Bankruptcy Laws Always Deter Entrepreneurial Activities? A Study of Cultural Influences," Entrepreneurship Theory and Practice, , vol. 45(2), pages 418-439, March.
    4. Bennett, Daniel L., 2019. "Infrastructure investments and entrepreneurial dynamism in the U.S," Journal of Business Venturing, Elsevier, vol. 34(5), pages 1-1.
    5. Mark R. Ayoub & Sandra Gottschalk & Bettina Müller, 2017. "Impact of public seed-funding on academic spin-offs," The Journal of Technology Transfer, Springer, vol. 42(5), pages 1100-1124, October.
    6. Herrera-Echeverri, Hernan & Nandy, Debarshi K. & Fragua, Daniel, 2022. "The role of private equity investments on exports: Evidence from OECD countries," Journal of Multinational Financial Management, Elsevier, vol. 65(C).
    7. Aleksandar Giga & Alexandra Graddy-Reed & Andrea Belz & Richard J. Terrile & Fernando Zapatero, 2022. "Helping the Little Guy: the impact of government awards on small technology firms," The Journal of Technology Transfer, Springer, vol. 47(3), pages 846-871, June.
    8. Fulong Xiao & Zini Liang & Yongbin Lv & Wei Wang, 2024. "The effect of government‐guided funds on target industries in development zones – Evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(5), pages 4701-4722, December.
    9. Bhattacharya, Bibek, 2025. "New here? Lawyer up, please: Differences in external legal expenditure between new ventures and established firms in emerging economies," Journal of Business Venturing Insights, Elsevier, vol. 23(C).
    10. Shakya, Shishir & Plemmons, Alicia, 2021. "The Impact of Economic Freedom on Startups," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 51(01), January.
    11. Wei Wang & Chris Yung, 2025. "Employment Protection and Venture Capital Investment: The Impact of Wrongful Discharge Laws," Management Science, INFORMS, vol. 71(2), pages 1523-1545, February.
    12. Pandey, Dharen Kumar & Hunjra, Ahmed Imran & Hassan, M. Kabir & Rai, Varun Kumar, 2023. "Venture capital financing during crises: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 64(C).
    13. Cole, Rebel & Cumming, Douglas & Li, Dan, 2016. "Do banks or VCs spur small firm growth?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 41(C), pages 60-72.
    14. Kaminski, Jermain & Hopp, Christian & Tykvová, Tereza, 2019. "New technology assessment in entrepreneurial financing – Does crowdfunding predict venture capital investments?," Technological Forecasting and Social Change, Elsevier, vol. 139(C), pages 287-302.
    15. Lohwasser, Todor S., 2020. "Meta-analyzing the relative performance of venture capital-backed firms," Discussion Papers of the Institute for Organisational Economics 4/2020, University of Münster, Institute for Organisational Economics.
    16. Harrison, Richard T. & Bock, Adam J. & Gregson, Geoff, 2020. "Stairway to heaven? rethinking angel investment policy and practice," Journal of Business Venturing Insights, Elsevier, vol. 14(C).
    17. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    18. Farzana Chowdhury & David B. Audretsch & Maksim Belitski, 2019. "Institutions and Entrepreneurship Quality," Entrepreneurship Theory and Practice, , vol. 43(1), pages 51-81, January.
    19. Thomas Standaert & Sophie Manigart, 2018. "Government as fund-of-fund and VC fund sponsors: effect on employment in portfolio companies," Small Business Economics, Springer, vol. 50(2), pages 357-373, February.
    20. Rudra P. Pradhan & Mak B. Arvin & Mahendhiran Nair & Sara E. Bennett, 2017. "Venture capital investment, financial development, and economic growth: the case of European single market countries," Venture Capital, Taylor & Francis Journals, vol. 19(4), pages 313-333, October.
    21. Harrison, Richard T., 2022. "“Pennies from heaven”? Market failure, circuits of capital and policy support for business angels: The case of cross-border angel investment," Journal of Business Venturing Insights, Elsevier, vol. 17(C).
    22. MeiChi Huang, 2019. "Risk diversification gains from metropolitan housing assets," Review of Financial Economics, John Wiley & Sons, vol. 37(4), pages 453-481, October.
    23. David B. Audretsch & Erik E. Lehmann & Matthias Menter & Nikolaus Seitz, 2026. "More knowledge, more entrepreneurs? An investigation of the science and cluster policy mix in Germany," Small Business Economics, Springer, vol. 66(4), pages 1755-1784, April.
    24. Douglas Cumming & Sofia Johan & Jeffrey G. MacIntosh, 2017. "A drop in an empty pond: Canadian public policy towards venture capital," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 103-117, March.
    25. Mihaela MATEI & Mihaela IORDACHE, 2020. "Increasing Entrepreneurship In Romania Through European Structural Funds And Emigration," Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 14(1), pages 561-571, November.
    26. Jianjun Xu & Lijie Yu & Rakesh Gupta, 2020. "Evaluating the Performance of the Government Venture Capital Guiding Fund Using the Intuitionistic Fuzzy Analytic Hierarchy Process," Sustainability, MDPI, vol. 12(17), pages 1-24, August.
    27. Jinbo Wang & Maosheng Ran & Yi Li & Heng Zhan, 2022. "Is venture capital a catalyst for innovative entrepreneurship in China? Empirical analysis based on the PSM‐DID method," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(4), pages 1039-1058, June.
    28. György Walter & Jens Valdemar Krenchel, 2021. "The Leniency of Personal Bankruptcy Regulations in the EU Countries," Risks, MDPI, vol. 9(9), pages 1-20, September.
    29. Laura Abrardi & Annalisa Croce & Elisa Ughetto, 2019. "The dynamics of switching between governmental and independent venture capitalists: theory and evidence," Small Business Economics, Springer, vol. 53(1), pages 165-188, June.
    30. Joern H. Block & Douglas J. Cumming & Silvio Vismara, 2017. "International perspectives on venture capital and bank finance for entrepreneurial firms," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 3-22, March.
    31. Wei, Shihao & Su, Zhongfeng & Ahlstrom, David & Wu, Zhan, 2023. "State fragility and informal entrepreneurship: The moderating effects of human capital under varying temporal orientations," Journal of International Management, Elsevier, vol. 29(1).
    32. Sai Lan & Xiang Gao & Qing Wang & Yilin Zhang, 2018. "Public Policy Environment and Entrepreneurial Activities: Evidence from China," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 26(3), pages 88-108, May.
    33. Jia, Yingdan & Li, Jingwen & Zhang, Jindan, 2025. "Governmental venture capital and corporate digital transformation: evidence from China," Finance Research Letters, Elsevier, vol. 84(C).
    34. Cumming, Douglas, 2014. "Public economics gone wild: Lessons from venture capital," International Review of Financial Analysis, Elsevier, vol. 36(C), pages 251-260.
    35. Joshua C. Hall & Dean Stansel & Danko Tarabar, 2015. "Economic Freedom Studies at the State Level: A Survey," Working Papers 15-07, Department of Economics, West Virginia University.
    36. Moro, Andrea & Maresch, Daniela & Fink, Matthias & Ferrando, Annalisa & Piga, Claudio, 2020. "Spillover effects of government initiatives fostering entrepreneurship on the access to bank credit for entrepreneurial firms in Europe," Journal of Corporate Finance, Elsevier, vol. 62(C).
    37. Gaies, Brahim & Vesci, Massimiliano & Crudele, Chiara & Calabrò, Andrea & Maalaoui, Adnane, 2025. "How does institutional quality influence opportunity entrepreneurship? A panel data analysis of OECD countries," Journal of Business Research, Elsevier, vol. 192(C).
    38. Joanna Woronkowicz & Douglas S. Noonan, 2019. "Who Goes Freelance? The Determinants of Self-Employment for Artists," Entrepreneurship Theory and Practice, , vol. 43(4), pages 651-672, July.
    39. Sarkodie, Helena & Boasiako, Kwabena & Keefe, Michael O’Connor & Nguyen, Justin & Tawiah, Bernard, 2025. "Right-to-work laws and venture capital investment," Journal of Banking & Finance, Elsevier, vol. 172(C).
    40. Dionisio, Eduardo Avancci & Inácio Júnior, Edmundo & Fischer, Bruno Brandão, 2021. "Country-level efficiency and the index of dynamic entrepreneurship: Contributions from an efficiency approach," Technological Forecasting and Social Change, Elsevier, vol. 162(C).
    41. Bongsuk Sung & Woo-Yong Song, 2017. "Does Dynamic Efficiency of Public Policy Promote Export Prformance? Evidence from Bioenergy Technology Sector," Energies, MDPI, vol. 10(12), pages 1-18, December.
    42. Urbano, David & Aparicio, Sebastian, 2016. "Entrepreneurship capital types and economic growth: International evidence," Technological Forecasting and Social Change, Elsevier, vol. 102(C), pages 34-44.
    43. Rudra P. Pradhan & Rana P. Maradana & Danish B. Zaki & Saurav Dash & Manju Jayakumar & Kunal Gaurav, 2017. "Venture Capital and Innovation: Evidence from European Economic Area Countries," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 14(06), pages 1-30, December.
    44. Jonathan Labbe, 2021. "Study of The Relationship Between Public and Private Venture Capitalists in France: A Qualitative Approach," Post-Print hal-03381477, HAL.
    45. Ye (George) Jia, 2015. "The impact of personal bankruptcy law on entrepreneurship," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 48(2), pages 464-493, May.
    46. Jonathan Labbe, 2021. "Study of The Relationship Between Public and Private Venture Capitalists in France: A Qualitative Approach," Papers 2110.09098, arXiv.org.
    47. Belkhir, Mohamed & Ben-Nasr, Hamdi & Boubaker, Sabri, 2016. "Labor protection and corporate Debt maturity: International evidence," International Review of Financial Analysis, Elsevier, vol. 45(C), pages 134-149.
    48. Howell, Sabrina T., 2020. "Firm type variation in the cost of risk management," Journal of Corporate Finance, Elsevier, vol. 64(C).
    49. Jiangbin Yin & Xiaoyan Huang & Yunyun Dong & Min Zhao & Weibao Tan, 2021. "Dual‐level impact of regional context and individual attributes on entrepreneurship among return migrants in China," Growth and Change, Wiley Blackwell, vol. 52(2), pages 1099-1116, June.

  122. D. Daniel Sokol & Douglas Cumming & Sofia Johan, 2013. "Listing Standards and Fraud," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 34(7-8), pages 451-470, October.

    Cited by:

    1. Bao, Xiaolu & Johan, Sofia & Kutsuna, Kenji, 2016. "Do political connections matter in accessing capital markets? Evidence from China," Emerging Markets Review, Elsevier, vol. 29(C), pages 24-41.
    2. Cumming, Douglas & Dannhauser, Robert & Johan, Sofia, 2015. "Financial market misconduct and agency conflicts: A synthesis and future directions," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 150-168.
    3. Amaya, Diego & Brolley, Michael & Smith, Brian F., 2020. "Diamonds in the rough: The value of scouting for early-stage funding," The North American Journal of Economics and Finance, Elsevier, vol. 52(C).
    4. Laure de Batz, 2018. "Financial Impact of Regulatory Sanctions on French Listed Companies," Working Papers IES 2018/10, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Apr 2018.
    5. Vismara, Silvio & Signori, Andrea & Paleari, Stefano, 2015. "Changes in underwriters' selection of comparable firms pre- and post-IPO: Same bank, same company, different peers," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 235-250.
    6. Switzer, Lorne N. & El Meslmani, Nabil & Zhai, Xinkai, 2022. "IPO performance and the size effect: Evidence for the US and Canada," The North American Journal of Economics and Finance, Elsevier, vol. 62(C).
    7. J. Ari Pandes & Michael J. Robinson, 2013. "The Canadian junior IPO market and the Capital Pool Company program," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 6, pages 124-140, Edward Elgar Publishing.
    8. Güçbilmez, Ufuk, 2014. "Why do some Chinese technology firms avoid ChiNext and go public in the US?," International Review of Financial Analysis, Elsevier, vol. 36(C), pages 179-194.
    9. CAO, Ning & McGUINNESS, Paul B. & XI, Chao, 2021. "Does securities enforcement improve disclosure quality? An examination of Chinese listed companies' restatement activities," Journal of Corporate Finance, Elsevier, vol. 67(C).
    10. Park, Jong-Ho & Binh, Ki Beom & Eom, Kyong Shik, 2016. "The effect of listing switches from a growth market to a main board: An alternative perspective," Emerging Markets Review, Elsevier, vol. 29(C), pages 246-273.
    11. Kwon, Tae Yeon & Lee, Yoonjung, 2018. "Industry specific defaults," Journal of Empirical Finance, Elsevier, vol. 45(C), pages 45-58.

  123. Chen, Jiandong & Cumming, Douglas & Hou, Wenxuan & Lee, Edward, 2013. "Executive integrity, audit opinion, and fraud in Chinese listed firms," Emerging Markets Review, Elsevier, vol. 15(C), pages 72-91.

    Cited by:

    1. Del Gaudio, Belinda L. & Salerno, Dario & Sampagnaro, Gabriele & Verdoliva, Vincenzo, 2022. "Misconduct risk in banking services: Does a propensity to be sanctioned exist?," International Review of Financial Analysis, Elsevier, vol. 81(C).
    2. Lars Helge Haß & Sofia Johan & Maximilian André Müller, 2016. "The Effectiveness of Public Enforcement: Evidence from the Resolution of Tunneling in China," Journal of Business Ethics, Springer, vol. 134(4), pages 649-668, April.
    3. Zhong, Ruohan & Li, Yanxi & Wang, Yun, 2021. "Multiple large shareholders, control contests, and forced CEO turnover," Emerging Markets Review, Elsevier, vol. 48(C).
    4. Cumming, Douglas & Dannhauser, Robert & Johan, Sofia, 2015. "Financial market misconduct and agency conflicts: A synthesis and future directions," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 150-168.
    5. Xintu Lei & Honghua Wang & Fang Deng & Shihui Li & Wenting Chang, 2025. "RETRACTED ARTICLE: Sustainability Through Scrutiny: Enhancing Transparency in Chinese Corporations via Environmental Audits," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(1), pages 2451-2520, March.
    6. Wang, Yizhong & Chen, Lifang & Huang, Ying Sophie & Li, Yong, 2018. "How does credit market distortion affect corporate investment efficiency? The role of managerial forecast," Finance Research Letters, Elsevier, vol. 25(C), pages 266-273.
    7. Choi, Daewoung & Gam, Yong Kyu & Shin, Hojong, 2020. "Corporate fraud under pyramidal ownership structure: Evidence from a regulatory reform," Emerging Markets Review, Elsevier, vol. 45(C).
    8. Chan, Ann Ling-Ching & Ding, Rong & Hou, Wenxuan, 2014. "Does mutual fund ownership affect financial reporting quality for Chinese privately-owned enterprises?," International Review of Financial Analysis, Elsevier, vol. 36(C), pages 131-140.
    9. Adriana Tiron-Tudor & Widad Atena Faragalla & Anca Pianoschi, 2025. "The role of the accountancy professionals in detecting and preventing fraud, in a digital landscape: a systematic literature review," Digital Finance, Springer, vol. 7(4), pages 745-786, December.
    10. Shi, Lulu & Liu, Yi, 2024. "Potential alliance partners' reactions to focal firm misconduct: Incongruence across capability and character reputation," Technological Forecasting and Social Change, Elsevier, vol. 203(C).
    11. Anca Pianoschi & Stefania Mierlita, 2025. "Revising ISA240 in a digital world: the sociomaterial perspective on fraud, technology, and stakeholder influence," Digital Finance, Springer, vol. 7(4), pages 921-947, December.
    12. Yusi Jiang & Tianyu Gong & Wan Cheng & Yapu Zhao, 2023. "Repression or indulgence? Distinctive government influence on firm financial and environmental misconduct in China," Asian Business & Management, Palgrave Macmillan, vol. 22(1), pages 379-402, February.
    13. Manasi Gokhale & Deepa Pillai, 2024. "Firm level and country level determinants of earnings management in emerging economies: a systematic framework-based review," Future Business Journal, Springer, vol. 10(1), pages 1-16, December.
    14. Hu, May & Muhammad, Abdul & Yang, Jingjing, 2022. "Ownership concentration, modified audit opinion, and auditor switch: New evidence and method," The North American Journal of Economics and Finance, Elsevier, vol. 61(C).
    15. Chenhao Hu, 2023. "The dual role of state shareholders in disclosed corporate misconduct: Evidence from China," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(3), pages 1732-1748, April.
    16. Qiu, Ying & He, Hua & Xiao, Gang, 2018. "The information content of insider trading: Evidence from China," Finance Research Letters, Elsevier, vol. 26(C), pages 126-131.
    17. Wang, Yang & Ashton, John K. & Jaafar, Aziz, 2019. "Does mutual fund investment influence accounting fraud?," Emerging Markets Review, Elsevier, vol. 38(C), pages 142-158.
    18. Said, Jamaliah & Alam, Md. Mahmudul & Ramli, Masitah & Rafidi, Marhamah, 2020. "Integrating Ethical Values into Fraud Triangle Theory in Assessing Employee Fraud: Evidence from the Malaysian Banking Industry," SocArXiv xpqrs_v1, Center for Open Science.
    19. Lars Helge Hass & Monika Tarsalewska & Feng Zhan, 2016. "Equity Incentives and Corporate Fraud in China," Journal of Business Ethics, Springer, vol. 138(4), pages 723-742, November.
    20. CAO, Ning & McGUINNESS, Paul B. & XI, Chao, 2021. "Does securities enforcement improve disclosure quality? An examination of Chinese listed companies' restatement activities," Journal of Corporate Finance, Elsevier, vol. 67(C).
    21. Emad Noureldeen & Mohamed Elsayed & Ahmed A. Elamer & Jianming Ye, 2024. "Two-tier board characteristics and expanded audit reporting: Evidence from China," Review of Quantitative Finance and Accounting, Springer, vol. 63(1), pages 195-235, July.
    22. Yang Wang & Yifei Zhang & Xiao Chang & Wei Kang, 2024. "CEO tenure and environmental fraud for listed family firms," Business Strategy and the Environment, Wiley Blackwell, vol. 33(3), pages 1887-1905, March.
    23. Ma, Liangbo & Ma, Shiguang & Tian, Gary, 2016. "Family control, accounting misstatements, and market reactions to restatements: Evidence from China," Emerging Markets Review, Elsevier, vol. 28(C), pages 1-27.
    24. Soltani Lynda, 2016. "Determinants of Audit Opinion after the Scandals of Enron: Empirical Validation in the French Context," International Journal of Business and Management, Canadian Center of Science and Education, vol. 11(5), pages 219-219, April.
    25. Lu, Qiaoshan & Xiang, Cheng & Li, Bingxiang & Feng, Lixuan, 2023. "Non-controlling shareholders' governance participation and corporate misconduct: Evidence from voting in general meetings," Pacific-Basin Finance Journal, Elsevier, vol. 81(C).

  124. Douglas Cumming & Na Dai, 2013. "Why Do Entrepreneurs Switch Lead Venture Capitalists?," Entrepreneurship Theory and Practice, , vol. 37(5), pages 999-1017, September.

    Cited by:

    1. Wang, Pengfei, 2020. "Broadening versus reinforcing investor portfolios: Social structure and the search for venture capital investors," Journal of Business Venturing, Elsevier, vol. 35(1).
    2. Simone Aresu & Luigi Rombi & Andrea Cardia, 2019. "Management accounting systems in venture capital-backed start-up companies," MANAGEMENT CONTROL, FrancoAngeli Editore, vol. 2019(3), pages 35-58.
    3. Fu, Hui & Yang, Jun & An, Yunbi, 2019. "Made for each other: Perfect matching in venture capital markets," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 346-358.
    4. Bertoni, Fabio & Tykvová, Tereza, 2013. "Which form of venture capital is most supportive of innovation? Evidence from European biotechnology companies," FZID Discussion Papers 69-2013, University of Hohenheim, Center for Research on Innovation and Services (FZID).
    5. Jing Zhang & Huizhi Yu, 2017. "Venture Capitalists’ Experience and Foreign IPOs: Evidence from China," Entrepreneurship Theory and Practice, , vol. 41(5), pages 677-707, September.
    6. Kim, Jin-Hyuk & Wagman, Liad, 2016. "Early-stage entrepreneurial financing: A signaling perspective," Journal of Banking & Finance, Elsevier, vol. 67(C), pages 12-22.
    7. Cumming, Douglas J. & Grilli, Luca & Murtinu, Samuele, 2017. "Governmental and independent venture capital investments in Europe: A firm-level performance analysis," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 439-459.
    8. Bin Hao & Yanan Feng & Hongbin Tan & Mingzhu Ye, 2025. "Taking a Second Look at the Bait: Attention to Upside Potential Versus Downside Risk in Venture Capitalists’ Staged Investment," Entrepreneurship Theory and Practice, , vol. 49(1), pages 283-311, January.
    9. TIAN, Xiaoli & KOU, Gang & ZHANG, Weike, 2020. "Geographic distance, venture capital and technological performance: Evidence from Chinese enterprises," Technological Forecasting and Social Change, Elsevier, vol. 158(C).
    10. Hogrebe, Fabian & Lutz, Eva, 2024. "The sunk cost fallacy in venture capital staging: Decision-making dynamics for follow-on investment rounds," Journal of Corporate Finance, Elsevier, vol. 86(C).
    11. Marc Goergen & Laura Rondi, 2019. "Grand challenges and new avenues for corporate governance research," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 46(2), pages 137-146, June.
    12. Butticè, Vincenzo & Croce, Annalisa & Ughetto, Elisa, 2021. "Network dynamics in business angel group investment decisions," Journal of Corporate Finance, Elsevier, vol. 66(C).
    13. Jordan Martel & Kenneth Mirkin & Brian Waters, 2022. "Learning by Owning in a Lemons Market," Journal of Finance, American Finance Association, vol. 77(3), pages 1737-1785, June.
    14. Plagmann, Carolin & Lutz, Eva, 2019. "Beggars or choosers? Lead venture capitalists and the impact of reputation on syndicate partner selection in international settings," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 359-378.
    15. Laura Abrardi & Annalisa Croce & Elisa Ughetto, 2019. "The dynamics of switching between governmental and independent venture capitalists: theory and evidence," Small Business Economics, Springer, vol. 53(1), pages 165-188, June.
    16. Tom Vanacker & Sophie Manigart & Miguel Meuleman, 2014. "Path–Dependent Evolution versus Intentional Management of Investment Ties in Science–Based Entrepreneurial Firms," Entrepreneurship Theory and Practice, , vol. 38(3), pages 671-690, May.
    17. Michael E. Cummings & Hans Rawhouser & Silvio Vismara & Erin L. Hamilton, 2020. "An equity crowdfunding research agenda: evidence from stakeholder participation in the rulemaking process," Small Business Economics, Springer, vol. 54(4), pages 907-932, April.
    18. Lahr, Henry & Trombley, Timothy E., 2020. "Early indicators of fundraising success by venture capital firms," Journal of Corporate Finance, Elsevier, vol. 65(C).
    19. Solodoha, Eliran & Rosenzweig, Stav & Harel, Shai, 2023. "Incentivizing angels to invest in start-ups: Evidence from a natural experiment," Research Policy, Elsevier, vol. 52(1).
    20. Stefanie Weniger & Svenja Jarchow, 2023. "Between benefit and risk: how entrepreneurs evaluate corporate investors," Journal of Business Economics, Springer, vol. 93(5), pages 783-816, July.
    21. Andreas Köhn, 2018. "The determinants of startup valuation in the venture capital context: a systematic review and avenues for future research," Management Review Quarterly, Springer, vol. 68(1), pages 3-36, February.
    22. Suting Hong & Massimiliano Guerini & Haemin Dennis Park, 2025. "Global Connections, Local Impacts: The Enduring Effects of International Syndication Experience on Venture Capital Investments," Entrepreneurship Theory and Practice, , vol. 49(6), pages 1710-1740, November.
    23. Eliran Solodoha & Stav Rosenzweig, 2025. "The Relationship Between Entrepreneurs’ Founding Experience, Investing Angels and Start-ups’ Technological Output," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 34(3), pages 522-562, August.
    24. Liang, Weiping & Zhou, Xiangyi, 2024. "Why do entrepreneurial firms switch lead venture capital? A double-sided matching perspective," Research in International Business and Finance, Elsevier, vol. 72(PA).
    25. Annalisa Croce & Elisa Ughetto, 2019. "The role of venture quality and investor reputation in the switching phenomenon to different types of venture capitalists," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 46(2), pages 191-227, June.

  125. Douglas Cumming & Gael Imad'Eddine & Armin Schwienbacher, 2012. "Harmonized regulatory standards, international distribution of investment funds and the recent financial crisis," The European Journal of Finance, Taylor & Francis Journals, vol. 18(3-4), pages 261-292, April.
    See citations under working paper version above.
  126. Cumming, Douglas & Dai, Na & Haß, Lars Helge & Schweizer, Denis, 2012. "Regulatory induced performance persistence: Evidence from hedge funds," Journal of Corporate Finance, Elsevier, vol. 18(5), pages 1005-1022.

    Cited by:

    1. Lars Helge Haß & Sofia Johan & Denis Schweizer, 2016. "Is Corporate Governance in China Related to Performance Persistence?," Journal of Business Ethics, Springer, vol. 134(4), pages 575-592, April.
    2. Humphery-Jenner, Mark & Suchard, Jo-Ann, 2013. "Foreign VCs and venture success: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 16-35.
    3. El Kalak, Izidin & Azevedo, Alcino & Hudson, Robert, 2016. "Reviewing the hedge funds literature I: Hedge funds and hedge funds' managerial characteristics," International Review of Financial Analysis, Elsevier, vol. 48(C), pages 85-97.
    4. Buchner, Axel & Mohamed, Abdulkadir & Schwienbacher, Armin, 2016. "Does risk explain persistence in private equity performance?," Journal of Corporate Finance, Elsevier, vol. 39(C), pages 18-35.
    5. Cusin, Julien & Passebois-Ducros, Juliette, 2015. "Appropriate persistence in a project: The case of the Wine Culture and Tourism Centre in Bordeaux," European Management Journal, Elsevier, vol. 33(5), pages 341-353.
    6. Cláudia Pereira & Albertina Monteiro & Diana Silva & Armindo Lima, 2023. "Do the Levels of Environmental Sustainability Disclosure and Indebtness Affect the Quality of Earnings?," Sustainability, MDPI, vol. 15(4), pages 1-13, February.
    7. Julien Cusin & Juliette Ducros-Passebois, 2015. "Appropriate persistence in a project: The case of the Wine Culture and Tourism Centre in Bordeaux," Post-Print hal-03240447, HAL.
    8. Hung, Chi-Hsiou D. & Jiang, Yuxiang & Liu, Frank Hong & Tu, Hong, 2018. "Competition or manipulation? An empirical evidence of determinants of the earnings persistence of the U.S. banks," Journal of Banking & Finance, Elsevier, vol. 88(C), pages 442-454.
    9. Buchner, Axel & Mohamed, Abdulkadir & Schwienbacher, Armin, 2020. "Herd behaviour in buyout investments," Journal of Corporate Finance, Elsevier, vol. 60(C).
    10. Cumming, Douglas & Dai, Na & Johan, Sofia, 2015. "Are hedge funds registered in Delaware different?," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 232-246.

  127. Cécile Carpentier & Douglas Cumming & Jean‐Marc Suret, 2012. "The Value of Capital Market Regulation: IPOs Versus Reverse Mergers," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 9(1), pages 56-91, March.
    See citations under working paper version above.
  128. Douglas J. Cumming, 2012. "Measuring the Effect of Bankruptcy Laws on Entrepreneurship Across Countries," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 16(1), pages 80-86, Spring.

    Cited by:

    1. Estrin, Saul & Mickiewicz, Tomasz & Rebmann, Anna, 2017. "Prospect theory and the effects of bankruptcy laws on entrepreneurial aspirations," LSE Research Online Documents on Economics 68997, London School of Economics and Political Science, LSE Library.
    2. Ant Bozkaya & William R. Kerr, 2014. "Labor Regulations and European Venture Capital," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 23(4), pages 776-810, December.
    3. William R. Kerr & Ramana Nanda & Matthew Rhodes-Kropf, 2014. "Entrepreneurship as Experimentation," NBER Working Papers 20358, National Bureau of Economic Research, Inc.
    4. Müge Adalet McGowan & Dan Andrews & Valentine Millot, 2017. "Insolvency regimes, zombie firms and capital reallocation," OECD Economics Department Working Papers 1399, OECD Publishing.
    5. Frank M. Fossen & Johannes König, 2016. "Personal Bankruptcy Law and Entrepreneurship," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 13(04), pages 28-34, February.
    6. Randall Jones & Yosuke Jin, 2017. "Boosting productivity for inclusive growth in Japan," OECD Economics Department Working Papers 1414, OECD Publishing.

  129. Douglas Cumming & April Knill, 2012. "Disclosure, venture capital and entrepreneurial spawning," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 43(6), pages 563-590, August.

    Cited by:

    1. Aparicio, Sebastian & Audretsch, David & Urbano, David, 2021. "Why is export-oriented entrepreneurship more prevalent in some countries than others? Contextual antecedents and economic consequences," Journal of World Business, Elsevier, vol. 56(3).
    2. Tykvová, Tereza, 2018. "Legal framework quality and success of (different types of) venture capital investments," Journal of Banking & Finance, Elsevier, vol. 87(C), pages 333-350.
    3. Muhammad Zubair Khan & Walter Ferrier & Zafir Ullah Khan & Affan Hameed, 2025. "The interplay of institutional quality and financial development in venture capital fundraising," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 52(2), pages 379-413, June.
    4. Pandey, Dharen Kumar & Hunjra, Ahmed Imran & Hassan, M. Kabir & Rai, Varun Kumar, 2023. "Venture capital financing during crises: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 64(C).
    5. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    6. Humphery-Jenner, Mark & Suchard, Jo-Ann, 2013. "Foreign VCs and venture success: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 16-35.
    7. Jiyoung Kimjeon & Per Davidsson, 2022. "External Enablers of Entrepreneurship: A Review and Agenda for Accumulation of Strategically Actionable Knowledge," Entrepreneurship Theory and Practice, , vol. 46(3), pages 643-687, May.
    8. Groh, Alexander Peter & Wallmeroth, Johannes, 2016. "Determinants of venture capital investments in emerging markets," Emerging Markets Review, Elsevier, vol. 29(C), pages 104-132.
    9. Qian (Cecilia) Gu & Stephanie Lu Wang & Tao Bai, 2024. "Revealed and reserved: a compensating approach of voluntary disclosure by family multinationals," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 55(7), pages 914-933, September.
    10. Guanmin Liao & Mark (Shuai) Ma & Xiaoyun Yu, 2022. "Transporting transparency: Director foreign experience and corporate information environment," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(7), pages 1343-1369, September.
    11. Buchner, Axel & Mohamed, Abdulkadir & Schwienbacher, Armin, 2016. "Does risk explain persistence in private equity performance?," Journal of Corporate Finance, Elsevier, vol. 39(C), pages 18-35.
    12. Holloway, Isaac & Lee, Hoan Soo & Shen, Tao, 2016. "Private equity firm heterogeneity and cross-border acquisitions," International Review of Economics & Finance, Elsevier, vol. 44(C), pages 118-141.
    13. A. Rebecca Reuber & Gary A. Knight & Peter W. Liesch & Lianxi Zhou, 2018. "International entrepreneurship: The pursuit of entrepreneurial opportunities across national borders," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(4), pages 395-406, May.
    14. Gregor Dorfleitner & Lars Hornuf & Martina Weber, 2018. "Dynamics of investor communication in equity crowdfunding," Electronic Markets, Springer;IIM University of St. Gallen, vol. 28(4), pages 523-540, November.
    15. Cumming, Douglas & Walz, Uwe & Werth, Jochen Christian, 2016. "Entrepreneurial spawning: Experience, education, and exit," SAFE Working Paper Series 122 [rev.], Leibniz Institute for Financial Research SAFE, revised 2016.
    16. Soleimani Dahaj, Arash & Cozzarin, Brian Paul, 2019. "Government venture capital and cross-border investment," Global Finance Journal, Elsevier, vol. 41(C), pages 113-127.
    17. Douglas Cumming & Minjie Zhang, 2019. "Angel investors around the world," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(5), pages 692-719, July.
    18. Claudia R. Williamson, 2021. "Culture, democracy and regulation," Constitutional Political Economy, Springer, vol. 32(1), pages 98-126, March.
    19. Gregor Dorfleitner & Lars Hornuf & Martina Weber, 2017. "Dynamics of Investor Communication in Equity Crowdfunding," Research Papers in Economics 2017-04, University of Trier, Department of Economics.
    20. Brandon N. Cline & Claudia R. Williamson, 2020. "Trust, regulation, and contracting institutions," European Financial Management, European Financial Management Association, vol. 26(4), pages 859-895, September.
    21. Rui Shen & Qingyun Lu & Jun Yang & Can Li, 2025. "Governors’ Tenure and Venture Capital Firms’ Early-stage Investing: A Subnational Institutional Perspective," Small Business Economics, Springer, vol. 65(1), pages 613-642, June.
    22. Cline, Brandon N. & Williamson, Claudia R., 2017. "Individualism, democracy, and contract enforcement," Journal of Corporate Finance, Elsevier, vol. 46(C), pages 284-306.

  130. Robert Cressy & Douglas Cumming & Christine Mallin, 2012. "Law, ethics and finance: implications for international investment and portfolio management," The European Journal of Finance, Taylor & Francis Journals, vol. 18(3-4), pages 185-189, April.

    Cited by:

    1. Chen, Qiu & Maung, Min & Shi, Yulin & Wilson, Craig, 2014. "Foreign direct investment concessions and environmental levies in China," International Review of Financial Analysis, Elsevier, vol. 36(C), pages 241-250.
    2. Daniel Arce, 2015. "Integrity, unprincipled agents and corporate governance reform," European Journal of Law and Economics, Springer, vol. 39(3), pages 539-551, June.

  131. Cumming, Douglas J. & Fischer, Eileen, 2012. "Publicly funded business advisory services and entrepreneurial outcomes," Research Policy, Elsevier, vol. 41(2), pages 467-481.

    Cited by:

    1. Nancy Haskell & Sophie Veilleux & Donald Béliveau, 2016. "Functional and contextual dimensions of INVs’ alliance partner selection," Journal of International Entrepreneurship, Springer, vol. 14(4), pages 483-512, December.
    2. Caloffi, Annalisa & Colovic, Ana & Rizzoli, Valentina & Rossi, Federica, 2023. "Innovation intermediaries' types and functions: A computational analysis of the literature," Technological Forecasting and Social Change, Elsevier, vol. 189(C).
    3. Charles E. Eesley & Yong Suk Lee, 2021. "Do university entrepreneurship programs promote entrepreneurship?," Strategic Management Journal, Wiley Blackwell, vol. 42(4), pages 833-861, April.
    4. Rakićević, Zoran & Omerbegović-Bijelović, Jasmina & Lečić-Cvetković, Danica, 2016. "A model for effective planning of SME support services," Evaluation and Program Planning, Elsevier, vol. 54(C), pages 30-40.
    5. Raunak Gupta, 2024. "Untangling the nexus of entrepreneurship and unemployment: a bibliometric review," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 14(1), pages 1-15, December.
    6. Deependra Pal & Rashmi Singh & Niladri Das, 2025. "Entrepreneurship and MSMEs’ financial performance: A bibliometric analysis and future research avenues," Journal of International Entrepreneurship, Springer, vol. 23(4), pages 1100-1157, December.
    7. Douglas Cumming & Jochen Christian Werth & Yelin Zhang, 2019. "Governance in entrepreneurial ecosystems: venture capitalists vs. technology parks," Small Business Economics, Springer, vol. 52(2), pages 455-484, February.
    8. Douglas Cumming & Sofia Johan, 2019. "Government venture capital research: fake science and bad public policy," Venture Capital, Taylor & Francis Journals, vol. 21(1), pages 121-131, January.
    9. Fidelis A. Ayatse & Nguwasen Kwahar & Akuraun S. Iyortsuun, 2017. "Business incubation process and firm performance: an empirical review," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 7(1), pages 1-17, December.
    10. Maria Gaia Soana & Doriana Cucinelli & Beatrice Ronchini, 2025. "Advisors for micro-entrepreneurs: is one as good as another in accessing alternative finance?," Small Business Economics, Springer, vol. 64(3), pages 989-1033, March.
    11. Kevin Mole & Joan-Lluís Capelleras, 2018. "Take-up and variation of advice for new firm founders in different local contexts," Environment and Planning C, , vol. 36(1), pages 3-27, February.
    12. Lien Denoo & Anneleen Van Boxstael & Andrea Belz, 2024. "Help, I need somebody! Business and technology advisors in emerging science-based ventures at American universities," The Journal of Technology Transfer, Springer, vol. 49(5), pages 1567-1605, October.
    13. Douglas Cumming & Sofia Johan & Jeffrey G. MacIntosh, 2017. "A drop in an empty pond: Canadian public policy towards venture capital," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 103-117, March.
    14. Cumming, Douglas & Li, Dan, 2013. "Public policy, entrepreneurship, and venture capital in the United States," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 345-367.
    15. Martin Jaekel & Arto Wallin & Minna Isomursu, 2015. "Guiding Networked Innovation Projects Towards Commercial Success—a Case Study of an EU Innovation Programme with Implications for Targeted Open Innovation," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 6(3), pages 625-639, September.
    16. Gonzalo Nunez-Chaim & Henry G. Overman & Capucine Riom, 2024. "Does subsidising business advice improve firm performance? Evidence from a large RCT," CEP Discussion Papers dp1977, Centre for Economic Performance, LSE.
    17. Morgan P. Miles & Mark Morrison, 2020. "An effectual leadership perspective for developing rural entrepreneurial ecosystems," Small Business Economics, Springer, vol. 54(4), pages 933-949, April.
    18. Maximilian Goethner & Michael Wyrwich, 2017. "Cross-faculty proximity and academic entrepreneurship: The role of business schools," Jena Economics Research Papers 2017-017, Friedrich-Schiller-University Jena.
    19. Claudio Petti & Minh Nguyen Dang Tuan & Tuan Nham Phong & Mai Pham Thi & Thao Ta Huong & Vishnu Varthan Perumal, 2021. "Technological Catch-Up and Innovative Entrepreneurship in Vietnamese Firms," Administrative Sciences, MDPI, vol. 11(3), pages 1-18, September.
    20. Clayton, Paige, 2024. "Mentored without incubation: Start-up survival, funding, and the role of entrepreneurial support organization services," Research Policy, Elsevier, vol. 53(4).
    21. Colovic, Ana & Caloffi, Annalisa & Rossi, Federica & Russo, Margherita, 2025. "Institutionalising the digital transition: The role of digital innovation intermediaries," Research Policy, Elsevier, vol. 54(1).
    22. Ratinho, Tiago & Amezcua, Alejandro & Honig, Benson & Zeng, Zhaocheng, 2020. "Supporting entrepreneurs: A systematic review of literature and an agenda for research," Technological Forecasting and Social Change, Elsevier, vol. 154(C).
    23. Joern H. Block & Christian O. Fisch & Mirjam van Praag, 2016. "The Schumpeterian Entrepreneur: A Review of the Empirical Evidence on the Antecedents, Behavior, and Consequences of Innovative Entrepreneurship," Tinbergen Institute Discussion Papers 16-072/VII, Tinbergen Institute.
    24. Margaret Dalziel, 2018. "Why are there (almost) no randomised controlled trial-based evaluations of business support programmes?," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 4(1), pages 1-9, December.
    25. Barge-Gil, Andrés & Vivas-Augier, Carlos, 2019. "Does Cooperation with Universities and KIBS Matter? Firm-level Evidence from Spain," MPRA Paper 96949, University Library of Munich, Germany.
    26. Holgersson, Marcus & Aaboen, Lise, 2019. "A literature review of intellectual property management in technology transfer offices: From appropriation to utilization," Technology in Society, Elsevier, vol. 59(C).
    27. Anoosheh Rostamkalaei & Mark Freel, 2017. "Business advice and lending in small firms," Environment and Planning C, , vol. 35(3), pages 537-555, May.
    28. Wang, Yueqi & Li, Wen Helena & Liu, Wei, 2026. "More is less? The dual effect of international diversification on emerging market new ventures' innovation performance," Journal of International Management, Elsevier, vol. 32(2).
    29. Christian Schwens & Florian B. Zapkau & Michael Bierwerth & Rodrigo Isidor & Gary Knight & Rüdiger Kabst, 2018. "International Entrepreneurship: A Meta–Analysis on the Internationalization and Performance Relationship," Entrepreneurship Theory and Practice, , vol. 42(5), pages 734-768, September.
    30. Pavel Grebeníček & Oldřich Hájek & Lenka Smékalová & Lukáš Danko, 2013. "Support of business and innovations in strategic planning of regional development on the municipal level of the Czech Republic," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 61(7), pages 2143-2149.
    31. Nunez Chaim, Gonzalo Ignacio & Overman, Henry George & Riom, Capucine Anne Veronique, 2024. "Does subsidising business advice improve firm performance? Evidence from a large RCT," LSE Research Online Documents on Economics 126834, London School of Economics and Political Science, LSE Library.

  132. Shawky, Hany A. & Dai, Na & Cumming, Douglas, 2012. "Diversification in the hedge fund industry," Journal of Corporate Finance, Elsevier, vol. 18(1), pages 166-178.

    Cited by:

    1. Novaes, Paulo Victor G. & Lamounier, Wagner Moura & Louzada, Luiz Claudio & Bressan, Valéria Gama Fully & Pinheiro, Laura Edith Taboada, 2025. "Resource slack and institutional ownership: A DuPont analysis in an emerging market," Research in International Business and Finance, Elsevier, vol. 79(C).
    2. Fabio Pizzutilo, 2017. "Measuring the under-diversification of socially responsible investments," Applied Economics Letters, Taylor & Francis Journals, vol. 24(14), pages 1005-1018, August.
    3. Newton, David & Platanakis, Emmanouil & Stafylas, Dimitrios & Sutcliffe, Charles & Ye, Xiaoxia, 2021. "Hedge fund strategies, performance &diversification: A portfolio theory & stochastic discount factor approach," The British Accounting Review, Elsevier, vol. 53(5).
    4. Lan T.P. Nguyen & Malick O. Sy & Cheng M. Yu & Sayed Hossain & Tan B. Chen, 2019. "Are Funds of Hedge Funds Efficient? An Empirical Analysis for North American, Asia Pacific, and European Long/Short Funds of Hedge Funds," Multinational Finance Journal, Multinational Finance Journal, vol. 23(1-2), pages 37-64, March - J.
    5. Casavecchia, Lorenzo & Ge, Chanyuan, 2019. "Jack of all trades versus specialists: Fund family specialization and mutual fund performance," International Review of Financial Analysis, Elsevier, vol. 63(C), pages 69-85.
    6. Agarwal, Vikas & Mullally, Kevin A. & Naik, Narayan Y., 2015. "The Economics and Finance of Hedge Funds: A Review of the Academic Literature," Foundations and Trends(R) in Finance, now publishers, vol. 10(1), pages 1-111, December.
    7. Buchner, Axel & Mohamed, Abdulkadir & Schwienbacher, Armin, 2020. "Herd behaviour in buyout investments," Journal of Corporate Finance, Elsevier, vol. 60(C).
    8. Mila Getmansky & Peter A. Lee & Andrew W. Lo, 2015. "Hedge Funds: A Dynamic Industry In Transition," NBER Working Papers 21449, National Bureau of Economic Research, Inc.

  133. Cumming, Douglas & Dai, Na, 2011. "Fund size, limited attention and valuation of venture capital backed firms," Journal of Empirical Finance, Elsevier, vol. 18(1), pages 2-15, January.

    Cited by:

    1. Reyes, Tomas & Batista, Julian A. & Chacon, Alvaro & Martinez, Diego & Kausel, Edgar E., 2023. "Attention-driven reaction to extreme earnings surprises," The Quarterly Review of Economics and Finance, Elsevier, vol. 92(C), pages 230-248.
    2. Takahashi, Hidenori & Yamakawa, Yasuhiro & Mathew, Prem G., 2018. "Board members' influence on resource investments to start-ups and IPO outcomes: Does prior affiliation matter?," Pacific-Basin Finance Journal, Elsevier, vol. 49(C), pages 30-42.
    3. Barry, Christopher B. & Mihov, Vassil T., 2015. "Debt financing, venture capital, and the performance of initial public offerings," Journal of Banking & Finance, Elsevier, vol. 58(C), pages 144-165.
    4. Ashish Vazirani & Titas Bhattacharjee, 2021. "Entrepreneurial Finance in the Twenty-first Century, a Review of Factors Influencing Venture Capitalist’s Decision," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 30(2), pages 306-335, September.
    5. Cakici, Nusret & Zaremba, Adam, 2021. "Who should be afraid of infections? Pandemic exposure and the cross-section of stock returns," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 72(C).
    6. McKenzie, Michael & Satchell, Stephen & Wongwachara, Warapong, 2012. "Nonlinearity and smoothing in venture capital performance data," Journal of Empirical Finance, Elsevier, vol. 19(5), pages 782-795.
    7. Matteo Bonaventura & Giancarlo Giudici, 2017. "IPO valuation and profitability expectations: evidence from the Italian exchange," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 7(2), pages 247-266, August.
    8. Pravee Kruachottikul & Pinnaree Tea-makorn & Poomsiri Dumrongvute & Solaphat Hemrungrojn & Natawut Nupairoj & Ornsiree Junchaya & Sukrit Vinayavekhin, 2024. "MediGate: a MedTech product innovation development process from university research to successful commercialization within emerging markets," Journal of Innovation and Entrepreneurship, Springer, vol. 13(1), pages 1-43, December.
    9. Antonio Gledson De Carvalho & Humberto Gallucci-Netto & Eduardo M. R. Siqueira, 2017. "Determinants of success in venture capital investments: evidence from Brazil," Venture Capital, Taylor & Francis Journals, vol. 19(3), pages 147-161, July.
    10. Humphery-Jenner, M., 2011. "Diversification in Private Equity Funds : On Knowledge-sharing, Risk-aversion and Limited-attention," Discussion Paper 2011-046, Tilburg University, Center for Economic Research.
    11. Grilli, Luca & Murtinu, Samuele, 2014. "Government, venture capital and the growth of European high-tech entrepreneurial firms," Research Policy, Elsevier, vol. 43(9), pages 1523-1543.
    12. Axel Buchner & Pia Helbing & Abdulkadir Mohamed & Hyungseok David Yoon, 2025. "Does the same investment team create value? Evidence from venture capital syndication," Small Business Economics, Springer, vol. 65(4), pages 2331-2360, December.
    13. Ann†Kristin Achleitner & Christian Figge, 2014. "Private Equity Lemons?Evidence on Value Creation in Secondary Buyouts," European Financial Management, European Financial Management Association, vol. 20(2), pages 406-433, March.
    14. Wang, Lanfang & Wang, Susheng, 2012. "Economic freedom and cross-border venture capital performance," Journal of Empirical Finance, Elsevier, vol. 19(1), pages 26-50.
    15. Elisabeth S.C. Berger & Andreas Köhn, 2020. "Exploring the differences in early-stage start-up valuation across countries: an institutional perspective," International Entrepreneurship and Management Journal, Springer, vol. 16(1), pages 327-344, March.
    16. Benjamin Hammer & Nils Janssen & Bernhard Schwetzler, 2021. "Cross-border buyout pricing," Journal of Business Economics, Springer, vol. 91(5), pages 705-731, July.
    17. Subhrendu Rath & Mamunur Rashid, 2016. "Undervaluation and private equity takeovers," Australian Journal of Management, Australian School of Business, vol. 41(4), pages 735-759, November.
    18. Benjamin Hammer & Heiko Hinrichs & Denis Schweizer, 2022. "What is different about private equity‐backed acquirers?," Review of Financial Economics, John Wiley & Sons, vol. 40(2), pages 117-149, April.
    19. 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).
    20. Alexandre Garel & Jose Martin-Flores & Arthur Petit-Romec & Ayesha Scott, 2021. "Institutional investor distraction and earnings management," Post-Print hal-03096196, HAL.
    21. Humphery-Jenner, Mark & Suchard, Jo-Ann, 2013. "Foreign VCs and venture success: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 16-35.
    22. Thomas Standaert & Sophie Manigart, 2018. "Government as fund-of-fund and VC fund sponsors: effect on employment in portfolio companies," Small Business Economics, Springer, vol. 50(2), pages 357-373, February.
    23. Cumming, Douglas J. & Grilli, Luca & Murtinu, Samuele, 2017. "Governmental and independent venture capital investments in Europe: A firm-level performance analysis," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 439-459.
    24. Oleg Muratov, 2023. "Entrepreneur–Investor Information Design," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 64(4), pages 1431-1467, November.
    25. Marco Taboga, 2019. "Cross-country differences in the size of venture capital financing rounds: a machine learning approach," Temi di discussione (Economic working papers) 1243, Bank of Italy, Economic Research and International Relations Area.
    26. Hogrebe, Fabian & Lutz, Eva, 2024. "The sunk cost fallacy in venture capital staging: Decision-making dynamics for follow-on investment rounds," Journal of Corporate Finance, Elsevier, vol. 86(C).
    27. Carolin Bock & Christian Hackober, 2020. "Unicorns—what drives multibillion-dollar valuations?," Business Research, Springer;German Academic Association for Business Research, vol. 13(3), pages 949-984, November.
    28. Chan, Konan & Lin, Yueh-hsiang & Wang, Yanzhi, 2015. "The information content of R&D reductions," Journal of Empirical Finance, Elsevier, vol. 34(C), pages 131-155.
    29. Shuangshuang Kong & Miwako Nitani & Allan Riding, 2016. "Cross-border VC investment in Canadian firms: implications for exit patterns," Venture Capital, Taylor & Francis Journals, vol. 18(1), pages 63-93, January.
    30. Oleg Muratov, 2020. "Entrepreneur-Investor Information Design," Diskussionsschriften dp2014, Universitaet Bern, Departement Volkswirtschaft.
    31. Patrick Röhm & Andreas Köhn & Andreas Kuckertz & Hermann S. Dehnen, 2018. "A world of difference? The impact of corporate venture capitalists’ investment motivation on startup valuation," Journal of Business Economics, Springer, vol. 88(3), pages 531-557, May.
    32. Agarwal, Vikas & Nada, Vikram & Ray, Sugata, 2013. "Institutional investment and intermediation in the hedge fund industry," CFR Working Papers 13-03, University of Cologne, Centre for Financial Research (CFR).
    33. Garel, Alexandre & Martin-Flores, Jose M. & Petit-Romec, Arthur & Scott, Ayesha, 2021. "Institutional investor distraction and earnings management," Journal of Corporate Finance, Elsevier, vol. 66(C).
    34. Lutz, Eva & Bender, Marko & Achleitner, Ann-Kristin & Kaserer, Christoph, 2013. "Importance of spatial proximity between venture capital investors and investees in Germany," Journal of Business Research, Elsevier, vol. 66(11), pages 2346-2354.
    35. Christos Kolympiris & Sebastian Hoenen & Nicholas Kalaitzandonakes, 2018. "Geographic distance between venture capitalists and target firms and the value of quality signals," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 27(1), pages 189-220.
    36. Hoenen, Sebastian & Kolympiris, Christos & Schoenmakers, Wilfred & Kalaitzandonakes, Nicholas, 2014. "The diminishing signaling value of patents between early rounds of venture capital financing," Research Policy, Elsevier, vol. 43(6), pages 956-989.
    37. Achleitner, Ann-Kristin & Braun, Reiner & Engel, Nico, 2011. "Value creation and pricing in buyouts: Empirical evidence from Europe and North America," Review of Financial Economics, Elsevier, vol. 20(4), pages 146-161.
    38. Buchner, Axel & Mohamed, Abdulkadir & Schwienbacher, Armin, 2016. "Does risk explain persistence in private equity performance?," Journal of Corporate Finance, Elsevier, vol. 39(C), pages 18-35.
    39. Holloway, Isaac & Lee, Hoan Soo & Shen, Tao, 2016. "Private equity firm heterogeneity and cross-border acquisitions," International Review of Economics & Finance, Elsevier, vol. 44(C), pages 118-141.
    40. Cressy, Robert & Farag, Hisham, 2014. "Stairway to heaven or gateway to hell? A competing risks analysis of delistings from Hong Kong's Growth Enterprise Market," International Review of Financial Analysis, Elsevier, vol. 36(C), pages 195-205.
    41. Ding, Shujun & Jia, Chunxin & Wu, Zhenyu & Yuan, Wenlong, 2017. "Limited attention by lenders and small business debt financing: Advertising as attention grabber," International Review of Financial Analysis, Elsevier, vol. 49(C), pages 69-82.
    42. Zhou, Xiangyi & Zheng, Fang & Xiao, Sheng, 2025. "Media coverage of startups and venture capital investments," Emerging Markets Review, Elsevier, vol. 68(C).
    43. Chortareas, Georgios E. & Girardone, Claudia & Ventouri, Alexia, 2013. "Financial freedom and bank efficiency: Evidence from the European Union," Journal of Banking & Finance, Elsevier, vol. 37(4), pages 1223-1231.
    44. Köppl, Stefan & Köppl-Turyna, Monika & Christopoulos, Dimitris, 2025. "The performance of government-backed venture capital investments," Research Policy, Elsevier, vol. 54(8).
    45. Loic Mar'echal & Alain Mermoud & Dimitri Percia David & Mathias Humbert, 2024. "Measuring the performance of investments in information security startups: An empirical analysis by cybersecurity sectors using Crunchbase data," Papers 2402.04765, arXiv.org, revised Feb 2024.
    46. Ann‐Kristin Achleitner & Reiner Braun & Nico Engel, 2011. "Value creation and pricing in buyouts: Empirical evidence from Europe and North America," Review of Financial Economics, John Wiley & Sons, vol. 20(4), pages 146-161, November.
    47. Cumming, Douglas & Zambelli, Simona, 2013. "Private equity performance under extreme regulation," Journal of Banking & Finance, Elsevier, vol. 37(5), pages 1508-1523.
    48. Francesco Sannino, 2024. "The Equilibrium Size and Value‐Added of Venture Capital," Journal of Finance, American Finance Association, vol. 79(2), pages 1297-1352, April.
    49. Mustafa Şeref AKIN, 2020. "High Cost of Venture Capital and Investment Strategy Startups Should Follow," Istanbul Journal of Economics-Istanbul Iktisat Dergisi, Istanbul University, Faculty of Economics, vol. 70(1), pages 229-245, June.
    50. Chemmanur, Thomas J. & Hu, Gang & Wu, Chaopeng & Wu, Shinong & Yan, Zehao, 2021. "Transforming the management and governance of private family firms: The role of venture capital," Journal of Corporate Finance, Elsevier, vol. 66(C).
    51. Ye, Xiaojie & Yang, Dan & Zhong, Jiaqin, 2025. "Are venture capitalists monitors or claptrap players in IPOs? New evidence from an emerging market," Finance Research Letters, Elsevier, vol. 71(C).
    52. Max Berre & Benjamin Le Pendeven, 2023. "What do we know about startup-valuation drivers? A systematic literature review 1," Post-Print hal-04232855, HAL.
    53. Kassicieh, Sul & Ahluwalia, Saurabh & Majadillas, Mary Anne, 2015. "Financial analysis in management of technology programs: links in a clinical approach," Technological Forecasting and Social Change, Elsevier, vol. 100(C), pages 66-77.
    54. Michal Novák, 2021. "Start-up valuation: an overview of valuation approaches and the effect of a new capital infusion on an enterprise value of a start-up [Oceňování start-upů: přehled přístupů a vliv nové investice na hodnotu start-upu]," Oceňování, Prague University of Economics and Business, vol. 14(3), pages 70-85.
    55. Humphery-Jenner, M., 2011. "Diversification in Private Equity Funds : On Knowledge-sharing, Risk-aversion and Limited-attention," Other publications TiSEM 3e22d8a9-6846-484f-a09e-7, Tilburg University, School of Economics and Management.
    56. Vincenzo Butticè & Francesca Pietro & Francesca Tenca, 2022. "They do not look alike: what kind of private investors do equity crowdfunded firms attract?," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1707-1736, December.
    57. Broughman, Brian J. & Fried, Jesse M., 2012. "Do VCs use inside rounds to dilute founders? Some evidence from Silicon Valley," Journal of Corporate Finance, Elsevier, vol. 18(5), pages 1104-1120.
    58. Buchner, Axel & Mohamed, Abdulkadir & Schwienbacher, Armin, 2017. "Diversification, risk, and returns in venture capital," Journal of Business Venturing, Elsevier, vol. 32(5), pages 519-535.
    59. Hammer, Benjamin & Knauer, Alexander & Pflücke, Magnus & Schwetzler, Bernhard, 2017. "Inorganic growth strategies and the evolution of the private equity business model," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 31-63.
    60. Nahata, Rajarishi, 2019. "Success is good but failure is not so bad either: Serial entrepreneurs and venture capital contracting," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 624-649.
    61. Lopez-de-Silanes, Florencio & Phalippou, Ludovic & Gottschalg, Olivier, 2010. "Giants at the Gate: On the Cross-section of Private Equity Investment Returns," MPRA Paper 28487, University Library of Munich, Germany.
    62. Que, Jiangjing & Zhang, Xueyong, 2021. "Money chasing hot industries? Investor attention and valuation of venture capital backed firms," Journal of Corporate Finance, Elsevier, vol. 68(C).
    63. Wang, Rouzhi & Wu, Chaopeng, 2020. "Politician as venture capitalist: Politically-connected VCs and IPO activity in China," Journal of Corporate Finance, Elsevier, vol. 64(C).
    64. Wilson, Nick & Wright, Mike & Kacer, Marek, 2018. "The equity gap and knowledge-based firms," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 626-649.
    65. Andreas Köhn, 2018. "The determinants of startup valuation in the venture capital context: a systematic review and avenues for future research," Management Review Quarterly, Springer, vol. 68(1), pages 3-36, February.
    66. Francesco Castellaneta & Maurizio Zollo, 2015. "The Dimensions of Experiential Learning in the Management of Activity Load," Organization Science, INFORMS, vol. 26(1), pages 140-157, February.
    67. Alakent, Ekin & Goktan, M. Sinan & Khoury, Theodore A., 2020. "Is venture capital socially responsible? Exploring the imprinting effect of VC funding on CSR practices," Journal of Business Venturing, Elsevier, vol. 35(3).
    68. Caglayan, Mustafa & Pham, Tho & Talavera, Oleksandr & Xiong, Xiong, 2020. "Asset mispricing in peer-to-peer loan secondary markets," Journal of Corporate Finance, Elsevier, vol. 65(C).
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  134. Cumming, Douglas & Johan, Sofia & Li, Dan, 2011. "Exchange trading rules and stock market liquidity," Journal of Financial Economics, Elsevier, vol. 99(3), pages 651-671, March.

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    2. Joanna Adamska-Mieruszewska & Urszula Mrzygłód, 2020. "Foreign listing pricing effects. The case of emerging economies," Bank i Kredyt, Narodowy Bank Polski, vol. 51(4), pages 367-382.
    3. Ma, Rui & Anderson, Hamish D. & Marshall, Ben R., 2019. "Risk perceptions and international stock market liquidity," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 62(C), pages 94-116.
    4. Mohamed El Hedi Arouri & Christophe Rault & Robert Sova & Anamaria Sova, 2013. "Market Structure and the Cost of Capital," CESifo Working Paper Series 4097, CESifo.
    5. Dissanaike, Gishan & Drobetz, Wolfgang & Momtaz, Paul P., 2020. "Competition Policy and the Profitability of Corporate Acquisitions," Journal of Corporate Finance, Elsevier, vol. 62(C).
    6. Brogi, Marina & Lagasio, Valentina, 2024. "New but naughty. The evolution of misconduct in FinTech," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    7. Boulton, Thomas J. & Smart, Scott B. & Zutter, Chad J., 2020. "Worldwide short selling regulations and IPO underpricing," Journal of Corporate Finance, Elsevier, vol. 62(C).
    8. Cowan, Arnold R. & Salotti, Valentina, 2020. "Anti-selective disclosure regulation and analyst forecast accuracy and usefulness," Journal of Corporate Finance, Elsevier, vol. 64(C).
    9. Krishna Neupane & Igor Griva, 2025. "An extreme Gradient Boosting (XGBoost) Trees approach to Detect and Identify Unlawful Insider Trading (UIT) Transactions," Papers 2511.08306, arXiv.org.
    10. Niu, Geng & Yu, Li & Fan, Gang-Zhi & Zhang, Donghao, 2019. "Corporate fraud, risk avoidance, and housing investment in China," Emerging Markets Review, Elsevier, vol. 39(C), pages 18-33.
    11. Sheikh Rabiul Islam & Sheikh Khaled Ghafoor & William Eberle, 2018. "Mining Illegal Insider Trading of Stocks: A Proactive Approach," Papers 1807.00939, arXiv.org, revised Nov 2018.
    12. Schmidt, Dominik & Stöckl, Thomas & Palan, Stefan, 2024. "Voting for insider trading regulation. An experimental study of informed and uninformed traders’ preferences," Journal of Banking & Finance, Elsevier, vol. 169(C).
    13. Dutt, Tanuj & Humphery-Jenner, Mark, 2013. "Stock return volatility, operating performance and stock returns: International evidence on drivers of the ‘low volatility’ anomaly," Journal of Banking & Finance, Elsevier, vol. 37(3), pages 999-1017.
    14. Aghanya, Daniel & Agarwal, Vineet & Poshakwale, Sunil, 2020. "Market in Financial Instruments Directive (MiFID), stock price informativeness and liquidity," Journal of Banking & Finance, Elsevier, vol. 113(C).
    15. Cumming, Douglas & Dannhauser, Robert & Johan, Sofia, 2015. "Financial market misconduct and agency conflicts: A synthesis and future directions," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 150-168.
    16. Bouteska, Ahmed & Sharif, Taimur & Isskandarani, Layal & Abedin, Mohammad Zoynul, 2025. "Market efficiency and its determinants: Macro-level dynamics and micro-level characteristics of cryptocurrencies," International Review of Economics & Finance, Elsevier, vol. 98(C).
    17. Laure de Batz, 2018. "Financial Impact of Regulatory Sanctions on French Listed Companies," Working Papers IES 2018/10, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Apr 2018.
    18. Li, Xiaoyu & Jia, Shuyang & Xue, Fujing & Hu, Nan, 2025. "How investors’ ChatGPT attention influence stock market? A liquidity perspective," Research in International Business and Finance, Elsevier, vol. 77(PB).
    19. Stenfors, Alexis & Dilshani, Kaveesha & Guo, Andy & Mere, Peter, 2024. "Detecting the risk of cross-product manipulation in the EUREX fixed income futures market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 92(C).
    20. Alexis Stenfors & Mehrdaad Doraghi & Cristina Soviany & Masayuki Susai & Kaveh Vakili, 2022. "Cross-Market Spoofing," Working Papers in Economics & Finance 2022-04, University of Portsmouth, Portsmouth Business School, Economics and Finance Subject Group.
    21. Xu, Wenming & Wu, Zhicheng & Cai, Jianjun, 2024. "Revisiting the stock market reactions to the private securities litigation against informational misconducts in China," International Review of Economics & Finance, Elsevier, vol. 95(C).
    22. Lin William Cong & Xi Li & Ke Tang & Yang Yang, 2023. "Crypto Wash Trading," Management Science, INFORMS, vol. 69(11), pages 6427-6454, November.
    23. Adrian C. H. Lei, 2015. "Price and Volume Effects of Exchange‐Traded Barrier Options: Evidence from Callable Bull/Bear Contracts," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 35(11), pages 1042-1066, November.
    24. Xihan Xiong & Zhipeng Wang & Tianxiang Cui & William Knottenbelt & Michael Huth, 2023. "Market Misconduct in Decentralized Finance (DeFi): Analysis, Regulatory Challenges and Policy Implications," Papers 2311.17715, arXiv.org, revised Nov 2024.
    25. Merl, Robert & Palan, Stefan & Schmidt, Dominik & Stöckl, Thomas, 2023. "Insider trading regulation and trader migration," Journal of Financial Markets, Elsevier, vol. 66(C).
    26. Humphery-Jenner, Mark, 2012. "The impact of the EU takeover directive on takeover performance and empire building," Journal of Corporate Finance, Elsevier, vol. 18(2), pages 254-272.
    27. Palan, Stefan & Stöckl, Thomas, 2017. "When chasing the offender hurts the victim: The case of insider legislation," Journal of Financial Markets, Elsevier, vol. 35(C), pages 104-129.
    28. Krishna Neupane & Igor Griva, 2026. "A Random Forest Approach to Detect and Identify Unlawful Insider Trading," Computational Economics, Springer;Society for Computational Economics, vol. 67(5), pages 4063-4091, May.
    29. Zhou, Zhong-guo & Hussein, Monica & Deng, Qi, 2021. "ChiNext IPOs' initial returns before and after the 2013 stock market reform: What can we learn?," Emerging Markets Review, Elsevier, vol. 48(C).
    30. Aitken, Michael & Cumming, Douglas & Zhan, Feng, 2023. "Algorithmic trading and market quality: International evidence of the impact of errors in colocation dates," Journal of Banking & Finance, Elsevier, vol. 151(C).
    31. Alexis Stenfors & Kaveesha Dilshani & Andy Guo & Peter Mere, 2023. "A Model to Quantify the Risk of Cross-Product Manipulation: Evidence from the European Government Bond Futures Market," Working Papers in Economics & Finance 2023-06, University of Portsmouth, Portsmouth Business School, Economics and Finance Subject Group.
    32. Banerjee, Rajabrata & Gupta, Kartick & Krishnamurti, Chandrasekhar, 2022. "Does corrupt practice increase the implied cost of equity?," Journal of Corporate Finance, Elsevier, vol. 73(C).
    33. Laure Batz, 2020. "Financial impact of regulatory sanctions on listed companies," European Journal of Law and Economics, Springer, vol. 49(2), pages 301-337, April.
    34. Karim, Sitara & Shafiullah, Muhammad & Naeem, Muhammad Abubakr, 2024. "When one domino falls, others follow: A machine learning analysis of extreme risk spillovers in developed stock markets," International Review of Financial Analysis, Elsevier, vol. 93(C).
    35. Humphery-Jenner, Mark & Suchard, Jo-Ann, 2013. "Foreign VCs and venture success: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 16-35.
    36. Debata, Byomakesh & Dash, Saumya Ranjan & Mahakud, Jitendra, 2018. "Investor sentiment and emerging stock market liquidity," Finance Research Letters, Elsevier, vol. 26(C), pages 15-31.
    37. Kathryn Schumann‐Foster & Elias Semaan & Hui Sono, 2020. "The local market perception of firm risks during cross‐listing events," The Financial Review, Eastern Finance Association, vol. 55(2), pages 221-246, May.
    38. Li, Changhong & Li, Jialong & Liu, Mingzhi & Wang, Yuan & Wu, Zhenyu, 2017. "Anti-misconduct policies, corporate governance and capital market responses: International evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 48(C), pages 47-60.
    39. Anolick, Nina & Batten, Jonathan A. & Kinateder, Harald & Wagner, Niklas, 2021. "Time for gift giving: Abnormal share repurchase returns and uncertainty," Journal of Corporate Finance, Elsevier, vol. 66(C).
    40. Paulo Pereira Silva & Isabel Vieira, 2022. "On the Effects of Capital Markets’ Regulation on Price Informativeness: an Assessment of EU Market Abuse Directive," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 36(2), pages 125-157, June.
    41. Nadarajah, Sivathaasan & Duong, Huu Nhan & Ali, Searat & Liu, Benjamin & Huang, Allen, 2021. "Stock liquidity and default risk around the world," Journal of Financial Markets, Elsevier, vol. 55(C).
    42. Alexis Stenfors, 2017. "Bid-Ask Spread Determination in the FX Swap Market: Competition, Collusion or a Convention?," Working Papers in Economics & Finance 2017-03, University of Portsmouth, Portsmouth Business School, Economics and Finance Subject Group.
    43. Akter, Maimuna & Cumming, Douglas & Ji, Shan, 2023. "Natural disasters and market manipulation," Journal of Banking & Finance, Elsevier, vol. 153(C).
    44. Baumöhl, Eduard & Iwasaki, Ichiro & Kočenda, Evžen, 2019. "Institutions and determinants of firm survival in European emerging markets," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 431-453.
    45. Cline, Brandon N. & Williamson, Claudia R. & Xiong, Haoyang, 2021. "Culture and the regulation of insider trading across countries," Journal of Corporate Finance, Elsevier, vol. 67(C).
    46. Stenfors, Alexis & Susai, Masayuki, 2021. "Spoofing and pinging in foreign exchange markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 70(C).
    47. Aitken, Michael & Cumming, Douglas & Zhan, Feng, 2015. "Exchange trading rules, surveillance and suspected insider trading," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 311-330.
    48. Shen, Dongxiao & He, Guanming, 2025. "Restricting insider trading through increasing managerial risk aversion – A behavioral mechanism," International Review of Financial Analysis, Elsevier, vol. 106(C).
    49. Zhang, Jiang, 2025. "International information flow and market quality," Journal of Banking & Finance, Elsevier, vol. 173(C).
    50. Gomber, Peter & Jäger, Benedikt, 2014. "MiFID: Eine systematische Analyse der Zielerreichung," SAFE White Paper Series 14, Leibniz Institute for Financial Research SAFE.
    51. Zhang, Lin & Sok, Sinmyong, 2025. "The impact of government open data platform construction on corporate capital market performance: Evidence from stock liquidity," Pacific-Basin Finance Journal, Elsevier, vol. 90(C).
    52. Hakan Er & Adnan Hushmat, 2017. "The application of technical trading rules developed from spot market prices on futures market prices using CAPM," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 7(3), pages 313-353, December.
    53. Ke Liu & Kin Lai & Jerome Yen & Qing Zhu, 2015. "A Model of Stock Manipulation Ramping Tricks," Computational Economics, Springer;Society for Computational Economics, vol. 45(1), pages 135-150, January.
    54. Mai, Nhat Chi, 2020. "Essays on the Vietnam Stock Market," OSF Preprints 3uaqt, Center for Open Science.
    55. Walid M. A. Ahmed, 2024. "On the robust drivers of cryptocurrency liquidity: the case of Bitcoin," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-32, December.
    56. Guo, Yifeng & Mota, Lira, 2021. "Should information be sold separately? Evidence from MiFID II," Journal of Financial Economics, Elsevier, vol. 142(1), pages 97-126.
    57. Ly Ho & Yue Lu & Min Bai, 2021. "Liquidity and speed of leverage adjustment," Australian Journal of Management, Australian School of Business, vol. 46(1), pages 76-109, February.
    58. Humphery-Jenner, M., 2011. "High Frequency Trading, Information, and Takeovers," Discussion Paper 2011-047, Tilburg University, Center for Economic Research.
    59. Gider, Jasmin, 2014. "Do SEC Detections Deter Insider Trading? Evidence from Earnings Announcements," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100343, Verein für Socialpolitik / German Economic Association.
    60. Jeremy Burke & Angela A. Hung & Jack Clift & Steven Garber & Joanne K. Yoong, 2015. "Impacts of Conflicts of Interest in the Financial Services Industry," Working Papers WR-1076, RAND Corporation.
    61. Guglielmo Maria Caporale & Kyriacos Kyriacou & Nicola Spagnolo, 2023. "Aggregate Insider Trading and Stock Market Volatility in the UK," CESifo Working Paper Series 10511, CESifo.
    62. Yiping Lin & David Michayluk & Mi Zou, 2023. "Does Random Auction Ending Curb Stock Price Manipulation?," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 13(04), pages 1-33, December.
    63. Aitken, Michael & Cumming, Douglas & Zhan, Feng, 2013. "Exchange trading rules, surveillance and insider trading," CFS Working Paper Series 2013/15, Center for Financial Studies (CFS).
    64. Ye, Dezhu & Deng, Jie & Liu, Yi & Szewczyk, Samuel H. & Chen, Xiao, 2019. "Does board gender diversity increase dividend payouts? Analysis of global evidence," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 1-26.
    65. Aziz Simsir, Serif & Simsek, Koray D., 2022. "The market impact of private information before corporate Announcements: Evidence from Turkey," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 80(C).
    66. Imisiker, Serkan & Tas, Bedri Kamil Onur, 2018. "Wash trades as a stock market manipulation tool," Journal of Behavioral and Experimental Finance, Elsevier, vol. 20(C), pages 92-98.
    67. Chen, Rong & Geng, Heng (Griffin) & Lin, Hai & Nguyen, Phuong Thi Ly, 2021. "Liquidity, informed trading, and a market surveillance system: Evidence from the Vietnamese stock market," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
    68. Li, Zhibing & Liu, Jia & Liu, Jie & Liu, Xiaoyu & Wu, Chonglin, 2025. "Investor attention and stock price manipulation: Evidence from daily quasi-natural experiments," Journal of Banking & Finance, Elsevier, vol. 179(C).
    69. Jain, Pankaj K. & Kuvvet, Emre & Pagano, Michael S., 2017. "Corruption’s impact on foreign portfolio investment," International Business Review, Elsevier, vol. 26(1), pages 23-35.
    70. Bungo Miyazaki & Kiyoshi Izumi & Fujio Toriumi & Ryo Takahashi, 2014. "Change Detection Of Orders In Stock Markets Using A Gaussian Mixture Model," Intelligent Systems in Accounting, Finance and Management, John Wiley & Sons, Ltd., vol. 21(3), pages 169-191, July.
    71. Jia Zhai & Yi Cao & Xuemei Ding, 2018. "Data analytic approach for manipulation detection in stock market," Review of Quantitative Finance and Accounting, Springer, vol. 50(3), pages 897-932, April.
    72. Güçbilmez, Ufuk, 2014. "Why do some Chinese technology firms avoid ChiNext and go public in the US?," International Review of Financial Analysis, Elsevier, vol. 36(C), pages 179-194.
    73. Abdulsamad Alazzani & Wan Nordin Wan-Hussin & Michael Jones & Ahmed Al-hadi, 2021. "ESG Reporting and Analysts’ Recommendations in GCC: The Moderation Role of Royal Family Directors," JRFM, MDPI, vol. 14(2), pages 1-21, February.
    74. Liu, Jie & Wu, Chonglin & Yuan, Lin & Liu, Jia, 2022. "Opening price manipulation and its value influences," International Review of Financial Analysis, Elsevier, vol. 83(C).
    75. Pawan Jain & Mohamed Mekhaimer & Ronald W. Spahr & Mark A. Sunderman, 2024. "Freedom of choice impact on country-specific liquidity commonality," Review of Quantitative Finance and Accounting, Springer, vol. 63(1), pages 265-309, July.
    76. Fujun Lai & Qiong Wu & Deping Xiong & Sha Zhu, 2024. "How Foreign Institutional Investors’ Ownership Affects Stock Liquidity? Evidence from China," SAGE Open, , vol. 14(2), pages 21582440241, June.
    77. Hai-Chuan Xu & Wei Zhang & Xiong Xiong & Wei-Xing Zhou, 2014. "An agent-based computational model for China's stock market and stock index futures market," Papers 1404.1052, arXiv.org.
    78. Michael Aitken & Frederick Harris & Shan Ji, 2015. "A Worldwide Examination of Exchange Market Quality: Greater Integrity Increases Market Efficiency," Journal of Business Ethics, Springer, vol. 132(1), pages 147-170, November.
    79. Oskar Kowalewski & Muhammad Farooq Ahmad & Saqib Aziz & Rwan El-Khatib, 2022. "Firm-Level Political Risk and Dividend Payout," Working Papers 2022-ACF-04, IESEG School of Management.
    80. Smimou, K. & Khallouli, W., 2015. "Does the Euro affect the dynamic relation between stock market liquidity and the business cycle?," Emerging Markets Review, Elsevier, vol. 25(C), pages 125-153.
    81. Madura, Jeff & Marciniak, Marek, 2014. "Bidder country characteristics and informed trading in U.S. targets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 29(C), pages 256-284.
    82. Styliani Panetsidou & Angelos Synapis & Ioannis Tsalavoutas, 2022. "Price run-ups and insider trading laws under different regulatory environments," Review of Quantitative Finance and Accounting, Springer, vol. 59(2), pages 601-639, August.
    83. Christensen, Hans B. & Hail, Luzi & Leuz, Christian, 2013. "Mandatory IFRS reporting and changes in enforcement," Journal of Accounting and Economics, Elsevier, vol. 56(2), pages 147-177.
    84. Cumming, Douglas & Johan, Sofia, 2019. "Capital-market effects of securities regulation: Prior conditions, implementation, and enforcement revisited," Finance Research Letters, Elsevier, vol. 31(C).
    85. Hassan, Enas A., 2018. "The role of stock exchange efficiency in earnings quality: Evidence from the MENA region," Research in International Business and Finance, Elsevier, vol. 44(C), pages 285-296.
    86. Cumming, Douglas & Ji, Shan & Peter, Rejo & Tarsalewska, Monika, 2020. "Market manipulation and innovation," Journal of Banking & Finance, Elsevier, vol. 120(C).
    87. Mohamed El Hedi Arouri & Christophe Rault & Ana Maria Sova & Robert Sova & Frédéric Teulon, 2013. "Market Structure and the Cost of Capital," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00798048, HAL.
    88. Douglas J. Cumming & Sofia Johan & Anshum Pant, 2019. "Regulation of the Crypto-Economy: Managing Risks, Challenges, and Regulatory Uncertainty," JRFM, MDPI, vol. 12(3), pages 1-14, July.
    89. Douglas Cumming & Igor Filatotchev & April Knill & David Mitchell Reeb & Lemma Senbet, 2017. "Law, finance, and the international mobility of corporate governance," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 48(2), pages 123-147, February.
    90. Helbing, Pia & Lucey, Brian M. & Vigne, Samuel A., 2019. "The determinants of IPO withdrawal – Evidence from Europe," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 415-436.
    91. Andriosopoulos, Dimitris & Panetsidou, Styliani, 2021. "A global analysis of Private Investments in Public Equity," Journal of Corporate Finance, Elsevier, vol. 69(C).
    92. Douglas Cumming & Zachary Glatzer & Omrane Guedhami, 2023. "Institutions, digital assets, and implications for economic and financial performance," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 50(3), pages 487-513, September.
    93. Boubakri, Narjess & Chen, Ruiyuan (Ryan) & El Ghoul, Sadok & Guedhami, Omrane & Nash, Robert, 2020. "State ownership and stock liquidity: Evidence from privatization," Journal of Corporate Finance, Elsevier, vol. 65(C).
    94. James, Robert & Leung, Henry & Prokhorov, Artem, 2023. "A machine learning attack on illegal trading," Journal of Banking & Finance, Elsevier, vol. 148(C).
    95. Douglas Cumming & Esteban Hernandez & Shan Ji, 2026. "Not All Family Firms Are Alike: How Founder-Led and Governance-Entrenched Family Control Shape the Trading Environment Around the Firm," Papers 2607.10876, arXiv.org.
    96. Chen, Yangfa & Jiang, Ji & Liu, Jie & Liu, Xiao & Wu, Weili, 2025. "Registration system reform, information environment, and market manipulation," Journal of Corporate Finance, Elsevier, vol. 93(C).
    97. Stephen Kawas & Everton Dockery, 2023. "What do we know about the stock markets’ reaction to regulatory announcements regarding financial institutions? Evidence from UK financial institutions," Review of Quantitative Finance and Accounting, Springer, vol. 60(1), pages 31-67, January.
    98. Cline, Brandon N. & Posylnaya, Valeriya V., 2019. "Illegal insider trading: Commission and SEC detection," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 247-269.
    99. Gonçalves, Jorge & Kräussl, Roman & Levin, Vladimir, 2019. "Do "speed bumps" prevent accidents in financial markets?," CFS Working Paper Series 636, Center for Financial Studies (CFS).
    100. Douglas Cumming & Sofia Johan & Denis Schweizer, 2017. "Information systems, agency problems, and fraud," Information Systems Frontiers, Springer, vol. 19(3), pages 421-424, June.
    101. Jelic, Ranko & Zhou, Dan & Ahmad, Wasim, 2021. "Do stressed PE firms misbehave?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    102. Yang, Ann Shawing & Carandang, Craig Alan Uyan, 2017. "Exploring the location and price differentials of cross-listed firms for arbitrage opportunities," Finance Research Letters, Elsevier, vol. 21(C), pages 85-91.
    103. Aitken, Michael & Cumming, Douglas & Zhan, Feng, 2015. "High frequency trading and end-of-day price dislocation," Journal of Banking & Finance, Elsevier, vol. 59(C), pages 330-349.
    104. Hans B. Christensen & Mark Maffett & Lauren Vollon, 2019. "Securities regulation, household equity ownership, and trust in the stock market," Review of Accounting Studies, Springer, vol. 24(3), pages 824-859, September.
    105. Fisch, Christian & Momtaz, Paul P., 2020. "Institutional investors and post-ICO performance: an empirical analysis of investor returns in initial coin offerings (ICOs)," Journal of Corporate Finance, Elsevier, vol. 64(C).
    106. Boussetta, Selma, 2022. "Stock exchange governance and stock liquidity: International evidence," Journal of Multinational Financial Management, Elsevier, vol. 66(C).
    107. Zhuwei Li & Xuejiao Lu & Yuan Fu, 2022. "Interaction influence of trading rules on the quality of stock markets: the price limit rule and day trading rule from the Shanghai and Shenzhen Stock exchanges," Applied Economics, Taylor & Francis Journals, vol. 54(56), pages 6467-6479, December.
    108. Kalcheva, Ivalina & Smith, Janet Kiholm & Smith, Richard L., 2020. "Institutional investment and the changing role of public equity markets: International evidence," Journal of Corporate Finance, Elsevier, vol. 64(C).
    109. Lazos, Aristogenis, 2025. "When policy makers want to protect investors in equity crowdfunding: Does it have regional implications?," Technological Forecasting and Social Change, Elsevier, vol. 215(C).
    110. Anselmi, Giulio & Petrella, Giovanni, 2021. "Regulation and stock market quality: The impact of MiFID II provision on research unbundling," International Review of Financial Analysis, Elsevier, vol. 76(C).
    111. Yang, Ann Shawing & Pangastuti, Airin, 2016. "Stock market efficiency and liquidity: The Indonesia Stock Exchange merger," Research in International Business and Finance, Elsevier, vol. 36(C), pages 28-40.
    112. Liyun Zhou & Chunpeng Yang, 2019. "Differences in the effects of seller-initiated versus buyer-initiated crowded trades in stock markets," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 14(4), pages 859-890, December.
    113. Silvers, Roger, 2020. "Cross-border cooperation between securities regulators," Journal of Accounting and Economics, Elsevier, vol. 69(2).
    114. Humphery-Jenner, M., 2011. "High Frequency Trading, Information, and Takeovers," Other publications TiSEM 30aa1477-0fb2-46ed-a5eb-f, Tilburg University, School of Economics and Management.
    115. Aleksandar Tošić & Jernej Vičič & Niki Hrovatin, 2025. "Beyond the surface: advanced wash-trading detection in decentralized NFT markets," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-21, December.
    116. Amaya, Diego & Filbien, Jean-Yves & Okou, Cédric & Roch, Alexandre F., 2018. "Distilling liquidity costs from limit order books," Journal of Banking & Finance, Elsevier, vol. 94(C), pages 16-34.
    117. Cumming, Douglas & Knill, April & Richardson, Nela, 2015. "Firm size and the impact of securities regulation," Journal of Comparative Economics, Elsevier, vol. 43(2), pages 417-442.
    118. Sahar Afshan & Arshian Sharif & Abdelmohsen A. Nassani & Muhammad M. Q. Abro & Rubeena Batool & Khalid Zaman, 2021. "The role of information and communication technology (internet penetration) on Asian stock market efficiency: Evidence from quantile‐on‐quantile cointegration and causality approach," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 2307-2324, April.
    119. Li, Xiao, 2020. "The impact of economic policy uncertainty on insider trades: A cross-country analysis," Journal of Business Research, Elsevier, vol. 119(C), pages 41-57.
    120. Christian Leuz & Peter D. Wysocki, 2016. "The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 54(2), pages 525-622, May.
    121. Duong, Huu Nhan & Goyal, Abhinav & Kallinterakis, Vasileios & Veeraraghavan, Madhu, 2021. "Market manipulation rules and IPO underpricing," Journal of Corporate Finance, Elsevier, vol. 67(C).
    122. Anirudh Dhawan & Tālis J Putniņš, 2023. "A New Wolf in Town? Pump-and-Dump Manipulation in Cryptocurrency Markets," Review of Finance, European Finance Association, vol. 27(3), pages 935-975.
    123. Humphery-Jenner, M., 2011. "High Frequency Trading, Information, and Takeovers," Other publications TiSEM 0e6dd147-6f57-4f32-b265-f, Tilburg University, School of Economics and Management.
    124. Chiu, Junmao & Chung, Huimin, 2019. "Legal institutions and fragile financial markets," Journal of International Money and Finance, Elsevier, vol. 93(C), pages 277-298.
    125. Hu, Jinshuai & Li, Siqi & Taboada, Alvaro G. & Zhang, Feida, 2020. "Corporate board reforms around the world and stock price crash risk," Journal of Corporate Finance, Elsevier, vol. 62(C).
    126. Dissanaike, Gishan & Drobetz, Wolfgang & Momtaz, Paul P. & Rocholl, Jörg, 2021. "The Economics of Law Enforcement: Quasi-Experimental Evidence from Corporate Takeover Law," Journal of Corporate Finance, Elsevier, vol. 67(C).
    127. Wen, Yi-Chieh & Lin, Philip T. & Li, Bin & Roca, Eduardo, 2015. "Stock return predictability in South Africa: The role of major developed markets," Finance Research Letters, Elsevier, vol. 15(C), pages 257-265.
    128. Wenming Xu & Guangdong Xu, 2016. "Truth and Robustness in Cross-country Law and Finance Regressions: A Bayesian analysis of the Empirical “Law Matters†Thesis," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 6(6), pages 1-6.
    129. Isabel‐María García‐Sánchez & Laura Sierra‐García & María‐Antonia García‐Benau, 2022. "How does the EU non‐financial directive affect the assurance market?," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 31(3), pages 823-845, July.
    130. Carole Comerton-Forde & Tālis J. Putniņš, 2014. "Stock Price Manipulation: Prevalence and Determinants," Review of Finance, European Finance Association, vol. 18(1), pages 23-66.
    131. Jean-Marie Meier, 2017. "Regulatory Integration of International Capital Markets," Working Papers 214, Oesterreichische Nationalbank (Austrian Central Bank).
    132. Alfonso Giudice, 2017. "Impact of the Market in Financial Instruments Directive (MiFID) on the Italian financial market: Evidence from bank bonds," Journal of Banking Regulation, Palgrave Macmillan, vol. 18(3), pages 256-267, July.
    133. Galema, Rients & Gerritsen, Dirk, 2019. "The effect of the accidental disclosure of confidential short sales positions," Finance Research Letters, Elsevier, vol. 28(C), pages 87-94.
    134. Bessler, Wolfgang & Vendrasco, Marco, 2022. "Short-selling restrictions and financial stability in Europe: Evidence from the Covid-19 crisis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 80(C).
    135. Chen, Haiqiang & Gu, Ming & Ni, Bo, 2023. "How price limit affects the market efficiency in a short-sale constrained market? Evidence from a quasi-natural experiment," Journal of Empirical Finance, Elsevier, vol. 73(C), pages 22-39.
    136. Kouwenberg, Roy & Phunnarungsi, Visit, 2013. "Corporate governance, violations and market reactions," Pacific-Basin Finance Journal, Elsevier, vol. 21(1), pages 881-898.

  135. Douglas Cumming & Grant Fleming & Sofia A. Johan, 2011. "Institutional Investment in Listed Private Equity," European Financial Management, European Financial Management Association, vol. 17(3), pages 594-618, June.

    Cited by:

    1. Ginger Zhe Jin & Mario Leccese & Liad Wagman, 2024. "M&A and technological expansion," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 33(2), pages 338-359, March.
    2. Agudelo, Diego A. & Byder, James & Yepes-Henao, Paula, 2019. "Performance and informed trading. Comparing foreigners, institutions and individuals in an emerging stock market," Journal of International Money and Finance, Elsevier, vol. 90(C), pages 187-203.
    3. Waheed CHICKTAY & Brian BARNARD, 2019. "Venture Capital Process: Opportunity Selection, Monitoring, Capital Rationing, and Deal Flow," Expert Journal of Finance, Sprint Investify, vol. 7(1), pages 22-38.
    4. Lars Tegtmeier, 2021. "Testing the Efficiency of Globally Listed Private Equity Markets," JRFM, MDPI, vol. 14(7), pages 1-16, July.
    5. Díaz, Antonio & Esparcia, Carlos & Tegtmeier, Lars, 2025. "Private equity market dynamics: Beyond the surface," International Review of Economics & Finance, Elsevier, vol. 100(C).
    6. Cumming, Douglas & Helge Haß, Lars & Schweizer, Denis, 2013. "Private equity benchmarks and portfolio optimization," Journal of Banking & Finance, Elsevier, vol. 37(9), pages 3515-3528.
    7. Cumming, Douglas & Khan, Muhammad Zubair & Khan, Naimat U. & Khan, Zafir Ullah, 2024. "Size matters: Unpacking the relationship between institutional investor size and private equity asset allocation within diverse institutional contexts," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 92(C).
    8. Douglas Cumming & Lars Helge Haß & Denis Schweizer, 2014. "Strategic Asset Allocation and the Role of Alternative Investments," European Financial Management, European Financial Management Association, vol. 20(3), pages 521-547, June.
    9. Lahr, Henry & Kaserer, Christoph, 2009. "Net asset value discounts in listed private equity funds," CEFS Working Paper Series 2009-12, Technische Universität München (TUM), Center for Entrepreneurial and Financial Studies (CEFS).

  136. Cumming, Douglas & Zambelli, Simona, 2010. "Illegal buyouts," Journal of Banking & Finance, Elsevier, vol. 34(2), pages 441-456, February.

    Cited by:

    1. João Pinto & Luís Pacheco & Paulo Alves & M. Ricardo Cunha, 2016. "How banks price loans in leveraged buy-outs: an empirical analysis of spreads determinants," Working Papers de Economia (Economics Working Papers) 04, Católica Porto Business School, Universidade Católica Portuguesa.
    2. Shujun Ding & Zhenyu Wu, 2014. "Family Ownership and Corporate Misconduct in U.S. Small Firms," Journal of Business Ethics, Springer, vol. 123(2), pages 183-195, August.
    3. Humphery-Jenner, Mark & Suchard, Jo-Ann, 2013. "Foreign VCs and venture success: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 16-35.
    4. Ughetto, Elisa, 2010. "Assessing the contribution to innovation of private equity investors: A study on European buyouts," Research Policy, Elsevier, vol. 39(1), pages 126-140, February.
    5. Munari, Federico & Toschi, Laura, 2015. "Assessing the impact of public venture capital programmes in the United Kingdom: Do regional characteristics matter?," Journal of Business Venturing, Elsevier, vol. 30(2), pages 205-226.
    6. Cumming, Douglas & Zambelli, Simona, 2013. "Private equity performance under extreme regulation," Journal of Banking & Finance, Elsevier, vol. 37(5), pages 1508-1523.
    7. Groh, Alexander Peter & Gottschalg, Oliver, 2011. "The effect of leverage on the cost of capital of US buyouts," Journal of Banking & Finance, Elsevier, vol. 35(8), pages 2099-2110, August.
    8. Patricia Crifo & Vanina Forget, 2013. "Think Global, Invest Responsible: Why the Private Equity Industry Goes Green," Journal of Business Ethics, Springer, vol. 116(1), pages 21-48, August.
    9. Minetti, Raoul & Murro, Pierluigi & Paiella, Monica, 2015. "Ownership structure, governance, and innovation," European Economic Review, Elsevier, vol. 80(C), pages 165-193.
    10. Cao, Jerry X. & Cumming, Douglas & Qian, Meijun & Wang, Xiaoming, 2015. "Cross-border LBOs," Journal of Banking & Finance, Elsevier, vol. 50(C), pages 69-80.
    11. Renneboog, Luc & Vansteenkiste, Cara, 2017. "Leveraged Buyouts : A Survey of the Literature," Discussion Paper 2017-015, Tilburg University, Center for Economic Research.
    12. Valkama, Petri & Maula, Markku & Nikoskelainen, Erkki & Wright, Mike, 2013. "Drivers of holding period firm-level returns in private equity-backed buyouts," Journal of Banking & Finance, Elsevier, vol. 37(7), pages 2378-2391.

  137. Cumming, Douglas & Dai, Na, 2010. "Local bias in venture capital investments," Journal of Empirical Finance, Elsevier, vol. 17(3), pages 362-380, June.

    Cited by:

    1. Cowling, Marc & Ughetto, Elisa & Lee, Neil, 2018. "The innovation debt penalty: Cost of debt, loan default, and the effects of a public loan guarantee on high-tech firms," Technological Forecasting and Social Change, Elsevier, vol. 127(C), pages 166-176.
    2. Sofie De Prijcker & Sophie Manigart & Veroniek Collewaert & Tom Vanacker, 2019. "Relocation to Get Venture Capital: A Resource Dependence Perspective," Entrepreneurship Theory and Practice, , vol. 43(4), pages 697-724, July.
    3. Leonel Arango Vásquez & Eduardo Alexander Duque Grisales, 2016. "Capital riesgo y dinero inteligente: aportes de valor no monetario," Contexto (Artículos Sobre Economía), Universidad Externado de Colombia.
    4. Lele Cao & Vilhelm von Ehrenheim & Sebastian Krakowski & Xiaoxue Li & Alexandra Lutz, 2022. "Using Deep Learning to Find the Next Unicorn: A Practical Synthesis," Papers 2210.14195, arXiv.org, revised Jun 2024.
    5. Dandan Wang & Jörg Prokop, 2025. "Gender homophily and local bias in equity crowdfunding," Small Business Economics, Springer, vol. 64(3), pages 805-836, March.
    6. Hsieh, Hui-Ching & Nguyen, Dat Thanh & Nguyen, Thien Le-Hoang, 2024. "Betting on success: Unveiling the role of local gambling culture in equity crowdfunding," Journal of Empirical Finance, Elsevier, vol. 78(C).
    7. Takahashi, Hidenori & Yamakawa, Yasuhiro & Mathew, Prem G., 2018. "Board members' influence on resource investments to start-ups and IPO outcomes: Does prior affiliation matter?," Pacific-Basin Finance Journal, Elsevier, vol. 49(C), pages 30-42.
    8. Barry, Christopher B. & Mihov, Vassil T., 2015. "Debt financing, venture capital, and the performance of initial public offerings," Journal of Banking & Finance, Elsevier, vol. 58(C), pages 144-165.
    9. Achleitner, Ann-Kristin & Bender, Marko & Kaserer, Christoph & Lutz, Eva, 2010. "Geographic location of a new venture and the likelihood of a venture capital investment," CEFS Working Paper Series 2010-02, Technische Universität München (TUM), Center for Entrepreneurial and Financial Studies (CEFS).
    10. Park, Sarah & LiPuma, Joseph A., 2020. "New venture internationalization: The role of venture capital types and reputation," Journal of World Business, Elsevier, vol. 55(1).
    11. Cynthia Sin Tian Ho & Björn Berggren, 2020. "The effect of bank branch closures on new firm formation: the Swedish case," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 65(2), pages 319-350, October.
    12. Nain, Amrita & Ying, Jie & Arthur, Joseph, 2025. "The rise of venture capital and IPO quality," Journal of Empirical Finance, Elsevier, vol. 82(C).
    13. Fuchs, Florian & Füss, Roland & Jenkinson, Tim & Morkoetter, Stefan, 2021. "Winning a deal in private equity: Do educational ties matter?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    14. Wang, Lanfang & Wang, Susheng, 2017. "Buybacks as an efficient strategy for venture capital in emerging markets," Pacific-Basin Finance Journal, Elsevier, vol. 43(C), pages 107-123.
    15. Espenlaub, Susanne & Khurshed, Arif & Mohamed, Abdulkadir, 2015. "Venture capital exits in domestic and cross-border investments," Journal of Banking & Finance, Elsevier, vol. 53(C), pages 215-232.
    16. Ferretti, Marco & Guerini, Massimiliano & Panetti, Eva & Parmentola, Adele, 2022. "The partner next door? The effect of micro-geographical proximity on intra-cluster inter-organizational relationships," Technovation, Elsevier, vol. 111(C).
    17. McKenzie, Michael & Satchell, Stephen & Wongwachara, Warapong, 2012. "Nonlinearity and smoothing in venture capital performance data," Journal of Empirical Finance, Elsevier, vol. 19(5), pages 782-795.
    18. Lars Hornuf & Matthias Schmitt & Eliza Stenzhorn, 2020. "Does a Local Bias Exist in Equity Crowdfunding?," CESifo Working Paper Series 8154, CESifo.
    19. Catalini, Christian & Hui, Xiang, 2025. "Syndication in equity crowdfunding: Performance and the evaluation of experts," Research Policy, Elsevier, vol. 54(9).
    20. Antonio Gledson De Carvalho & Humberto Gallucci-Netto & Eduardo M. R. Siqueira, 2017. "Determinants of success in venture capital investments: evidence from Brazil," Venture Capital, Taylor & Francis Journals, vol. 19(3), pages 147-161, July.
    21. Egan, Edward J., 2022. "A framework for assessing municipal high-growth high-technology entrepreneurship policy," Research Policy, Elsevier, vol. 51(9).
    22. Torben Klarl & Alexander S. Kritikos & Knarik Poghosyan, 2025. "Complementary funding: how location links crowdfunding and venture capital," Small Business Economics, Springer, vol. 65(4), pages 2639-2661, December.
    23. Delin Du & Jiaoe Wang & Jianjun Li, 2024. "What drives intercity venture capital investment? A comparative analysis between multiple linear regression and random forest," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-13, December.
    24. Nielsson, Ulf & Wójcik, Dariusz, 2016. "Proximity and IPO underpricing," Journal of Corporate Finance, Elsevier, vol. 38(C), pages 92-105.
    25. Colombo, Massimo G. & D’Adda, Diego & Quas, Anita, 2019. "The geography of venture capital and entrepreneurial ventures’ demand for external equity," Research Policy, Elsevier, vol. 48(5), pages 1150-1170.
    26. Benson, Bradley W. & Chen, Yu & James, Hui L. & Park, Jung Chul, 2020. "So far away from me: Firm location and the managerial ownership effect on firm value," Journal of Corporate Finance, Elsevier, vol. 64(C).
    27. Kaprielyan, Margarita, 2016. "Valuation consequences of the decision to divest in the globalized world," Journal of Multinational Financial Management, Elsevier, vol. 36(C), pages 16-29.
    28. Kuang, Chun & Liu, Zijie & Zhu, Wenyu, 2021. "Need for speed: High-speed rail and firm performance," Journal of Corporate Finance, Elsevier, vol. 66(C).
    29. Tykvová, Tereza & Schertler, Andrea, 2014. "Does Syndication With Local Venture Capitalists Moderate the Effects of Geographical and Institutional Distance?," Journal of International Management, Elsevier, vol. 20(4), pages 406-420.
    30. Dong, Jianwei & Hsu, Yuan-Teng & Shi, Guoping & Tan, Siyuan, 2025. "Performance hurdles in venture capital fund compensation," International Review of Financial Analysis, Elsevier, vol. 102(C).
    31. He, Xinao & Xu, Runguo & Sun, Kai & Wang, Jian, 2024. "Population intensity, location choice, and investment portfolio selection: A case of emerging economies," International Review of Financial Analysis, Elsevier, vol. 94(C).
    32. Wang, Lanfang & Wang, Susheng, 2012. "Economic freedom and cross-border venture capital performance," Journal of Empirical Finance, Elsevier, vol. 19(1), pages 26-50.
    33. Filippo Marchesani & Francesca Masciarelli, 2022. "Crowdfunding as Entrepreneurial Investment: The Role of Local Knowledge Spillover," Papers 2211.16984, arXiv.org.
    34. Benjamin Hammer & Nils Janssen & Bernhard Schwetzler, 2021. "Cross-border buyout pricing," Journal of Business Economics, Springer, vol. 91(5), pages 705-731, July.
    35. Chemmanur, Thomas J. & Hull, Tyler J. & Krishnan, Karthik, 2016. "Do local and international venture capitalists play well together? The complementarity of local and international venture capitalists," Journal of Business Venturing, Elsevier, vol. 31(5), pages 573-594.
    36. Massimiliano Guerini & Francesca Tenca, 2018. "The geography of technology-intensive start-ups and venture capital: European evidence," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 45(3), pages 361-386, September.
    37. Block, Jörn H. & Fisch, Christian O. & Obschonka, Martin & Sandner, Philipp G., 2019. "A personality perspective on business angel syndication✰," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 306-327.
    38. Peter Wirtz & Max Berre, 2025. "Connectedness of entrepreneurial ecosystems: the impact of VC financing mobility on startup valuations," Small Business Economics, Springer, vol. 65(3), pages 1301-1325, October.
    39. Bradley, Daniel & Pantzalis, Christos & Yuan, Xiaojing, 2016. "The influence of political bias in state pension funds," Journal of Financial Economics, Elsevier, vol. 119(1), pages 69-91.
    40. Strese, Steffen & Gebhard, Philipp & Feierabend, David & Brettel, Malte, 2018. "Entrepreneurs' perceived exit performance: Conceptualization and scale development," Journal of Business Venturing, Elsevier, vol. 33(3), pages 351-370.
    41. Emanuel Shachmurove & Yochanan Shachmurove, 2010. "Location, Location, Location: Entrepreneurial Finance Meets Economic Geography," PIER Working Paper Archive 10-030, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    42. Kollmann, Harald & Müllner, Jakob & Puck, Jonas, 2025. "The company you keep: Syndicate formation in venture capitalists’ cross-border investments," International Business Review, Elsevier, vol. 34(6).
    43. Lars Hornuf & Gül Yüksel, 2022. "The Performance of Socially Responsible Investments: A Meta-Analysis," CESifo Working Paper Series 9724, CESifo.
    44. Schäfer, Susann & Fischer, Bruno & Rücker Schaeffer, Paola & Balestrin, Alsones, 2024. "Beyond local boundaries: Unraveling the spatiality of entrepreneurial ecosystems," Journal of Business Venturing Insights, Elsevier, vol. 22(C).
    45. Christoph Maus & Andrea Greven & Niklas Kurth & Malte Brettel, 2024. "How do investor characteristics of business angels and venture capitalists predict the occurrence of co-investments?," Journal of Business Economics, Springer, vol. 94(5), pages 763-811, July.
    46. Bender, Marko & Lutz, Eva, 2009. "Patterns in spatial proximity between venture capital investors and investees in Germany: an empirical analysis," CEFS Working Paper Series 2009-06, Technische Universität München (TUM), Center for Entrepreneurial and Financial Studies (CEFS).
    47. Coakley, Jerry & Lazos, Aristogenis & Liñares-Zegarra, José M., 2022. "Seasoned equity crowdfunded offerings," Journal of Corporate Finance, Elsevier, vol. 77(C).
    48. Humphery-Jenner, Mark & Suchard, Jo-Ann, 2013. "Foreign VCs and venture success: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 16-35.
    49. E. A. Kostina & A. V. Kostin, 2024. "Mutual Influence of a Smart City and the High-Tech Sector of the Economy," Regional Research of Russia, Springer, vol. 14(1), pages 50-60, March.
    50. Stephen X. Zhang & Javier Cueto, 2017. "The Study of Bias in Entrepreneurship," Entrepreneurship Theory and Practice, , vol. 41(3), pages 419-454, May.
    51. Eduard Gaar & David Scherer & Dirk Schiereck, 2022. "The home bias and the local bias: A survey," Management Review Quarterly, Springer, vol. 72(1), pages 21-57, February.
    52. Alperovych, Yan & Groh, Alexander & Quas, Anita, 2020. "Bridging the equity gap for young innovative companies: The design of effective government venture capital fund programs," Research Policy, Elsevier, vol. 49(10).
    53. Angela Altmeier & Christian Fisch, 2025. "To syndicate or not: a replication and extension about the influence of business angels’ personality traits on syndication using Twitter data," Management Review Quarterly, Springer, vol. 75(2), pages 1357-1391, June.
    54. Ghinami, Francesca & Montresor, Sandro, 2023. "Tangible and intangible proximities in the access to Venture Capital: evidence from Italian innovative start-ups," SocArXiv hqrj7, Center for Open Science.
    55. TIAN, Xiaoli & KOU, Gang & ZHANG, Weike, 2020. "Geographic distance, venture capital and technological performance: Evidence from Chinese enterprises," Technological Forecasting and Social Change, Elsevier, vol. 158(C).
    56. Hogrebe, Fabian & Lutz, Eva, 2024. "The sunk cost fallacy in venture capital staging: Decision-making dynamics for follow-on investment rounds," Journal of Corporate Finance, Elsevier, vol. 86(C).
    57. Shuwaikh, Fatima & Dubocage, Emmanuelle, 2022. "Access to the Corporate Investors' Complementary Resources: A Leverage for Innovation in Biotech Venture Capital-Backed Companies," Technological Forecasting and Social Change, Elsevier, vol. 175(C).
    58. Christian Kabengele & Rüdiger Hahn, 2025. "Venture capital funding in Africa: a mixed-methods study of evolving ecosystems and financial discrimination," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 56(6), pages 777-794, August.
    59. Chan, Konan & Lin, Yueh-hsiang & Wang, Yanzhi, 2015. "The information content of R&D reductions," Journal of Empirical Finance, Elsevier, vol. 34(C), pages 131-155.
    60. Elisa Rodepeter & Christoph Gschnaidtner & Hanna Hottenrott, 2024. "Big Data and Start-up Performance," Working Papers 232, Bavarian Graduate Program in Economics (BGPE).
    61. Roma, Paolo & Vasi, Maria & Kolympiris, Christos, 2021. "On the signaling effect of reward-based crowdfunding: (When) do later stage venture capitalists rely more on the crowd than their peers?," Research Policy, Elsevier, vol. 50(6).
    62. Zhang, Jiamin & Gu, Qian, 2021. "Turning a curse into a blessing: Contingent effects of geographic distance on startup–VC partnership performance," Journal of Business Venturing, Elsevier, vol. 36(4).
    63. Francesco Manaresi & Carlo Menon & Pietro Santoleri, 2020. "Supporting innovative entrepreneurship: an evaluation of the Italian "Start-up Act"," Mo.Fi.R. Working Papers 163, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    64. Hu, Yi & Dai, Tiantian & Li, Yong & Mallick, Sushanta & Ning, Lutao & Zhu, Baohua, 2021. "Underwriter reputation and IPO underpricing: The role of institutional investors in the Chinese growth enterprise market," International Review of Financial Analysis, Elsevier, vol. 78(C).
    65. Liaoliao Duan & Dongxiao Niu & Weizeng Sun & Siqi Zheng, 2021. "Transportation infrastructure and capital mobility: evidence from China’s high-speed railways," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 67(3), pages 617-648, December.
    66. Kovacs, Attila, 2018. "Gender Differences in Equity Crowdfunding," OSF Preprints 5pcmb, Center for Open Science.
    67. Ivo Blohm & Torben Antretter & Charlotta Sirén & Dietmar Grichnik & Joakim Wincent, 2022. "It’s a Peoples Game, Isn’t It?! A Comparison Between the Investment Returns of Business Angels and Machine Learning Algorithms," Entrepreneurship Theory and Practice, , vol. 46(4), pages 1054-1091, July.
    68. Munari, Federico & Toschi, Laura, 2015. "Assessing the impact of public venture capital programmes in the United Kingdom: Do regional characteristics matter?," Journal of Business Venturing, Elsevier, vol. 30(2), pages 205-226.
    69. Ruijun Zhang & Xiaotong Yang & Nian Li & Muhammad Asif Khan, 2021. "Herd Behavior in Venture Capital Market: Evidence from China," Mathematics, MDPI, vol. 9(13), pages 1-18, June.
    70. Lutz, Eva & Bender, Marko & Achleitner, Ann-Kristin & Kaserer, Christoph, 2013. "Importance of spatial proximity between venture capital investors and investees in Germany," Journal of Business Research, Elsevier, vol. 66(11), pages 2346-2354.
    71. Christos Kolympiris & Sebastian Hoenen & Nicholas Kalaitzandonakes, 2018. "Geographic distance between venture capitalists and target firms and the value of quality signals," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 27(1), pages 189-220.
    72. Arif Khurshed & Abdulkadir Mohamed & Armin Schwienbacher & Fan Wang, 2020. "Do venture capital firms benefit from international syndicates?," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 51(6), pages 986-1007, August.
    73. Pengfei Han & Chunrui Liu & Xuan Tian & Kexin Wang, 2026. "Invest Local or Remote? The Effects of COVID-19 Lockdowns on Venture Capital Investment Around the World," Management Science, INFORMS, vol. 72(4), pages 3351-3370, April.
    74. Lin Tian & Liang Han & Biao Mi, 2020. "Bank competition, information specialization and innovation," Review of Quantitative Finance and Accounting, Springer, vol. 54(3), pages 1011-1035, April.
    75. Hao, Jinxing & Zhang, Qi & Sun, Qian & Tian, Siyang, 2025. "The heart wants what it wants: Local bias and seasoned equity offerings bidding," International Review of Financial Analysis, Elsevier, vol. 108(PA).
    76. Böninghausen, Benjamin & Evrard, Johanne & Gati, Zakaria & Gori, Sofia & Lambert, Claudia & Legran, Daniel & Schuster, Wagner Eduardo & van Overbeek, Fons, 2025. "Should we mind the gap? An assessment of the benefits of equity markets and policy implications for Europe’s capital markets union," Occasional Paper Series 373, European Central Bank.
    77. Ross Brown & Augusto Rocha & Haoran Sun & Marc Cowling, 2025. "Unpacking the money-distance nexus: mapping the spatial configuration of exogenous entrepreneurial finance across UK entrepreneurial ecosystems," Small Business Economics, Springer, vol. 65(3), pages 1501-1515, October.
    78. Croce, Annalisa & Schwienbacher, Armin & Ughetto, Elisa, 2023. "Internationalization of business angel investments: The role of investor experience," International Business Review, Elsevier, vol. 32(1).
    79. Butticè, Vincenzo & Croce, Annalisa & Ughetto, Elisa, 2021. "Network dynamics in business angel group investment decisions," Journal of Corporate Finance, Elsevier, vol. 66(C).
    80. Musibau Akintunde Ajagbe & Joshua Olusola Olujobi & Anthony Akwawa Uduimoh & Lawrence Uchenna Okoye & Adunola Oluremi Oke, 2016. "Technology Based Entrepreneurship Financing. Lessons for Nigeria," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 6(1), pages 150-163, January.
    81. Nicolas Bédu & Olivier Brossard & Matthieu Montalban, 2024. "Proximity relations and the fate of VC-backed startups: Evidence from a global 33-year-long dataset," Journal of Evolutionary Economics, Springer, vol. 34(2), pages 429-464, April.
    82. Massimo G. Colombo & Kourosh Shafi, 2026. "Firms’ venture capital affiliation, platforms’ “skin in the game” and the success of equity crowdfunding campaigns," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 53(1), pages 167-197, March.
    83. Niccolò Ghio & Massimiliano Guerini & Cristina Rossi-Lamastra, 2019. "The creation of high-tech ventures in entrepreneurial ecosystems: exploring the interactions among university knowledge, cooperative banks, and individual attitudes," Small Business Economics, Springer, vol. 52(2), pages 523-543, February.
    84. Buchner, Axel & Mohamed, Abdulkadir & Schwienbacher, Armin, 2016. "Does risk explain persistence in private equity performance?," Journal of Corporate Finance, Elsevier, vol. 39(C), pages 18-35.
    85. Holloway, Isaac & Lee, Hoan Soo & Shen, Tao, 2016. "Private equity firm heterogeneity and cross-border acquisitions," International Review of Economics & Finance, Elsevier, vol. 44(C), pages 118-141.
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    91. Lin, Boqiang & Xie, Yongjing, 2024. "The role of venture capital in determining the total factor productivity of renewable energy enterprises: In the context of government subsidy reduction," Energy Economics, Elsevier, vol. 132(C).
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    151. Yunmin Wang & Jingjing Wang & Shuiquan Jiang, 2025. "Can High-Speed Railway Network Promote the Cross-City Mergers and Acquisitions? Evidence From China," SAGE Open, , vol. 15(3), pages 21582440251, September.
    152. Gerlinde Behrendt & Sarah Peter & Simone Sterly & Anna Maria Häring, 2022. "Community financing for sustainable food and farming: a proximity perspective," Agriculture and Human Values, Springer;The Agriculture, Food, & Human Values Society (AFHVS), vol. 39(3), pages 1063-1075, September.
    153. Mohammadi, Ali & Shafizadeh, Mohammadmehdi & Johan, Sofia, 2014. "A Signaling Theory Of Entrepreneurial Venture’S Valuation: Evidence From Early Termination Of Venture Capital Investment," Working Paper Series in Economics and Institutions of Innovation 349, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
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    157. Xu, Limin & Yu, Chia-Feng (Jeffrey) & Zurbruegg, Ralf, 2020. "The benefit of being a local leader: Evidence from firm-specific stock price crash risk," Journal of Corporate Finance, Elsevier, vol. 65(C).
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    161. Brown, Ross & Rocha, Augusto, 2020. "Entrepreneurial uncertainty during the Covid-19 crisis: Mapping the temporal dynamics of entrepreneurial finance," Journal of Business Venturing Insights, Elsevier, vol. 14(C).
    162. Elisa Rodepeter & Christoph Gschnaidtner & Hanna Hottenrott, 2026. "Big data-based management decisions and start-up performance," Small Business Economics, Springer, vol. 67(1), pages 361-399, June.
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    165. Tian, Xuan, 2011. "The causes and consequences of venture capital stage financing," Journal of Financial Economics, Elsevier, vol. 101(1), pages 132-159, July.
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  138. Douglas Cumming & Na Dai, 2010. "A Law and Finance Analysis of Hedge Funds," Financial Management, Financial Management Association International, vol. 39(3), pages 997-1026, September.

    Cited by:

    1. Cumming, Douglas & Dai, Na & Johan, Sofia, 2020. "Dodd-Franking the hedge Funds," Journal of Banking & Finance, Elsevier, vol. 119(C).
    2. Cumming, Douglas & Dai, Na & Haß, Lars Helge & Schweizer, Denis, 2012. "Regulatory induced performance persistence: Evidence from hedge funds," Journal of Corporate Finance, Elsevier, vol. 18(5), pages 1005-1022.
    3. Douglas Cumming & Na Dai, 2010. "Hedge Fund Regulation and Misreported Returns," European Financial Management, European Financial Management Association, vol. 16(5), pages 829-857, November.
    4. George Aragon & Bing Liang & Hyuna Park, 2014. "Onshore and Offshore Hedge Funds: Are They Twins?," Management Science, INFORMS, vol. 60(1), pages 74-91, January.
    5. Lisa M. Uhlenkamp & Bernhard Schwetzler & Wilhelm Althammer, 2025. "Can Hedge Funds Predict Takeover Offers and Outcomes?—The Influence of Hedge Fund Ownership on Takeover Likelihood and Offer Success," Schmalenbach Journal of Business Research, Springer, vol. 77(2), pages 309-355, June.
    6. Cumming, Douglas & Dai, Na & Johan, Sofia, 2015. "Are hedge funds registered in Delaware different?," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 232-246.

  139. Douglas Cumming, 2010. "Public policy and the creation of active venture capital markets," Venture Capital, Taylor & Francis Journals, vol. 13(1), pages 75-94, April.

    Cited by:

    1. Elisabete Félix & Cesaltina Pires & Mohamed Gulamhussen, 2013. "The Determinants of Venture Capital in Europe — Evidence Across Countries," Journal of Financial Services Research, Springer;Western Finance Association, vol. 44(3), pages 259-279, December.
    2. Achleitner, Ann-Kristin & Bock, Carolin & Watzinger, Martin, 2011. "The capital gains tax: A curse but also a blessing for venture capital investment," CEFS Working Paper Series 2011-04, Technische Universität München (TUM), Center for Entrepreneurial and Financial Studies (CEFS).

  140. Douglas Cumming & Na Dai, 2010. "Hedge Fund Regulation and Misreported Returns," European Financial Management, European Financial Management Association, vol. 16(5), pages 829-857, November.

    Cited by:

    1. Jorion, Philippe & Schwarz, Christopher, 2014. "Are hedge fund managers systematically misreporting? Or not?," Journal of Financial Economics, Elsevier, vol. 111(2), pages 311-327.
    2. Humphery-Jenner, Mark & Suchard, Jo-Ann, 2013. "Foreign VCs and venture success: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 16-35.
    3. McKenzie, Michael & Satchell, Stephen & Wongwachara, Warapong, 2014. "Converting true returns into reported returns: A general theory of linear smoothing and anti-smoothing," Journal of Empirical Finance, Elsevier, vol. 28(C), pages 215-229.
    4. Cui, Xinyu & Kolokolova, Olga, 2025. "Do hedge funds still manipulate stock prices?," Journal of Corporate Finance, Elsevier, vol. 92(C).
    5. Colleen Honigsberg, 2019. "Hedge Fund Regulation and Fund Governance: Evidence on the Effects of Mandatory Disclosure Rules," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 57(4), pages 845-888, September.
    6. Cumming, Douglas & Dai, Na & Haß, Lars Helge & Schweizer, Denis, 2012. "Regulatory induced performance persistence: Evidence from hedge funds," Journal of Corporate Finance, Elsevier, vol. 18(5), pages 1005-1022.
    7. Li, Ying & Holland, A. Steven & Kazemi, Hossein B., 2019. "Duration of poor performance and risk shifting by hedge fund managers," Global Finance Journal, Elsevier, vol. 40(C), pages 35-47.
    8. Cumming, Douglas & Ji, Shan & Peter, Rejo & Tarsalewska, Monika, 2020. "Market manipulation and innovation," Journal of Banking & Finance, Elsevier, vol. 120(C).
    9. Elena Yu. Makushina, 2022. "Disclosure by Venture Capital Funds Formed Under Investment Partnership Agreement," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 2, pages 113-129, April.
    10. El Kalak, Izidin & Azevedo, Alcino & Hudson, Robert, 2016. "Reviewing the hedge funds literature II: Hedge funds' returns and risk management characteristics," International Review of Financial Analysis, Elsevier, vol. 48(C), pages 55-66.
    11. Jelic, Ranko & Zhou, Dan & Ahmad, Wasim, 2021. "Do stressed PE firms misbehave?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    12. Cici, Gjergji & Kempf, Alexander & Pütz, Alexander, 2011. "The valuation of hedge funds' equity positions," CFR Working Papers 10-15 [rev.], University of Cologne, Centre for Financial Research (CFR).
    13. Sofia Johan & Minjie Zhang, 2021. "Information Asymmetries in Private Equity: Reporting Frequency, Endowments, and Governance," Journal of Business Ethics, Springer, vol. 174(1), pages 199-220, November.
    14. Cumming, Douglas & Dai, Na & Johan, Sofia, 2015. "Are hedge funds registered in Delaware different?," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 232-246.

  141. Douglas Cumming & Grant Fleming & Sofia Johan & Mai Takeuchi, 2010. "Legal Protection, Corruption and Private Equity Returns in Asia," Journal of Business Ethics, Springer, vol. 95(2), pages 173-193, September.

    Cited by:

    1. Aldatmaz,Serdar & Brown,Greg W. & Demirguc-Kunt,Asli, 2020. "Determinants of International Buyout Investments," Policy Research Working Paper Series 9191, The World Bank.
    2. Lars Helge Haß & Sofia Johan & Denis Schweizer, 2016. "Is Corporate Governance in China Related to Performance Persistence?," Journal of Business Ethics, Springer, vol. 134(4), pages 575-592, April.
    3. Bock, Carolin & Schmidt, Maximilian, 2015. "Should I stay, or should I go? – How fund dynamics influence venture capital exit decisions," Review of Financial Economics, Elsevier, vol. 27(C), pages 68-82.
    4. Ann†Kristin Achleitner & Christian Figge, 2014. "Private Equity Lemons?Evidence on Value Creation in Secondary Buyouts," European Financial Management, European Financial Management Association, vol. 20(2), pages 406-433, March.
    5. Shujun Ding & Zhenyu Wu, 2014. "Family Ownership and Corporate Misconduct in U.S. Small Firms," Journal of Business Ethics, Springer, vol. 123(2), pages 183-195, August.
    6. Li, Changhong & Li, Jialong & Liu, Mingzhi & Wang, Yuan & Wu, Zhenyu, 2017. "Anti-misconduct policies, corporate governance and capital market responses: International evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 48(C), pages 47-60.
    7. Ferris, Stephen P. & Hanousek, Jan & Tresl, Jiri, 2021. "Corporate profitability and the global persistence of corruption," Journal of Corporate Finance, Elsevier, vol. 66(C).
    8. Shujun Ding & Baozhi Qu & Zhenyu Wu, 2016. "Family Control, Socioemotional Wealth, and Governance Environment: The Case of Bribes," Journal of Business Ethics, Springer, vol. 136(3), pages 639-654, July.
    9. Groh, Alexander Peter & Wallmeroth, Johannes, 2016. "Determinants of venture capital investments in emerging markets," Emerging Markets Review, Elsevier, vol. 29(C), pages 104-132.
    10. Johan, Sofia & Zhang, Minjie, 2016. "Private equity exits in emerging markets," Emerging Markets Review, Elsevier, vol. 29(C), pages 133-153.
    11. Achleitner, Ann-Kristin & Braun, Reiner & Engel, Nico, 2011. "Value creation and pricing in buyouts: Empirical evidence from Europe and North America," Review of Financial Economics, Elsevier, vol. 20(4), pages 146-161.
    12. Li, Wanli & Cao, Ting & Feng, Zhaozhen, 2016. "Heterogeneous venture capital, M&A activity, and market response," Emerging Markets Review, Elsevier, vol. 29(C), pages 168-199.
    13. Ann‐Kristin Achleitner & Reiner Braun & Nico Engel, 2011. "Value creation and pricing in buyouts: Empirical evidence from Europe and North America," Review of Financial Economics, John Wiley & Sons, vol. 20(4), pages 146-161, November.
    14. Liu, Tingting & Liu, Yu & Ullah, Barkat & Wei, Zuobao & Xu, Lixin Colin, 2021. "The dark side of transparency in developing countries: The link between financial reporting practices and corruption," Journal of Corporate Finance, Elsevier, vol. 66(C).
    15. Patricia Crifo & Vanina Forget, 2013. "Think Global, Invest Responsible: Why the Private Equity Industry Goes Green," Journal of Business Ethics, Springer, vol. 116(1), pages 21-48, August.
    16. Kaakeh, Abdulkader & Parker, Simon C., 2025. "The impact of public corruption on marketplace lending outcomes," Journal of Banking & Finance, Elsevier, vol. 177(C).
    17. S. Ramakrishna Velamuri & Wilson Liu, 2017. "Ownership structure, insider behavior, and IPO performance of SMEs in China," Small Business Economics, Springer, vol. 48(3), pages 771-793, March.
    18. Ravi Kashyap, 2019. "Michael Milken: The Junk Dealer," Papers 1910.13882, arXiv.org.
    19. Wang, Rouzhi & Wu, Chaopeng, 2020. "Politician as venture capitalist: Politically-connected VCs and IPO activity in China," Journal of Corporate Finance, Elsevier, vol. 64(C).
    20. Sannajust, Aurélie & Groh, Alexander Peter, 2020. "There's no need to be a pioneer in emerging private equity markets," Journal of Corporate Finance, Elsevier, vol. 65(C).
    21. Aurélie Sannajust & Alexander Peter Groh, 2020. "There's no need to be a pioneer in emerging private equity markets," Post-Print hal-03511382, HAL.
    22. Li, Hui & Wu, Xiaohui & Ye, Ying & Zeng, Qi, 2018. "Venture capitalists' value-enhancing activities under weak protection of law," Pacific-Basin Finance Journal, Elsevier, vol. 50(C), pages 26-40.

  142. Douglas Cumming & Sofia Johan, 2010. "The Differential Impact of the Internet on Spurring Regional Entrepreneurship," Entrepreneurship Theory and Practice, , vol. 34(5), pages 857-884, September.

    Cited by:

    1. Chloé Duvivier & Emma Cazou & Stéphanie Truchet‐Aznar & Cédric Brunelle & Jean Dubé, 2021. "When, where, and for what industries does broadband foster establishment births?," Papers in Regional Science, Wiley Blackwell, vol. 100(6), pages 1377-1401, December.
    2. Hu, Shan & Zhang, Heqi & Wang, Yudong, 2025. "Does e-commerce development drive regional entrepreneurial activity? Spatial spillover effect and mechanism analysis," International Journal of Production Economics, Elsevier, vol. 284(C).
    3. Bennett, Daniel L., 2019. "Infrastructure investments and entrepreneurial dynamism in the U.S," Journal of Business Venturing, Elsevier, vol. 34(5), pages 1-1.
    4. Zimei Liu & Yezhi Ren & Yanlan Mei, 2022. "How Does Internet Use Promote Farmer Entrepreneurship: Evidence from Rural China," Sustainability, MDPI, vol. 14(24), pages 1-15, December.
    5. Thonipara, Anita & Sternberg, Rolf G. & Proeger, Till & Haefner, Lukas, 2020. "Assessing the Digital Divide and its Regional Determinants: Evidence from a Web-Scraping Analysis," ifh Working Papers 25/2020, Volkswirtschaftliches Institut für Mittelstand und Handwerk an der Universität Göttingen (ifh), revised 2020.
    6. Bergholz, Christian & Füner, Lena & Lubczyk, Moritz & Sternberg, Rolf & Bersch, Johannes, 2024. "Infrastructure required, skill needed: Digital entrepreneurship in rural and urban areas," Journal of Business Venturing Insights, Elsevier, vol. 22(C).
    7. Zaheer, Hasnain & Breyer, Yvonne & Dumay, John, 2019. "Digital entrepreneurship: An interdisciplinary structured literature review and research agenda," Technological Forecasting and Social Change, Elsevier, vol. 148(C).
    8. Steven Deller & Brian Whitacre & Tessa Conroy, 2022. "Rural broadband speeds and business startup rates," American Journal of Agricultural Economics, John Wiley & Sons, vol. 104(3), pages 999-1025, May.
    9. Fraccastoro, Dr Sara & Vanninen, Dr Heini & Gabrielsson, Prof Mika, 2025. "Two decades of research on digitalization, entrepreneurship, and internationalization: What foundations do they provide for research on digital entrepreneurial internationalization?," International Business Review, Elsevier, vol. 34(4).
    10. Canh Phuc Nguyen & Christophe Schinckus & Quang Binh Nguyen & Duyen Thuy Le Tran, 2024. "Digitalization and informal economy: a global evidence of internet usage," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 51(1), pages 1-37, March.
    11. Patricia Kotnik & Rok Stritar, 2015. "ICT as the Facilitator of Entrepreneurial Activity: An Empirical Investigation," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 17(38), pages 277-277, February.
    12. Liang Wang & Justin Tan, 2019. "Social Structure of Regional Entrepreneurship: The Impacts of Collective Action of Incumbents on De Novo Entrants," Entrepreneurship Theory and Practice, , vol. 43(5), pages 855-879, September.
    13. Luyi Han, 2026. "Broadband adoption and self-employment - Evidence from the American Community Survey," Economics Bulletin, AccessEcon, vol. 46(1), pages 393-404.
    14. Richard L. Constand & Arthur H. Gilbert, Jr., 2011. "E-readiness and Entrepreneurship: A Cross Country Study of the Link between Technological Infrastructure and Entrepreneurial Activity," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 15(2), pages 107-129, Winter.
    15. Zhankui Dong & Honglei Lin & Siyi Li, 2025. "The impact of the second-level digital divide on residents’ consumption," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-12, December.
    16. Niccolò Ghio & Massimiliano Guerini & Erik Lehmann & Cristina Rossi-Lamastra, 2015. "The emergence of the knowledge spillover theory of entrepreneurship," Small Business Economics, Springer, vol. 44(1), pages 1-18, January.
    17. Sameen Zafar & Suman Ammara, 2023. "Religion and entrepreneurship: a gendered multi-country analysis," Quality & Quantity: International Journal of Methodology, Springer, vol. 57(6), pages 5213-5240, December.
    18. Xiao Wen Wang & Muhammad Umar & Nada Khaddage-Soboh & Adnan Safi, 2024. "From innovation to impact: unraveling the complexities of entrepreneurship in the digital age," International Entrepreneurship and Management Journal, Springer, vol. 20(4), pages 3207-3221, December.
    19. Liz Price & Jim Shutt & Jessica Sellick, 2018. "Supporting rural Small and Medium-sized Enterprises to take up broadband-enabled technology: What works?," Local Economy, London South Bank University, vol. 33(5), pages 515-536, August.
    20. Longpeng Zhang & Wei Jiang & Zhiwei Tang, 2019. "Study on the promotion effect of informationization on entrepreneurship: an empirical evidence from China," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 9(1), pages 1-22, December.
    21. João Ricardo Faria & Laudo Ogura & Mauricio Prado & Christopher J. Boudreaux, 2023. "Government investments and entrepreneurship," Small Business Economics, Springer, vol. 61(4), pages 1657-1670, December.
    22. Dwi Rahmadi Nur Fathoni & Evi Noor Afifah, 2024. "The Impact of Internet Usage On Entrepreneurship In Indonesia," Gadjah Mada Economics Working Paper Series 202403005, Department of Economics, Faculty of Economics and Business, Universitas Gadjah Mada.
    23. Zongping Cao & Shuzhen Liang, 2025. "Internet Empowerment of Migrant Workers Returning Home for Entrepreneurship: Based on the Background of Rural Revitalization," SAGE Open, , vol. 15(2), pages 21582440251, June.
    24. Michael Olumekor & Hossam Haddad & Nidal Mahmoud Al-Ramahi, 2023. "The Relationship between Search Engines and Entrepreneurship Development: A Granger-VECM Approach," Sustainability, MDPI, vol. 15(6), pages 1-16, March.
    25. Tan, Ying & Li, Xiaoying, 2022. "The impact of internet on entrepreneurship," International Review of Economics & Finance, Elsevier, vol. 77(C), pages 135-142.
    26. Chloé Duvivier & Claire Bussière, 2022. "The contingent nature of broadband as an engine for business startups in rural areas," Journal of Regional Science, Wiley Blackwell, vol. 62(5), pages 1329-1357, November.
    27. Khan, Muhammad Zubair & Khan, Zafir Ullah & Hameed, Affan & Zada, Shehnaz Sahib, 2021. "On the upside or flipside: Where is venture capital positioned in the era of digital disruptions?," Technology in Society, Elsevier, vol. 65(C).

  143. Douglas Cumming & Sofia Johan, 2010. "Phasing Out an Inefficient Venture Capital Tax Credit," Journal of Industry, Competition and Trade, Springer, vol. 10(3), pages 227-252, September.

    Cited by:

    1. Magnus Henrekson & Anders Kärnä & Tino Sanandaji, 2022. "Schumpeterian entrepreneurship: coveted by policymakers but impervious to top-down policymaking," Journal of Evolutionary Economics, Springer, vol. 32(3), pages 867-890, July.
    2. Douglas Cumming & Sofia Johan & Jeffrey G. MacIntosh, 2017. "A drop in an empty pond: Canadian public policy towards venture capital," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 103-117, March.
    3. Milosevic, Miona, 2018. "Skills or networks? Success and fundraising determinants in a low performing venture capital market," Research Policy, Elsevier, vol. 47(1), pages 49-60.
    4. Wang, Qing (Sophie) & Lai, Shaojie & Anderson, Hamish D., 2021. "VC fund preferences and exits of individual investors," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
    5. Douglas Cumming & Sofia Johan, 2013. "The IPO as an exit strategy for venture capitalists: regional lessons from Canada with international comparisons," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 21, pages 465-502, Edward Elgar Publishing.

  144. Douglas Cumming & Uwe Walz, 2010. "Private equity returns and disclosure around the world," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 41(4), pages 727-754, May.
    See citations under working paper version above.
  145. Douglas Cumming & Sofia Johan, 2010. "Venture Capital Investment Duration," Journal of Small Business Management, Taylor & Francis Journals, vol. 48(2), pages 228-257, April.

    Cited by:

    1. Masatoshi KATO & Nicolas LEGENDRE & Hiroki YOSHIDA, 2022. "Does VC Investor Type Matter? Determinants and effects of VC backing for new firms in Japan," Discussion papers 22117, Research Institute of Economy, Trade and Industry (RIETI).
    2. Fatima Shuwaikh & Souad Brinette & Sabrina Khemiri & Rita Grego De Castro, 2024. "Venture capital activities under uncertainty: US and UK investors behavior," Annals of Operations Research, Springer, vol. 334(1), pages 885-917, March.
    3. Hahn, Eugene D. & Massini, Silvia, 2024. "Cross-border and domestic early-stage financial investment in 3D printing: An empirical perspective on drivers and locations," Journal of International Management, Elsevier, vol. 30(5).
    4. Switzer, Lorne N. & El Meslmani, Nabil & Zhai, Xinkai, 2022. "IPO performance and the size effect: Evidence for the US and Canada," The North American Journal of Economics and Finance, Elsevier, vol. 62(C).
    5. Fatima Shuwaikh & Mathew Hughes & Souad Brinette & Sabrina Khemiri, 2024. "Investment decisions under uncertainty: Corporate venture capital as a real option," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(2), pages 2452-2471, April.
    6. Sinha, Kanhaiya K. & Goel, Sanjay & Nguyen, Nga, 2024. "Differentiating between successful VC exit strategies: The influences of time-since-first-funding-received by the venture and strength of US VCs in cross-border syndicates," International Review of Financial Analysis, Elsevier, vol. 96(PB).
    7. Fatima Shuwaikh & Emmanuelle Dubocage & Dennis Murer, 2023. "Underpricing of corporate and independent venture capital-backed IPOs: Do they differ?," Review of Quantitative Finance and Accounting, Springer, vol. 60(4), pages 1629-1650, May.
    8. Kacer, Marek & Wilson, Nicholas & Zouari, Sana, 2024. "Exit routes, investor type, and the Covid-19 crisis: Insights from UK equity-funded companies," Economics Letters, Elsevier, vol. 243(C).
    9. Syrus M. Islam & Chris Akroyd, 2024. "Control strategies for impactful exits in impact private equity firms," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(4), pages 3419-3442, December.

  146. Cumming, Douglas & Schmidt, Daniel & Walz, Uwe, 2010. "Legality and venture capital governance around the world," Journal of Business Venturing, Elsevier, vol. 25(1), pages 54-72, January.

    Cited by:

    1. Lewellyn, Krista B. & Bao, Shuji ‘Rosey’, 2014. "A cross-national investigation of IPO activity: The role of formal institutions and national culture," International Business Review, Elsevier, vol. 23(6), pages 1167-1178.
    2. Rafał Morawczyński, 2020. "Venture Capitalists’ Investment Criteria in Poland: Entrepreneurial Opportunities, Entrepreneurs, and Founding Teams," Administrative Sciences, MDPI, vol. 10(4), pages 1-30, October.
    3. Carolin Bock & Maximilian Schmidt, 2015. "Should I stay, or should I go? – How fund dynamics influence venture capital exit decisions," Review of Financial Economics, John Wiley & Sons, vol. 27(1), pages 68-82, November.
    4. Gerasymenko, Violetta & Arthurs, Jonathan D., 2014. "New insights into venture capitalists' activity: IPO and time-to-exit forecast as antecedents of their post-investment involvement," Journal of Business Venturing, Elsevier, vol. 29(3), pages 405-420.
    5. Aldatmaz,Serdar & Brown,Greg W. & Demirguc-Kunt,Asli, 2020. "Determinants of International Buyout Investments," Policy Research Working Paper Series 9191, The World Bank.
    6. Saras D. Sarasvathy & Sankaran Venkataraman, 2011. "Entrepreneurship as Method: Open Questions for an Entrepreneurial Future," Entrepreneurship Theory and Practice, , vol. 35(1), pages 113-135, January.
    7. Ashish Vazirani & Titas Bhattacharjee, 2021. "Entrepreneurial Finance in the Twenty-first Century, a Review of Factors Influencing Venture Capitalist’s Decision," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 30(2), pages 306-335, September.
    8. Cheng, Cheng & Schwienbacher, Armin, 2016. "Venture capital investors and foreign listing choices of Chinese companies," Emerging Markets Review, Elsevier, vol. 29(C), pages 42-67.
    9. Motavaseli Mahmood & Shojaei Saeed & Bitaab Ali & Hasti Chitsazan & Ghanbar Mohammadi Elyasi, 2018. "Institutional Barriers to Financing Technology-based Small Firms through Venture Capital Mechanism: A Study to Explore the Incentives for Investment in Iran," International Journal of Economics and Financial Issues, Econjournals, vol. 8(1), pages 184-195.
    10. Henrekson, Magnus & Lakomaa, Erik & Sanandaji, Tino, 2021. "The Interaction of Schumpeterian Institutional Entrepreneurship and Hayekian Institutional Change in Innovative Industries," Working Paper Series 1409, Research Institute of Industrial Economics.
    11. Tykvová, Tereza, 2018. "Legal framework quality and success of (different types of) venture capital investments," Journal of Banking & Finance, Elsevier, vol. 87(C), pages 333-350.
    12. Espenlaub, Susanne & Khurshed, Arif & Mohamed, Abdulkadir, 2015. "Venture capital exits in domestic and cross-border investments," Journal of Banking & Finance, Elsevier, vol. 53(C), pages 215-232.
    13. Muhammad Zubair Khan & Walter Ferrier & Zafir Ullah Khan & Affan Hameed, 2025. "The interplay of institutional quality and financial development in venture capital fundraising," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 52(2), pages 379-413, June.
    14. Achleitner, Ann-Kristin & Engel, Nico & Reiner, Uwe, 2013. "The performance of venture capital investments: Do investors overreact?," Review of Financial Economics, Elsevier, vol. 22(1), pages 20-35.
    15. Block, Joern H. & Hirschmann, Mirko & Fisch, Christian, 2021. "Which criteria matter when impact investors screen social enterprises?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    16. Bock, Carolin & Schmidt, Maximilian, 2015. "Should I stay, or should I go? – How fund dynamics influence venture capital exit decisions," Review of Financial Economics, Elsevier, vol. 27(C), pages 68-82.
    17. Ant Bozkaya & William R. Kerr, 2009. "Labor Regulations and European Private Equity," Working Papers CEB 09-055.RS, ULB -- Universite Libre de Bruxelles.
    18. Victor Zitian Chen & Sunny Li Sun, 2019. "Barbarians at the Gate of the Middle Kingdom: The International Mobility of Financing Contract and Governance," Entrepreneurship Theory and Practice, , vol. 43(4), pages 802-837, July.
    19. Colombo, Massimo G. & D’Adda, Diego & Quas, Anita, 2019. "The geography of venture capital and entrepreneurial ventures’ demand for external equity," Research Policy, Elsevier, vol. 48(5), pages 1150-1170.
    20. Ryan Federo & Yuliya Ponomareva & Ruth V. Aguilera & Angel Saz‐Carranza & Carlos Losada, 2020. "Bringing owners back on board: A review of the role of ownership type in board governance," Corporate Governance: An International Review, Wiley Blackwell, vol. 28(6), pages 348-371, November.
    21. Julia Hirsch & Uwe Walz, 2013. "Why do contracts differ between venture capital types?," Small Business Economics, Springer, vol. 40(3), pages 511-525, April.
    22. Jiani Wang & Su Chen & William Scheela, 2023. "Foreign venture capital investing strategies in transition economies: The case of China," Asia Pacific Journal of Management, Springer, vol. 40(4), pages 1481-1524, December.
    23. Santiago Mingo & Francisco Morales & Luis Alfonso Dau, 2018. "The interplay of national distances and regional networks: Private equity investments in emerging markets," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(3), pages 371-386, April.
    24. Regan M. Stevenson & Donald F. Kuratko & Jared Eutsler, 2019. "Unleashing main street entrepreneurship: Crowdfunding, venture capital, and the democratization of new venture investments," Small Business Economics, Springer, vol. 52(2), pages 375-393, February.
    25. Mingo, Santiago & Junkunc, Marc & Morales, Francisco, 2018. "The interplay between home and host country institutions in an emerging market context: Private equity in Latin America," Journal of World Business, Elsevier, vol. 53(5), pages 653-667.
    26. Wei Wang & Chris Yung, 2025. "Employment Protection and Venture Capital Investment: The Impact of Wrongful Discharge Laws," Management Science, INFORMS, vol. 71(2), pages 1523-1545, February.
    27. Castellaneta, Francesco & Conti, Raffaele & Veloso, Francisco M. & Kemeny, Carlos A., 2016. "The effect of trade secret legal protection on venture capital investments: Evidence from the inevitable disclosure doctrine," Journal of Business Venturing, Elsevier, vol. 31(5), pages 524-541.
    28. Gill, Andrej & Walz, Uwe, 2016. "Are VC-backed IPOs delayed trade sales?," Journal of Corporate Finance, Elsevier, vol. 37(C), pages 356-374.
    29. Wang, Lanfang & Wang, Susheng, 2012. "Economic freedom and cross-border venture capital performance," Journal of Empirical Finance, Elsevier, vol. 19(1), pages 26-50.
    30. De Clercq, Dirk & Meuleman, Miguel & Wright, Mike, 2012. "A cross-country investigation of micro-angel investment activity: The roles of new business opportunities and institutions," International Business Review, Elsevier, vol. 21(2), pages 117-129.
    31. Lohwasser, Todor S., 2020. "Meta-analyzing the relative performance of venture capital-backed firms," Discussion Papers of the Institute for Organisational Economics 4/2020, University of Münster, Institute for Organisational Economics.
    32. Thi X. A. Tran & Thi L. A. Nguyen & Thi H. L. Nguyen, 2016. "Affect of Uncertainty Avoidance on Venture Capital Investing Activities in Asian Countries," Asian Social Science, Canadian Center of Science and Education, vol. 12(12), pages 152-152, December.
    33. Massimiliano Guerini & Francesca Tenca, 2018. "The geography of technology-intensive start-ups and venture capital: European evidence," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 45(3), pages 361-386, September.
    34. Block, Jörn H. & Fisch, Christian O. & Obschonka, Martin & Sandner, Philipp G., 2019. "A personality perspective on business angel syndication✰," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 306-327.
    35. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    36. A. Heughebaert & T. Vanacker & S. Manigart, 2012. "Institutional Frameworks, Venture Capital and the Financing of European New Technology-Based Firms," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 12/809, Ghent University, Faculty of Economics and Business Administration.
    37. Shujun Ding & Zhenyu Wu, 2014. "Family Ownership and Corporate Misconduct in U.S. Small Firms," Journal of Business Ethics, Springer, vol. 123(2), pages 183-195, August.
    38. Ge, Guoqing & Xue, Jian & Zhang, Qian, 2024. "Industrial policy and governmental venture capital: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 84(C).
    39. Christoph Maus & Andrea Greven & Niklas Kurth & Malte Brettel, 2024. "How do investor characteristics of business angels and venture capitalists predict the occurrence of co-investments?," Journal of Business Economics, Springer, vol. 94(5), pages 763-811, July.
    40. Magnus Henrekson & Anders Kärnä & Tino Sanandaji, 2022. "Schumpeterian entrepreneurship: coveted by policymakers but impervious to top-down policymaking," Journal of Evolutionary Economics, Springer, vol. 32(3), pages 867-890, July.
    41. Humphery-Jenner, Mark & Suchard, Jo-Ann, 2013. "Foreign VCs and venture success: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 16-35.
    42. Lerner, Josh & Tåg, Joacim, 2013. "Institutions and Venture Capital," Working Papers 2012:17, Swedish Entrepreneurship Forum.
    43. Manoj Kumar Srivastava & Ashutosh Dash & Imlak Shaikh, 2025. "Funding Innovation and Risk: A Grey-Based Startup Investment Decision," Evaluation Review, , vol. 49(2), pages 304-342, April.
    44. Fadel Jaoui & Omolola Amoussou & Francis H. Kemeze, 2022. "“Catch me if you can” on drivers of venture capital investment in Africa," African Development Review, African Development Bank, vol. 34(S1), pages 117-140, July.
    45. Roland Füss & Denis Schweizer, 2012. "Short and long-term interactions between venture capital returns and the macroeconomy: evidence for the United States," Review of Quantitative Finance and Accounting, Springer, vol. 38(3), pages 391-410, April.
    46. Johannes Wallmeroth & Peter Wirtz & Alexander Peter Groh, 2017. "Institutional Seed Financing, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review," Working Papers hal-01527999, HAL.
    47. Groh, Alexander Peter & Wallmeroth, Johannes, 2016. "Determinants of venture capital investments in emerging markets," Emerging Markets Review, Elsevier, vol. 29(C), pages 104-132.
    48. Guo, Yu & Li, Jie & Liu, Fengyuan & Li, Jianjun, 2025. "Law enforcement quality and venture capital Efficiency: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 103(C).
    49. Stefano Bonini & Senem Alkan, 2012. "The political and legal determinants of venture capital investments around the world," Small Business Economics, Springer, vol. 39(4), pages 997-1016, November.
    50. Deusdedit Rwehumbiza & Marin A. Marinov, 2020. "Development of entrepreneurial orientation of export manufacturers from emerging economies," International Entrepreneurship and Management Journal, Springer, vol. 16(2), pages 667-689, June.
    51. Guzella, Marcelo & Buchbinder, Felipe & Santana, Verônica, 2024. "Venture capital investment in Latin America: The role of experience, distances, and network features," Emerging Markets Review, Elsevier, vol. 60(C).
    52. Alexander Peter Groh & Heinrich von Liechtenstein, 2011. "The First Step of the Capital Flow from Institutions to Entrepreneurs: the Criteria for Sorting Venture Capital Funds," European Financial Management, European Financial Management Association, vol. 17(3), pages 532-559, June.
    53. Henry Lahr & Andrea Mina, 2014. "Liquidity, Technological Opportunities, and the Stage Distribution of Venture Capital Investments," Financial Management, Financial Management Association International, vol. 43(2), pages 291-325, June.
    54. Espenlaub, Susanne & Goyal, Abhinav & Mohamed, Abdulkadir, 2016. "Impact of legal institutions on IPO survival: A global perspective," Journal of Financial Stability, Elsevier, vol. 25(C), pages 98-112.
    55. Johan, Sofia & Zhang, Minjie, 2016. "Private equity exits in emerging markets," Emerging Markets Review, Elsevier, vol. 29(C), pages 133-153.
    56. Buchner, Axel & Mohamed, Abdulkadir & Schwienbacher, Armin, 2016. "Does risk explain persistence in private equity performance?," Journal of Corporate Finance, Elsevier, vol. 39(C), pages 18-35.
    57. Holloway, Isaac & Lee, Hoan Soo & Shen, Tao, 2016. "Private equity firm heterogeneity and cross-border acquisitions," International Review of Economics & Finance, Elsevier, vol. 44(C), pages 118-141.
    58. Vanacker, Tom & Zahra, Shaker A. & Holmes, R. Michael, 2021. "Corporate entrepreneurship, country institutions and firm financial performance," Journal of World Business, Elsevier, vol. 56(3).
    59. Zhang, Jing & Zhang, Wei & Schwab, Andreas, 2024. "Interorganizational triads for foreign-market entry: Partnerships among Western, bridge-economy, and local VCs in Mainland China," Journal of Business Venturing, Elsevier, vol. 39(1).
    60. Kim Klyver & Noel J. Lindsay & Suleiman K. “Sul” Kassicieh & Gary Hancock, 2017. "Altruistic investment decision behavior in early-stage ventures," Small Business Economics, Springer, vol. 48(1), pages 135-152, January.
    61. Chortareas, Georgios E. & Girardone, Claudia & Ventouri, Alexia, 2013. "Financial freedom and bank efficiency: Evidence from the European Union," Journal of Banking & Finance, Elsevier, vol. 37(4), pages 1223-1231.
    62. Plagmann, Carolin & Lutz, Eva, 2019. "Beggars or choosers? Lead venture capitalists and the impact of reputation on syndicate partner selection in international settings," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 359-378.
    63. Ding, Zhujun & Au, Kevin & Chiang, Flora, 2015. "Social trust and angel investors' decisions: A multilevel analysis across nations," Journal of Business Venturing, Elsevier, vol. 30(2), pages 307-321.
    64. Bustamante, Carla V. & Mingo, Santiago & Matusik, Sharon F., 2021. "Institutions and venture capital market creation: The case of an emerging market," Journal of Business Research, Elsevier, vol. 127(C), pages 1-12.
    65. Massimo G. Colombo & Benedetta Montanaro & Kourosh Shafi, 2024. "Dancing with Strangers? Initial Trust and the Formation of Initial Ties Between New Ventures and Corporate Venture Capitalists," Entrepreneurship Theory and Practice, , vol. 48(5), pages 1223-1265, September.
    66. Douglas J. Cumming & Silvio Vismara, 2017. "De-segmenting research in entrepreneurial finance," Venture Capital, Taylor & Francis Journals, vol. 19(1-2), pages 17-27, January.
    67. Meuleman, Miguel & Jääskeläinen, Mikko & Maula, Markku V.J. & Wright, Mike, 2017. "Venturing into the unknown with strangers: Substitutes of relational embeddedness in cross-border partner selection in venture capital syndicates," Journal of Business Venturing, Elsevier, vol. 32(2), pages 131-144.
    68. Bian, Bo & Li, Yingxiang & Nigro, Casimiro A., 2022. "Conflicting fiduciary duties and fire sales of VC-backed start-ups," LawFin Working Paper Series 35, Goethe University, Center for Advanced Studies on the Foundations of Law and Finance (LawFin).
    69. Antonia Nörthemann, 2023. "Industry-specific specialization in venture capitalists’ internationalization decisions," Journal of Business Economics, Springer, vol. 93(5), pages 891-927, July.
    70. Liu, Yu & Maula, Markku, 2021. "Contextual status effects: The performance effects of host-country network status and regulatory institutions in cross-border venture capital," Research Policy, Elsevier, vol. 50(5).
    71. Judit Edit FUTÓ, 2016. "Empirical analysis of Hungarian firms according to venture capital investment criteria," Timisoara Journal of Economics and Business, West University of Timisoara, Romania, Faculty of Economics and Business Administration, vol. 9(1), pages 16-32, June.
    72. Li, Changhong & Shi, Yulin & Wu, Cong & Wu, Zhenyu & Zheng, Li, 2016. "Policies of promoting entrepreneurship and Angel Investment: Evidence from China," Emerging Markets Review, Elsevier, vol. 29(C), pages 154-167.
    73. David B. Audretsch & Erik E. Lehmann, 2013. "Corporate governance in newly listed companies," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 9, pages 179-206, Edward Elgar Publishing.
    74. Schertler, Andrea & Tykvová, Tereza, 2012. "What lures cross-border venture capital inflows?," Journal of International Money and Finance, Elsevier, vol. 31(6), pages 1777-1799.
    75. Cristiano Bellavitis & Igor Filatotchev & Dzidziso Samuel Kamuriwo & Tom Vanacker, 2017. "Entrepreneurial finance: new frontiers of research and practice," Venture Capital, Taylor & Francis Journals, vol. 19(1-2), pages 1-16, January.
    76. M. Tanzeem Raza & P. Natarajan, 2023. "Factors Driving Venture Capital Investments in India," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 9(1), pages 62-79, January.
    77. Standaert, Thomas & Collewaert, Veroniek & Vanacker, Tom, 2025. "Regulatory institutions and cross-country differences in high-growth entrepreneurship rates: A configurational approach," Journal of Business Venturing, Elsevier, vol. 40(2).
    78. Dimitrios Kolokas & Tom Vanacker & David Veredas & Shaker A. Zahra, 2022. "Venture Capital, Credit, and FinTech Start-Up Formation: A Cross-Country Study," Entrepreneurship Theory and Practice, , vol. 46(5), pages 1198-1230, September.
    79. Krammer, Sorin & Gören, Erkan, 2021. "Wired in? Genetic traits and entrepreneurship around the world," MPRA Paper 107309, University Library of Munich, Germany.
    80. Kerstin Bernoth & Roberta Colavecchio & Magdolna Sass, 2010. "Drivers of Private Equity Investment in CEE and Western European Countries," Working Paper / FINESS 3.5, DIW Berlin, German Institute for Economic Research.
    81. Schmidt, Corinna Vera Hedwig & Gaßmann, Patrick Sven & McElvany, Nele & Flatten, Tessa Christina, 2025. "Angel funding and entrepreneurs' well-being: The mediating role of autonomy, competence, and relatedness," Journal of Business Venturing, Elsevier, vol. 40(2).
    82. Buchner, Axel & Wagner, Niklas F., 2017. "Rewarding risk-taking or skill? The case of private equity fund managers," Journal of Banking & Finance, Elsevier, vol. 80(C), pages 14-32.
    83. Josefina Fernández-Guadaño & Raquel Montes Diez, 2024. "Social Entrepreneurship Impact in Ten EU Countries with Supportive Regulations," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(3), pages 10781-10798, September.
    84. Hui Fu & Jun Yang & Yunbi An, 2019. "Contracts for venture capital financing with double-sided moral hazard," Small Business Economics, Springer, vol. 53(1), pages 129-144, June.
    85. Toby Stuart & Yanbo Wang, 2016. "Who cooks the books in China, and does it pay? Evidence from private, high‐technology firms," Strategic Management Journal, Wiley Blackwell, vol. 37(13), pages 2658-2676, December.
    86. Douglas Cumming & Minjie Zhang, 2019. "Angel investors around the world," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(5), pages 692-719, July.
    87. Zhujun Ding & Sunny Sun & Kevin Au, 2014. "Angel investors’ selection criteria: A comparative institutional perspective," Asia Pacific Journal of Management, Springer, vol. 31(3), pages 705-731, September.
    88. Groh, Alexander P. & Liectenstein, Heinrich, 2009. "The first step of the capital flow from institutions to entrepreneurs: The criteria for sorting venture capital funds," IESE Research Papers D/795, IESE Business School.
    89. Buchner, Axel & Mohamed, Abdulkadir & Schwienbacher, Armin, 2017. "Diversification, risk, and returns in venture capital," Journal of Business Venturing, Elsevier, vol. 32(5), pages 519-535.
    90. Massimo G. Colombo & Kourosh Shafi, 2016. "The impact of patenting on the size of high-tech firms: the role of venture capital and product market regulation," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 43(1), pages 85-103, March.
    91. Sarkodie, Helena & Boasiako, Kwabena & Keefe, Michael O’Connor & Nguyen, Justin & Tawiah, Bernard, 2025. "Right-to-work laws and venture capital investment," Journal of Banking & Finance, Elsevier, vol. 172(C).
    92. Massimo Colombo & Kourosh Shafi, 2016. "The impact of patenting on the size of high-tech firms: the role of venture capital and product market regulation," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 43(1), pages 85-103, March.
    93. Liang, Qing & Gan, Christopher & Li, Zhaohua, 2019. "Institutional environment and financing costs: Evidence from venture capital backed transactions," Finance Research Letters, Elsevier, vol. 31(C).
    94. Dong, Qi & Slovin, Myron B. & Sushka, Marie E., 2020. "Private equity exits after IPOs," Journal of Corporate Finance, Elsevier, vol. 64(C).
    95. Wang, Rouzhi & Wu, Chaopeng, 2020. "Politician as venture capitalist: Politically-connected VCs and IPO activity in China," Journal of Corporate Finance, Elsevier, vol. 64(C).
    96. Sannajust, Aurélie & Groh, Alexander Peter, 2020. "There's no need to be a pioneer in emerging private equity markets," Journal of Corporate Finance, Elsevier, vol. 65(C).
    97. Buchner, Axel, 2016. "Dealing with non-normality when estimating abnormal returns and systematic risk of private equity: A closed-form solution," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 45(C), pages 60-78.
    98. Hai Long & Jianzhi Zhao & Xiaochen Lin & Lanyong Liu, 2022. "Does Venture Capital Reputation Contribute to Pre-IPO Performance of Entrepreneurial Firms in the Chinese Context?," SAGE Open, , vol. 12(4), pages 21582440221, November.
    99. Ann‐Kristin Achleitner & Nico Engel & Uwe Reiner, 2013. "The performance of venture capital investments: Do investors overreact?," Review of Financial Economics, John Wiley & Sons, vol. 22(1), pages 20-35, January.
    100. Deusdedit Rwehumbiza & Marin A. Marinov, 0. "Development of entrepreneurial orientation of export manufacturers from emerging economies," International Entrepreneurship and Management Journal, Springer, vol. 0, pages 1-23.
    101. Tennert, Julius & Lambert, Marie & Burghof, Hans-Peter, 2017. "Moral hazard in VC finance: More expensive than you thought," Hohenheim Discussion Papers in Business, Economics and Social Sciences 02-2017, University of Hohenheim, Faculty of Business, Economics and Social Sciences.
    102. Block, Joern H. & De Vries, Geertjan & Schumann, Jan H. & Sandner, Philipp, 2014. "Trademarks and venture capital valuation," Journal of Business Venturing, Elsevier, vol. 29(4), pages 525-542.
    103. M. Mahdi Moeini Gharagozloo & Fatemeh Askarzadeh & Ali Moeini Gharagozloo, 2022. "More power for international entrepreneurs: the effect of digital readiness of economies on channeling national R&D resources to entrepreneurship," Journal of International Entrepreneurship, Springer, vol. 20(3), pages 474-502, September.
    104. Fadel Jaoui & Omolola Amoussou & Francis H. Kemeze, 2022. "Working Paper 364 - ‘Catch Me if You Can’ On Drivers of Venture Capital Investment in Africa," Working Paper Series 2490, African Development Bank.
    105. Buchner, Axel & Mohamed, Abdulkadir & Schwienbacher, Armin, 2020. "Herd behaviour in buyout investments," Journal of Corporate Finance, Elsevier, vol. 60(C).
    106. Rui Shen & Qingyun Lu & Jun Yang & Can Li, 2025. "Governors’ Tenure and Venture Capital Firms’ Early-stage Investing: A Subnational Institutional Perspective," Small Business Economics, Springer, vol. 65(1), pages 613-642, June.
    107. Francesco Campanella, 2014. "Assess the Rating of SMEs by using Classification And Regression Trees (CART) with Qualitative Variables," Review of Economics & Finance, Better Advances Press, Canada, vol. 4, pages 16-32, August.
    108. Aurélie Sannajust & Alexander Peter Groh, 2020. "There's no need to be a pioneer in emerging private equity markets," Post-Print hal-03511382, HAL.
    109. Douglas Cumming, 2010. "Public policy and the creation of active venture capital markets," Venture Capital, Taylor & Francis Journals, vol. 13(1), pages 75-94, April.
    110. Jonathan Labbe, 2021. "Study of The Relationship Between Public and Private Venture Capitalists in France: A Qualitative Approach," Post-Print hal-03381477, HAL.
    111. Sofia Johan & Minjie Zhang, 2021. "Information Asymmetries in Private Equity: Reporting Frequency, Endowments, and Governance," Journal of Business Ethics, Springer, vol. 174(1), pages 199-220, November.
    112. Faverzani, Lara, 2024. "Financial resource pooling in club deals," Journal of Corporate Finance, Elsevier, vol. 84(C).
    113. Jonathan Labbe, 2021. "Study of The Relationship Between Public and Private Venture Capitalists in France: A Qualitative Approach," Papers 2110.09098, arXiv.org.
    114. Buchner, Axel, 2016. "Risk-adjusting the returns of private equity using the CAPM and multi-factor extensions," Finance Research Letters, Elsevier, vol. 16(C), pages 154-161.
    115. Li, Yong & Vertinsky, Ilan B. & Li, Jing, 2014. "National distances, international experience, and venture capital investment performance," Journal of Business Venturing, Elsevier, vol. 29(4), pages 471-489.

  147. Robert Cressy & Douglas Cumming & Christine Mallin, 2010. "Entrepreneurship, Governance and Ethics," Journal of Business Ethics, Springer, vol. 95(2), pages 117-120, September.

    Cited by:

    1. Anastasia A. Zakolyukina, 2018. "How Common Are Intentional GAAP Violations? Estimates from a Dynamic Model," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 56(1), pages 5-44, March.
    2. Shujun Ding & Baozhi Qu & Zhenyu Wu, 2016. "Family Control, Socioemotional Wealth, and Governance Environment: The Case of Bribes," Journal of Business Ethics, Springer, vol. 136(3), pages 639-654, July.
    3. Said, Jamaliah & Alam, Md. Mahmudul & Ramli, Masitah & Rafidi, Marhamah, 2020. "Integrating Ethical Values into Fraud Triangle Theory in Assessing Employee Fraud: Evidence from the Malaysian Banking Industry," SocArXiv xpqrs_v1, Center for Open Science.

  148. Douglas Cumming & Na Dai, 2009. "Capital Flows and Hedge Fund Regulation," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 6(4), pages 848-873, December.

    Cited by:

    1. Behzad Alimoradian & Jeffrey Jakubiak & Stephane Loisel & Yahia Salhi, 2023. "Understanding Key Drivers of Participant Cash Flows for Individually Managed Stable Value Funds," Risks, MDPI, vol. 11(8), pages 1-27, August.
    2. Kashyap, Ravi, 2024. "The Democratization of Wealth Management: Hedged Mutual Fund Blockchain Protocol," Research in International Business and Finance, Elsevier, vol. 71(C).
    3. Cumming, Douglas & Dai, Na & Haß, Lars Helge & Schweizer, Denis, 2012. "Regulatory induced performance persistence: Evidence from hedge funds," Journal of Corporate Finance, Elsevier, vol. 18(5), pages 1005-1022.
    4. Ravi Kashyap, 2024. "The Democratization of Wealth Management: Hedged Mutual Fund Blockchain Protocol," Papers 2405.02302, arXiv.org, revised Jul 2024.
    5. Kolokolova, Olga, 2011. "Strategic behavior within families of hedge funds," Journal of Banking & Finance, Elsevier, vol. 35(7), pages 1645-1662, July.
    6. Cumming, Douglas & Monteiro, Pedro, 2022. "Hedge fund sales fees and the flow of funds around the world," Economic Modelling, Elsevier, vol. 112(C).
    7. Douglas Cumming & Gael Imad'Eddine & Armin Schwienbacher, 2012. "Harmonized regulatory standards, international distribution of investment funds and the recent financial crisis," Post-Print hal-04445431, HAL.
    8. Cumming, Douglas & Dai, Na & Johan, Sofia, 2015. "Are hedge funds registered in Delaware different?," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 232-246.

  149. Andy Cosh & Douglas Cumming & Alan Hughes, 2009. "Outside Enterpreneurial Capital," Economic Journal, Royal Economic Society, vol. 119(540), pages 1494-1533, October.
    See citations under working paper version above.
  150. Douglas Cumming & Sofia Johan, 2009. "Pre-seed government venture capital funds," Journal of International Entrepreneurship, Springer, vol. 7(1), pages 26-56, March.

    Cited by:

    1. Alperovych, Yan & Hübner, Georges & Lobet, Fabrice, 2015. "How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium," Journal of Business Venturing, Elsevier, vol. 30(4), pages 508-525.
    2. Mark R. Ayoub & Sandra Gottschalk & Bettina Müller, 2017. "Impact of public seed-funding on academic spin-offs," The Journal of Technology Transfer, Springer, vol. 42(5), pages 1100-1124, October.
    3. Park, Sarah & LiPuma, Joseph A., 2020. "New venture internationalization: The role of venture capital types and reputation," Journal of World Business, Elsevier, vol. 55(1).
    4. Bertoni, Fabio & Tykvová, Tereza, 2013. "Which form of venture capital is most supportive of innovation? Evidence from European biotechnology companies," FZID Discussion Papers 69-2013, University of Hohenheim, Center for Research on Innovation and Services (FZID).
    5. Douglas Cumming & Sofia Johan, 2019. "Government venture capital research: fake science and bad public policy," Venture Capital, Taylor & Francis Journals, vol. 21(1), pages 121-131, January.
    6. Bertoni, Fabio & Tykvová, Tereza, 2012. "Which form of venture capital is most supportive of innovation?," ZEW Discussion Papers 12-018, ZEW - Leibniz Centre for European Economic Research.
    7. Fabio Bertoni & Diego D’Adda & Luca Grilli, 2016. "Cherry-picking or frog-kissing? A theoretical analysis of how investors select entrepreneurial ventures in thin venture capital markets," Small Business Economics, Springer, vol. 46(3), pages 391-405, March.
    8. Jianjun Xu & Lijie Yu & Rakesh Gupta, 2020. "Evaluating the Performance of the Government Venture Capital Guiding Fund Using the Intuitionistic Fuzzy Analytic Hierarchy Process," Sustainability, MDPI, vol. 12(17), pages 1-24, August.
    9. Judit Karsai, 2015. "Are CEE states successful as venture capitalists?," KRTK-KTI WORKING PAPERS 1539, Institute of Economics, Centre for Economic and Regional Studies.
    10. Gilding, Michael & Brennecke, Julia & Bunton, Vikki & Lusher, Dean & Molloy, Peter L. & Codoreanu, Alex, 2020. "Network failure: Biotechnology firms, clusters and collaborations far from the world superclusters," Research Policy, Elsevier, vol. 49(2).
    11. Du, Qunyang & Li, Zhongyuan & Du, Min & Yang, Tianle, 2024. "Government venture capital and innovation performance in alternative energy production: The moderating role of environmental regulation and capital market activity," Energy Economics, Elsevier, vol. 129(C).
    12. Fabio Bertoni & Massimo G. Colombo & Anita Quas, 2019. "The Role of Governmental Venture Capital in the Venture Capital Ecosystem: An Organizational Ecology Perspective," Entrepreneurship Theory and Practice, , vol. 43(3), pages 611-628, May.
    13. Karsai, Judit, 2015. "Állami szerepvállalás a kelet-közép-európai kockázatitőke-piacon [The role of government in the Central and East European venture-capital market]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 1172-1195.
    14. Federico Munari & Martina Pasquini & Laura Toschi, 2015. "From the lab to the stock market? The characteristics and impact of university-oriented seed funds in Europe," The Journal of Technology Transfer, Springer, vol. 40(6), pages 948-975, December.

  151. Douglas Cumming & Grant Fleming & Armin Schwienbacher, 2009. "Corporate Relocation in Venture Capital Finance," Entrepreneurship Theory and Practice, , vol. 33(5), pages 1121-1155, September.

    Cited by:

    1. Sofie De Prijcker & Sophie Manigart & Veroniek Collewaert & Tom Vanacker, 2019. "Relocation to Get Venture Capital: A Resource Dependence Perspective," Entrepreneurship Theory and Practice, , vol. 43(4), pages 697-724, July.
    2. Park, Sarah & LiPuma, Joseph A., 2020. "New venture internationalization: The role of venture capital types and reputation," Journal of World Business, Elsevier, vol. 55(1).
    3. Cheng, Cheng & Schwienbacher, Armin, 2016. "Venture capital investors and foreign listing choices of Chinese companies," Emerging Markets Review, Elsevier, vol. 29(C), pages 42-67.
    4. Israel Drori & Benson Honig & Mike Wright, 2009. "Transnational Entrepreneurship: An Emergent Field of Study," Entrepreneurship Theory and Practice, , vol. 33(5), pages 1001-1022, September.
    5. Jing Zhang & Huizhi Yu, 2017. "Venture Capitalists’ Experience and Foreign IPOs: Evidence from China," Entrepreneurship Theory and Practice, , vol. 41(5), pages 677-707, September.
    6. Tykvová, Tereza & Schertler, Andrea, 2014. "Does Syndication With Local Venture Capitalists Moderate the Effects of Geographical and Institutional Distance?," Journal of International Management, Elsevier, vol. 20(4), pages 406-420.
    7. Wang, Lanfang & Wang, Susheng, 2012. "Economic freedom and cross-border venture capital performance," Journal of Empirical Finance, Elsevier, vol. 19(1), pages 26-50.
    8. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    9. Weik, Stefan & Achleitner, Ann-Kristin & Braun, Reiner, 2024. "Venture capital and the international relocation of startups," Research Policy, Elsevier, vol. 53(7).
    10. Axel Buchner & Susanne Espenlaub & Arif Khurshed & Abdulkadir Mohamed, 2018. "Cross-border venture capital investments: The impact of foreignness on returns," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(5), pages 575-604, July.
    11. Richard T Harrison & Babangida Yohanna & Yannis Pierrakis, 2020. "Internationalisation and localisation: Foreign venture capital investments in the United Kingdom," Local Economy, London South Bank University, vol. 35(3), pages 230-256, May.
    12. Marc Deloof & Maurizio La Rocca & Tom Vanacker, 2019. "Local Banking Development and the Use of Debt Financing by New Firms," Entrepreneurship Theory and Practice, , vol. 43(6), pages 1250-1276, November.
    13. Joseph A. LiPuma & Sarah Park, 2014. "Venture Capitalists’ Risk Mitigation of Portfolio Company Internationalization," Entrepreneurship Theory and Practice, , vol. 38(5), pages 1-23, September.
    14. Wang, Lanfang & Wang, Susheng, 2011. "Cross-border venture capital performance: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 19(1), pages 71-97, January.
    15. Garry Bruton & David Ahlstrom & Steven Si, 2015. "Entrepreneurship, poverty, and Asia: Moving beyond subsistence entrepreneurship," Asia Pacific Journal of Management, Springer, vol. 32(1), pages 1-22, March.

  152. Douglas Cumming & Grant Fleming & Armin Schwienbacher, 2009. "Style Drift in Private Equity," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(5‐6), pages 645-678, June.

    Cited by:

    1. Cumming, Douglas & Deloof, Marc & Manigart, Sophie & Wright, Mike, 2019. "New directions in entrepreneurial finance," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 252-260.
    2. Mercedes Alda, 2021. "The dilemma between fund‐style consistency and active management over the economic cycle. Evidence from pension funds," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 2219-2240, April.
    3. Zehua He & Kexin Hu & Zhongfei Li, 2023. "Drifting from the Sustainable Development Goal: Style Drift in ESG Funds," Sustainability, MDPI, vol. 15(16), pages 1-24, August.
    4. Barry, Christopher B. & Mihov, Vassil T., 2015. "Debt financing, venture capital, and the performance of initial public offerings," Journal of Banking & Finance, Elsevier, vol. 58(C), pages 144-165.
    5. Dutt, Tanuj & Humphery-Jenner, Mark, 2013. "Stock return volatility, operating performance and stock returns: International evidence on drivers of the ‘low volatility’ anomaly," Journal of Banking & Finance, Elsevier, vol. 37(3), pages 999-1017.
    6. Ben Ammar, Semir & Braun, Alexander & Eling, Martin, 2016. "Asset Pricing and Extreme Event Risk: Common Factors in ILS Fund Returns," Working Papers on Finance 1621, University of St. Gallen, School of Finance.
    7. Achleitner, Ann-Kristin & Engel, Nico & Reiner, Uwe, 2013. "The performance of venture capital investments: Do investors overreact?," Review of Financial Economics, Elsevier, vol. 22(1), pages 20-35.
    8. Ann†Kristin Achleitner & Christian Figge, 2014. "Private Equity Lemons?Evidence on Value Creation in Secondary Buyouts," European Financial Management, European Financial Management Association, vol. 20(2), pages 406-433, March.
    9. Xue, Chaokai & Jiang, Ping & Dang, Xinghua, 2019. "The dynamics of network communities and venture capital performance: Evidence from China," Finance Research Letters, Elsevier, vol. 28(C), pages 6-10.
    10. Robert Loos & Bernhard Schwetzler, 2017. "Fueling the buyout machine: fundraising in private equity," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 31(4), pages 397-443, November.
    11. Adiya Bayarmaa & Guglielmo Maria Caporale, 2019. "Style consistency and mutual fund returns: the case of Russia," CESifo Working Paper Series 7605, CESifo.
    12. Bin Hao & Yanan Feng & Hongbin Tan & Mingzhu Ye, 2025. "Taking a Second Look at the Bait: Attention to Upside Potential Versus Downside Risk in Venture Capitalists’ Staged Investment," Entrepreneurship Theory and Practice, , vol. 49(1), pages 283-311, January.
    13. Ughetto, Elisa, 2010. "Assessing the contribution to innovation of private equity investors: A study on European buyouts," Research Policy, Elsevier, vol. 39(1), pages 126-140, February.
    14. Henry Lahr & Andrea Mina, 2014. "Liquidity, Technological Opportunities, and the Stage Distribution of Venture Capital Investments," Financial Management, Financial Management Association International, vol. 43(2), pages 291-325, June.
    15. Matteo Ambrois & Vincenzo Butticè & Annalisa Croce & Luca Grilli & Elisa Ughetto, 2025. "The times they are a‐changin’: how venture capital firms change their investment practices under the COVID-19 pandemic," Small Business Economics, Springer, vol. 65(2), pages 871-893, August.
    16. Moritz Wehking & Tim Alexander Herberger, 2025. "Sector-based portfolio changes of private equity funds during economic shocks," Journal of Asset Management, Palgrave Macmillan, vol. 26(6), pages 697-706, October.
    17. Switzer, Lorne N. & El Meslmani, Nabil & Zhai, Xinkai, 2022. "IPO performance and the size effect: Evidence for the US and Canada," The North American Journal of Economics and Finance, Elsevier, vol. 62(C).
    18. Murray, Gordon, 2020. "Ten Meditations on (Public) Venture Capital – Revisited," MPRA Paper 104389, University Library of Munich, Germany.
    19. Wunder, David & Maula, Markku, 2026. "Harvesting or nurturing? Corporate venture capital and startup green innovation," Research Policy, Elsevier, vol. 55(2).
    20. Douglas Cumming, 2010. "Misinforming the public about public policy towards venture capital," Venture Capital, Taylor & Francis Journals, vol. 13(1), pages 99-102, October.
    21. Schwienbacher, Armin, 2013. "The entrepreneur's investor choice: The impact on later-stage firm development," Journal of Business Venturing, Elsevier, vol. 28(4), pages 528-545.
    22. Zhou, Xiangyi & Zheng, Fang & Xiao, Sheng, 2025. "Media coverage of startups and venture capital investments," Emerging Markets Review, Elsevier, vol. 68(C).
    23. Chowdhury, Md Iftekhar Hasan & Balli, Faruk & de Bruin, Anne, 2024. "Investment styles of islamic equity funds," International Review of Economics & Finance, Elsevier, vol. 89(PB), pages 172-187.
    24. Andrieu, Guillaume & Peter Groh, Alexander, 2021. "Strategic exits in secondary venture capital markets," Journal of Business Venturing, Elsevier, vol. 36(2).
    25. Buzzacchi, Luigi & Scellato, Giuseppe & Ughetto, Elisa, 2015. "Investment stage drifts and venture capital managerial incentives," Journal of Corporate Finance, Elsevier, vol. 33(C), pages 118-128.
    26. Li, Yong & Mahoney, Joseph T., 2011. "When are venture capital projects initiated?," Journal of Business Venturing, Elsevier, vol. 26(2), pages 239-254, March.
    27. Cumming, Douglas, 2014. "Public economics gone wild: Lessons from venture capital," International Review of Financial Analysis, Elsevier, vol. 36(C), pages 251-260.
    28. Gejadze, Maia & Giot, Pierre & Schwienbacher, Armin, 2017. "Private equity fundraising and firm specialization," The Quarterly Review of Economics and Finance, Elsevier, vol. 64(C), pages 259-274.
    29. Patricia Crifo & Vanina Forget, 2013. "Think Global, Invest Responsible: Why the Private Equity Industry Goes Green," Journal of Business Ethics, Springer, vol. 116(1), pages 21-48, August.
    30. Elisa Ughetto, 2016. "Investments, Financing Constraints and Buyouts: the Effect of Private Equity Investors on the Sensitivity of Investments to Cash Flow," Manchester School, University of Manchester, vol. 84(1), pages 25-54, January.
    31. Jake Duke & Taha Havakhor & Rachel Mui & Owen Parker, 2022. "How Starting Strategy and Network Structure Shape Problemistic Search: An Examination of Venture Capital Firms," Entrepreneurship Theory and Practice, , vol. 46(5), pages 1344-1373, September.
    32. Yanyu Guo & Zhicheng Zhang & Jizu Li & Huayun Du, 2024. "Research on Identification and Correction of Fund Investment Style Drift Based on FSD Model," Computational Economics, Springer;Society for Computational Economics, vol. 64(5), pages 2605-2640, November.
    33. Nahata, Rajarishi, 2019. "Success is good but failure is not so bad either: Serial entrepreneurs and venture capital contracting," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 624-649.
    34. Chua, Angeline Kim Pei & Tam, On Kit, 2020. "The shrouded business of style drift in active mutual funds," Journal of Corporate Finance, Elsevier, vol. 64(C).
    35. Gael Imad'Eddine & Armin Schwienbacher, 2013. "International Capital Flows into the European Private Equity Market," European Financial Management, European Financial Management Association, vol. 19(2), pages 366-398, March.
    36. Lahr, Henry & Trombley, Timothy E., 2020. "Early indicators of fundraising success by venture capital firms," Journal of Corporate Finance, Elsevier, vol. 65(C).
    37. Huang, Xiaoxia & Jiang, Yanchen & Mallick, Sushanta, 2025. "Endorsement and firm financing: Evidence from government venture capital market in China," The British Accounting Review, Elsevier, vol. 57(3).
    38. Sannajust, Aurélie & Groh, Alexander Peter, 2020. "There's no need to be a pioneer in emerging private equity markets," Journal of Corporate Finance, Elsevier, vol. 65(C).
    39. Mohammadi, Ali & Shafizadeh, Mohammadmehdi & Johan, Sofia, 2014. "A Signaling Theory Of Entrepreneurial Venture’S Valuation: Evidence From Early Termination Of Venture Capital Investment," Working Paper Series in Economics and Institutions of Innovation 349, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
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    Cited by:

    1. Wolfgang Drobetz & Lars Hornuf & Paul P. Momtaz & Niclas Schermann, 2025. "Token-Based Crowdfunding: Investor Choice and the Optimal Timing of Initial Coin Offerings," Entrepreneurship Theory and Practice, , vol. 49(1), pages 232-282, January.
    2. Bao, Xiaolu & Johan, Sofia & Kutsuna, Kenji, 2016. "Do political connections matter in accessing capital markets? Evidence from China," Emerging Markets Review, Elsevier, vol. 29(C), pages 24-41.
    3. Ioannis Makedos, 2014. "Venture Capital Organization As A “Guarantee” For The Collaboration Between Smes And Universities Despite Economic Crisis," Romanian Economic Business Review, Romanian-American University, vol. 9(3), pages 10-26, September.
    4. Cumming, Douglas & Deloof, Marc & Manigart, Sophie & Wright, Mike, 2019. "New directions in entrepreneurial finance," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 252-260.
    5. Prelipcean, Gabriela & Boscoianu, Mircea, 2019. "Aspect Regarding the Design of Active Strategies for Venture Capital Financing – the Flexible Adjustment for Romania as a Frontier Capital Market," Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference (2019), Rovinj, Croatia, in: Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference, Rovinj, Croatia, 12-14 September 2019, pages 187-196, IRENET - Society for Advancing Innovation and Research in Economy, Zagreb.
    6. Campbell, T. Colin, 2014. "CEO optimism and the board's choice of successor," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 495-510.
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    9. Bing Guo & Yun Lou & David Pérez‐Castrillo, 2015. "Investment, Duration, and Exit Strategies for Corporate and Independent Venture Capital‐Backed Start‐Ups," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 24(2), pages 415-455, June.
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    35. Emma Galli & Danilo V. Mascia & Stefania P. S. Rossi, 2020. "Bank credit constraints for women‐led SMEs: Self‐restraint or lender bias?," European Financial Management, European Financial Management Association, vol. 26(4), pages 1147-1188, September.
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    47. Alice Rossi & Tom Vanacker & Silvio Vismara, 2023. "Unsuccessful Equity Crowdfunding Offerings and the Persistence in Equity Fundraising of Family Business Start-Ups," Entrepreneurship Theory and Practice, , vol. 47(4), pages 1327-1355, July.
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    124. Cumming, Douglas & Groh, Alexander Peter, 2018. "Entrepreneurial finance: Unifying themes and future directions," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 538-555.
    125. Jeppsson, Hans, 2018. "Initial public offerings, subscription precommitments and venture capital participation," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 650-668.
    126. Douglas Cumming & Grant Fleming & Armin Schwienbacher, 2009. "Style Drift in Private Equity," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(5‐6), pages 645-678, June.
    127. Michael D. McKenzie & William H. Janeway, 2011. "Venture capital funds and the public equity market," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 51(3), pages 764-786, September.
    128. Jichuan Zong & Te Bao & Jack Knetsch & Xiaowei Li, 2017. "The Timing of Input Contributions, Deservingness, and Income Sharing Rules," Economic Growth Centre Working Paper Series 1704, Nanyang Technological University, School of Social Sciences, Economic Growth Centre.
    129. Bengtsson, Ola & Sensoy, Berk A., 2011. "Investor abilities and financial contracting: Evidence from venture capital," Journal of Financial Intermediation, Elsevier, vol. 20(4), pages 477-502, October.
    130. Lauren J. Vollon, 2026. "Venture Capital and Private M&A Contracting," Management Science, INFORMS, vol. 72(6), pages 5193-5210, June.
    131. Miglo, Anton, 2022. "Theories of financing for entrepreneurial firms: a review," MPRA Paper 115835, University Library of Munich, Germany.
    132. Hui Fu & Jun Yang & Yunbi An, 2019. "Contracts for venture capital financing with double-sided moral hazard," Small Business Economics, Springer, vol. 53(1), pages 129-144, June.
    133. Sunny Hahn & Jina Kang, 2017. "Complementary or conflictory?: the effects of the composition of the syndicate on venture capital-backed IPOs in the US stock market," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 77-102, March.
    134. Phalippou, Ludovic & Rauch, Christian & Umber, Marc, 2018. "Private equity portfolio company fees," Journal of Financial Economics, Elsevier, vol. 129(3), pages 559-585.
    135. Anita Lovas & János Pereczes & Viktória Rába, 2015. "Incentives and restrictions in venture capital contracts," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 14(3), pages 106-121.
    136. Daniel Blaseg & Douglas Cumming & Michael Koetter, 2021. "Equity Crowdfunding: High-Quality or Low-Quality Entrepreneurs?," Entrepreneurship Theory and Practice, , vol. 45(3), pages 505-530, May.
    137. Wang, Lanfang & Wang, Susheng, 2011. "Cross-border venture capital performance: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 19(1), pages 71-97, January.
    138. Jeaneth Johansson & Malin Malmström & Joakim Wincent, 2021. "Sustainable Investments in Responsible SMEs: That’s What’s Distinguish Government VCs from Private VCs," JRFM, MDPI, vol. 14(1), pages 1-22, January.
    139. Magnus Henrekson & Dan Johansson, 2025. "Neo-Schumpeterian growth theory: missing entrepreneurs results in incomplete policy advice," Small Business Economics, Springer, vol. 65(1), pages 407-425, June.
    140. Kang, Jun-Koo & Li, Yingxiang & Oh, Seungjoon, 2022. "Venture Capital Coordination in Syndicates, Corporate Monitoring, and Firm Performance," Journal of Financial Intermediation, Elsevier, vol. 50(C).
    141. Nahata, Rajarishi, 2019. "Success is good but failure is not so bad either: Serial entrepreneurs and venture capital contracting," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 624-649.
    142. Milosevic, Miona, 2018. "Skills or networks? Success and fundraising determinants in a low performing venture capital market," Research Policy, Elsevier, vol. 47(1), pages 49-60.
    143. Thomas Hartmann†Wendels & Georg Keienburg & Soenke Sievers, 2011. "Adverse Selection, Investor Experience and Security Choice in Venture Capital Finance: Evidence from Germany," European Financial Management, European Financial Management Association, vol. 17(3), pages 464-499, June.
    144. Liang, Qing & Gan, Christopher & Li, Zhaohua, 2019. "Institutional environment and financing costs: Evidence from venture capital backed transactions," Finance Research Letters, Elsevier, vol. 31(C).
    145. Cumming, Douglas & Zambelli, Simona, 2010. "Illegal buyouts," Journal of Banking & Finance, Elsevier, vol. 34(2), pages 441-456, February.
    146. Bonini, Stefano & Capizzi, Vincenzo & Valletta, Mario & Zocchi, Paola, 2018. "Angel network affiliation and business angels' investment practices," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 592-608.
    147. Michael E. Cummings & Hans Rawhouser & Silvio Vismara & Erin L. Hamilton, 2020. "An equity crowdfunding research agenda: evidence from stakeholder participation in the rulemaking process," Small Business Economics, Springer, vol. 54(4), pages 907-932, April.
    148. Sascha Hohen & Lars Schweizer, 2021. "Entrepreneurs’ Exit Strategy Intentions and Their Final Exit Paths," Schmalenbach Journal of Business Research, Springer, vol. 73(3), pages 443-477, December.
    149. Vikas A. Aggarwal & David H. Hsu, 2014. "Entrepreneurial Exits and Innovation," Management Science, INFORMS, vol. 60(4), pages 867-887, April.
    150. Cumming, Douglas J. & Leboeuf, Gael & Schwienbacher, Armin, 2017. "Crowdfunding cleantech," Energy Economics, Elsevier, vol. 65(C), pages 292-303.
    151. Mohammadi, Ali & Shafizadeh, Mohammadmehdi & Johan, Sofia, 2014. "A Signaling Theory Of Entrepreneurial Venture’S Valuation: Evidence From Early Termination Of Venture Capital Investment," Working Paper Series in Economics and Institutions of Innovation 349, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
    152. Cavallo, Angelo & Ghezzi, Antonio & Dell'Era, Claudio & Pellizzoni, Elena, 2019. "Fostering digital entrepreneurship from startup to scaleup: The role of venture capital funds and angel groups," Technological Forecasting and Social Change, Elsevier, vol. 145(C), pages 24-35.
    153. Ann‐Kristin Achleitner & Nico Engel & Uwe Reiner, 2013. "The performance of venture capital investments: Do investors overreact?," Review of Financial Economics, John Wiley & Sons, vol. 22(1), pages 20-35, January.
    154. Giang Nguyen & Hung Pham, 2024. "Venture capital and methods of payment in mergers and acquisitions," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 51(5-6), pages 1251-1272, May.
    155. Thomas Chemmanur & Jie (Jack) He & Xiao (Shaun) Ren & Tao Shu, 2020. "The Disappearing IPO Puzzle: New Insights from Proprietary U.S. Census Data on Private Firms," Working Papers 20-20, Center for Economic Studies, U.S. Census Bureau.
    156. Ramy Elitzur & Ilanit Gavious & Orit Milo, 2024. "Diversity in National Culture and Financial Harvest Exit Strategy in New Technology Ventures," Entrepreneurship Theory and Practice, , vol. 48(3), pages 881-908, May.
    157. Reuer, Jeffrey & Klijn, Elko & Devarakonda, S.V. & Olie, R.L., 2024. "Veto rights in international joint ventures," Other publications TiSEM 0ccd3f53-76ac-47d0-9425-b, Tilburg University, School of Economics and Management.
    158. Douglas Cumming & Grant Fleming & Sofia Johan & Mai Takeuchi, 2010. "Legal Protection, Corruption and Private Equity Returns in Asia," Journal of Business Ethics, Springer, vol. 95(2), pages 173-193, September.
    159. Demirtas, Gul & Simsir, Serif Aziz, 2016. "The effect of CEO departure on target firms’ post-takeover performance: Evidence from not-delisting target firms," Finance Research Letters, Elsevier, vol. 16(C), pages 55-65.
    160. Chen, Jun & Hshieh, Shenje & Zhang, Feng, 2021. "The role of high-skilled foreign labor in startup performance: Evidence from two natural experiments," Journal of Financial Economics, Elsevier, vol. 142(1), pages 430-452.
    161. Elhachemi Abdelkader Hacine Gherbi & Gamal Sayed Ahmed Khalifa & Aleksy Kwilinski, 2024. "Forecasting Entrepreneurial and Employability Opportunities in the UAE: A Government Finance Analysis," Virtual Economics, The London Academy of Science and Business, vol. 7(4), pages 92-121, December.
    162. Hornuf, Lars & Schilling, Tobias & Schwienbacher, Armin, 2022. "The relevance of investor rights in crowdinvesting," Journal of Corporate Finance, Elsevier, vol. 77(C).
    163. Buchner, Axel & Mohamed, Abdulkadir & Schwienbacher, Armin, 2020. "Herd behaviour in buyout investments," Journal of Corporate Finance, Elsevier, vol. 60(C).
    164. Siyang Tian, 2025. "Cross‐border buyout exit success," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(1), pages 455-476, January.
    165. Douglas Cumming, 2010. "Public policy and the creation of active venture capital markets," Venture Capital, Taylor & Francis Journals, vol. 13(1), pages 75-94, April.
    166. Obrimah, Oghenovo A., 2016. "How important is innovation for venture capitalists’ (VCs’) market reputation?," The Quarterly Review of Economics and Finance, Elsevier, vol. 61(C), pages 64-76.
    167. Caselli, Stefano & Garcia-Appendini, Emilia & Ippolito, Filippo, 2013. "Contracts and returns in private equity investments," Journal of Financial Intermediation, Elsevier, vol. 22(2), pages 201-217.
    168. Douglas Cumming & Sofia Johan, 2013. "The IPO as an exit strategy for venture capitalists: regional lessons from Canada with international comparisons," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 21, pages 465-502, Edward Elgar Publishing.
    169. Niclas Dombrowski & Wolfgang Drobetz & Lars Hornuf & Paul P. Momtaz, 2023. "The Financial and Non-Financial Performance of Token-Based Crowdfunding: Certification Arbitrage, Investor Choice, and the Optimal Timing of ICOs," CESifo Working Paper Series 10393, CESifo.
    170. Suting Hong & Konstantinos Serfes & Veikko Thiele, 2020. "Competition in the venture capital market and the success of startup companies: Theory and evidence," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 29(4), pages 741-791, October.
    171. Ikenna Uzuegbunam & Brandon Ofem & Joe Fox & Satish Nambisan, 2023. "The angels’ share hypothesis in new firms," Small Business Economics, Springer, vol. 61(2), pages 843-865, August.
    172. Lars Hornuf & Tobias Schilling & Armin Schwienbacher, 2019. "Are Equity Crowdfunding Investors Active Investors?," CESifo Working Paper Series 7884, CESifo.
    173. Buzzacchi, Luigi & Scellato, Giuseppe & Ughetto, Elisa, 2013. "The investment strategies of publicly sponsored venture capital funds," Journal of Banking & Finance, Elsevier, vol. 37(3), pages 707-716.
    174. Allen N. Berger & Klaus Schaeck, 2011. "Small and Medium-Sized Enterprises, Bank Relationship Strength, and the Use of Venture Capital," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43, pages 461-490, March.
    175. Valkama, Petri & Maula, Markku & Nikoskelainen, Erkki & Wright, Mike, 2013. "Drivers of holding period firm-level returns in private equity-backed buyouts," Journal of Banking & Finance, Elsevier, vol. 37(7), pages 2378-2391.

  154. Douglas Cumming & Grant Fleming & Armin Schwienbacher, 2008. "Financial intermediaries, ownership structure and the provision of venture capital to SMEs: evidence from Japan," Small Business Economics, Springer, vol. 31(1), pages 59-92, June.

    Cited by:

    1. Rafał Morawczyński, 2020. "Venture Capitalists’ Investment Criteria in Poland: Entrepreneurial Opportunities, Entrepreneurs, and Founding Teams," Administrative Sciences, MDPI, vol. 10(4), pages 1-30, October.
    2. Takahashi, Hidenori & Yamakawa, Yasuhiro & Mathew, Prem G., 2018. "Board members' influence on resource investments to start-ups and IPO outcomes: Does prior affiliation matter?," Pacific-Basin Finance Journal, Elsevier, vol. 49(C), pages 30-42.
    3. Muhammad Zubair Khan & Walter Ferrier & Zafir Ullah Khan & Affan Hameed, 2025. "The interplay of institutional quality and financial development in venture capital fundraising," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 52(2), pages 379-413, June.
    4. Annalisa Croce & Elisa Ughetto & Andrea Fronzetti Colladon, 2025. "Investment strategies of bank-affiliated and independent venture capitalists: a focus on innovation in the fintech sector in the wake of the global financial crisis," Review of Managerial Science, Springer, vol. 19(10), pages 2969-3012, October.
    5. Luc Armel G. Da Gbadji & Benoit Gailly & Armin Schwienbacher, 2015. "International Analysis of Venture Capital Programs of Large Corporations and Financial Institutions," Entrepreneurship Theory and Practice, , vol. 39(5), pages 1213-1246, September.
    6. Tristan Blick & Ine Paeleman & Eddy Laveren, 2025. "Slack resources as anchors or accelerators in strategic changes: family ownership as a moderator," Small Business Economics, Springer, vol. 65(1), pages 585-611, June.
    7. Miho Takizawa, 2025. "Firm entry and exit dynamics in Japan: institutions, policies, and empirical insights," The Japanese Economic Review, Springer, vol. 76(3), pages 667-687, July.
    8. Annalisa Croce & Diego D’Adda & Elisa Ughetto, 2015. "Venture capital financing and the financial distress risk of portfolio firms: How independent and bank-affiliated investors differ," Small Business Economics, Springer, vol. 44(1), pages 189-206, January.
    9. Patricia Crifo & Vanina Forget, 2013. "Think Global, Invest Responsible: Why the Private Equity Industry Goes Green," Journal of Business Ethics, Springer, vol. 116(1), pages 21-48, August.
    10. Armin Schwienbacher, 2008. "Venture capital investment practices in Europe and the United States," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 22(3), pages 195-217, September.
    11. Wang, Lanfang & Wang, Susheng, 2011. "Cross-border venture capital performance: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 19(1), pages 71-97, January.
    12. Heger, Diana & Tykvová, Tereza, 2009. "Do venture capitalists give founders their walking papers?," Journal of Corporate Finance, Elsevier, vol. 15(5), pages 613-625, December.
    13. Federico Munari & Martina Pasquini & Laura Toschi, 2015. "From the lab to the stock market? The characteristics and impact of university-oriented seed funds in Europe," The Journal of Technology Transfer, Springer, vol. 40(6), pages 948-975, December.
    14. Fabio Bertoni & Massimo G. Colombo & Anita Quas & Francesca Tenca, 2019. "The changing patterns of venture capital investments in Europe," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 46(2), pages 229-250, June.

  155. John Armour & Douglas Cumming, 2008. "Bankruptcy Law and Entrepreneurship," American Law and Economics Review, American Law and Economics Association, vol. 10(2), pages 303-350.
    See citations under working paper version above.
  156. Douglas Cumming & Sofia Johan, 2008. "Information asymmetries, agency costs and venture capital exit outcomes," Venture Capital, Taylor & Francis Journals, vol. 10(3), pages 197-231, February.

    Cited by:

    1. Bao, Xiaolu & Johan, Sofia & Kutsuna, Kenji, 2016. "Do political connections matter in accessing capital markets? Evidence from China," Emerging Markets Review, Elsevier, vol. 29(C), pages 24-41.
    2. Pavlova, Elitsa & Signore, Simone, 2021. "The European venture capital landscape: An EIF perspective. Volume VI: The impact of VC on the exit and innovation outcomes of EIF-backed start-ups," EIF Working Paper Series 2021/70, European Investment Fund (EIF).
    3. Thanh Huynh, 2016. "Early-stage fundraising of university spin-offs: a study through demand-site perspectives," Venture Capital, Taylor & Francis Journals, vol. 18(4), pages 345-367, October.
    4. Jean-Michel Sahut & Luca Iandoli & Frédéric Teulon, 2021. "The age of digital entrepreneurship," Small Business Economics, Springer, vol. 56(3), pages 1159-1169, February.
    5. Reddy, Kotapati Srinivasa & Nangia, Vinay Kumar & Agrawal, Rajat, 2013. "Share repurchases, signaling effect and implications for corporate governance: Evidence from India," MPRA Paper 60147, University Library of Munich, Germany.
    6. de Bettignies, Jean-Etienne & Ries, John, 2023. "When less is more: Information and the financing of innovation," Journal of Economic Behavior & Organization, Elsevier, vol. 214(C), pages 346-369.
    7. Bock, Carolin & Watzinger, Martin, 2017. "The Capital Gains Tax: A Curse but Also a Blessing for Venture Capital Investment," Rationality and Competition Discussion Paper Series 30, CRC TRR 190 Rationality and Competition.
    8. Yu, Huaibing, 2024. "Why isn't composite equity issuance favored by the stock market? A risk-based explanation for the anomaly," International Review of Financial Analysis, Elsevier, vol. 94(C).
    9. Andrea Bellucci & Gianluca Gucciardi & Daniel Nepelski, 2025. "Public grants beneficiaries and venture capital-backed firms: a tale of two funding strategies," The Journal of Technology Transfer, Springer, vol. 50(5), pages 2262-2305, October.
    10. Giang Nguyen & Hung Pham, 2024. "Venture capital and methods of payment in mergers and acquisitions," Post-Print hal-04325755, HAL.
    11. Dana Kanze, 2026. "Seeing Both Sides: How Shared Experience Can Improve Entrepreneur Evaluations of Investors Through Perceived Empathy," Organization Science, INFORMS, vol. 37(2), pages 594-615, March.
    12. Anton Miglo, 2020. "Financing of Entrepreneurial Firms in Canada: Some Patterns," Administrative Sciences, MDPI, vol. 10(3), pages 1-27, August.
    13. Rohan Chinchwadkar & Rama Seth, 2018. "The Choice of Exit: Influence of Private Equity Investors and Buyout Entry," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 17(1_suppl), pages 1-26, April.
    14. Johannes Wallmeroth & Peter Wirtz & Alexander Peter Groh, 2017. "Institutional Seed Financing, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review," Working Papers hal-01527999, HAL.
    15. Shuangshuang Kong & Miwako Nitani & Allan Riding, 2016. "Cross-border VC investment in Canadian firms: implications for exit patterns," Venture Capital, Taylor & Francis Journals, vol. 18(1), pages 63-93, January.
    16. Munari, Federico & Toschi, Laura, 2015. "Assessing the impact of public venture capital programmes in the United Kingdom: Do regional characteristics matter?," Journal of Business Venturing, Elsevier, vol. 30(2), pages 205-226.
    17. Li, Yuchen & Meng, Jiayin & Zhou, Ruifan & Wang, Ying, 2024. "Does governmental venture capital (GVC) advance green innovation? Big data evidence from China," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 772-788.
    18. Ann-Kristin Achleitner & Reiner Braun & Eva Lutz & Uwe Reiner, 2014. "Industry relatedness in trade sales and venture capital investment returns," Small Business Economics, Springer, vol. 43(3), pages 621-637, October.
    19. Dana Kanze & Alessandro Piazza, 2026. "When Do Gender-Diverse Teams Engage More Investors? Evidence of Threshold Alignment Benefits at Techstars," Organization Science, INFORMS, vol. 37(1), pages 186-207, January.
    20. Köppl, Stefan & Köppl-Turyna, Monika & Christopoulos, Dimitris, 2025. "The performance of government-backed venture capital investments," Research Policy, Elsevier, vol. 54(8).
    21. Judit Karsai, 2015. "Are CEE states successful as venture capitalists?," KRTK-KTI WORKING PAPERS 1539, Institute of Economics, Centre for Economic and Regional Studies.
    22. Andrieu, Guillaume & Groh, Alexander Peter, 2018. "Specialist versus generalist investors: Trading off support quality, investment horizon and control rights," European Economic Review, Elsevier, vol. 101(C), pages 459-478.
    23. Douglas J. Cumming & Silvio Vismara, 2017. "De-segmenting research in entrepreneurial finance," Venture Capital, Taylor & Francis Journals, vol. 19(1-2), pages 17-27, January.
    24. María Jesús Rodríguez-Gulías & David Rodeiro-Pazos & Sara Fernández-López & Christian Corsi & Antonio Prencipe, 2018. "The role of venture capitalist to enhance the growth of Spanish and Italian university spin-offs," International Entrepreneurship and Management Journal, Springer, vol. 14(4), pages 1111-1130, December.
    25. Sinha, Kanhaiya K. & Goel, Sanjay & Nguyen, Nga, 2024. "Differentiating between successful VC exit strategies: The influences of time-since-first-funding-received by the venture and strength of US VCs in cross-border syndicates," International Review of Financial Analysis, Elsevier, vol. 96(PB).
    26. Andrieu, Guillaume & Peter Groh, Alexander, 2021. "Strategic exits in secondary venture capital markets," Journal of Business Venturing, Elsevier, vol. 36(2).
    27. Jörn H. Block & Walter Diegel & Christian Fisch, 2024. "How venture capital funding changes an entrepreneur’s digital identity: more self-confidence and professionalism but less authenticity!," Review of Managerial Science, Springer, vol. 18(8), pages 2287-2319, August.
    28. Duan, Liaoliao & Sun, Weizeng & Zheng, Siqi, 2020. "Transportation network and venture capital mobility: An analysis of air travel and high-speed rail in China," Journal of Transport Geography, Elsevier, vol. 88(C).
    29. Nigam, Nirjhar & Benetti, Cristiane & Johan, Sofia A., 2020. "Digital start-up access to venture capital financing: What signals quality?," Emerging Markets Review, Elsevier, vol. 45(C).
    30. Haitian Lu & Yi Tan & Hong Huang, 2013. "Why do venture capital firms exist: An institution-based rent-seeking perspective and Chinese evidence," Asia Pacific Journal of Management, Springer, vol. 30(3), pages 921-936, September.
    31. Breilh Ana Milena Montesdeoca & Dvouletý Ondřej, 2025. "Investigation of the Relationship Between Location and Success in Venture Capital Investments: European Context," Studia Universitatis „Vasile Goldis” Arad – Economics Series, Paradigm, vol. 35(2), pages 86-112.
    32. Ener, Hakan & Dávila, Antonio, 2023. "What makes search fund entrepreneurship different in Europe?," European Management Journal, Elsevier, vol. 41(4), pages 488-498.
    33. Tong Liu & Shiyou Qu & Christopher M. Scherpereel, 2020. "The Influence of the Role Positioning of Investment Institutions on the Value of Start-Up Enterprises from the Perspective of Network," Sustainability, MDPI, vol. 12(2), pages 1-19, January.
    34. Riccardo Ferretti & Antonio Meles, 2011. "Underpricing, wealth loss for pre-existing shareholders and the cost of going public: the role of private equity backing in Italian IPOs," Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance) 0026, Universita di Modena e Reggio Emilia, Dipartimento di Economia "Marco Biagi".
    35. Arturo Haro-de-Rosario & Mª del Caba-Pérez & Leonardo Cazorla-Papis, 2014. "Efficiency of venture capital firms: evidence from Spain," Small Business Economics, Springer, vol. 43(1), pages 229-243, June.
    36. Giang Nguyen & Hung Pham, 2024. "Venture capital and methods of payment in mergers and acquisitions," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 51(5-6), pages 1251-1272, May.
    37. Fu, Xiaoqing Maggie & Harrison, Richard T. & Li, Dongfu Franco, 2022. "Venture capital investment in university spin-offs: Evidence from an emerging economy," Journal of Corporate Finance, Elsevier, vol. 74(C).
    38. Hannah Rozen & Keren Bar-Hava & Zev Fried, 2016. "Does corporate governance really matter in the public venture capital industry?," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 13(4), pages 394-417, November.
    39. Karsai, Judit, 2015. "Állami szerepvállalás a kelet-közép-európai kockázatitőke-piacon [The role of government in the Central and East European venture-capital market]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 1172-1195.
    40. Douglas Cumming, 2010. "Public policy and the creation of active venture capital markets," Venture Capital, Taylor & Francis Journals, vol. 13(1), pages 75-94, April.
    41. Douglas Cumming & Sofia Johan, 2013. "The IPO as an exit strategy for venture capitalists: regional lessons from Canada with international comparisons," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 21, pages 465-502, Edward Elgar Publishing.
    42. Liang, Weiping & Zhou, Xiangyi, 2024. "Why do entrepreneurial firms switch lead venture capital? A double-sided matching perspective," Research in International Business and Finance, Elsevier, vol. 72(PA).

  157. Cumming, Douglas & Johan, Sofia Atiqah binti, 2008. "Preplanned exit strategies in venture capital," European Economic Review, Elsevier, vol. 52(7), pages 1209-1241, October.

    Cited by:

    1. Cumming, Douglas & Deloof, Marc & Manigart, Sophie & Wright, Mike, 2019. "New directions in entrepreneurial finance," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 252-260.
    2. Ola Bengtsson & Dan Bernhardt, 2014. "Lawyers In Venture Capital Contracting: Theory And Evidence," Economic Inquiry, Western Economic Association International, vol. 52(3), pages 1080-1102, July.
    3. George A Shinkle & Jo-Ann Suchard, 2019. "Innovation in newly public firms: The influence of government grants, venture capital, and private equity," Australian Journal of Management, Australian School of Business, vol. 44(2), pages 248-281, May.
    4. Masulis, Ronald W. & Nahata, Rajarishi, 2009. "Financial contracting with strategic investors: Evidence from corporate venture capital backed IPOs," Journal of Financial Intermediation, Elsevier, vol. 18(4), pages 599-631, October.
    5. Yuejia Zhang, 2018. "Gain or pain? New evidence on mixed syndication between governmental and private venture capital firms in China," Small Business Economics, Springer, vol. 51(4), pages 995-1031, December.
    6. Zuo, Si & Wang, Haijun, 2025. "Optimal venture capital entry–exit strategy with jump–diffusion risk," The North American Journal of Economics and Finance, Elsevier, vol. 76(C).
    7. Wang, Lanfang & Wang, Susheng, 2017. "Buybacks as an efficient strategy for venture capital in emerging markets," Pacific-Basin Finance Journal, Elsevier, vol. 43(C), pages 107-123.
    8. Tykvová, Tereza, 2018. "Legal framework quality and success of (different types of) venture capital investments," Journal of Banking & Finance, Elsevier, vol. 87(C), pages 333-350.
    9. Espenlaub, Susanne & Khurshed, Arif & Mohamed, Abdulkadir, 2015. "Venture capital exits in domestic and cross-border investments," Journal of Banking & Finance, Elsevier, vol. 53(C), pages 215-232.
    10. Mariarosa Scarlata & Luisa Alemany, 2010. "Deal Structuring in Philanthropic Venture Capital Investments: Financing Instrument, Valuation and Covenants," Journal of Business Ethics, Springer, vol. 95(2), pages 121-145, September.
    11. Joseph McCahery & Erik Vermeulen, 2012. "Private equity regulation: a comparative analysis," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 16(2), pages 197-233, May.
    12. Andrew Metrick & Ayako Yasuda, 2011. "Venture Capital and Other Private Equity: a Survey," European Financial Management, European Financial Management Association, vol. 17(4), pages 619-654, September.
    13. Victor Zitian Chen & Sunny Li Sun, 2019. "Barbarians at the Gate of the Middle Kingdom: The International Mobility of Financing Contract and Governance," Entrepreneurship Theory and Practice, , vol. 43(4), pages 802-837, July.
    14. Amitrajeet Batabyal, 2010. "An analysis of adverse selection, entrepreneurial activity, and the decision to go public," Letters in Spatial and Resource Sciences, Springer, vol. 3(2), pages 79-90, July.
    15. Mihai Precup, 2024. "Capital investissement," Post-Print hal-04988696, HAL.
    16. Julia Hirsch & Uwe Walz, 2013. "Why do contracts differ between venture capital types?," Small Business Economics, Springer, vol. 40(3), pages 511-525, April.
    17. Simona Fabrizi & Steffen Lippert & Pehr-Johan Norbäck & Lars Persson, 2013. "Venture Capitalists and the Patenting of Innovations," Journal of Industrial Economics, Wiley Blackwell, vol. 61(3), pages 623-659, September.
    18. Nicolai J. Foss & Peter G. Klein & Samuele Murtinu, 2026. "Entrepreneurial stakeholder enrollment: discriminating alignment under intersubjective uncertainty," Small Business Economics, Springer, vol. 67(1), pages 619-642, June.
    19. Laffey, Des & Durkin, Mark & Cummins, Darryl & Gandy, Anthony, 2021. "A shift in power? Value co-creation through successful crowdfunding," Technological Forecasting and Social Change, Elsevier, vol. 172(C).
    20. Gill, Andrej & Walz, Uwe, 2016. "Are VC-backed IPOs delayed trade sales?," Journal of Corporate Finance, Elsevier, vol. 37(C), pages 356-374.
    21. Cumming, Douglas & Dai, Na, 2010. "Local bias in venture capital investments," Journal of Empirical Finance, Elsevier, vol. 17(3), pages 362-380, June.
    22. Zhao, Jing & Cao, June & Huang, Jingchang, 2023. "CEO/board medical background and stock returns during the COVID-19 pandemic," Economic Modelling, Elsevier, vol. 127(C).
    23. Alice Rossi & Tom Vanacker & Silvio Vismara, 2023. "Unsuccessful Equity Crowdfunding Offerings and the Persistence in Equity Fundraising of Family Business Start-Ups," Entrepreneurship Theory and Practice, , vol. 47(4), pages 1327-1355, July.
    24. Ferreira, Ricardo M. & Pereira, Paulo J., 2021. "A dynamic model for venture capitalists’ entry–exit investment decisions," European Journal of Operational Research, Elsevier, vol. 290(2), pages 779-789.
    25. Inci, Eren & Barlo, Mehmet, 2010. "Banks versus venture capital when the venture capitalist values private benefits of control," MPRA Paper 25566, University Library of Munich, Germany.
    26. 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).
    27. Borgonovo, Emanuele & Gatti, Stefano, 2013. "Risk analysis with contractual default. Does covenant breach matter?," European Journal of Operational Research, Elsevier, vol. 230(2), pages 431-443.
    28. Federico Munari & Einar Rasmussen & Laura Toschi & Elisa Villani, 2016. "Determinants of the university technology transfer policy-mix: a cross-national analysis of gap-funding instruments," The Journal of Technology Transfer, Springer, vol. 41(6), pages 1377-1405, December.
    29. Thomas Lambert & Daniel Liebau & Peter Roosenboom, 2022. "Security token offerings," Small Business Economics, Springer, vol. 59(1), pages 299-325, June.
    30. Henry Lahr & Andrea Mina, 2014. "Liquidity, Technological Opportunities, and the Stage Distribution of Venture Capital Investments," Financial Management, Financial Management Association International, vol. 43(2), pages 291-325, June.
    31. Dominic, James & Gopalaswamy, Arun Kumar, 2019. "Is the venture capital market liquid? Evidence from India," Global Finance Journal, Elsevier, vol. 41(C), pages 146-157.
    32. Nishihara, Michi, 2017. "Selling out or going public? A real options signaling approach," Finance Research Letters, Elsevier, vol. 22(C), pages 146-152.
    33. Johan, Sofia & Zhang, Minjie, 2016. "Private equity exits in emerging markets," Emerging Markets Review, Elsevier, vol. 29(C), pages 133-153.
    34. Dietmar P.J. Leisen, 2012. "Staged venture capital contracting with ratchets and liquidation rights," Review of Financial Economics, John Wiley & Sons, vol. 21(1), pages 21-30, January.
    35. Welter, Chris & Holcomb, Tim R. & McIlwraith, John, 2023. "The inefficiencies of venture capital funding," Journal of Business Venturing Insights, Elsevier, vol. 19(C).
    36. Balcerzak, Adam P. & Zinecker, Marek & Skalický, Roman & Rogalska, Elżbieta & Doubravský, Karel, 2023. "Technology-oriented start-ups and valuation: A novel approach based on specific contract terms," Technological Forecasting and Social Change, Elsevier, vol. 197(C).
    37. Ann-Kristin Achleitner & Reiner Braun & Eva Lutz & Uwe Reiner, 2014. "Industry relatedness in trade sales and venture capital investment returns," Small Business Economics, Springer, vol. 43(3), pages 621-637, October.
    38. Adil El Fakir & Richard Fairchild & Mohamed Tkiouat & Abderrahim Taamouti, 2023. "A bargaining model for PLS entrepreneurial financing: A game theoretic model using agent‐based simulation," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(2), pages 1228-1241, April.
    39. Mihai Precup, 2019. "Challenges to Scaling Sustainable Private Equity Markets in Emerging Europe," Sustainability, MDPI, vol. 11(15), pages 1-16, July.
    40. Gill, Andrej & Walz, Uwe, 2012. "Going public - going private: The case of VC-backed firms," CFS Working Paper Series 2012/02, Center for Financial Studies (CFS).
    41. Farag, Hisham & Johan, Sofia, 2021. "How alternative finance informs central themes in corporate finance," Journal of Corporate Finance, Elsevier, vol. 67(C).
    42. Andrieu, Guillaume & Groh, Alexander Peter, 2018. "Specialist versus generalist investors: Trading off support quality, investment horizon and control rights," European Economic Review, Elsevier, vol. 101(C), pages 459-478.
    43. Julian Kaboth & Arnd Lodowicks & Maximilian Schreiter & Bernhard Schwetzler, 2023. "Same same but different: how preferential claims trigger valuation discounts in equity tranches of VC-backed firms," Review of Quantitative Finance and Accounting, Springer, vol. 60(3), pages 877-914, April.
    44. Andrieu, Guillaume & Peter Groh, Alexander, 2021. "Strategic exits in secondary venture capital markets," Journal of Business Venturing, Elsevier, vol. 36(2).
    45. Chemmanur, Thomas J. & Hu, Gang & Wu, Chaopeng & Wu, Shinong & Yan, Zehao, 2021. "Transforming the management and governance of private family firms: The role of venture capital," Journal of Corporate Finance, Elsevier, vol. 66(C).
    46. Nigam, Nirjhar & Benetti, Cristiane & Johan, Sofia A., 2020. "Digital start-up access to venture capital financing: What signals quality?," Emerging Markets Review, Elsevier, vol. 45(C).
    47. Pengda Fan & Kazuo Yamada, 2020. "Same bed different dream composition of IPO shares and withdrawal decisions in weak market conditions," Small Business Economics, Springer, vol. 55(4), pages 955-974, December.
    48. Jens Burchardt & Ulrich Hommel & Dzidziso Samuel Kamuriwo & Carolina Billitteri, 2016. "Venture Capital Contracting in Theory and Practice: Implications for Entrepreneurship Research," Entrepreneurship Theory and Practice, , vol. 40(1), pages 25-48, January.
    49. Khanindra Ch. Das, 2023. "What Affects Startup Acquisition in Emerging Economy? Evidence from India," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 22(2), pages 111-134, June.
    50. Yanzhao Li & Ju'e Guo & Yongwu Li & Xu Zhang, 2021. "Optimal exit decision of venture capital under time-inconsistent preferences," Papers 2103.11557, arXiv.org.
    51. Bing Liu & Hui Jiang, 2019. "Are Distances Barriers to Sustainability for Venture Capital Syndication?," Sustainability, MDPI, vol. 11(15), pages 1-18, July.
    52. Guerini, Massimiliano & Quas, Anita, 2016. "Governmental venture capital in Europe: Screening and certification," Journal of Business Venturing, Elsevier, vol. 31(2), pages 175-195.
    53. Hui Fu & Jun Yang & Yunbi An, 2019. "Contracts for venture capital financing with double-sided moral hazard," Small Business Economics, Springer, vol. 53(1), pages 129-144, June.
    54. Sunny Hahn & Jina Kang, 2017. "Complementary or conflictory?: the effects of the composition of the syndicate on venture capital-backed IPOs in the US stock market," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 77-102, March.
    55. Daniel Blaseg & Douglas Cumming & Michael Koetter, 2021. "Equity Crowdfunding: High-Quality or Low-Quality Entrepreneurs?," Entrepreneurship Theory and Practice, , vol. 45(3), pages 505-530, May.
    56. Nahata, Rajarishi, 2019. "Success is good but failure is not so bad either: Serial entrepreneurs and venture capital contracting," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 624-649.
    57. Chircop, Justin & Johan, Sofia & Tarsalewska, Monika, 2020. "Does religiosity influence venture capital investment decisions?," Journal of Corporate Finance, Elsevier, vol. 62(C).
    58. Wang, Rouzhi & Wu, Chaopeng, 2020. "Politician as venture capitalist: Politically-connected VCs and IPO activity in China," Journal of Corporate Finance, Elsevier, vol. 64(C).
    59. Louisa Heiduk & Maximilian Schreiter, 2025. "Deciphering investment heuristics: Inside the minds of German investors—An empirical study about investors’ decision-making heuristics," Journal of International Entrepreneurship, Springer, vol. 23(4), pages 893-933, December.
    60. Persson, Lars & Norbäck, Pehr-Johan & Lippert, Steffen & Fabrizi, Simona, 2011. "Venture Capital, Patenting, and Usefulness of Innovations," CEPR Discussion Papers 8392, Centre for Economic Policy Research.
    61. Douglas Cumming & Sofia Johan, 2013. "The IPO as an exit strategy for venture capitalists: regional lessons from Canada with international comparisons," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 21, pages 465-502, Edward Elgar Publishing.
    62. Xirong (Subrina) Shen & Huisi (Jessica) Li & Pamela S. Tolbert, 2023. "Converging Tides Lift All Boats: Consensus in Evaluation Criteria Boosts Investments in Firms in Nascent Technology Sectors," Organization Science, INFORMS, vol. 34(6), pages 2415-2435, November.

  158. Douglas Cumming, 2007. "Financing Entrepreneurs Better Canadian Policy for Venture Capital," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 247, April.

    Cited by:

    1. Douglas Cumming & Sofia Johan, 2010. "Phasing Out an Inefficient Venture Capital Tax Credit," Journal of Industry, Competition and Trade, Springer, vol. 10(3), pages 227-252, September.
    2. Douglas Cumming & Sofia Johan & Jeffrey G. MacIntosh, 2017. "A drop in an empty pond: Canadian public policy towards venture capital," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 103-117, March.
    3. John Richards, 2007. "Reducing Poverty: What has Worked, and What Should Come Next," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 255, October.
    4. Yvan Guillemette & William B.P. Robson, 2007. "Realistic Expectations: Demographics and the Pursuit of Prosperity in Saskatchewan," C.D. Howe Institute Backgrounder, C.D. Howe Institute, issue 107, November.
    5. Christian Keuschnigg, 2008. "Tax Policy for Venture Capital Backed Entrepreneurship," University of St. Gallen Department of Economics working paper series 2008 2008-07, Department of Economics, University of St. Gallen.
    6. Alexandre Laurin & William B.P. Robson & Colin Busby & Finn Poschmann, 2010. "Back to Balance: A Shadow Federal Budget for 2010," C.D. Howe Institute Backgrounder, C.D. Howe Institute, issue 127, February.
    7. Alex Laurin & William Robson, 2013. "Prudence and Opportunity: A Shadow Federal Budget for 2013," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 375, March.
    8. Tariq Fancy, 2012. "Can Venture Capital Foster Innovation in Canada? Yes, but Certain Types of Venture Capital Are Better Than Others," e-briefs 138, C.D. Howe Institute.

  159. Cumming, Douglas & Johan, Sofia, 2007. "Regulatory harmonization and the development of private equity markets," Journal of Banking & Finance, Elsevier, vol. 31(10), pages 3218-3250, October.
    See citations under working paper version above.
  160. Bernile, Gennaro & Cumming, Douglas & Lyandres, Evgeny, 2007. "The size of venture capital and private equity fund portfolios," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 564-590, September.

    Cited by:

    1. Cumming, Douglas & Siegel, Donald S. & Wright, Mike, 2007. "Private equity, leveraged buyouts and governance," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 439-460, September.
    2. Victor Zitian Chen & Sunny Li Sun, 2019. "Barbarians at the Gate of the Middle Kingdom: The International Mobility of Financing Contract and Governance," Entrepreneurship Theory and Practice, , vol. 43(4), pages 802-837, July.
    3. Florencio Lopez-de-Silanes & Ludovic Phalippou & Oliver Gottschalg, 2011. "Giants at the Gate: On the Cross-Section of Private Equity Investment Returns," Tinbergen Institute Discussion Papers 11-035/2/DSF12, Tinbergen Institute.
    4. Da Rin, M. & Hellmann, T. & Puri, M.L., 2011. "A Survey of Venture Capital Research," Discussion Paper 2011-111, Tilburg University, Center for Economic Research.
    5. Marco Taboga, 2019. "Cross-country differences in the size of venture capital financing rounds: a machine learning approach," Temi di discussione (Economic working papers) 1243, Bank of Italy, Economic Research and International Relations Area.
    6. Hu, Xiao & Wang, Jiayi & Wu, Banggang & Xiang, Shuting, 2023. "Venture capital firms' lead orientation and entry to new investment markets," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
    7. Fairchild, Richard, 2011. "An entrepreneur's choice of venture capitalist or angel-financing: A behavioral game-theoretic approach," Journal of Business Venturing, Elsevier, vol. 26(3), pages 359-374, May.
    8. Paleit, Sören & Riar, Frederik J. & Hülsbeck, Marcel & Hack, Andreas, 2025. "Family firm perceptions and investment decisions: An experimental conjoint analysis of private equity investors," Journal of Family Business Strategy, Elsevier, vol. 16(3).
    9. Kim, Jin-Hyuk & Wagman, Liad, 2014. "Portfolio size and information disclosure: An analysis of startup accelerators," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 520-534.
    10. Portmann, David & Mlambo, Chipo, 2010. "Private equity and venture capital in South Africa: A comparison of project financing decisions," MPRA Paper 42892, University Library of Munich, Germany, revised 16 Nov 2012.
    11. Bob Ssekiziyivu & Rogers Mwesigwa & Mayengo Joseph & Isaac Nkote Nabeta, 2017. "Credit allocation, risk management and loan portfolio performance of MFIs—A case of Ugandan firms," Cogent Business & Management, Taylor & Francis Journals, vol. 4(1), pages 1374921-137, January.
    12. Waheed CHICKTAY & Brian BARNARD, 2019. "Venture Capital Process: Opportunity Selection, Monitoring, Capital Rationing, and Deal Flow," Expert Journal of Finance, Sprint Investify, vol. 7(1), pages 22-38.
    13. Michael D. McKenzie & William H. Janeway, 2011. "Venture capital funds and the public equity market," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 51(3), pages 764-786, September.
    14. Salvatore Cantale & Dmitry Lukin, 2012. "Multiple-Project Financing with Informed Trading," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 16(1), pages 1-28, Spring.
    15. Buchner, Axel & Mohamed, Abdulkadir & Schwienbacher, Armin, 2017. "Diversification, risk, and returns in venture capital," Journal of Business Venturing, Elsevier, vol. 32(5), pages 519-535.
    16. Koskinen, Yrjö & Mæland, Jøril, 2012. "Innovation, Competition, and Investment Timing," CEPR Discussion Papers 9187, Centre for Economic Policy Research.
    17. Douglas Cumming & Grant Fleming & Armin Schwienbacher, 2008. "Financial intermediaries, ownership structure and the provision of venture capital to SMEs: evidence from Japan," Small Business Economics, Springer, vol. 31(1), pages 59-92, June.
    18. Buchner, Axel & Mohamed, Abdulkadir & Schwienbacher, Armin, 2020. "Herd behaviour in buyout investments," Journal of Corporate Finance, Elsevier, vol. 60(C).
    19. Tobias Sturm & Peter M. Bican & Frederik J. Riar & Carsten C. Guderian & Tobias Welz, 2025. "Deal or no deal? Understanding entrepreneurs’ criteria and deal breaker in investor selection processes," Journal of Business Economics, Springer, vol. 95(1), pages 9-36, January.
    20. Jackson, William E. & Bates, Timothy & Bradford, William D., 2012. "Does venture capitalist activism improve investment performance?," Journal of Business Venturing, Elsevier, vol. 27(3), pages 342-354.
    21. Cumming, Douglas J. & Johan, Sofia A. & Zhang, Yelin, 2019. "The role of due diligence in crowdfunding platforms," Journal of Banking & Finance, Elsevier, vol. 108(C).
    22. Anita Quas & Jose Martí & Carmelo Reverte, 2021. "What money cannot buy: a new approach to measure venture capital ability to add non-financial resources," Small Business Economics, Springer, vol. 57(3), pages 1361-1382, October.

  161. Douglas J. Cumming & Jeffrey G. MacIntosh, 2007. "Mutual funds that invest in private equity? An analysis of labour-sponsored investment funds," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 31(3), pages 445-487, May.

    Cited by:

    1. Alperovych, Yan & Hübner, Georges & Lobet, Fabrice, 2015. "How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium," Journal of Business Venturing, Elsevier, vol. 30(4), pages 508-525.
    2. Cécile Carpentier & Jean-Marc Suret, 2009. "The Canadian Public Venture Capital Market," CIRANO Working Papers 2009s-08, CIRANO.
    3. Mark R. Ayoub & Sandra Gottschalk & Bettina Müller, 2017. "Impact of public seed-funding on academic spin-offs," The Journal of Technology Transfer, Springer, vol. 42(5), pages 1100-1124, October.
    4. Henrekson, Magnus & Lakomaa, Erik & Sanandaji, Tino, 2021. "The Interaction of Schumpeterian Institutional Entrepreneurship and Hayekian Institutional Change in Innovative Industries," Working Paper Series 1409, Research Institute of Industrial Economics.
    5. McKenzie, Michael & Satchell, Stephen & Wongwachara, Warapong, 2012. "Nonlinearity and smoothing in venture capital performance data," Journal of Empirical Finance, Elsevier, vol. 19(5), pages 782-795.
    6. Annalisa Croce & Jose Martí & Carmelo Reverte, 2019. "The role of private versus governmental venture capital in fostering job creation during the crisis," Small Business Economics, Springer, vol. 53(4), pages 879-900, December.
    7. Grilli, Luca & Murtinu, Samuele, 2014. "Government, venture capital and the growth of European high-tech entrepreneurial firms," Research Policy, Elsevier, vol. 43(9), pages 1523-1543.
    8. Del Gaudio, Belinda L. & Porzio, Claudio & Sampagnaro, Gabriele & Verdoliva, Vincenzo, 2020. "Public policy and venture capital: Pursuing the disclosure goal," Research in International Business and Finance, Elsevier, vol. 51(C).
    9. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    10. Douglas Cumming & Sofia Johan, 2019. "Government venture capital research: fake science and bad public policy," Venture Capital, Taylor & Francis Journals, vol. 21(1), pages 121-131, January.
    11. Mr. Vladimir Klyuev, 2008. "Show Me the Money: Access to Finance for Small Borrowers in Canada," IMF Working Papers 2008/022, International Monetary Fund.
    12. Cumming, Douglas J. & Grilli, Luca & Murtinu, Samuele, 2017. "Governmental and independent venture capital investments in Europe: A firm-level performance analysis," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 439-459.
    13. Ughetto, Elisa, 2010. "Assessing the contribution to innovation of private equity investors: A study on European buyouts," Research Policy, Elsevier, vol. 39(1), pages 126-140, February.
    14. Rudra P. Pradhan & Mak B. Arvin & Mahendhiran Nair & Sara E. Bennett, 2017. "Venture capital investment, financial development, and economic growth: the case of European single market countries," Venture Capital, Taylor & Francis Journals, vol. 19(4), pages 313-333, October.
    15. Yang, Tianna & Hou, Wenxuan & Li, Ping, 2018. "Short-run price performance of venture capital trust in initial public offerings," Finance Research Letters, Elsevier, vol. 25(C), pages 177-182.
    16. Douglas Cumming & Sofia Johan, 2009. "Pre-seed government venture capital funds," Journal of International Entrepreneurship, Springer, vol. 7(1), pages 26-56, March.
    17. Douglas Cumming & Sofia Johan & Jeffrey G. MacIntosh, 2017. "A drop in an empty pond: Canadian public policy towards venture capital," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 103-117, March.
    18. Laura Abrardi & Annalisa Croce & Elisa Ughetto, 2019. "The dynamics of switching between governmental and independent venture capitalists: theory and evidence," Small Business Economics, Springer, vol. 53(1), pages 165-188, June.
    19. Johan, Sofia A., 2010. "Listing standards as a signal of IPO preparedness and quality," International Review of Law and Economics, Elsevier, vol. 30(2), pages 128-144, June.
    20. Ian Thomas MacDonald & Mathieu Dupuis, 2021. "Managing workers’ capital? Limits and contradictions of labour investment funds," Economic and Industrial Democracy, Department of Economic History, Uppsala University, Sweden, vol. 42(3), pages 573-598, August.
    21. Randall Morck & Gloria Y. Tian, 2015. "Business Groups in Canada: Their Rise and Fall, and Rise and Fall Again," NBER Working Papers 21707, National Bureau of Economic Research, Inc.
    22. Colombo, Massimo G. & Croce, Annalisa & Guerini, Massimiliano, 2013. "The effect of public subsidies on firms’ investment–cash flow sensitivity: Transient or persistent?," Research Policy, Elsevier, vol. 42(9), pages 1605-1623.
    23. Cumming, Douglas, 2014. "Public economics gone wild: Lessons from venture capital," International Review of Financial Analysis, Elsevier, vol. 36(C), pages 251-260.
    24. Soleimani Dahaj, Arash & Cozzarin, Brian Paul, 2019. "Government venture capital and cross-border investment," Global Finance Journal, Elsevier, vol. 41(C), pages 113-127.
    25. Qilin Cao & Anhong Hou & Xiang Li & Chunxue Jiang, 2022. "Spatial Impact of Government Venture Capital on Urbanization and Its Path—Evidence from the Yangtze River Delta Urban Agglomeration in China," Land, MDPI, vol. 12(1), pages 1-21, December.
    26. Milosevic, Miona, 2018. "Skills or networks? Success and fundraising determinants in a low performing venture capital market," Research Policy, Elsevier, vol. 47(1), pages 49-60.
    27. Pierre Lortie, 2023. "Regulating Finance to Promote Growth: The Quebec Experience in Perspective," SPP Research Papers, The School of Public Policy, University of Calgary, vol. 16(19), June.
    28. Jacob, Martin & Johan, Sofia & Schweizer, Denis & Zhan, Feng, 2016. "Corporate finance and the governance implications of removing government support programs," Journal of Banking & Finance, Elsevier, vol. 63(C), pages 35-47.
    29. Huang, Xiaoxia & Jiang, Yanchen & Mallick, Sushanta, 2025. "Endorsement and firm financing: Evidence from government venture capital market in China," The British Accounting Review, Elsevier, vol. 57(3).
    30. Zoltan Acs & Thomas Åstebro & David Audretsch & David T. Robinson, 2016. "Public policy to promote entrepreneurship: a call to arms," Small Business Economics, Springer, vol. 47(1), pages 35-51, June.
    31. Douglas Cumming & Grant Fleming & Sofia A. Johan, 2011. "Institutional Investment in Listed Private Equity," European Financial Management, European Financial Management Association, vol. 17(3), pages 594-618, June.
    32. Ryan Kelly & Hankook Kim, 2018. "Venture capital as a catalyst for commercialization and high growth," The Journal of Technology Transfer, Springer, vol. 43(6), pages 1466-1492, December.
    33. Douglas Cumming, 2010. "Public policy and the creation of active venture capital markets," Venture Capital, Taylor & Francis Journals, vol. 13(1), pages 75-94, April.
    34. Douglas Cumming & Sofia Johan, 2013. "The IPO as an exit strategy for venture capitalists: regional lessons from Canada with international comparisons," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 21, pages 465-502, Edward Elgar Publishing.
    35. Jeaneth Johansson & Malin Malmström & Joakim Wincent & Vinit Parida, 2021. "How individual cognitions overshadow regulations and group norms: a study of government venture capital decisions," Small Business Economics, Springer, vol. 56(2), pages 857-876, February.

  162. Douglas Cumming & Sofia Johan, 2007. "Socially Responsible Institutional Investment in Private Equity," Journal of Business Ethics, Springer, vol. 75(4), pages 395-416, November.

    Cited by:

    1. Thomas J. Chemmanur & Bo Cheng & Zi-Tian Wang & Qianqian Yu, 2025. "State Ownership, Environmental Regulation, and Corporate Green Investment: Evidence from China’s 2015 Environmental Protection Law Changes," Journal of Business Ethics, Springer, vol. 200(2), pages 393-416, August.
    2. Othar Kordsachia & Maximilian Focke & Patrick Velte, 2022. "Do sustainable institutional investors contribute to firms’ environmental performance? Empirical evidence from Europe," Review of Managerial Science, Springer, vol. 16(5), pages 1409-1436, July.
    3. Mariarosa Scarlata & Luisa Alemany, 2010. "Deal Structuring in Philanthropic Venture Capital Investments: Financing Instrument, Valuation and Covenants," Journal of Business Ethics, Springer, vol. 95(2), pages 121-145, September.
    4. Crifo, Patricia & Forget, Vanina D. & Teyssier, Sabrina, 2015. "The price of environmental, social and governance practice disclosure: An experiment with professional private equity investors," Journal of Corporate Finance, Elsevier, vol. 30(C), pages 168-194.
    5. Mathieu Gomes, 2019. "Does CSR influence M&A target choices?," Post-Print halshs-02007313, HAL.
    6. Sakshi Sharma & Kunjana Malik & Manmeet Kaur & Neha Saini, 2023. "Mapping research in the field of private equity: a bibliometric analysis," Management Review Quarterly, Springer, vol. 73(1), pages 61-89, February.
    7. Tykvová, Tereza & Schertler, Andrea, 2011. "Cross-border venture capital flows and local ties: Evidence from developed countries," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(1), pages 36-48, February.
    8. Eri Nakamura, 2011. "Does Environmental Investment Really Contribute to Firm Performance? An Empirical Analysis Using Japanese Firms," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 1(2), pages 91-111, December.
    9. Patricia Crifo & Vanina Forget, 2012. "Think Global, invest responsible: why the private equity industry goes green," Working Papers hal-00672034, HAL.
    10. Krystyna Brzozowska, 2023. "Institutional Investors in Private Equity Funds in Europe," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 651-659.
    11. Ioana Birlan & Adriana AnaMaria Davidescu & Catalina-Elena Tita & Tamara Maria Nae, 2025. "Modeling Regional ESG Performance in the European Union: A Partial Least Squares Approach to Sustainable Economic Systems," Mathematics, MDPI, vol. 13(15), pages 1-42, July.
    12. Christina Deselaers & Alina Dahmen & Sonia Lippke, 2022. "Impact of the COVID-19 Pandemic on CSR Activities of Healthcare Providers," IJERPH, MDPI, vol. 20(1), pages 1-27, December.
    13. Christian M. Faller & Dodo zu Knyphausen-Aufseß, 2018. "Does Equity Ownership Matter for Corporate Social Responsibility? A Literature Review of Theories and Recent Empirical Findings," Journal of Business Ethics, Springer, vol. 150(1), pages 15-40, June.
    14. Xinhao Qiao & Jinyu He & Xueying Bian & Yan Ling, 2026. "Investee Peers and Corporate Social Responsibility: Evidence from U.S. Listed Firms," Journal of Business Ethics, Springer, vol. 203(1), pages 141-163, January.
    15. Sangiorgi, Ivan & Schopohl, Lisa, 2021. "Why do institutional investors buy green bonds: Evidence from a survey of European asset managers," International Review of Financial Analysis, Elsevier, vol. 75(C).
    16. Kim Klyver & Noel J. Lindsay & Suleiman K. “Sul” Kassicieh & Gary Hancock, 2017. "Altruistic investment decision behavior in early-stage ventures," Small Business Economics, Springer, vol. 48(1), pages 135-152, January.
    17. Patrick Velte, 2022. "Meta-analyses on Corporate Social Responsibility (CSR): a literature review," Management Review Quarterly, Springer, vol. 72(3), pages 627-675, September.
    18. Estapé-Dubreuil, Glòria & Ashta, Arvind & Hédou, Jean-Pierre, 2016. "Micro-equity for sustainable development: Selection, monitoring and exit strategies of micro-angels," Ecological Economics, Elsevier, vol. 130(C), pages 117-129.
    19. Sofia Johan & Dorra Najar, 2010. "The Role of Corruption, Culture, and Law in Investment Fund Manager Fees," Journal of Business Ethics, Springer, vol. 95(2), pages 147-172, September.
    20. Justin Tan & Yuejun Tang, 2016. "Donate Money, but Whose? An Empirical Study of Ultimate Control Rights, Agency Problems, and Corporate Philanthropy in China," Journal of Business Ethics, Springer, vol. 134(4), pages 593-610, April.
    21. Sandeep Yadav, 2020. "Institutional Ownership and Corporate Social Performance in Emerging Economies Multinationals: Evidence from India," Indian Journal of Corporate Governance, , vol. 13(2), pages 227-252, December.
    22. Gomes, Mathieu, 2019. "Does CSR influence M&A target choices?," Finance Research Letters, Elsevier, vol. 30(C), pages 153-159.
    23. Darlene Himick & Sophie Audousset-Coulier, 2016. "Responsible Investing of Pension Assets: Links between Framing and Practices for Evaluation," Journal of Business Ethics, Springer, vol. 136(3), pages 539-556, July.
    24. Qigui Liu & Jinghua Tang & Gary Tian, 2021. "Monitoring or colluding: the role of venture capital investors in the IPO process," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(1), pages 1017-1046, March.
    25. Steven F. Cahan & Chen Chen & Li Chen, 2017. "Social Norms and CSR Performance," Journal of Business Ethics, Springer, vol. 145(3), pages 493-508, October.
    26. Lindsey, Kevin & Mauck, Nathan & Olsen, Ben, 2021. "The coming wave of small business succession and the role of stakeholder synergy theory," Global Finance Journal, Elsevier, vol. 48(C).
    27. Cai, Chen & Wang, Jinjing, 2023. "Does military leadership regulate sin investments? Evidence from property/casualty insurance industry," Finance Research Letters, Elsevier, vol. 58(PC).
    28. Kevin Morrell & Ian Clark, 2010. "Private Equity and the Public Good," Journal of Business Ethics, Springer, vol. 96(2), pages 249-263, October.
    29. Douglas Cumming & Grant Fleming & Sofia Johan & Mai Takeuchi, 2010. "Legal Protection, Corruption and Private Equity Returns in Asia," Journal of Business Ethics, Springer, vol. 95(2), pages 173-193, September.
    30. Riikka Sievänen & Hannu Rita & Bert Scholtens, 2013. "The Drivers of Responsible Investment: The Case of European Pension Funds," Journal of Business Ethics, Springer, vol. 117(1), pages 137-151, September.
    31. Nofsinger, John R. & Sulaeman, Johan & Varma, Abhishek, 2019. "Institutional investors and corporate social responsibility," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 700-725.
    32. Hans Rawhouser & Michael Cummings & Scott L. Newbert, 2019. "Social Impact Measurement: Current Approaches and Future Directions for Social Entrepreneurship Research," Entrepreneurship Theory and Practice, , vol. 43(1), pages 82-115, January.
    33. Victoria Gevorkova & Ivan Sangiorgi & Julia Vogt, 2024. "Cleansing Investor’s Conscience: The Effects of Incidental Guilt on Socially Responsible Investment Decisions," Journal of Business Ethics, Springer, vol. 193(1), pages 89-114, August.

  163. Cumming, Douglas, 2007. "Government policy towards entrepreneurial finance: Innovation investment funds," Journal of Business Venturing, Elsevier, vol. 22(2), pages 193-235, March.

    Cited by:

    1. Alperovych, Yan & Hübner, Georges & Lobet, Fabrice, 2015. "How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium," Journal of Business Venturing, Elsevier, vol. 30(4), pages 508-525.
    2. Munari, Federico & Sobrero, Maurizio & Toschi, Laura, 2015. "Bridging the University Funding Gap: Determinants and Consequences of University Seed Funds and Proof-of-Concept Programs in Europe," EIF Working Paper Series 2015/27, European Investment Fund (EIF).
    3. de Faria, Aline Mariane & Oliveira Junior, Moacir de Miranda & Borini, Felipe Mendes, 2019. "Pubic funding for innovation: The importance of individual resources of the entrepreneur and the relational resources of the firm," Technology in Society, Elsevier, vol. 59(C).
    4. Reddy, Kotapati Srinivasa, 2015. "Market for Corporate Control and Contractual Buyout (CoBO): A New “Collective Ownership-and-Administrative” Strategy," MPRA Paper 63937, University Library of Munich, Germany, revised 2015.
    5. Jonathan Labbé, 2017. "Private Equity: Universality of financing and universality of effects on business innovation? A conceptual approach [Capital-investissement : Universalité du financement et universalité des effets sur l’innovation des entreprises ? Une approche co," Post-Print hal-03000109, HAL.
    6. Peng, Kai & Yu, Fang & Kong, Dongmin & Li, Yang & Geng, Ruihang, 2024. "Do government-guided funds "guide" the transregional mobility of capital? Evidence from cross-city equity investments," Finance Research Letters, Elsevier, vol. 66(C).
    7. Bürer, Mary Jean & Wüstenhagen, Rolf, 2009. "Which renewable energy policy is a venture capitalist's best friend? Empirical evidence from a survey of international cleantech investors," Energy Policy, Elsevier, vol. 37(12), pages 4997-5006, December.
    8. Xu, Zhe & Meng, Lu & He, Dan & Shi, Xiaoliang & Chen, Ke, 2022. "Government Support's signaling effect on credit financing for new-energy enterprises," Energy Policy, Elsevier, vol. 164(C).
    9. Aparicio, Sebastian & Audretsch, David & Urbano, David, 2021. "Why is export-oriented entrepreneurship more prevalent in some countries than others? Contextual antecedents and economic consequences," Journal of World Business, Elsevier, vol. 56(3).
    10. Mark R. Ayoub & Sandra Gottschalk & Bettina Müller, 2017. "Impact of public seed-funding on academic spin-offs," The Journal of Technology Transfer, Springer, vol. 42(5), pages 1100-1124, October.
    11. Dimitropoulos, Panagiotis E., 2025. "Principle-based accounting standards and earnings management in private hotel firms: The impact on government subsidies," Advances in accounting, Elsevier, vol. 68(C).
    12. Fulong Xiao & Zini Liang & Yongbin Lv & Wei Wang, 2024. "The effect of government‐guided funds on target industries in development zones – Evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(5), pages 4701-4722, December.
    13. Hottenrott, Hanna & Berger, Marius, 2021. "Start-Up Subsidies and the Sources of Venture Capital," VfS Annual Conference 2021 (Virtual Conference): Climate Economics 242383, Verein für Socialpolitik / German Economic Association.
    14. Jaaskelainen, Mikko & Maula, Markku & Murray, Gordon, 2007. "Profit distribution and compensation structures in publicly and privately funded hybrid venture capital funds," Research Policy, Elsevier, vol. 36(7), pages 913-929, September.
    15. Jose M. Cortina & Tine Köhler & Zitong Sheng & Kathleen R. Keeler & Bo B. Nielsen & Joseph E. Coombs & David J. Ketchen Jr., 2023. "Restricted Variance Interactions in Entrepreneurship Research: A Unique Basis for Context-as-Moderator Hypotheses," Entrepreneurship Theory and Practice, , vol. 47(5), pages 1995-2016, September.
    16. Xu, Shulin & Chen, Shuoqi & Jiao, Wenniu & Chen, Mengjie, 2025. "State-owned enterprises shareholders and innovation of private enterprises: Evidence from China," Technovation, Elsevier, vol. 140(C).
    17. Sewaid, Ahmed & Zahra, Shaker A. & Aparicio, Sebastian, 2026. "From novice to serial entrepreneur: How institutions influence relaunching decisions on international crowdfunding platforms," Technovation, Elsevier, vol. 149(C).
    18. Bertoni, Fabio & Tykvová, Tereza, 2013. "Which form of venture capital is most supportive of innovation? Evidence from European biotechnology companies," FZID Discussion Papers 69-2013, University of Hohenheim, Center for Research on Innovation and Services (FZID).
    19. Munari, Federico & Sobrero, Maurizio & Toschi, Laura, 2018. "The university as a venture capitalist? Gap funding instruments for technology transfer," Technological Forecasting and Social Change, Elsevier, vol. 127(C), pages 70-84.
    20. Iram Khan & Asad Ghalib & Farhad Hossain, 2015. "Stakeholders Involvement or Public Subsidy of Private Interests? Appraising the Case of Public Private Partnerships in Pakistan," Public Organization Review, Springer, vol. 15(2), pages 281-296, June.
    21. Ana-Maria GRIGORE & Ion POPA, 2025. "The Outstanding Technological Breakthrough And The Triad Of Classic, Social And Public Entrepreneurship-Grounds For A Prosperous Society," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 20(3), pages 187-203, December.
    22. Berger, Marius & Gottschalk, Sandra, 2021. "Financing and advising early stage startups: The effect of angel investor subsidies," ZEW Discussion Papers 21-069, ZEW - Leibniz Centre for European Economic Research.
    23. Grilli, Luca & Murtinu, Samuele, 2014. "Government, venture capital and the growth of European high-tech entrepreneurial firms," Research Policy, Elsevier, vol. 43(9), pages 1523-1543.
    24. Xueguo Xu & Tingting Xu & Meizeng Gui, 2020. "Incentive Mechanism for Municipal Solid Waste Disposal PPP Projects in China," Sustainability, MDPI, vol. 12(18), pages 1-16, September.
    25. Elisabeth S.C. Berger & Andreas Köhn, 2020. "Exploring the differences in early-stage start-up valuation across countries: an institutional perspective," International Entrepreneurship and Management Journal, Springer, vol. 16(1), pages 327-344, March.
    26. Jonathan Labbé, 2020. "Study of the relations between public and private capital-investors in France: a qualitative approach [Étude des relations entre capital-investisseurs publics et privés en France : une approche qualitative]," Post-Print hal-03000096, HAL.
    27. Douglas Cumming & Sofia Johan, 2019. "Government venture capital research: fake science and bad public policy," Venture Capital, Taylor & Francis Journals, vol. 21(1), pages 121-131, January.
    28. Fang, Zhen & Razzaq, Asif & Mohsin, Muhammad & Irfan, Muhammad, 2022. "Spatial spillovers and threshold effects of internet development and entrepreneurship on green innovation efficiency in China," Technology in Society, Elsevier, vol. 68(C).
    29. Bertoni, Fabio & Tykvová, Tereza, 2012. "Which form of venture capital is most supportive of innovation?," ZEW Discussion Papers 12-018, ZEW - Leibniz Centre for European Economic Research.
    30. Li Cai & Xin Gao & Yan Ling & Franz W. Kellermanns, 2023. "Governments’ new policy frequency and firms’ performance in an emerging industry: the difference between family and non-family firms," International Entrepreneurship and Management Journal, Springer, vol. 19(4), pages 1707-1737, December.
    31. Xue Yang & Hao Zhang & Die Hu & Bingde Wu, 2023. "The timing dilemma: understanding the determinants of innovative startups’ patent collateralization for loans," Small Business Economics, Springer, vol. 60(1), pages 371-403, January.
    32. Fabio Bertoni & Massimo Colombo & Anita Quas, 2015. "The patterns of venture capital investment in Europe," Small Business Economics, Springer, vol. 45(3), pages 543-560, October.
    33. Subhrendu Rath & Mamunur Rashid, 2016. "Undervaluation and private equity takeovers," Australian Journal of Management, Australian School of Business, vol. 41(4), pages 735-759, November.
    34. Thomas Standaert & Sophie Manigart, 2018. "Government as fund-of-fund and VC fund sponsors: effect on employment in portfolio companies," Small Business Economics, Springer, vol. 50(2), pages 357-373, February.
    35. Stéphane Koffel & Jonathan Labbé, 2017. "Private Equity and Business Angels: An Effect on Innovation [Capital-Investissement et Business Angels : Un effet sur l’innovation]," Post-Print hal-03000127, HAL.
    36. Bin Hao & Yanan Feng & Hongbin Tan & Mingzhu Ye, 2025. "Taking a Second Look at the Bait: Attention to Upside Potential Versus Downside Risk in Venture Capitalists’ Staged Investment," Entrepreneurship Theory and Practice, , vol. 49(1), pages 283-311, January.
    37. Alperovych, Yan & Groh, Alexander & Quas, Anita, 2020. "Bridging the equity gap for young innovative companies: The design of effective government venture capital fund programs," Research Policy, Elsevier, vol. 49(10).
    38. Manoj Kumar Srivastava & Ashutosh Dash & Imlak Shaikh, 2025. "Funding Innovation and Risk: A Grey-Based Startup Investment Decision," Evaluation Review, , vol. 49(2), pages 304-342, April.
    39. Wei Wang & Haofei Wang & Xueqin Wang, 2024. "Simulation and prediction of the dynamic evolution characteristics of resource- and technology-driven economic development models: a case study of the Yangtze River economic belt in China," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(7), pages 17967-17993, July.
    40. Ting-Kai Chou & Jia-Chi Cheng & Chin-Chen Chien, 2013. "How useful is venture capital prestige? Evidence from IPO survivability," Small Business Economics, Springer, vol. 40(4), pages 843-863, May.
    41. Giraudo, Emanuele & Giudici, Giancarlo & Grilli, Luca, 2019. "Entrepreneurship policy and the financing of young innovative companies: Evidence from the Italian Startup Act," Research Policy, Elsevier, vol. 48(9), pages 1-1.
    42. Barreto, Tais S. & Lanivich, Stephen E. & Cox, Kevin C., 2022. "Temporal orientation as a robust predictor of innovation," Journal of Business Research, Elsevier, vol. 138(C), pages 287-300.
    43. Christian Cancino & Claudio Bonilla & Marcos Vergara, 2016. "The impact of government support programs for the development of businesses in Chile," Serie Working Papers 28, Universidad del Desarrollo, School of Business and Economics.
    44. Fabio Bertoni & Massimo Colombo & Luca Grilli, 2013. "Venture capital investor type and the growth mode of new technology-based firms," Small Business Economics, Springer, vol. 40(3), pages 527-552, April.
    45. Veroniek Collewaert & Sophie Manigart & Rudy Aernoudt, 2010. "Assessment of Government Funding of Business Angel Networks in Flanders," Regional Studies, Taylor & Francis Journals, vol. 44(1), pages 119-130.
    46. Grimsby, Gjermund, 2018. "Partly risky, partly solid – Performance study of public innovation loans," Research Policy, Elsevier, vol. 47(7), pages 1344-1365.
    47. Douglas Cumming & Sofia Johan & Jeffrey G. MacIntosh, 2017. "A drop in an empty pond: Canadian public policy towards venture capital," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 103-117, March.
    48. Shuang Wang & Shukuan Zhao & Dong Shao & Hongyu Liu, 2020. "Impact of Government Subsidies on Manufacturing Innovation in China: The Moderating Role of Political Connections and Investor Attention," Sustainability, MDPI, vol. 12(18), pages 1-21, September.
    49. Munari, Federico & Toschi, Laura, 2015. "Assessing the impact of public venture capital programmes in the United Kingdom: Do regional characteristics matter?," Journal of Business Venturing, Elsevier, vol. 30(2), pages 205-226.
    50. Li, Yuchen & Meng, Jiayin & Zhou, Ruifan & Wang, Ying, 2024. "Does governmental venture capital (GVC) advance green innovation? Big data evidence from China," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 772-788.
    51. Kyounghun Lee & Frederick Dongchuhl Oh & Donglim Shin & Heejin Yoon, 2023. "Does venture capital investment enhance corporate innovation? Evidence from Korea," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 50(1-2), pages 236-266, January.
    52. Jianjun Xu & Lijie Yu & Rakesh Gupta, 2020. "Evaluating the Performance of the Government Venture Capital Guiding Fund Using the Intuitionistic Fuzzy Analytic Hierarchy Process," Sustainability, MDPI, vol. 12(17), pages 1-24, August.
    53. Murray, Gordon, 2020. "Ten Meditations on (Public) Venture Capital – Revisited," MPRA Paper 104389, University Library of Munich, Germany.
    54. Huang, Xinfei & Zhang, Yue & Zong, Zhe, 2025. "Governmental venture capital and investor sentiment: Evidence from Chinese government guidance funds," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 99(C).
    55. Wang, Jiayan & Dong, Haihui & Shi, Huayi, 2026. "Government venture capital funds and corporate green innovation performance: ex ante environmental responsibility moderation effect analysis," Finance Research Letters, Elsevier, vol. 89(C).
    56. Silva Lucas do Monte & Guimarães Patricia Borba Vilar, 2016. "Law and Innovation Policies: An Analysis of the Mismatch between Innovation Public Policies and Their Results in Brazil," The Law and Development Review, De Gruyter, vol. 9(1), pages 95-151, June.
    57. Daniel Hain & Sofia Johan & Daojuan Wang, 2016. "Determinants of Cross-Border Venture Capital Investments in Emerging and Developed Economies: The Effects of Relational and Institutional Trust," Journal of Business Ethics, Springer, vol. 138(4), pages 743-764, November.
    58. Megginson, William L. & Meles, Antonio & Sampagnaro, Gabriele & Verdoliva, Vincenzo, 2019. "Financial distress risk in initial public offerings: How much do venture capitalists matter?," Journal of Corporate Finance, Elsevier, vol. 59(C), pages 10-30.
    59. Maria Minniti, 2008. "The Role of Government Policy on Entrepreneurial Activity: Productive, Unproductive, or Destructive?," Entrepreneurship Theory and Practice, , vol. 32(5), pages 779-790, September.
    60. Laura Abrardi & Annalisa Croce & Elisa Ughetto, 2019. "The dynamics of switching between governmental and independent venture capitalists: theory and evidence," Small Business Economics, Springer, vol. 53(1), pages 165-188, June.
    61. Bryan Malki & Timur Uman & Daniel Pittino, 2022. "The entrepreneurial financing of the immigrant entrepreneurs: a literature review," Small Business Economics, Springer, vol. 58(3), pages 1337-1365, March.
    62. Chenze Song & Zhihua Guan, 2026. "The Impact of Government‐Guided Funds on Enterprises Innovation Quality: Evidence From China," Economics and Politics, Wiley Blackwell, vol. 38(1), pages 252-272, March.
    63. Oh, Seunghwan & Jang, Pilseong & Kwak, Gihyun, 2022. "Enhancing the efficiency of governmental intervention in the venture capital market: The monitoring effect," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 450-463.
    64. Cumming, Douglas, 2014. "Public economics gone wild: Lessons from venture capital," International Review of Financial Analysis, Elsevier, vol. 36(C), pages 251-260.
    65. Hugo J. Fuentes & Gustavo Mendoza & Miguel A. Montoya & Ismael Aguilar, 2021. "Public-private partnerships in Mexico: Challenges and opportunities at local level," Competition and Regulation in Network Industries, , vol. 22(1), pages 35-52, March.
    66. Zhang, Yuxin & Zhou, Yaodong, 2025. "The impact of government industrial funds on the innovation of SMEs in China," Journal of Asian Economics, Elsevier, vol. 97(C).
    67. K.S. Reddy & En Xie & Yuanyuan Huang, 2016. "Contractual buyout - a legitimate growth model in the enterprise development: foundations and implications," International Journal of Management and Enterprise Development, Inderscience Enterprises Ltd, vol. 15(1), pages 1-23.
    68. Francis Greene, 2012. "Should the focus of publicly provided small business assistance be on start-ups or growth businesses?," Occasional Papers 12/2, Ministry of Economic Development, New Zealand.
    69. Soleimani Dahaj, Arash & Cozzarin, Brian Paul, 2019. "Government venture capital and cross-border investment," Global Finance Journal, Elsevier, vol. 41(C), pages 113-127.
    70. M. Knockaert & B. Clarysse & M. Wright & A. Lockett, 2008. "Agency and similarity effects and the VC s attitude towards academic spin-out investing," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 08/537, Ghent University, Faculty of Economics and Business Administration.
    71. Devarakonda, Ramakrishna & Liu, Aqi, 2024. "A legitimacy-based view of the impact of government venture capital on startup innovation: Evidence from a transition economy," Other publications TiSEM 3afc4804-f469-4dd7-bb34-8, Tilburg University, School of Economics and Management.
    72. Siying Yang & Shunyu Ma & Jingjing Lu, 2022. "Can government venture capital guidance funds promote urban innovation? Evidence from China," Growth and Change, Wiley Blackwell, vol. 53(2), pages 753-770, June.
    73. Guerini, Massimiliano & Quas, Anita, 2016. "Governmental venture capital in Europe: Screening and certification," Journal of Business Venturing, Elsevier, vol. 31(2), pages 175-195.
    74. Li, Yong & Zahra, Shaker A., 2012. "Formal institutions, culture, and venture capital activity: A cross-country analysis," Journal of Business Venturing, Elsevier, vol. 27(1), pages 95-111.
    75. Tommaso Minola & Silvio Vismara & Davide Hahn, 2017. "Screening model for the support of governmental venture capital," The Journal of Technology Transfer, Springer, vol. 42(1), pages 59-77, February.
    76. Arif Orcun Sakarya, 2014. "Examination of Innovation Sources and Cooperation Alternatives for Turkish Firms," Eurasian Journal of Business and Management, Eurasian Publications, vol. 2(1), pages 36-45.
    77. Liang Han & Alan Benson, 2010. "The Use and Usefulness of Financial Assistance to UK SMEs," Environment and Planning C, , vol. 28(3), pages 552-566, June.
    78. Oluwasoye P. Mafimisebi & Adekunle I. Ogunsade, 2022. "Unlocking a Continent of Opportunity: Entrepreneurship and Digital Ecosystems for Value Creation in Africa," FIIB Business Review, , vol. 11(1), pages 11-22, March.
    79. Kollmann, Tobias & Kuckertz, Andreas & Middelberg, Nils, 2014. "Trust and controllability in venture capital fundraising," Journal of Business Research, Elsevier, vol. 67(11), pages 2411-2418.
    80. Joern H. Block & Christian O. Fisch & Mirjam van Praag, 2016. "The Schumpeterian Entrepreneur: A Review of the Empirical Evidence on the Antecedents, Behavior, and Consequences of Innovative Entrepreneurship," Tinbergen Institute Discussion Papers 16-072/VII, Tinbergen Institute.
    81. Michael A. Abebe & Yamlaksira S. Getachew & Sarah Kimakwa, 2022. "Entrepreneurs’ Ethnic and Political Identity Alignment as Determinants of Access to Government Support in Africa: A Conceptual Framework," Entrepreneurship Theory and Practice, , vol. 46(2), pages 449-476, March.
    82. Milosevic, Miona, 2018. "Skills or networks? Success and fundraising determinants in a low performing venture capital market," Research Policy, Elsevier, vol. 47(1), pages 49-60.
    83. Wu, Yunna & Song, Zixin & Li, Lingwenying & Xu, Ruhang, 2018. "Risk management of public-private partnership charging infrastructure projects in China based on a three-dimension framework," Energy, Elsevier, vol. 165(PA), pages 1089-1101.
    84. Evan Capeluck, 2016. "A Comparison of Australian and Canadian Productivity Performance: Lessons for Canada," CSLS Research Reports 2016-07, Centre for the Study of Living Standards.
    85. John Armour & Douglas Cumming, 2006. "The legislative road to Silicon Valley," Oxford Economic Papers, Oxford University Press, vol. 58(4), pages 596-635, October.
    86. Lindič, Jaka & Bavdaž, Mojca & Kovačič, Helena, 2012. "Higher growth through the Blue Ocean Strategy: Implications for economic policy," Research Policy, Elsevier, vol. 41(5), pages 928-938.
    87. Othman, Norfaizah Bt & Sulaiman, Muna Bt & Zainudin, Norlita Bt & Hasan, Zubair, 2008. "Entrepreneurial acculturation in Malaysia: Efforta and achievements," MPRA Paper 8980, University Library of Munich, Germany.
    88. L. Colombo & H. Dawid & M. Piva & M. Vivarelli, 2017. "Does easy start-up formation hamper incumbents’ R&D investment?," Small Business Economics, Springer, vol. 49(3), pages 513-531, October.
    89. Fu, Xiaoqing Maggie & Harrison, Richard T. & Li, Dongfu Franco, 2022. "Venture capital investment in university spin-offs: Evidence from an emerging economy," Journal of Corporate Finance, Elsevier, vol. 74(C).
    90. Jolley, G. Jason & Uzuegbunam, Ikenna & Glazer, John, 2017. "TechGROWTH Ohio: Public Venture Capital and Rural Entrepreneurship," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 48(2), July.
    91. Douglas Cumming & Grant Fleming & Sofia Johan & Mai Takeuchi, 2010. "Legal Protection, Corruption and Private Equity Returns in Asia," Journal of Business Ethics, Springer, vol. 95(2), pages 173-193, September.
    92. Block, Joern H. & De Vries, Geertjan & Schumann, Jan H. & Sandner, Philipp, 2014. "Trademarks and venture capital valuation," Journal of Business Venturing, Elsevier, vol. 29(4), pages 525-542.
    93. Jialin Zheng & Keqiang Li & Ya Zhou & Xi-yin Zhou, 2025. "The effect of the carbon tax on the low-carbon level under different market powers," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 27(1), pages 1545-1573, January.
    94. Rui Shen & Qingyun Lu & Jun Yang & Can Li, 2025. "Governors’ Tenure and Venture Capital Firms’ Early-stage Investing: A Subnational Institutional Perspective," Small Business Economics, Springer, vol. 65(1), pages 613-642, June.
    95. 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.
    96. Douglas Cumming, 2010. "Public policy and the creation of active venture capital markets," Venture Capital, Taylor & Francis Journals, vol. 13(1), pages 75-94, April.
    97. Jonathan Labbe, 2021. "Study of The Relationship Between Public and Private Venture Capitalists in France: A Qualitative Approach," Post-Print hal-03381477, HAL.
    98. Douglas Cumming & Sofia Johan, 2013. "The IPO as an exit strategy for venture capitalists: regional lessons from Canada with international comparisons," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 21, pages 465-502, Edward Elgar Publishing.
    99. Rachel Parker, 2008. "Governance and the Entrepreneurial Economy: A Comparative Analysis of Three Regions," Entrepreneurship Theory and Practice, , vol. 32(5), pages 833-854, September.
    100. Jonathan Labbe, 2021. "Study of The Relationship Between Public and Private Venture Capitalists in France: A Qualitative Approach," Papers 2110.09098, arXiv.org.
    101. Chen, Jin & Heng, Cheng Suang & Tan, Bernard C.Y. & Lin, Zhijie, 2018. "The distinct signaling effects of R&D subsidy and non-R&D subsidy on IPO performance of IT entrepreneurial firms in China," Research Policy, Elsevier, vol. 47(1), pages 108-120.
    102. Stéphane Koffel & Jonathan Labbé, 2017. "Le financement des Capital-Investisseurs et Business Angels et l'effet sur l'innovation des entreprises," Post-Print hal-03556272, HAL.
    103. Buzzacchi, Luigi & Scellato, Giuseppe & Ughetto, Elisa, 2013. "The investment strategies of publicly sponsored venture capital funds," Journal of Banking & Finance, Elsevier, vol. 37(3), pages 707-716.
    104. Douglas Cumming, 2007. "Financing Entrepreneurs Better Canadian Policy for Venture Capital," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 247, April.

  164. Cumming, Douglas & Siegel, Donald S. & Wright, Mike, 2007. "Private equity, leveraged buyouts and governance," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 439-460, September.

    Cited by:

    1. Reddy, Kotapati Srinivasa, 2015. "Market for Corporate Control and Contractual Buyout (CoBO): A New “Collective Ownership-and-Administrative” Strategy," MPRA Paper 63937, University Library of Munich, Germany, revised 2015.
    2. Anne-Laure Le Nadant & Frédéric Perdreau, 2012. "Do Private Equity Firms Foster Innovation? Evidence from French LBOs," Economics Working Paper Archive (University of Rennes & University of Caen) 201209, Center for Research in Economics and Management (CREM), University of Rennes, University of Caen and CNRS.
    3. Tåg, Joacim, 2010. "The Real Effects of Private Equity Buyouts," Working Paper Series 851, Research Institute of Industrial Economics.
    4. Herrera-Echeverri, Hernan & Nandy, Debarshi K. & Fragua, Daniel, 2022. "The role of private equity investments on exports: Evidence from OECD countries," Journal of Multinational Financial Management, Elsevier, vol. 65(C).
    5. Stefano Bonini, 2012. "Secondary Buyouts," Working Papers 441, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    6. Anne Stevenot & Loris Guery & Geoffrey Wood & Chris Brewster, 2018. "Country of Origin Effects and New Financial Actors: Private Equity Investment and Work and Employment Practices of French Firms," British Journal of Industrial Relations, London School of Economics, vol. 56(4), pages 859-881, December.
    7. Ann†Kristin Achleitner & André Betzer & Marc Goergen & Bastian Hinterramskogler, 2013. "Private Equity Acquisitions of Continental European Firms: the Impact of Ownership and Control on the Likelihood of Being Taken Private," European Financial Management, European Financial Management Association, vol. 19(1), pages 72-107, January.
    8. Laurent Bouvier & Tahir M. Nisar & David McMillan, 2015. "Design and impacts of securitized leveraged buyouts," Cogent Economics & Finance, Taylor & Francis Journals, vol. 3(1), pages 1009307-100, December.
    9. Hélène Raymond, 2009. "The effect of Sovereign Wealth Funds’ investments on stock markets," EconomiX Working Papers 2009-38, University of Paris Nanterre, EconomiX.
    10. Crifo, Patricia & Forget, Vanina D. & Teyssier, Sabrina, 2015. "The price of environmental, social and governance practice disclosure: An experiment with professional private equity investors," Journal of Corporate Finance, Elsevier, vol. 30(C), pages 168-194.
    11. Andrew Metrick & Ayako Yasuda, 2011. "Venture Capital and Other Private Equity: a Survey," European Financial Management, European Financial Management Association, vol. 17(4), pages 619-654, September.
    12. Jo, Jinhyeong & Ryu, Doojin, 2026. "Do GPs truly present fair value? The case of continuation funds," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 107(C).
    13. Nicholas Bloom & Christos Genakos & Raffaella Sadun & John Van Reenen, 2011. "Management Practices Across Firms and Countries," CEP Discussion Papers dp1109, Centre for Economic Performance, LSE.
    14. Victor Zitian Chen & Sunny Li Sun, 2019. "Barbarians at the Gate of the Middle Kingdom: The International Mobility of Financing Contract and Governance," Entrepreneurship Theory and Practice, , vol. 43(4), pages 802-837, July.
    15. Jonas Kick & Bernhard Schwetzler, 2025. "Second hand or second generation? The performance of secondary buyouts," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 39(1), pages 99-131, March.
    16. Ann†Kristin Achleitner & Christian Figge, 2014. "Private Equity Lemons?Evidence on Value Creation in Secondary Buyouts," European Financial Management, European Financial Management Association, vol. 20(2), pages 406-433, March.
    17. Paolo Toma & Stefano Montanari, 2017. "Corporate governance effectiveness along the entrepreneurial process of a family firm: the role of private equity," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 21(4), pages 1023-1052, December.
    18. Andy Lockett & Mike Wright & Andrew Burrows & Louise Scholes & Dave Paton, 2008. "The export intensity of venture capital backed companies," Small Business Economics, Springer, vol. 31(1), pages 39-58, June.
    19. Mulherin, J. Harold & Netter, Jeffry M. & Poulsen, Annette B., 2018. "Observations on research and publishing from nineteen years as editors of the Journal of Corporate Finance," Journal of Corporate Finance, Elsevier, vol. 49(C), pages 120-124.
    20. Subhrendu Rath & Mamunur Rashid, 2016. "Undervaluation and private equity takeovers," Australian Journal of Management, Australian School of Business, vol. 41(4), pages 735-759, November.
    21. Block, Joern & Fisch, Christian & Vismara, Silvio & Andres, René, 2019. "Private equity investment criteria: An experimental conjoint analysis of venture capital, business angels, and family offices," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 329-352.
    22. Collings, David & Corbet, Shaen & Hou, Yang (Greg) & Hu, Yang & Larkin, Charles & Oxley, Les, 2022. "The effects of negative reputational contagion on international airlines: The case of the Boeing 737-MAX disasters," International Review of Financial Analysis, Elsevier, vol. 80(C).
    23. Benjamin Hammer & Heiko Hinrichs & Denis Schweizer, 2022. "What is different about private equity‐backed acquirers?," Review of Financial Economics, John Wiley & Sons, vol. 40(2), pages 117-149, April.
    24. Giovannetti, Andrea & Pipic, Denis, 2023. "Shaking hands with common foes: Clique premium and information diffusion in private equity networks," International Review of Financial Analysis, Elsevier, vol. 86(C).
    25. Yao Li & Mike Wright & Louise Scholes, 2010. "Chinese Management Buyouts and Board Transformation," Journal of Business Ethics, Springer, vol. 95(2), pages 361-380, September.
    26. Cumming, Douglas J. & Grilli, Luca & Murtinu, Samuele, 2017. "Governmental and independent venture capital investments in Europe: A firm-level performance analysis," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 439-459.
    27. Sun, Sunny Li & Chen, Victor Z. & Sunny, Sanwar A. & Chen, Jie, 2019. "Venture capital as an innovation ecosystem engineer in an emerging market," International Business Review, Elsevier, vol. 28(5), pages 1-1.
    28. Fidrmuc, Jana P. & Roosenboom, Peter & Paap, Richard & Teunissen, Tim, 2012. "One size does not fit all: Selling firms to private equity versus strategic acquirers," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 828-848.
    29. Guidi, Marco G.D. & Hillier, Joe & Tarbert, Heather, 2010. "Successfully reshaping the ownership relationship by reducing ‘moral debt’ and justly distributing residual claims: The cases from Scott Bader Commonwealth and the John Lewis Partnership," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 21(4), pages 318-328.
    30. Ughetto, Elisa, 2010. "Assessing the contribution to innovation of private equity investors: A study on European buyouts," Research Policy, Elsevier, vol. 39(1), pages 126-140, February.
    31. Dawson, Alexandra, 2011. "Private equity investment decisions in family firms: The role of human resources and agency costs," Journal of Business Venturing, Elsevier, vol. 26(2), pages 189-199, March.
    32. Erich Battistin & Paolo Bortoluzzi & Fabio Buttignon & Marco Vedovato, 2017. "Minority and majority private equity investments: firm performance and governance," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 21(3), pages 659-684, September.
    33. Alperovych, Yan & Amess, Kevin & Wright, Mike, 2013. "Private equity firm experience and buyout vendor source: What is their impact on efficiency?," European Journal of Operational Research, Elsevier, vol. 228(3), pages 601-611.
    34. Miguel Meuleman & Kevin Amess & Mike Wright & Louise Scholes, 2009. "Agency, Strategic Entrepreneurship, and the Performance of Private Equity–Backed Buyouts," Entrepreneurship Theory and Practice, , vol. 33(1), pages 213-239, January.
    35. Kevin Amess & Mike Wright, 2012. "Leveraged buyouts, private equity and jobs," Small Business Economics, Springer, vol. 38(4), pages 419-430, May.
    36. Fabio Bertoni & Anne-Laure Le Nadant & Frédéric Perdreau, 2014. "Innovation and R&D investments by leveraged buyout companies in times of crisis," Economics Bulletin, AccessEcon, vol. 34(2), pages 856-864.
    37. Anne-Laure Le Nadant & Frédéric Perdreau, 2011. "LBOs and innovation: the French case," Post-Print halshs-00669910, HAL.
    38. Shai Bernstein & Josh Lerner & Filippo Mezzanotti, 2017. "Private Equity and Financial Fragility during the Crisis," NBER Working Papers 23626, National Bureau of Economic Research, Inc.
    39. Sean Shenghsiu Huang & John R. Bowblis, 2019. "Private equity ownership and nursing home quality: an instrumental variables approach," International Journal of Health Economics and Management, Springer, vol. 19(3), pages 273-299, December.
    40. Li Jiujin & Rakesh Gupta & Li Haihong & Shao Qiang, 2020. "Private Equity Characteristics, Corporate Governance and Firm Value: Empirical Evidence from Small and Medium‐sized Enterprises," Asian Economic Journal, East Asian Economic Association, vol. 34(2), pages 163-183, June.
    41. Steven N. Kaplan & Per Stromberg, 2008. "Leveraged Buyouts and Private Equity," NBER Working Papers 14207, National Bureau of Economic Research, Inc.
    42. Achleitner, Ann-Kristin & Braun, Reiner & Engel, Nico, 2011. "Value creation and pricing in buyouts: Empirical evidence from Europe and North America," Review of Financial Economics, Elsevier, vol. 20(4), pages 146-161.
    43. Buchner, Axel & Mohamed, Abdulkadir & Schwienbacher, Armin, 2016. "Does risk explain persistence in private equity performance?," Journal of Corporate Finance, Elsevier, vol. 39(C), pages 18-35.
    44. Prosper Lamothe-Fernández & Eduardo García-Argüelles & Sergio Manuel Fernández-Miguélez & Omar Hassani-Zerrouk, 2025. "Determining Drivers of Private Equity Return with Computational Approaches," Computational Economics, Springer;Society for Computational Economics, vol. 65(1), pages 483-505, January.
    45. Morkoetter, Stefan & Wetzer, Thomas, 2015. "Do Private Equity Funds Always Pay Less? A Synergy-Related Explanation Based on Add-on Acquisitions," Working Papers on Finance 1522, University of St. Gallen, School of Finance, revised Sep 2016.
    46. Ayash, Brian & Schütt, Harm, 2016. "Does going private add value through operating improvements?," Journal of Corporate Finance, Elsevier, vol. 40(C), pages 192-215.
    47. Gill, Andrej & Visnjic, Nikolai, 2013. "Insight private equity," SAFE Working Paper Series 23, Leibniz Institute for Financial Research SAFE.
    48. Wilson, Nick & Wright, Mike & Siegel, Donald S. & Scholes, Louise, 2012. "Private equity portfolio company performance during the global recession," Journal of Corporate Finance, Elsevier, vol. 18(1), pages 193-205.
    49. Stefano Bonini, 2015. "Secondary Buyouts: Operating Performance and Investment Determinants," Financial Management, Financial Management Association International, vol. 44(2), pages 431-470, June.
    50. Renneboog, Luc & Vansteenkiste, Cara, 2017. "Leveraged Buyouts : A Survey of the Literature," Other publications TiSEM 573ebdd5-a720-4110-8ed1-e, Tilburg University, School of Economics and Management.
    51. Ann‐Kristin Achleitner & Reiner Braun & Nico Engel, 2011. "Value creation and pricing in buyouts: Empirical evidence from Europe and North America," Review of Financial Economics, John Wiley & Sons, vol. 20(4), pages 146-161, November.
    52. Paleit, Sören & Riar, Frederik J. & Hülsbeck, Marcel & Hack, Andreas, 2025. "Family firm perceptions and investment decisions: An experimental conjoint analysis of private equity investors," Journal of Family Business Strategy, Elsevier, vol. 16(3).
    53. De Silva, Cristina & Del Gaudio, Belinda Laura & Gervasoni, Anna & Lertora, Michele, 2025. "Private equity and financial distress: A bibliometric literature review," Research in International Business and Finance, Elsevier, vol. 74(C).
    54. Aloui Mouna & Imed Daliy & Jarboui Anis, 2025. "Good Corporate Governance, Market Stock Liquidity, and Stock Return Volatility: French Context," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 15(1), pages 03-36.
    55. Ernst Verwaal & Hans Bruining & Mike Wright & Sophie Manigart & Andy Lockett, 2010. "Resources access needs and capabilities as mediators of the relationship between VC firm size and syndication," Small Business Economics, Springer, vol. 34(3), pages 277-291, April.
    56. Charlie Weir & Peter Jones & Mike Wright, 2015. "Public to private transactions, private equity and financial health in the UK: an empirical analysis of the impact of going private," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 19(1), pages 91-112, February.
    57. S. Manigart & M. Wright, 2011. "Reassessing the Relationships between Private Equity Investors and Their Portfolio Companies," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 11/735, Ghent University, Faculty of Economics and Business Administration.
    58. Wang, Qing (Sophie) & Anderson, Hamish & Chi, Jing, 2018. "VC political connections and IPO earnings management," Emerging Markets Review, Elsevier, vol. 35(C), pages 148-163.
    59. Boubaker, Sabri & Cellier, Alexis & Rouatbi, Wael, 2014. "The sources of shareholder wealth gains from going private transactions: The role of controlling shareholders," Journal of Banking & Finance, Elsevier, vol. 43(C), pages 226-246.
    60. Vladimiro Marini & Massimo Caratelli & Gian Paolo Stella & Ilaria Barbaraci, 2022. "Is corporate governance of private equity targets more effective for risk mitigation?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 26(3), pages 781-811, September.
    61. Baran, Lindsay C. & King, Tao-Hsien Dolly, 2010. "Going private transactions, bondholder returns, and wealth transfer effects," Journal of Banking & Finance, Elsevier, vol. 34(8), pages 1856-1872, August.
    62. K.S. Reddy & En Xie & Yuanyuan Huang, 2016. "Contractual buyout - a legitimate growth model in the enterprise development: foundations and implications," International Journal of Management and Enterprise Development, Inderscience Enterprises Ltd, vol. 15(1), pages 1-23.
    63. Chanchai Tangpong & Michael Abebe & Zonghui Li, 2015. "A Temporal Approach to Retrenchment and Successful Turnaround in Declining Firms," Journal of Management Studies, Wiley Blackwell, vol. 52(5), pages 647-677, July.
    64. Chahine, Salim & Arthurs, Jonathan D. & Filatotchev, Igor & Hoskisson, Robert E., 2012. "The effects of venture capital syndicate diversity on earnings management and performance of IPOs in the US and UK: An institutional perspective," Journal of Corporate Finance, Elsevier, vol. 18(1), pages 179-192.
    65. Raymond, H., 2008. "The effect of Sovereign Wealth Funds’ involvement on stock markets," Occasional papers 7, Banque de France.
    66. Malenko, Andrey & Malenko, Nadya, 2015. "A theory of LBO activity based on repeated debt-equity conflicts," Journal of Financial Economics, Elsevier, vol. 117(3), pages 607-627.
    67. Elisa Ughetto, 2016. "Investments, Financing Constraints and Buyouts: the Effect of Private Equity Investors on the Sensitivity of Investments to Cash Flow," Manchester School, University of Manchester, vol. 84(1), pages 25-54, January.
    68. Syed Najam Ul Hassan & Danish Ahmed Siddiqui, 2020. "Impact of Effective Succession Planning Practices on Employee Retention: Exploring the Mediating Roles," International Journal of Human Resource Studies, Macrothink Institute, vol. 10(2), pages 2155-2155, December.
    69. Annalisa Croce & José Martí, 2016. "Productivity Growth in Private–Equity–Backed Family Firms," Entrepreneurship Theory and Practice, , vol. 40(3), pages 657-683, May.
    70. J. Adam Cobb, 2015. "Risky Business: The Decline of Defined Benefit Pensions and Firms’ Shifting of Risk," Organization Science, INFORMS, vol. 26(5), pages 1332-1350, October.
    71. Sebastian Ernst & Christian Koziol & Denis Schweizer, 2013. "Are Private Equity Investors Boon or Bane for an Economy?–A Theoretical Analysis," European Financial Management, European Financial Management Association, vol. 19(1), pages 180-207, January.
    72. Jenkinson, Tim & Sousa, Miguel, 2015. "What determines the exit decision for leveraged buyouts?," Journal of Banking & Finance, Elsevier, vol. 59(C), pages 399-408.
    73. Fabio Bertoni & María Ferrer & José Martí, 2013. "The different roles played by venture capital and private equity investors on the investment activity of their portfolio firms," Small Business Economics, Springer, vol. 40(3), pages 607-633, April.
    74. Fonseka, M.M. & Colombage, Sisira R.N. & Tian, Gao-Liang, 2014. "Effects of regulator's announcements, information asymmetry and ownership changes on private equity placements: Evidence from China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 29(C), pages 126-149.
    75. Cumming, Douglas & Zambelli, Simona, 2010. "Illegal buyouts," Journal of Banking & Finance, Elsevier, vol. 34(2), pages 441-456, February.
    76. Lai, Shaojie & Pu, Xiaoling, 2020. "Mispricing or growth? an empirical analysis of acquisition premium," Finance Research Letters, Elsevier, vol. 37(C).
    77. Birgitte Grøgaard & Michael A. Sartor & Linda Rademaker, 2022. "What merits greater scholarly attention in international business?," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(7), pages 1508-1518, September.
    78. Sannajust, Aurélie & Groh, Alexander Peter, 2020. "There's no need to be a pioneer in emerging private equity markets," Journal of Corporate Finance, Elsevier, vol. 65(C).
    79. Dahya, Jay & Wu, Betty (H.T.), 2024. "Social capital, syndication, and investment performance: Evidence from PE investing in LBOs," International Review of Financial Analysis, Elsevier, vol. 95(PA).
    80. Ahlers, Oliver & Hack, Andreas & Kellermanns, Franz W., 2014. "“Stepping into the buyers’ shoes”: Looking at the value of family firms through the eyes of private equity investors," Journal of Family Business Strategy, Elsevier, vol. 5(4), pages 384-396.
    81. Wolfgang Breuer & Andreas Pinkwart, 2018. "Venture capital and private equity finance as key determinants of economic development," Journal of Business Economics, Springer, vol. 88(3), pages 319-324, May.
    82. Nick Bacon & Mike Wright & Miguel Meuleman & Louise Scholes, 2012. "The Impact of Private Equity on Management Practices in European Buy-outs: Short-termism, Anglo-Saxon, or Host Country Effects?," Industrial Relations: A Journal of Economy and Society, Wiley Blackwell, vol. 51, pages 605-626, April.
    83. Douglas Cumming & Satish Kumar & Weng Marc Lim & Nitesh Pandey, 2023. "Mapping the venture capital and private equity research: a bibliometric review and future research agenda," Small Business Economics, Springer, vol. 61(1), pages 173-221, June.
    84. Hiroyuki Miyamoto & Cristian Mejia & Yuya Kajikawa, 2022. "A Study of Private Equity Rounds of Entrepreneurial Finance in EU: Are Buyout Funds Uninvited Guests for Startup Ecosystems?," JRFM, MDPI, vol. 15(6), pages 1-16, May.
    85. Baker, H. Kent & Kumar, Satish & Pattnaik, Debidutta, 2021. "Twenty-five years of the Journal of Corporate Finance: A scientometric analysis," Journal of Corporate Finance, Elsevier, vol. 66(C).
    86. Chrisman, James J. & Chua, Jess H. & Steier, Lloyd P. & Wright, Mike & McKee, D’Lisa N., 2012. "An agency theoretic analysis of value creation through management buy-outs of family firms," Journal of Family Business Strategy, Elsevier, vol. 3(4), pages 197-206.
    87. Ranko Jelic & Mike Wright, 2011. "Exits, Performance, and Late Stage Private Equity: the Case of UK Management Buy†outs," European Financial Management, European Financial Management Association, vol. 17(3), pages 560-593, June.
    88. Cumming, Douglas J. & Fischer, Eileen, 2012. "Publicly funded business advisory services and entrepreneurial outcomes," Research Policy, Elsevier, vol. 41(2), pages 467-481.
    89. Valkama, Petri & Maula, Markku & Nikoskelainen, Erkki & Wright, Mike, 2013. "Drivers of holding period firm-level returns in private equity-backed buyouts," Journal of Banking & Finance, Elsevier, vol. 37(7), pages 2378-2391.

  165. Douglas Cumming & Sofia Johan, 2007. "Advice and monitoring in venture finance," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 21(1), pages 3-43, March.
    See citations under working paper version above.
  166. Douglas Cumming & Sofia Johan, 2006. "Provincial preferences in private equity," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 20(4), pages 369-398, December.
    See citations under working paper version above.
  167. Douglas Cumming & Sofia Johan, 2006. "Is it the Law or the Lawyers? Investment Covenants around the World," European Financial Management, European Financial Management Association, vol. 12(4), pages 535-574, September.

    Cited by:

    1. Douglas Cumming & Sofia Johan, 2007. "Socially Responsible Institutional Investment in Private Equity," Journal of Business Ethics, Springer, vol. 75(4), pages 395-416, November.
    2. Joseph McCahery & Erik Vermeulen, 2012. "Private equity regulation: a comparative analysis," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 16(2), pages 197-233, May.
    3. Andrew Metrick & Ayako Yasuda, 2011. "Venture Capital and Other Private Equity: a Survey," European Financial Management, European Financial Management Association, vol. 17(4), pages 619-654, September.
    4. Su Yi & Muhammad Rabnawaz & Waqar Jalal & Ali Zeb, 2023. "The Nexus between Foreign Competition and Buying Innovation: Evidence from China’s High-Technology Industry," Sustainability, MDPI, vol. 15(15), pages 1-27, July.
    5. Ann†Kristin Achleitner & Christian Figge, 2014. "Private Equity Lemons?Evidence on Value Creation in Secondary Buyouts," European Financial Management, European Financial Management Association, vol. 20(2), pages 406-433, March.
    6. Nifo, Annamaria & Scalera, Domenico & Vecchione, Gaetano, 2016. "What do you want to be when you grow up? Local institutional quality and the choice of the fields of study in Italy (2004-2007)," MPRA Paper 69907, University Library of Munich, Germany.
    7. Yaxuan Qi & John Wald, 2008. "State Laws and Debt Covenants," Journal of Law and Economics, University of Chicago Press, vol. 51(1), pages 179-207, February.
    8. Cumming, Douglas J. & Grilli, Luca & Murtinu, Samuele, 2017. "Governmental and independent venture capital investments in Europe: A firm-level performance analysis," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 439-459.
    9. Sofia Johan & Dorra Najar, 2011. "The Role of Law, Corruption and Culture in Investment Fund Manager Fees," Post-Print halshs-00639925, HAL.
    10. Douglas Cumming & Sofia Johan, 2010. "Phasing Out an Inefficient Venture Capital Tax Credit," Journal of Industry, Competition and Trade, Springer, vol. 10(3), pages 227-252, September.
    11. Douglas Cumming & Sofia Johan, 2007. "Advice and monitoring in venture finance," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 21(1), pages 3-43, March.
    12. Daniel Hain & Sofia Johan & Daojuan Wang, 2016. "Determinants of Cross-Border Venture Capital Investments in Emerging and Developed Economies: The Effects of Relational and Institutional Trust," Journal of Business Ethics, Springer, vol. 138(4), pages 743-764, November.
    13. Sofia Johan & Dorra Najar, 2010. "The Role of Corruption, Culture, and Law in Investment Fund Manager Fees," Journal of Business Ethics, Springer, vol. 95(2), pages 147-172, September.
    14. Lixia Liu & Xueli Zhan, 2019. "Analysis of Financing Efficiency of Chinese Agricultural Listed Companies Based on Machine Learning," Complexity, Hindawi, vol. 2019, pages 1-11, July.
    15. Armin Schwienbacher, 2008. "Venture capital investment practices in Europe and the United States," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 22(3), pages 195-217, September.
    16. Valérie Revest & Alessandro Sapio, 2012. "Financing technology-based small firms in Europe: what do we know?," Small Business Economics, Springer, vol. 39(1), pages 179-205, July.
    17. Thomas Hartmann†Wendels & Georg Keienburg & Soenke Sievers, 2011. "Adverse Selection, Investor Experience and Security Choice in Venture Capital Finance: Evidence from Germany," European Financial Management, European Financial Management Association, vol. 17(3), pages 464-499, June.
    18. Cumming, Douglas & Schmidt, Daniel & Walz, Uwe, 2010. "Legality and venture capital governance around the world," Journal of Business Venturing, Elsevier, vol. 25(1), pages 54-72, January.
    19. Chircop, Justin & Johan, Sofia & Tarsalewska, Monika, 2020. "Does religiosity influence venture capital investment decisions?," Journal of Corporate Finance, Elsevier, vol. 62(C).
    20. Douglas Cumming & Grant Fleming & Sofia A. Johan, 2011. "Institutional Investment in Listed Private Equity," European Financial Management, European Financial Management Association, vol. 17(3), pages 594-618, June.
    21. Douglas Cumming & Lars Helge Haß & Denis Schweizer, 2014. "Strategic Asset Allocation and the Role of Alternative Investments," European Financial Management, European Financial Management Association, vol. 20(3), pages 521-547, June.
    22. Kaplan, Steven N. & Martel, Frederic & Stromberg, Per, 2007. "How do legal differences and experience affect financial contracts?," Journal of Financial Intermediation, Elsevier, vol. 16(3), pages 273-311, July.
    23. Douglas Cumming & Sofia Johan, 2013. "The IPO as an exit strategy for venture capitalists: regional lessons from Canada with international comparisons," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 21, pages 465-502, Edward Elgar Publishing.
    24. Colleen Honigsberg & Sharon Katz & Gil Sadka, 2014. "State Contract Law and Debt Contracts," Journal of Law and Economics, University of Chicago Press, vol. 57(4), pages 1031-1061.
    25. Douglas Cumming, 2007. "Financing Entrepreneurs Better Canadian Policy for Venture Capital," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 247, April.

  168. Cumming, Douglas & Fleming, Grant & Schwienbacher, Armin, 2006. "Legality and venture capital exits," Journal of Corporate Finance, Elsevier, vol. 12(2), pages 214-245, January.

    Cited by:

    1. Cumming, Douglas & Siegel, Donald S. & Wright, Mike, 2007. "Private equity, leveraged buyouts and governance," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 439-460, September.
    2. Carolin Bock & Maximilian Schmidt, 2015. "Should I stay, or should I go? – How fund dynamics influence venture capital exit decisions," Review of Financial Economics, John Wiley & Sons, vol. 27(1), pages 68-82, November.
    3. Kräussl, Roman & Krause, Stefan, 2012. "Has Europe been catching up? An industry level analysis of venture capital success over 1985 - 2009," CFS Working Paper Series 2012/16, Center for Financial Studies (CFS).
    4. Cheng, Cheng & Schwienbacher, Armin, 2016. "Venture capital investors and foreign listing choices of Chinese companies," Emerging Markets Review, Elsevier, vol. 29(C), pages 42-67.
    5. Wang, Lanfang & Wang, Susheng, 2017. "Buybacks as an efficient strategy for venture capital in emerging markets," Pacific-Basin Finance Journal, Elsevier, vol. 43(C), pages 107-123.
    6. Tykvová, Tereza, 2018. "Legal framework quality and success of (different types of) venture capital investments," Journal of Banking & Finance, Elsevier, vol. 87(C), pages 333-350.
    7. Espenlaub, Susanne & Khurshed, Arif & Mohamed, Abdulkadir, 2015. "Venture capital exits in domestic and cross-border investments," Journal of Banking & Finance, Elsevier, vol. 53(C), pages 215-232.
    8. Muhammad Zubair Khan & Walter Ferrier & Zafir Ullah Khan & Affan Hameed, 2025. "The interplay of institutional quality and financial development in venture capital fundraising," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 52(2), pages 379-413, June.
    9. Achleitner, Ann-Kristin & Engel, Nico & Reiner, Uwe, 2013. "The performance of venture capital investments: Do investors overreact?," Review of Financial Economics, Elsevier, vol. 22(1), pages 20-35.
    10. Bock, Carolin & Schmidt, Maximilian, 2015. "Should I stay, or should I go? – How fund dynamics influence venture capital exit decisions," Review of Financial Economics, Elsevier, vol. 27(C), pages 68-82.
    11. April Knill, 2009. "Should Venture Capitalists Put All Their Eggs in One Basket? Diversification versus Pure‐Play Strategies in Venture Capital," Financial Management, Financial Management Association International, vol. 38(3), pages 441-486, September.
    12. Nikoskelainen, Erkki & Wright, Mike, 2007. "The impact of corporate governance mechanisms on value increase in leveraged buyouts," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 511-537, September.
    13. Jing Zhang & Huizhi Yu, 2017. "Venture Capitalists’ Experience and Foreign IPOs: Evidence from China," Entrepreneurship Theory and Practice, , vol. 41(5), pages 677-707, September.
    14. Tykvová, Tereza & Schertler, Andrea, 2014. "Does Syndication With Local Venture Capitalists Moderate the Effects of Geographical and Institutional Distance?," Journal of International Management, Elsevier, vol. 20(4), pages 406-420.
    15. Wang, Lanfang & Wang, Susheng, 2012. "Economic freedom and cross-border venture capital performance," Journal of Empirical Finance, Elsevier, vol. 19(1), pages 26-50.
    16. Lohwasser, Todor S., 2020. "Meta-analyzing the relative performance of venture capital-backed firms," Discussion Papers of the Institute for Organisational Economics 4/2020, University of Münster, Institute for Organisational Economics.
    17. Da Rin, M. & Hellmann, T. & Puri, M.L., 2011. "A Survey of Venture Capital Research," Discussion Paper 2011-111, Tilburg University, Center for Economic Research.
    18. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    19. A. Heughebaert & T. Vanacker & S. Manigart, 2012. "Institutional Frameworks, Venture Capital and the Financing of European New Technology-Based Firms," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 12/809, Ghent University, Faculty of Economics and Business Administration.
    20. Garry A. Gabison, 2015. "Venture Capital Principles in the European ICT Ecosystem: How can they help ICT innovation?," JRC Research Reports JRC98783, Joint Research Centre.
    21. Inci, Eren & Barlo, Mehmet, 2010. "Banks versus venture capital when the venture capitalist values private benefits of control," MPRA Paper 25566, University Library of Munich, Germany.
    22. Humphery-Jenner, Mark & Suchard, Jo-Ann, 2013. "Foreign VCs and venture success: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 16-35.
    23. Cumming, Douglas J. & Grilli, Luca & Murtinu, Samuele, 2017. "Governmental and independent venture capital investments in Europe: A firm-level performance analysis," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 439-459.
    24. Groh, Alexander P. & Liechtenstein, Heinrich & Lieser, Karsten, 2008. "The European venture capital and private equity country attractiveness index(es)," IESE Research Papers D/773, IESE Business School.
    25. Otchere, Isaac & Vong, Anna P.I., 2016. "Venture capitalist participation and the performance of Chinese IPOs," Emerging Markets Review, Elsevier, vol. 29(C), pages 226-245.
    26. Lerner, Josh & Tåg, Joacim, 2013. "Institutions and Venture Capital," Working Papers 2012:17, Swedish Entrepreneurship Forum.
    27. Sofia Johan & Dorra Najar, 2011. "The Role of Law, Corruption and Culture in Investment Fund Manager Fees," Post-Print halshs-00639925, HAL.
    28. Cumming, Douglas & Johan, Sofia Atiqah binti, 2008. "Preplanned exit strategies in venture capital," European Economic Review, Elsevier, vol. 52(7), pages 1209-1241, October.
    29. Luc Armel G. Da Gbadji & Benoit Gailly & Armin Schwienbacher, 2015. "International Analysis of Venture Capital Programs of Large Corporations and Financial Institutions," Entrepreneurship Theory and Practice, , vol. 39(5), pages 1213-1246, September.
    30. Johannes Wallmeroth & Peter Wirtz & Alexander Peter Groh, 2017. "Institutional Seed Financing, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review," Working Papers hal-01527999, HAL.
    31. Groh, Alexander Peter & Wallmeroth, Johannes, 2016. "Determinants of venture capital investments in emerging markets," Emerging Markets Review, Elsevier, vol. 29(C), pages 104-132.
    32. Guo, Yu & Li, Jie & Liu, Fengyuan & Li, Jianjun, 2025. "Law enforcement quality and venture capital Efficiency: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 103(C).
    33. Alexander Peter Groh & Heinrich von Liechtenstein, 2011. "The First Step of the Capital Flow from Institutions to Entrepreneurs: the Criteria for Sorting Venture Capital Funds," European Financial Management, European Financial Management Association, vol. 17(3), pages 532-559, June.
    34. Lazarevski, Dimche & Mrsik, Jadranka & Smokvarski, Edi, 2012. "Evolution of the venture capital financing for growing small and medium enterprises in Central and Eastern Europe countries: the case of Macedonia," MPRA Paper 41997, University Library of Munich, Germany.
    35. Hege, Ulrich & Palomino, Frederic & Schwienbacher, Armin, 2009. "Venture capital performance: the disparity between Europe and the United States," MPRA Paper 39551, University Library of Munich, Germany.
    36. Ruijun Zhang & Xiaotong Yang & Nian Li & Muhammad Asif Khan, 2021. "Herd Behavior in Venture Capital Market: Evidence from China," Mathematics, MDPI, vol. 9(13), pages 1-18, June.
    37. Henry Lahr & Andrea Mina, 2014. "Liquidity, Technological Opportunities, and the Stage Distribution of Venture Capital Investments," Financial Management, Financial Management Association International, vol. 43(2), pages 291-325, June.
    38. Espenlaub, Susanne & Goyal, Abhinav & Mohamed, Abdulkadir, 2016. "Impact of legal institutions on IPO survival: A global perspective," Journal of Financial Stability, Elsevier, vol. 25(C), pages 98-112.
    39. Arif Khurshed & Abdulkadir Mohamed & Armin Schwienbacher & Fan Wang, 2020. "Do venture capital firms benefit from international syndicates?," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 51(6), pages 986-1007, August.
    40. Dominic, James & Gopalaswamy, Arun Kumar, 2019. "Is the venture capital market liquid? Evidence from India," Global Finance Journal, Elsevier, vol. 41(C), pages 146-157.
    41. Nishihara, Michi, 2017. "Selling out or going public? A real options signaling approach," Finance Research Letters, Elsevier, vol. 22(C), pages 146-152.
    42. Johan, Sofia & Zhang, Minjie, 2016. "Private equity exits in emerging markets," Emerging Markets Review, Elsevier, vol. 29(C), pages 133-153.
    43. Groh, Alexander Peter & von Liechtenstein, Heinrich, 2009. "How attractive is central Eastern Europe for risk capital investors?," Journal of International Money and Finance, Elsevier, vol. 28(4), pages 625-647, June.
    44. Cumming, Douglas, 2007. "Government policy towards entrepreneurial finance: Innovation investment funds," Journal of Business Venturing, Elsevier, vol. 22(2), pages 193-235, March.
    45. Meuleman, Miguel & Wright, Mike, 2011. "Cross-border private equity syndication: Institutional context and learning," Journal of Business Venturing, Elsevier, vol. 26(1), pages 35-48, January.
    46. Li, Wanli & Cao, Ting & Feng, Zhaozhen, 2016. "Heterogeneous venture capital, M&A activity, and market response," Emerging Markets Review, Elsevier, vol. 29(C), pages 168-199.
    47. Yanzhao Li & Ju-e Guo & Shaolong Sun & Yongwu Li, 2022. "How time-inconsistent preferences influence venture capital exit decisions? A new perspective for grandstanding," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-24, December.
    48. Dai, Na & Jo, Hoje & Kassicieh, Sul, 2012. "Cross-border venture capital investments in Asia: Selection and exit performance," Journal of Business Venturing, Elsevier, vol. 27(6), pages 666-684.
    49. Fried, Jesse & Broughman, Brian, 2007. "Power and Payouts in the Sale of Startups," Berkeley Olin Program in Law & Economics, Working Paper Series qt6sm713kb, Berkeley Olin Program in Law & Economics.
    50. Chortareas, Georgios E. & Girardone, Claudia & Ventouri, Alexia, 2013. "Financial freedom and bank efficiency: Evidence from the European Union," Journal of Banking & Finance, Elsevier, vol. 37(4), pages 1223-1231.
    51. Megginson, William L. & Meles, Antonio & Sampagnaro, Gabriele & Verdoliva, Vincenzo, 2019. "Financial distress risk in initial public offerings: How much do venture capitalists matter?," Journal of Corporate Finance, Elsevier, vol. 59(C), pages 10-30.
    52. Güçbilmez, Ufuk, 2014. "Why do some Chinese technology firms avoid ChiNext and go public in the US?," International Review of Financial Analysis, Elsevier, vol. 36(C), pages 179-194.
    53. Groh, Alexander P., 2009. "Private equity in emerging markets," IESE Research Papers D/779, IESE Business School.
    54. Joern H. Block & Douglas J. Cumming & Silvio Vismara, 2017. "International perspectives on venture capital and bank finance for entrepreneurial firms," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 3-22, March.
    55. Cumming, Douglas & Zambelli, Simona, 2013. "Private equity performance under extreme regulation," Journal of Banking & Finance, Elsevier, vol. 37(5), pages 1508-1523.
    56. Meuleman, Miguel & Jääskeläinen, Mikko & Maula, Markku V.J. & Wright, Mike, 2017. "Venturing into the unknown with strangers: Substitutes of relational embeddedness in cross-border partner selection in venture capital syndicates," Journal of Business Venturing, Elsevier, vol. 32(2), pages 131-144.
    57. Zhiyi Qiu & Rong Chen & Ye Yang, 2021. "Going Abroad, Friends on Board: Cross-Border Venture Capital and Syndication Strategy in China," SAGE Open, , vol. 11(2), pages 21582440211, April.
    58. Da Rin, Marco & Hege, Ulrich & Llobet, Gerard & Walz, Uwe, 2005. "The law and finance of venture capital financing in Europe: findings from the RICAFE research project," MPRA Paper 39552, University Library of Munich, Germany.
    59. Liu, Yu & Maula, Markku, 2021. "Contextual status effects: The performance effects of host-country network status and regulatory institutions in cross-border venture capital," Research Policy, Elsevier, vol. 50(5).
    60. Andrieu, Guillaume & Peter Groh, Alexander, 2021. "Strategic exits in secondary venture capital markets," Journal of Business Venturing, Elsevier, vol. 36(2).
    61. Sofia Johan & Dorra Najar, 2010. "The Role of Corruption, Culture, and Law in Investment Fund Manager Fees," Journal of Business Ethics, Springer, vol. 95(2), pages 147-172, September.
    62. Axel Buchner & Susanne Espenlaub & Arif Khurshed & Abdulkadir Mohamed, 2018. "Cross-border venture capital investments: The impact of foreignness on returns," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(5), pages 575-604, July.
    63. Markus Taussig, 2017. "Foreignness as both a global asset and a local liability: How host country idiosyncrasies and business activities matter," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 48(4), pages 498-522, May.
    64. Lin, Xudong & Zhu, Hao & Meng, Yiqun, 2025. "Financial order matters: The real effect of financial-judicial trials on stock price informativeness," International Review of Financial Analysis, Elsevier, vol. 102(C).
    65. Groh, Alexander Peter & von Liechtenstein, Heinrich & Lieser, Karsten, 2010. "The European Venture Capital and Private Equity country attractiveness indices," Journal of Corporate Finance, Elsevier, vol. 16(2), pages 205-224, April.
    66. Bryane Michael, 2024. "The role of innovation-led profits in the development of an international financial centre," Journal of Innovation and Entrepreneurship, Springer, vol. 13(1), pages 1-22, December.
    67. Groh, Alexander P. & Liechtenstein, Heinrich & Canela, Miguel A., 2008. "Limited partners' perceptions of the Central Eastern European venture capital and private equity market," IESE Research Papers D/727, IESE Business School.
    68. Andriosopoulos, Dimitris & Panetsidou, Styliani, 2021. "A global analysis of Private Investments in Public Equity," Journal of Corporate Finance, Elsevier, vol. 69(C).
    69. Kerstin Bernoth & Roberta Colavecchio & Magdolna Sass, 2010. "Drivers of Private Equity Investment in CEE and Western European Countries," Working Paper / FINESS 3.5, DIW Berlin, German Institute for Economic Research.
    70. Armin Schwienbacher, 2008. "Venture capital investment practices in Europe and the United States," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 22(3), pages 195-217, September.
    71. Douglas Cumming & Minjie Zhang, 2019. "Angel investors around the world," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(5), pages 692-719, July.
    72. Groh, Alexander P. & Liectenstein, Heinrich, 2009. "The first step of the capital flow from institutions to entrepreneurs: The criteria for sorting venture capital funds," IESE Research Papers D/795, IESE Business School.
    73. Roman Kraussl & Stefan Krause, 2013. "Has Europe Been Catching Up? An Industry Level Analysis of Venture Capital Success over 1985-2009," DEM Discussion Paper Series 13-6, Department of Economics at the University of Luxembourg.
    74. Wang, Lanfang & Wang, Susheng, 2011. "Cross-border venture capital performance: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 19(1), pages 71-97, January.
    75. Simone Boccaletti & Annalisa Ferrando & Emanuele Rossi & Monica Rossolini, 2025. "European SMEs’ growth: the role of market-based finance and public financial support," Small Business Economics, Springer, vol. 64(2), pages 691-727, February.
    76. Cumming, Douglas & Schmidt, Daniel & Walz, Uwe, 2010. "Legality and venture capital governance around the world," Journal of Business Venturing, Elsevier, vol. 25(1), pages 54-72, January.
    77. Yuri Jo & Jungho Kim, 2019. "The Impact of Experience on Private Target Acquisition in High-Technology Industries," Sustainability, MDPI, vol. 11(6), pages 1-17, March.
    78. Cumming, Douglas & Johan, Sofia, 2007. "Regulatory harmonization and the development of private equity markets," Journal of Banking & Finance, Elsevier, vol. 31(10), pages 3218-3250, October.
    79. John Armour & Douglas Cumming, 2006. "The legislative road to Silicon Valley," Oxford Economic Papers, Oxford University Press, vol. 58(4), pages 596-635, October.
    80. Wang, Rouzhi & Wu, Chaopeng, 2020. "Politician as venture capitalist: Politically-connected VCs and IPO activity in China," Journal of Corporate Finance, Elsevier, vol. 64(C).
    81. Sannajust, Aurélie & Groh, Alexander Peter, 2020. "There's no need to be a pioneer in emerging private equity markets," Journal of Corporate Finance, Elsevier, vol. 65(C).
    82. Ann‐Kristin Achleitner & Nico Engel & Uwe Reiner, 2013. "The performance of venture capital investments: Do investors overreact?," Review of Financial Economics, John Wiley & Sons, vol. 22(1), pages 20-35, January.
    83. Cumming, Douglas & Khan, Muhammad Zubair & Khan, Naimat U. & Khan, Zafir Ullah, 2024. "Size matters: Unpacking the relationship between institutional investor size and private equity asset allocation within diverse institutional contexts," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 92(C).
    84. Paul L. Hudson, Jr. & James Richardson, 2024. "Venture capital internationalization in China and the Uppsala model," International Entrepreneurship and Management Journal, Springer, vol. 20(3), pages 1731-1757, September.
    85. Broughman, Brian & Fried, Jesse, 2010. "Renegotiation of cash flow rights in the sale of VC-backed firms," Journal of Financial Economics, Elsevier, vol. 95(3), pages 384-399, March.
    86. Douglas Cumming & Grant Fleming & Armin Schwienbacher, 2009. "Corporate Relocation in Venture Capital Finance," Entrepreneurship Theory and Practice, , vol. 33(5), pages 1121-1155, September.
    87. Siyang Tian, 2025. "Cross‐border buyout exit success," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(1), pages 455-476, January.
    88. Aurélie Sannajust & Alexander Peter Groh, 2020. "There's no need to be a pioneer in emerging private equity markets," Post-Print hal-03511382, HAL.
    89. Denis Schweizer & Ge Wu, 2021. "Law Firm expertise and shareholder wealth," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 30(4), pages 129-163, November.
    90. Douglas Cumming, 2010. "Public policy and the creation of active venture capital markets," Venture Capital, Taylor & Francis Journals, vol. 13(1), pages 75-94, April.
    91. Louisa Heiduk & Maximilian Schreiter, 2025. "Deciphering investment heuristics: Inside the minds of German investors—An empirical study about investors’ decision-making heuristics," Journal of International Entrepreneurship, Springer, vol. 23(4), pages 893-933, December.
    92. Paola Bongini & Annalisa Ferrando & Emanuele Rossi & Monica Rossolini, 2021. "SME access to market-based finance across Eurozone countries," Small Business Economics, Springer, vol. 56(4), pages 1667-1697, April.
    93. Bi, Ruigang & Kou, Zonglai & Zhou, Min, 2024. "How to guide venture capital to startups? Evidence from China's Science and Technology Innovation Board," Journal of Asian Economics, Elsevier, vol. 95(C).

  169. Douglas Cumming, 2006. "Adverse Selection and Capital Structure: Evidence from Venture Capital," Entrepreneurship Theory and Practice, , vol. 30(2), pages 155-183, March.

    Cited by:

    1. Jana Oehmichen & Sebastian Firk & Michael Wolff & Franz Maybuechen, 2021. "Standing out from the crowd: Dedicated institutional investors and strategy uniqueness," Strategic Management Journal, Wiley Blackwell, vol. 42(6), pages 1083-1108, June.
    2. Douglas J. Cumming & Lars Hornuf, 2020. "Marketplace Lending of SMEs," CESifo Working Paper Series 8100, CESifo.
    3. Rai, Sabhya, 2026. "From Past Ventures to Present Success: Does Human Capital Drive Performance in Entrepreneurship?," GLO Discussion Paper Series 1711, Global Labor Organization (GLO).
    4. S. De Prijcker & S. Manigart & M. Wright & W. De Maeseneire, 2009. "The influence of international human capital and international network relationships on the cross-border investment behaviour of private equity firms," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 09/597, Ghent University, Faculty of Economics and Business Administration.
    5. Christian Hopp & Christian Lukas, 2014. "Evaluation frequency and evaluator’s experience: the case of venture capital investment firms and monitoring intensity in stage financing," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 18(2), pages 649-674, May.
    6. Mariarosa Scarlata & Luisa Alemany, 2010. "Deal Structuring in Philanthropic Venture Capital Investments: Financing Instrument, Valuation and Covenants," Journal of Business Ethics, Springer, vol. 95(2), pages 121-145, September.
    7. Victor Zitian Chen & Sunny Li Sun, 2019. "Barbarians at the Gate of the Middle Kingdom: The International Mobility of Financing Contract and Governance," Entrepreneurship Theory and Practice, , vol. 43(4), pages 802-837, July.
    8. Glòria Estapé-Dubreuil & Arvind Ashta & Jean-Pierre Hédou, 2012. "Micro-prise de participation et entrepreneuriat social du point de vue du capital-risque :," Post-Print hal-00812966, HAL.
    9. De Clercq, Dirk & Meuleman, Miguel & Wright, Mike, 2012. "A cross-country investigation of micro-angel investment activity: The roles of new business opportunities and institutions," International Business Review, Elsevier, vol. 21(2), pages 117-129.
    10. Block, Jörn H. & Fisch, Christian O. & Obschonka, Martin & Sandner, Philipp G., 2019. "A personality perspective on business angel syndication✰," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 306-327.
    11. Mirjam Knockaert & Mike Wright & Bart Clarysse & Andy Lockett, 2010. "Agency and similarity effects and the VC’s attitude towards academic spin-out investing," The Journal of Technology Transfer, Springer, vol. 35(6), pages 567-584, December.
    12. Kollmann, Harald & Müllner, Jakob & Puck, Jonas, 2025. "The company you keep: Syndicate formation in venture capitalists’ cross-border investments," International Business Review, Elsevier, vol. 34(6).
    13. Waddingham, Jacob A. & Chandler, Jeffrey A. & Alexander, Katherine C. & Zafar, Sana & Anglin, Aaron, 2025. "The leisure paradox for entrepreneurs: A neo-institutional theory perspective of disclosing leisure activities in crowdfunding pitches," Journal of Business Venturing, Elsevier, vol. 40(2).
    14. Fabio Bertoni & Massimo Colombo & Anita Quas, 2015. "The patterns of venture capital investment in Europe," Small Business Economics, Springer, vol. 45(3), pages 543-560, October.
    15. Christian Keuschnigg & Søren Bo Nielsen, 2007. "Self-Selection and Advice in Venture Capital Finance," CESifo Working Paper Series 1909, CESifo.
    16. Huiling Zhang & Yaokuang Li & Juan Wu & Li Ling, 2022. "How do the network structures of lead investors affect the following of distant strangers? Evidence from Chinese equity crowdfunding," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(8), pages 3516-3533, December.
    17. Ughetto, Elisa, 2010. "Assessing the contribution to innovation of private equity investors: A study on European buyouts," Research Policy, Elsevier, vol. 39(1), pages 126-140, February.
    18. Anton Miglo, 2020. "Financing of Entrepreneurial Firms in Canada: Some Patterns," Administrative Sciences, MDPI, vol. 10(3), pages 1-27, August.
    19. Alexander Peter Groh & Heinrich von Liechtenstein, 2011. "The First Step of the Capital Flow from Institutions to Entrepreneurs: the Criteria for Sorting Venture Capital Funds," European Financial Management, European Financial Management Association, vol. 17(3), pages 532-559, June.
    20. Chaokai Xue & Xinghua Dang & Beibei Shi & Jing Gu, 2019. "Information Sharing and Investment Performance in the Venture Capital Network Community: An Empirical Study of Environmental-Social-Governance Start-Ups," IJERPH, MDPI, vol. 16(6), pages 1-18, March.
    21. Munari, Federico & Toschi, Laura, 2015. "Assessing the impact of public venture capital programmes in the United Kingdom: Do regional characteristics matter?," Journal of Business Venturing, Elsevier, vol. 30(2), pages 205-226.
    22. Esho, Ebes & Verhoef, Grietjie, 2018. "The Funding Gap and the Financing of Small and Medium Businesses: An Integrated Literature Review and an Agenda," MPRA Paper 90153, University Library of Munich, Germany, revised 21 Nov 2018.
    23. Marc Deloof & Maurizio La Rocca & Tom Vanacker, 2019. "Local Banking Development and the Use of Debt Financing by New Firms," Entrepreneurship Theory and Practice, , vol. 43(6), pages 1250-1276, November.
    24. Jens Burchardt & Ulrich Hommel & Dzidziso Samuel Kamuriwo & Carolina Billitteri, 2016. "Venture Capital Contracting in Theory and Practice: Implications for Entrepreneurship Research," Entrepreneurship Theory and Practice, , vol. 40(1), pages 25-48, January.
    25. Timothy Bates & William D. Bradford & William E. Jackson, 2018. "Are minority-owned businesses underserved by financial markets? Evidence from the private-equity industry," Small Business Economics, Springer, vol. 50(3), pages 445-461, March.
    26. Rosenbusch, Nina & Brinckmann, Jan & Müller, Verena, 2013. "Does acquiring venture capital pay off for the funded firms? A meta-analysis on the relationship between venture capital investment and funded firm financial performance," Journal of Business Venturing, Elsevier, vol. 28(3), pages 335-353.
    27. Sinha, Rai Siddhant & Nandakumar, M.K. & Battisti, Martina, 2026. "When agency theory weds prospect theory! How does VC–entrepreneur's dyadic interplay impact internationalization of a born global firm?," Journal of International Management, Elsevier, vol. 32(1).
    28. Miguel Meuleman & Mike Wright & Sophie Manigart & Andy Lockett, 2009. "Private Equity Syndication: Agency Costs, Reputation and Collaboration," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(5‐6), pages 616-644, June.
    29. Joseph A. LiPuma & Sarah Park, 2014. "Venture Capitalists’ Risk Mitigation of Portfolio Company Internationalization," Entrepreneurship Theory and Practice, , vol. 38(5), pages 1-23, September.
    30. Miglo, Anton, 2022. "Theories of financing for entrepreneurial firms: a review," MPRA Paper 115835, University Library of Munich, Germany.
    31. Groh, Alexander P. & Liectenstein, Heinrich, 2009. "The first step of the capital flow from institutions to entrepreneurs: The criteria for sorting venture capital funds," IESE Research Papers D/795, IESE Business School.
    32. Daniel Blaseg & Douglas Cumming & Michael Koetter, 2021. "Equity Crowdfunding: High-Quality or Low-Quality Entrepreneurs?," Entrepreneurship Theory and Practice, , vol. 45(3), pages 505-530, May.
    33. Thomas Hartmann†Wendels & Georg Keienburg & Soenke Sievers, 2011. "Adverse Selection, Investor Experience and Security Choice in Venture Capital Finance: Evidence from Germany," European Financial Management, European Financial Management Association, vol. 17(3), pages 464-499, June.
    34. Miglo, Anton, 2020. "ICO vs. Equity Financing Under Imperfect, Complex and Asymmetric Information," MPRA Paper 99598, University Library of Munich, Germany.
    35. Xiaoning Wang & Lynn Wu & Lorin M. Hitt, 2024. "Social Media Alleviates Venture Capital Funding Inequality for Women and Less Connected Entrepreneurs," Management Science, INFORMS, vol. 70(2), pages 1093-1112, February.
    36. Jan Brinckmann & Soeren Salomo & Hans Georg Gemuenden, 2011. "Financial Management Competence of Founding Teams and Growth of New Technology–Based Firms," Entrepreneurship Theory and Practice, , vol. 35(2), pages 217-243, March.
    37. Tanin, Tauhidul Islam & Sarker, Ashutosh & Hammoudeh, Shawkat & Batten, Jonathan A., 2024. "The determinants of corporate cost of debt during a financial crisis," The British Accounting Review, Elsevier, vol. 56(6).
    38. Christian Hopp, 2010. "When do venture capitalists collaborate? Evidence on the driving forces of venture capital syndication," Small Business Economics, Springer, vol. 35(4), pages 417-431, November.
    39. Schröder, Alexander & Schlereth, Christian & Hienerth, Christoph & Kellermanns, Franz, 2025. "A Perfect Match? How Entrepreneurs Evaluate And Decide On Venture Capital Firms," Journal of Business Research, Elsevier, vol. 200(C).
    40. Douglas Cumming & Na Dai, 2013. "Why Do Entrepreneurs Switch Lead Venture Capitalists?," Entrepreneurship Theory and Practice, , vol. 37(5), pages 999-1017, September.
    41. Stanfield, Jared, 2020. "Skill, syndication, and performance: Evidence from leveraged buyouts," Journal of Corporate Finance, Elsevier, vol. 65(C).
    42. Wang, Tang & Libaers, Dirk & Yang, Xiaoming & Hu, Lingshu, 2025. "Publishing top entrepreneurship research: A dilemma for entrepreneurship scholars," Journal of Business Venturing Insights, Elsevier, vol. 23(C).
    43. Andrieu, Guillaume & Staglianò, Raffaele, 2016. "The entrepreneur's choice of a venture capital firm: Empirical evidence from two VC fund portfolios," Finance Research Letters, Elsevier, vol. 17(C), pages 141-145.
    44. Shiqi Chen & Bart M. Lambrecht, 2025. "Resolving Tensions Between Heterogeneous Investors in a Startup," Management Science, INFORMS, vol. 71(3), pages 2678-2695, March.
    45. Glòria Estapé Dubreuil & Arvind Ashta & Jean-Pierre Hédou, 2013. "Studying the Micro-Angels Approach to Micro-Investment Decisions," Working Papers 1301, Departament Empresa, Universitat Autònoma de Barcelona, revised Jan 2013.

  170. Cumming, Douglas J. & MacIntosh, Jeffrey G., 2006. "Crowding out private equity: Canadian evidence," Journal of Business Venturing, Elsevier, vol. 21(5), pages 569-609, September.

    Cited by:

    1. Alperovych, Yan & Hübner, Georges & Lobet, Fabrice, 2015. "How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium," Journal of Business Venturing, Elsevier, vol. 30(4), pages 508-525.
    2. Reddy, Kotapati Srinivasa, 2015. "Market for Corporate Control and Contractual Buyout (CoBO): A New “Collective Ownership-and-Administrative” Strategy," MPRA Paper 63937, University Library of Munich, Germany, revised 2015.
    3. Schertler, Andrea & Tykvová, Tereza, 2011. "Venture capital and internationalization," International Business Review, Elsevier, vol. 20(4), pages 423-439, August.
    4. Cécile Carpentier & Jean-Marc Suret, 2009. "The Canadian Public Venture Capital Market," CIRANO Working Papers 2009s-08, CIRANO.
    5. Mark R. Ayoub & Sandra Gottschalk & Bettina Müller, 2017. "Impact of public seed-funding on academic spin-offs," The Journal of Technology Transfer, Springer, vol. 42(5), pages 1100-1124, October.
    6. Yuejia Zhang, 2018. "Gain or pain? New evidence on mixed syndication between governmental and private venture capital firms in China," Small Business Economics, Springer, vol. 51(4), pages 995-1031, December.
    7. Tao, Miaomiao & Wu, Sihong, 2025. "From polluter pays to polluter reborn: Exploring the economic and green implications of corporate carbon risk exposure," Energy Economics, Elsevier, vol. 144(C).
    8. Henrekson, Magnus & Lakomaa, Erik & Sanandaji, Tino, 2021. "The Interaction of Schumpeterian Institutional Entrepreneurship and Hayekian Institutional Change in Innovative Industries," Working Paper Series 1409, Research Institute of Industrial Economics.
    9. Zhang, Yuejia & Mayes, David Geoffrey, 2018. "The performance of governmental venture capital firms: A life cycle perspective and evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 48(C), pages 162-185.
    10. Katarzyna Szkuta & Blagoy Stamenov & Anna Ianshyna, 2017. "Improving access to finance for young innovative enterprises with growth potential: evidence of impact on firms' outputs: Part 1. Equity instruments: lessons learned from policy evaluations," JRC Research Reports JRC109163, Joint Research Centre.
    11. Jaaskelainen, Mikko & Maula, Markku & Murray, Gordon, 2007. "Profit distribution and compensation structures in publicly and privately funded hybrid venture capital funds," Research Policy, Elsevier, vol. 36(7), pages 913-929, September.
    12. Jonathan Labbé, 2016. "Relationship between private and public investors: lever or hindrance to innovation [Relations entre investisseurs privés et publics : levier ou obstacle à l'innovation]," Post-Print hal-03000105, HAL.
    13. Bock, Carolin & Watzinger, Martin, 2017. "The Capital Gains Tax: A Curse but Also a Blessing for Venture Capital Investment," Rationality and Competition Discussion Paper Series 30, CRC TRR 190 Rationality and Competition.
    14. Isabelle Zhang, 2025. "Government Venture Capital and Entrepreneurship: Evidence From China," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 22(4), pages 568-598, December.
    15. Joseph McCahery & Erik Vermeulen, 2012. "Private equity regulation: a comparative analysis," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 16(2), pages 197-233, May.
    16. Egan, Edward J., 2022. "A framework for assessing municipal high-growth high-technology entrepreneurship policy," Research Policy, Elsevier, vol. 51(9).
    17. Erika Jaki & Endre Mihaly Molnar & György Walter, 2017. "Market Failures of Start-up Financing," MIC 2017: Managing the Global Economy; Proceedings of the Joint International Conference, Monastier di Treviso, Italy, 24–27 May 2017,, University of Primorska Press.
    18. Bertoni, Fabio & Tykvová, Tereza, 2013. "Which form of venture capital is most supportive of innovation? Evidence from European biotechnology companies," FZID Discussion Papers 69-2013, University of Hohenheim, Center for Research on Innovation and Services (FZID).
    19. Julia Hirsch & Uwe Walz, 2013. "Why do contracts differ between venture capital types?," Small Business Economics, Springer, vol. 40(3), pages 511-525, April.
    20. Jiamin Zhang & Qian Cecilia Gu, 2024. "Unraveling the puzzling risk–return relationship: Distinctive roles of government involvement in venture capital investment," Strategic Management Journal, Wiley Blackwell, vol. 45(11), pages 2307-2339, November.
    21. Evans, Olaniyi, 2020. "Fiscal Discipline, Financial Development & Economic Growth in Nigeria," MPRA Paper 99242, University Library of Munich, Germany.
    22. Annalisa Croce & Jose Martí & Carmelo Reverte, 2019. "The role of private versus governmental venture capital in fostering job creation during the crisis," Small Business Economics, Springer, vol. 53(4), pages 879-900, December.
    23. Iman Seoudi, 2015. "Public Policy For Venture Capital: An Integrated Framework," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 9(4), pages 31-51.
    24. Hernán Herrera Echeverri & Jerry Haar & Juan Benavides Est�vez-Bret�n, 2013. "Foreign Investment, Institutional Quality, Public Expenditure And Activity Of Venture Capital Funds In Emerging Countries," Documentos de Trabajo de Valor Público 11808, Universidad EAFIT.
    25. Kaminski, Jermain & Hopp, Christian & Tykvová, Tereza, 2019. "New technology assessment in entrepreneurial financing – Does crowdfunding predict venture capital investments?," Technological Forecasting and Social Change, Elsevier, vol. 139(C), pages 287-302.
    26. Carpentier, Cécile & L'Her, Jean-François & Suret, Jean-Marc, 2010. "Stock exchange markets for new ventures," Journal of Business Venturing, Elsevier, vol. 25(4), pages 403-422, July.
    27. Cumming, Douglas & Dai, Na, 2010. "Local bias in venture capital investments," Journal of Empirical Finance, Elsevier, vol. 17(3), pages 362-380, June.
    28. Massimiliano Guerini & Francesca Tenca, 2018. "The geography of technology-intensive start-ups and venture capital: European evidence," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 45(3), pages 361-386, September.
    29. Da Rin, M. & Hellmann, T. & Puri, M.L., 2011. "A Survey of Venture Capital Research," Discussion Paper 2011-111, Tilburg University, Center for Economic Research.
    30. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    31. Douglas Cumming & Sofia Johan, 2019. "Government venture capital research: fake science and bad public policy," Venture Capital, Taylor & Francis Journals, vol. 21(1), pages 121-131, January.
    32. Bertoni, Fabio & Tykvová, Tereza, 2012. "Which form of venture capital is most supportive of innovation?," ZEW Discussion Papers 12-018, ZEW - Leibniz Centre for European Economic Research.
    33. Mr. Vladimir Klyuev, 2008. "Show Me the Money: Access to Finance for Small Borrowers in Canada," IMF Working Papers 2008/022, International Monetary Fund.
    34. David B. Audretsch & Antje Fiedler, 2023. "Does the entrepreneurial state crowd out entrepreneurship?," Small Business Economics, Springer, vol. 60(2), pages 573-589, February.
    35. Ge, Guoqing & Xue, Jian & Zhang, Qian, 2024. "Industrial policy and governmental venture capital: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 84(C).
    36. Cécile Carpentier & Jean-François L'Her & Jean-Marc Suret, 2008. "Stock Exchange Markets for New Ventures," CIRANO Working Papers 2008s-12, CIRANO.
    37. Thomas Standaert & Sophie Manigart, 2018. "Government as fund-of-fund and VC fund sponsors: effect on employment in portfolio companies," Small Business Economics, Springer, vol. 50(2), pages 357-373, February.
    38. Douhan, Robin & Henrekson, Magnus, 2007. "The Political Economy of Entrepreneurship: An Introduction," Working Paper Series 688, Research Institute of Industrial Economics.
    39. Henrekson, Magnus & Stenkula, Mikael, 2009. "Entrepreneurship and Public Policy," Working Paper Series 804, Research Institute of Industrial Economics.
    40. Alperovych, Yan & Groh, Alexander & Quas, Anita, 2020. "Bridging the equity gap for young innovative companies: The design of effective government venture capital fund programs," Research Policy, Elsevier, vol. 49(10).
    41. Bertoni, Fabio & Tykvová, Tereza, 2015. "Does governmental venture capital spur invention and innovation? Evidence from young European biotech companies," Research Policy, Elsevier, vol. 44(4), pages 925-935.
    42. Erika Jaki & Endre Mihaly Molnar & Walter György, 2017. "Government Sponsored Venture Capital: Blessing Or Curse?," Management, University of Primorska, Faculty of Management Koper, vol. 12(4), pages 317-331.
    43. Anton Miglo, 2020. "Financing of Entrepreneurial Firms in Canada: Some Patterns," Administrative Sciences, MDPI, vol. 10(3), pages 1-27, August.
    44. Douglas Cumming & Sofia Johan, 2010. "Phasing Out an Inefficient Venture Capital Tax Credit," Journal of Industry, Competition and Trade, Springer, vol. 10(3), pages 227-252, September.
    45. Giraudo, Emanuele & Giudici, Giancarlo & Grilli, Luca, 2019. "Entrepreneurship policy and the financing of young innovative companies: Evidence from the Italian Startup Act," Research Policy, Elsevier, vol. 48(9), pages 1-1.
    46. Yang, Tianna & Hou, Wenxuan & Li, Ping, 2018. "Short-run price performance of venture capital trust in initial public offerings," Finance Research Letters, Elsevier, vol. 25(C), pages 177-182.
    47. Barreto, Tais S. & Lanivich, Stephen E. & Cox, Kevin C., 2022. "Temporal orientation as a robust predictor of innovation," Journal of Business Research, Elsevier, vol. 138(C), pages 287-300.
    48. Groh, Alexander Peter & Wallmeroth, Johannes, 2016. "Determinants of venture capital investments in emerging markets," Emerging Markets Review, Elsevier, vol. 29(C), pages 104-132.
    49. Schwienbacher, Armin, 2007. "A theoretical analysis of optimal financing strategies for different types of capital-constrained entrepreneurs," Journal of Business Venturing, Elsevier, vol. 22(6), pages 753-781, November.
    50. Pontus Braunerhjelm & Simon Parker, 2010. "Josh Lerner: recipient of the 2010 Global Award for Entrepreneurship Research," Small Business Economics, Springer, vol. 35(3), pages 245-254, October.
    51. Robert N. Eberhart & Charles E. Eesley, 2018. "The dark side of institutional intermediaries: Junior stock exchanges and entrepreneurship," Strategic Management Journal, Wiley Blackwell, vol. 39(10), pages 2643-2665, October.
    52. Luca Grilli & Boris Mrkajic & Gresa Latifi, 2018. "Venture capital in Europe: social capital, formal institutions and mediation effects," Small Business Economics, Springer, vol. 51(2), pages 393-410, August.
    53. Douglas Cumming & Sofia Johan & Jeffrey G. MacIntosh, 2017. "A drop in an empty pond: Canadian public policy towards venture capital," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 103-117, March.
    54. Erik Engberg & Patrik Gustavsson Tingvall & Daniel Halvarsson, 2021. "Direct and indirect effects of private- and government-sponsored venture capital," Empirical Economics, Springer, vol. 60(2), pages 701-735, February.
    55. Munari, Federico & Toschi, Laura, 2015. "Assessing the impact of public venture capital programmes in the United Kingdom: Do regional characteristics matter?," Journal of Business Venturing, Elsevier, vol. 30(2), pages 205-226.
    56. Kyle Wilson, 2016. "Does Public Competition Crowd Out Private Investment? Evidence from Municipal Provision of Internet Access," Working Papers 16-16, NET Institute.
    57. Li, Yuchen & Meng, Jiayin & Zhou, Ruifan & Wang, Ying, 2024. "Does governmental venture capital (GVC) advance green innovation? Big data evidence from China," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 772-788.
    58. Johan, Sofia & Zhang, Minjie, 2016. "Private equity exits in emerging markets," Emerging Markets Review, Elsevier, vol. 29(C), pages 133-153.
    59. Amir Sariri, 2025. "The Economics of Advice: Evidence from Start-up Mentoring," Management Science, INFORMS, vol. 71(12), pages 10022-10046, December.
    60. Jianjun Xu & Lijie Yu & Rakesh Gupta, 2020. "Evaluating the Performance of the Government Venture Capital Guiding Fund Using the Intuitionistic Fuzzy Analytic Hierarchy Process," Sustainability, MDPI, vol. 12(17), pages 1-24, August.
    61. John Armour & Douglas Cumming, 2004. "The Legal Road To Replicating Silicon Valley," Working Papers wp281, Centre for Business Research, University of Cambridge.
    62. Murray, Gordon, 2020. "Ten Meditations on (Public) Venture Capital – Revisited," MPRA Paper 104389, University Library of Munich, Germany.
    63. Krists Avots & Rihards Strenga & Anders Paalzow, 2013. "Public venture capital in Latvia," Baltic Journal of Economics, Baltic International Centre for Economic Policy Studies, vol. 13(1), pages 3-30, July.
    64. Massimo G. Colombo & Cristina Rossi-Lamastra, 2013. "The organizational design of high- tech start- ups: state of the art and directions for future research," Chapters, in: Anna Grandori (ed.), Handbook of Economic Organization, chapter 21, Edward Elgar Publishing.
    65. Huang, Xinfei & Zhang, Yue & Zong, Zhe, 2025. "Governmental venture capital and investor sentiment: Evidence from Chinese government guidance funds," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 99(C).
    66. Pavlova, Elitsa & Signore, Simone, 2019. "The European venture capital landscape: an EIF perspective. Volume V: The economic impact of VC investments supported by the EIF," EIF Working Paper Series 2019/55, European Investment Fund (EIF).
    67. Köppl, Stefan & Köppl-Turyna, Monika & Christopoulos, Dimitris, 2025. "The performance of government-backed venture capital investments," Research Policy, Elsevier, vol. 54(8).
    68. Bustamante, Carla V. & Mingo, Santiago & Matusik, Sharon F., 2021. "Institutions and venture capital market creation: The case of an emerging market," Journal of Business Research, Elsevier, vol. 127(C), pages 1-12.
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    70. Laura Abrardi & Annalisa Croce & Elisa Ughetto, 2019. "The dynamics of switching between governmental and independent venture capitalists: theory and evidence," Small Business Economics, Springer, vol. 53(1), pages 165-188, June.
    71. Douglas Cumming & Sofia Johan, 2006. "Provincial preferences in private equity," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 20(4), pages 369-398, December.
    72. Johan, Sofia A., 2010. "Listing standards as a signal of IPO preparedness and quality," International Review of Law and Economics, Elsevier, vol. 30(2), pages 128-144, June.
    73. Ian Thomas MacDonald & Mathieu Dupuis, 2021. "Managing workers’ capital? Limits and contradictions of labour investment funds," Economic and Industrial Democracy, Department of Economic History, Uppsala University, Sweden, vol. 42(3), pages 573-598, August.
    74. Randall Morck & Gloria Y. Tian, 2015. "Business Groups in Canada: Their Rise and Fall, and Rise and Fall Again," NBER Working Papers 21707, National Bureau of Economic Research, Inc.
    75. Schertler, Andrea & Tykvová, Tereza, 2012. "What lures cross-border venture capital inflows?," Journal of International Money and Finance, Elsevier, vol. 31(6), pages 1777-1799.
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    77. K.S. Reddy & En Xie & Yuanyuan Huang, 2016. "Contractual buyout - a legitimate growth model in the enterprise development: foundations and implications," International Journal of Management and Enterprise Development, Inderscience Enterprises Ltd, vol. 15(1), pages 1-23.
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    79. David S. Lucas & Caleb S. Fuller & Ennio E. Piano & Christopher J. Coyne, 2018. "Visions of entrepreneurship policy," Journal of Entrepreneurship and Public Policy, Emerald Group Publishing Limited, vol. 7(4), pages 336-356, November.
    80. Lucas, David S. & Fuller, Caleb S., 2017. "Entrepreneurship: Productive, unproductive, and destructive—Relative to what?," Journal of Business Venturing Insights, Elsevier, vol. 7(C), pages 45-49.
    81. Lee, Neil & Brown, Ross, 2016. "Innovation, SMEs and the liability of distance: the demand and supply of bank funding in peripheral UK regions," LSE Research Online Documents on Economics 66215, London School of Economics and Political Science, LSE Library.
    82. Iqbal, Muhammad Adil & Ali, Amjad & Audi, Marc, 2025. "Venture Capital and Macroeconomic Performance: An Empirical Assessment of Growth and Employment Dynamics," MPRA Paper 127492, University Library of Munich, Germany.
    83. Siying Yang & Shunyu Ma & Jingjing Lu, 2022. "Can government venture capital guidance funds promote urban innovation? Evidence from China," Growth and Change, Wiley Blackwell, vol. 53(2), pages 753-770, June.
    84. Cumming, Douglas & Groh, Alexander Peter, 2018. "Entrepreneurial finance: Unifying themes and future directions," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 538-555.
    85. Guerini, Massimiliano & Quas, Anita, 2016. "Governmental venture capital in Europe: Screening and certification," Journal of Business Venturing, Elsevier, vol. 31(2), pages 175-195.
    86. Li, Yong & Zahra, Shaker A., 2012. "Formal institutions, culture, and venture capital activity: A cross-country analysis," Journal of Business Venturing, Elsevier, vol. 27(1), pages 95-111.
    87. Tommaso Minola & Silvio Vismara & Davide Hahn, 2017. "Screening model for the support of governmental venture capital," The Journal of Technology Transfer, Springer, vol. 42(1), pages 59-77, February.
    88. Ginés Hernández Cánovas & María Camino Ramón Llorens, 2010. "Venture capitalists in Spain: cluster analysis of criteria used in the screening process," Working Papers. Serie EC 2010-08, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    89. Valérie Revest & Alessandro Sapio, 2012. "Financing technology-based small firms in Europe: what do we know?," Small Business Economics, Springer, vol. 39(1), pages 179-205, July.
    90. Ratinho, Tiago & Amezcua, Alejandro & Honig, Benson & Zeng, Zhaocheng, 2020. "Supporting entrepreneurs: A systematic review of literature and an agenda for research," Technological Forecasting and Social Change, Elsevier, vol. 154(C).
    91. Kollmann, Tobias & Kuckertz, Andreas & Middelberg, Nils, 2014. "Trust and controllability in venture capital fundraising," Journal of Business Research, Elsevier, vol. 67(11), pages 2411-2418.
    92. Jeaneth Johansson & Malin Malmström & Joakim Wincent, 2021. "Sustainable Investments in Responsible SMEs: That’s What’s Distinguish Government VCs from Private VCs," JRFM, MDPI, vol. 14(1), pages 1-22, January.
    93. Lazzarini,Sergio G., 2022. "The Right Privatization," Cambridge Books, Cambridge University Press, number 9781316519714.
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    95. Du, Qunyang & Li, Zhongyuan & Du, Min & Yang, Tianle, 2024. "Government venture capital and innovation performance in alternative energy production: The moderating role of environmental regulation and capital market activity," Energy Economics, Elsevier, vol. 129(C).
    96. Xia, Zhoubo & Hua, Xiuping & Wang, Yong & Peng, Jiadong, 2025. "Leading or facilitating? —— The appropriate role of governmental venture capital in China," Research in International Business and Finance, Elsevier, vol. 76(C).
    97. Cipollone, Angela & Giordani, Paolo E., 2019. "Market frictions in entrepreneurial innovation: Theory and evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 163(C), pages 297-331.
    98. Engberg, Erik & Halvarsson, Daniel & Tingvall, Patrik, 2017. "Direct and Indirect Effects of Private- and Government Sponsored Venture Capital," Ratio Working Papers 288, The Ratio Institute.
    99. Huang, Xiaoxia & Jiang, Yanchen & Mallick, Sushanta, 2025. "Endorsement and firm financing: Evidence from government venture capital market in China," The British Accounting Review, Elsevier, vol. 57(3).
    100. Cécile Carpentier & Jean-Marc Suret, 2006. "Création et financement des entreprises technologiques : les leçons du modèle israélien," L'Actualité Economique, Société Canadienne de Science Economique, vol. 82(3), pages 419-438.
    101. Zoltan Acs & Thomas Åstebro & David Audretsch & David T. Robinson, 2016. "Public policy to promote entrepreneurship: a call to arms," Small Business Economics, Springer, vol. 47(1), pages 35-51, June.
    102. Massimo Colombo & Philippe Mustar & Mike Wright, 2010. "Dynamics of Science-based entrepreneurship," The Journal of Technology Transfer, Springer, vol. 35(1), pages 1-15, February.
    103. L. Colombo & H. Dawid & M. Piva & M. Vivarelli, 2017. "Does easy start-up formation hamper incumbents’ R&D investment?," Small Business Economics, Springer, vol. 49(3), pages 513-531, October.
    104. Fabio Bertoni & Massimo G. Colombo & Anita Quas, 2019. "The Role of Governmental Venture Capital in the Venture Capital Ecosystem: An Organizational Ecology Perspective," Entrepreneurship Theory and Practice, , vol. 43(3), pages 611-628, May.
    105. Fu, Xiaoqing Maggie & Harrison, Richard T. & Li, Dongfu Franco, 2022. "Venture capital investment in university spin-offs: Evidence from an emerging economy," Journal of Corporate Finance, Elsevier, vol. 74(C).
    106. Jolley, G. Jason & Uzuegbunam, Ikenna & Glazer, John, 2017. "TechGROWTH Ohio: Public Venture Capital and Rural Entrepreneurship," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 48(2), July.
    107. Karsai, Judit, 2015. "Állami szerepvállalás a kelet-közép-európai kockázatitőke-piacon [The role of government in the Central and East European venture-capital market]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 1172-1195.
    108. Guerrero, Maribel & Siegel, Donald S., 2024. "Schumpeter meets Teece: Proposed metrics for assessing entrepreneurial innovation and dynamic capabilities in entrepreneurial ecosystems in an emerging economy," Research Policy, Elsevier, vol. 53(5).
    109. Geddes, Anna & Schmidt, Tobias S. & Steffen, Bjarne, 2018. "The multiple roles of state investment banks in low-carbon energy finance: An analysis of Australia, the UK and Germany," Energy Policy, Elsevier, vol. 115(C), pages 158-170.
    110. R. Rupeika-Apoga S. Saksonova, 2018. "SMEs' Alternative Financing: The Case of Latvia," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 43-52.
    111. Levén, Per & Holmström, Jonny & Mathiassen, Lars, 2014. "Managing research and innovation networks: Evidence from a government sponsored cross-industry program," Research Policy, Elsevier, vol. 43(1), pages 156-168.
    112. Ryan Kelly & Hankook Kim, 2018. "Venture capital as a catalyst for commercialization and high growth," The Journal of Technology Transfer, Springer, vol. 43(6), pages 1466-1492, December.
    113. Douglas Cumming, 2010. "Public policy and the creation of active venture capital markets," Venture Capital, Taylor & Francis Journals, vol. 13(1), pages 75-94, April.
    114. Jonathan Labbe, 2021. "Study of The Relationship Between Public and Private Venture Capitalists in France: A Qualitative Approach," Post-Print hal-03381477, HAL.
    115. Douglas Cumming & Sofia Johan, 2013. "The IPO as an exit strategy for venture capitalists: regional lessons from Canada with international comparisons," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 21, pages 465-502, Edward Elgar Publishing.
    116. Cressy, Robert & Munari, Federico & Malipiero, Alessandro, 2007. "Playing to their strengths? Evidence that specialization in the private equity industry confers competitive advantage," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 647-669, September.
    117. Jonathan Labbe, 2021. "Study of The Relationship Between Public and Private Venture Capitalists in France: A Qualitative Approach," Papers 2110.09098, arXiv.org.
    118. Schilder, Dirk, 2006. "Public venture capital in Germany: task force or forced task?," Freiberg Working Papers 2006/12, TU Bergakademie Freiberg, Faculty of Economics and Business Administration.
    119. Kärnä, Anders & Karlsson, Johan & Engberg, Erik & Svensson, Peter, 2020. "Political Failure: A Missing Piece in Innovation Policy Analysis," Working Paper Series 1334, Research Institute of Industrial Economics, revised 21 Apr 2022.
    120. Buzzacchi, Luigi & Scellato, Giuseppe & Ughetto, Elisa, 2013. "The investment strategies of publicly sponsored venture capital funds," Journal of Banking & Finance, Elsevier, vol. 37(3), pages 707-716.
    121. Douglas J. Cumming & Jeffrey G. MacIntosh, 2003. "Comparative Venture Capital Governance. Private versus Labour Sponsored Venture Capital Funds," CESifo Working Paper Series 853, CESifo.
    122. Douglas Cumming, 2007. "Financing Entrepreneurs Better Canadian Policy for Venture Capital," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 247, April.

  171. Douglas J. Cumming, 2006. "The Determinants of Venture Capital Portfolio Size: Empirical Evidence," The Journal of Business, University of Chicago Press, vol. 79(3), pages 1083-1126, May.

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    1. Yang, Song & Li, Yuanqin & Wang, Xingzhou, 2018. "Cohesiveness or competitiveness: Venture capital syndication networks and firms' performance in China," Journal of Business Research, Elsevier, vol. 91(C), pages 295-303.
    2. Cumming, Douglas & Siegel, Donald S. & Wright, Mike, 2007. "Private equity, leveraged buyouts and governance," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 439-460, September.
    3. Miguel Meuleman & Andy Lockett & Sophie Manigart & Mike Wright, 2010. "Partner Selection Decisions in Interfirm Collaborations: The Paradox of Relational Embeddedness," Journal of Management Studies, Wiley Blackwell, vol. 47(6), pages 995-1019, September.
    4. Balboa, Marina & Marti, Jose, 2007. "Factors that determine the reputation of private equity managers in developing markets," Journal of Business Venturing, Elsevier, vol. 22(4), pages 453-480, July.
    5. Takahashi, Hidenori & Yamakawa, Yasuhiro & Mathew, Prem G., 2018. "Board members' influence on resource investments to start-ups and IPO outcomes: Does prior affiliation matter?," Pacific-Basin Finance Journal, Elsevier, vol. 49(C), pages 30-42.
    6. Marcos Vergara & Claudio Bonilla & Jean P. Sepúlveda, 2016. "The Complementarity Effect: Effort and Sharing in the Entrepreneur and Venture Capital Contract," Serie Working Papers 31, Universidad del Desarrollo, School of Business and Economics.
    7. Christopoulos, Dimitris & Köppl, Stefan & Köppl-Turyna, Monika, 2020. "Syndication networks and company survival: Evidence from European venture-capital deals," Working Papers 21, Agenda Austria.
    8. Fatima Shuwaikh & Souad Brinette & Sabrina Khemiri & Rita Grego De Castro, 2024. "Venture capital activities under uncertainty: US and UK investors behavior," Annals of Operations Research, Springer, vol. 334(1), pages 885-917, March.
    9. April Knill, 2009. "Should Venture Capitalists Put All Their Eggs in One Basket? Diversification versus Pure‐Play Strategies in Venture Capital," Financial Management, Financial Management Association International, vol. 38(3), pages 441-486, September.
    10. Bonnet, Christophe & Capizzi, Vincenzo & Cohen, Laurence & Petit, Aurelien & Wirtz, Peter, 2022. "What drives the active involvement in business angel groups? The role of angels' decision-making style, investment-specific human capital and motivations," Journal of Corporate Finance, Elsevier, vol. 77(C).
    11. Elsayed Elsiefy, 2014. "Fundamental Requirements for Building an Islamic Venture Capital Model," Accounting and Finance Research, Sciedu Press, vol. 3(1), pages 1-55, February.
    12. Prothit Sen & Phanish Puranam, 2022. "Do Alliance portfolios encourage or impede new business practice adoption? Theory and evidence from the private equity industry," Strategic Management Journal, Wiley Blackwell, vol. 43(11), pages 2279-2312, November.
    13. Florencio Lopez-de-Silanes & Ludovic Phalippou & Oliver Gottschalg, 2011. "Giants at the Gate: On the Cross-Section of Private Equity Investment Returns," Tinbergen Institute Discussion Papers 11-035/2/DSF12, Tinbergen Institute.
    14. Wang, Lanfang & Wang, Susheng, 2012. "Economic freedom and cross-border venture capital performance," Journal of Empirical Finance, Elsevier, vol. 19(1), pages 26-50.
    15. Cumming, Douglas & Dai, Na, 2010. "Local bias in venture capital investments," Journal of Empirical Finance, Elsevier, vol. 17(3), pages 362-380, June.
    16. Christoph Maus & Andrea Greven & Niklas Kurth & Malte Brettel, 2024. "How do investor characteristics of business angels and venture capitalists predict the occurrence of co-investments?," Journal of Business Economics, Springer, vol. 94(5), pages 763-811, July.
    17. Garry A. Gabison, 2015. "Venture Capital Principles in the European ICT Ecosystem: How can they help ICT innovation?," JRC Research Reports JRC98783, Joint Research Centre.
    18. Humphery-Jenner, Mark & Suchard, Jo-Ann, 2013. "Foreign VCs and venture success: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 16-35.
    19. James A. Brander & Edward Egan & Thomas F. Hellmann, 2010. "Government Sponsored versus Private Venture Capital: Canadian Evidence," NBER Chapters, in: International Differences in Entrepreneurship, pages 275-320, National Bureau of Economic Research, Inc.
    20. Hogrebe, Fabian & Lutz, Eva, 2024. "The sunk cost fallacy in venture capital staging: Decision-making dynamics for follow-on investment rounds," Journal of Corporate Finance, Elsevier, vol. 86(C).
    21. Régis Breton, 2011. "A smoke screen theory of financial intermediation," Working papers 356, Banque de France.
    22. Sophie Manigart & Andy Lockett & Miguel Meuleman & Mike Wright & Hans Landström & Hans Bruining & Philippe Desbrières & Ulrich Hommel, 2006. "Venture Capitalists’ Decision to Syndicate," Entrepreneurship Theory and Practice, , vol. 30(2), pages 131-153, March.
    23. Douglas Cumming & Sofia Johan, 2009. "Pre-seed government venture capital funds," Journal of International Entrepreneurship, Springer, vol. 7(1), pages 26-56, March.
    24. Douglas Cumming & Sofia Johan, 2007. "Advice and monitoring in venture finance," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 21(1), pages 3-43, March.
    25. Lutz, Eva & Bender, Marko & Achleitner, Ann-Kristin & Kaserer, Christoph, 2013. "Importance of spatial proximity between venture capital investors and investees in Germany," Journal of Business Research, Elsevier, vol. 66(11), pages 2346-2354.
    26. Zhiyi Qiu & Bingyi Liu & Ye Yang, 2023. "Like Performance, Perfect Match: Role of Past Performance in Venture Capital Syndication," SAGE Open, , vol. 13(4), pages 21582440231, December.
    27. Robin Boadway & Oana Secrieru & Marianne Vigneault, 2005. "A Search Model of Venture Capital, Entrepreneurship, and Unemployment," Staff Working Papers 05-24, Bank of Canada.
    28. Emanuele Teti & Alberto Dell’Acqua & Ada Bovsunovsky, 2024. "Diversification and size in venture capital investing," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 14(2), pages 475-500, June.
    29. Cressy, Robert & Farag, Hisham, 2014. "Stairway to heaven or gateway to hell? A competing risks analysis of delistings from Hong Kong's Growth Enterprise Market," International Review of Financial Analysis, Elsevier, vol. 36(C), pages 195-205.
    30. Stein, Luke C.D. & Zhao, Hong, 2019. "Independent executive directors: How distraction affects their advisory and monitoring roles," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 199-223.
    31. Giot, Pierre & Hege, Ulrich & Schwienbacher, Armin, 2014. "Are novice private equity funds risk-takers? Evidence from a comparison with established funds," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 55-71.
    32. Chortareas, Georgios E. & Girardone, Claudia & Ventouri, Alexia, 2013. "Financial freedom and bank efficiency: Evidence from the European Union," Journal of Banking & Finance, Elsevier, vol. 37(4), pages 1223-1231.
    33. Plagmann, Carolin & Lutz, Eva, 2019. "Beggars or choosers? Lead venture capitalists and the impact of reputation on syndicate partner selection in international settings," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 359-378.
    34. Meike Siefkes & Anton Lohne Hamer & Gustav Haaland & Øyvind Bjørgum, 2024. "Profit first, environmental impact second? Investigating hybrid institutional logics in venture capital investment approaches," Business Strategy and the Environment, Wiley Blackwell, vol. 33(8), pages 7922-7941, December.
    35. Yung, Chris, 2019. "Entrepreneurial manipulation with staged financing," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 273-282.
    36. Douglas Cumming & Sofia Johan, 2006. "Provincial preferences in private equity," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 20(4), pages 369-398, December.
    37. Ernst Verwaal & Hans Bruining & Mike Wright & Sophie Manigart & Andy Lockett, 2010. "Resources access needs and capabilities as mediators of the relationship between VC firm size and syndication," Small Business Economics, Springer, vol. 34(3), pages 277-291, April.
    38. Johan, Sofia A., 2010. "Listing standards as a signal of IPO preparedness and quality," International Review of Law and Economics, Elsevier, vol. 30(2), pages 128-144, June.
    39. Igor Filatotchev & Mike Wright & Mufit Arberk, 2006. "Venture Capitalists, Syndication and Governance in Initial Public Offerings," Small Business Economics, Springer, vol. 26(4), pages 337-350, May.
    40. Ruling Zhang & Killian J. McCarthy & Xiao Wang & Zengrui Tian, 2021. "How Does Network Structure Impact Follow-On Financing through Syndication? Evidence from the Renewable Energy Industry," Sustainability, MDPI, vol. 13(7), pages 1-23, April.
    41. Kim, Jin-Hyuk & Wagman, Liad, 2014. "Portfolio size and information disclosure: An analysis of startup accelerators," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 520-534.
    42. Cumming, Douglas & Dai, Na, 2011. "Fund size, limited attention and valuation of venture capital backed firms," Journal of Empirical Finance, Elsevier, vol. 18(1), pages 2-15, January.
    43. Violetta Bacon-Gerasymenko & Jonathan D. Arthurs & Sam Y. Cho, 2020. "How and When Investment Horizons Determine Venture Capital Firms’ Attention Breadth to Portfolio Companies," Entrepreneurship Theory and Practice, , vol. 44(3), pages 475-503, May.
    44. Axel Buchner & Susanne Espenlaub & Arif Khurshed & Abdulkadir Mohamed, 2018. "Cross-border venture capital investments: The impact of foreignness on returns," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(5), pages 575-604, July.
    45. Valerio Vacca, 2013. "Financing innovation in Italy: an analysis of venture capital and private equity investments," Questioni di Economia e Finanza (Occasional Papers) 209, Bank of Italy, Economic Research and International Relations Area.
    46. Chi-Yo Huang & Hong-Ling Hsieh & Hueiling Chen, 2020. "Evaluating the Investment Projects of Spinal Medical Device Firms Using the Real Option and DANP-mV Based MCDM Methods," IJERPH, MDPI, vol. 17(9), pages 1-41, May.
    47. Chahine, Salim & Arthurs, Jonathan D. & Filatotchev, Igor & Hoskisson, Robert E., 2012. "The effects of venture capital syndicate diversity on earnings management and performance of IPOs in the US and UK: An institutional perspective," Journal of Corporate Finance, Elsevier, vol. 18(1), pages 179-192.
    48. Alon, Ilan & Sauge Berthelsen, Andreas & Bjellerås, Espen & Silva-Rêgo, Bernardo, 2025. "Decentralized autonomous organizations: The new global digital venture capital," Research in International Business and Finance, Elsevier, vol. 74(C).
    49. Daisuke MIYAKAWA & Miho TAKIZAWA, 2013. "Time to IPO: Role of heterogeneous venture capital," Discussion papers 13022, Research Institute of Economy, Trade and Industry (RIETI).
    50. Roberto Pinheiro, 2018. "Venture capital and underpricing: capacity constraints and early sales," Annals of Finance, Springer, vol. 14(1), pages 1-47, February.
    51. Miguel Meuleman & Mike Wright & Sophie Manigart & Andy Lockett, 2009. "Private Equity Syndication: Agency Costs, Reputation and Collaboration," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(5‐6), pages 616-644, June.
    52. Umit Ozmel & Isin Guler, 2015. "Small fish, big fish: The performance effects of the relative standing in partners' affiliate portfolios," Strategic Management Journal, Wiley Blackwell, vol. 36(13), pages 2039-2057, December.
    53. André Gygax & Anna Griffiths, 2007. "Do venture capitalists imitate portfolio size?," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 21(1), pages 69-94, March.
    54. Michael D. McKenzie & William H. Janeway, 2011. "Venture capital funds and the public equity market," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 51(3), pages 764-786, September.
    55. Armin Schwienbacher, 2008. "Venture capital investment practices in Europe and the United States," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 22(3), pages 195-217, September.
    56. Christian Keuschnigg, 2008. "Tax Policy for Venture Capital Backed Entrepreneurship," University of St. Gallen Department of Economics working paper series 2008 2008-07, Department of Economics, University of St. Gallen.
    57. Zhujun Ding & Sunny Sun & Kevin Au, 2014. "Angel investors’ selection criteria: A comparative institutional perspective," Asia Pacific Journal of Management, Springer, vol. 31(3), pages 705-731, September.
    58. Sophie Manigart & Miguel Meuleman, 2002. "Why do European Venture Capital Companies syndicate?," Finance 0210006, University Library of Munich, Germany.
    59. Zhong, Yan & Wang, Ami & Aalbers, Rick & McCarthy, Killian J & Zhang, Ruling, 2025. "Keeping things cordial: Competition, cooperation and coopetition in venture capital syndicates," Journal of Business Research, Elsevier, vol. 201(C).
    60. Wang, Lanfang & Wang, Susheng, 2011. "Cross-border venture capital performance: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 19(1), pages 71-97, January.
    61. Bernile, Gennaro & Cumming, Douglas & Lyandres, Evgeny, 2007. "The size of venture capital and private equity fund portfolios," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 564-590, September.
    62. Buchner, Axel & Mohamed, Abdulkadir & Schwienbacher, Armin, 2017. "Diversification, risk, and returns in venture capital," Journal of Business Venturing, Elsevier, vol. 32(5), pages 519-535.
    63. Andy Cosh & Douglas Cumming & Alan Hughes, 2009. "Outside Enterpreneurial Capital," Economic Journal, Royal Economic Society, vol. 119(540), pages 1494-1533, October.
    64. Michael Fritsch & Dirk Schilder, 2010. "The Regional Supply of Venture Capital - Can Syndication overcome Bottlenecks?," Jena Economics Research Papers 2010-069, Friedrich-Schiller-University Jena.
    65. Cumming, Douglas & Schmidt, Daniel & Walz, Uwe, 2010. "Legality and venture capital governance around the world," Journal of Business Venturing, Elsevier, vol. 25(1), pages 54-72, January.
    66. John Armour & Douglas Cumming, 2006. "The legislative road to Silicon Valley," Oxford Economic Papers, Oxford University Press, vol. 58(4), pages 596-635, October.
    67. Reuven Brenner & Gabrielle A. Brenner, 2010. "Venture Capital in Canada: Lessons for Building (or Restoring) National Wealth," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(1), pages 86-98, January.
    68. Douglas Cumming & Grant Fleming & Armin Schwienbacher, 2008. "Financial intermediaries, ownership structure and the provision of venture capital to SMEs: evidence from Japan," Small Business Economics, Springer, vol. 31(1), pages 59-92, June.
    69. Mikko Jääskeläinen & Markku Maula & Tuukka Seppä, 2006. "Allocation of Attention to Portfolio Companies and the Performance of Venture Capital Firms," Entrepreneurship Theory and Practice, , vol. 30(2), pages 185-206, March.
    70. Riyanto, Yohanes E. & Schwienbacher, Armin, 2006. "The strategic use of corporate venture financing for securing demand," Journal of Banking & Finance, Elsevier, vol. 30(10), pages 2809-2833, October.
    71. Ting Cao & Wanli Li, 2023. "Venture capital's portfolio network and portfolio firm's innovation performance: Evidence from China," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(5), pages 2885-2906, July.
    72. Federico Munari & Martina Pasquini & Laura Toschi, 2015. "From the lab to the stock market? The characteristics and impact of university-oriented seed funds in Europe," The Journal of Technology Transfer, Springer, vol. 40(6), pages 948-975, December.
    73. Douglas Cumming, 2010. "Public policy and the creation of active venture capital markets," Venture Capital, Taylor & Francis Journals, vol. 13(1), pages 75-94, April.
    74. S. Manigart & A. Lockett & M. Meuleman & M. Wright & H. Landstr M & H. Bruining & P. Desbri Res & U. Hommel, 2004. "Why Do Venture Capital Companies Syndicate?," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 04/226, Ghent University, Faculty of Economics and Business Administration.
    75. Douglas Cumming & Sofia Johan, 2013. "The IPO as an exit strategy for venture capitalists: regional lessons from Canada with international comparisons," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 21, pages 465-502, Edward Elgar Publishing.
    76. Schilder, Dirk, 2007. "Venture capital syndicate networks: the determinants of interconnectedness," Freiberg Working Papers 2007/03, TU Bergakademie Freiberg, Faculty of Economics and Business Administration.
    77. Jackson, William E. & Bates, Timothy & Bradford, William D., 2012. "Does venture capitalist activism improve investment performance?," Journal of Business Venturing, Elsevier, vol. 27(3), pages 342-354.
    78. Cumming, Douglas J. & Johan, Sofia A. & Zhang, Yelin, 2019. "The role of due diligence in crowdfunding platforms," Journal of Banking & Finance, Elsevier, vol. 108(C).
    79. Anita Quas & Jose Martí & Carmelo Reverte, 2021. "What money cannot buy: a new approach to measure venture capital ability to add non-financial resources," Small Business Economics, Springer, vol. 57(3), pages 1361-1382, October.
    80. José Martí Pellón & Marina Balboa, 2003. "Characterisation Of The Reputation Of Private Equity Managers: Evidence In Spain," Working Papers. Serie EC 2003-16, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    81. Li, Yong & Vertinsky, Ilan B. & Li, Jing, 2014. "National distances, international experience, and venture capital investment performance," Journal of Business Venturing, Elsevier, vol. 29(4), pages 471-489.
    82. Valkama, Petri & Maula, Markku & Nikoskelainen, Erkki & Wright, Mike, 2013. "Drivers of holding period firm-level returns in private equity-backed buyouts," Journal of Banking & Finance, Elsevier, vol. 37(7), pages 2378-2391.

  172. John Armour & Douglas Cumming, 2006. "The legislative road to Silicon Valley," Oxford Economic Papers, Oxford University Press, vol. 58(4), pages 596-635, October.

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    2. June Y. Lee & Jane Yeonjae Lee, 2020. "Female Transnational Entrepreneurs (FTEs): A Case Study of Korean American Female Entrepreneurs in Silicon Valley," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 6(1), pages 67-83, January.
    3. Maximilian Goethner & Lars Hornuf & Tobias Regner, 2020. "Protecting Investors in Equity Crowdfunding: An Empirical Analysis of the Small Investor Protection Act," Jena Economics Research Papers 2020-009, Friedrich-Schiller-University Jena.
    4. Schertler, Andrea & Tykvová, Tereza, 2011. "Venture capital and internationalization," International Business Review, Elsevier, vol. 20(4), pages 423-439, August.
    5. Xiang Gao & Zhenhua Gu & Shuzhen Niu & Sunghan Ryu, 2022. "Effects of International Tourist Flow on Startup Financing: Investment Scope and Market Potential Perspectives," SAGE Open, , vol. 12(4), pages 21582440221, October.
    6. Mark R. Ayoub & Sandra Gottschalk & Bettina Müller, 2017. "Impact of public seed-funding on academic spin-offs," The Journal of Technology Transfer, Springer, vol. 42(5), pages 1100-1124, October.
    7. Dominic Regan & Gene Tunny, 2008. "Venture capital in Australia," Economic Roundup, The Treasury, Australian Government, issue 1, pages 1-13, March.
    8. Simon Deakin, 2013. "The Legal Framework Governing Business Firms & its Implications for Manufacturing Scale & Performance: The UK Experience in International Perspective," Working Papers wp449, Centre for Business Research, University of Cambridge.
    9. Tykvová, Tereza, 2018. "Legal framework quality and success of (different types of) venture capital investments," Journal of Banking & Finance, Elsevier, vol. 87(C), pages 333-350.
    10. Dan Andrews & Müge Adalet McGowan & Valentine Millot, 2017. "Confronting the zombies: Policies for productivity revival," OECD Economic Policy Papers 21, OECD Publishing.
    11. Bergner, Sören Martin & Bräutigam, Rainer & Evers, Maria Theresia & Spengel, Christoph, 2017. "The use of SME tax incentives in the European Union," ZEW Discussion Papers 17-006, ZEW - Leibniz Centre for European Economic Research.
    12. Jaaskelainen, Mikko & Maula, Markku & Murray, Gordon, 2007. "Profit distribution and compensation structures in publicly and privately funded hybrid venture capital funds," Research Policy, Elsevier, vol. 36(7), pages 913-929, September.
    13. Peter Egger & Christian Keuschnigg & Hannes Winner, 2009. "Incorporation and Taxation: Theory and Firm-level Evidence," CESifo Working Paper Series 2685, CESifo.
    14. John Armour, 2006. "Should we redistribute in insolvency," Working Papers wp319, Centre for Business Research, University of Cambridge.
    15. Achleitner, Ann-Kristin & Engel, Nico & Reiner, Uwe, 2013. "The performance of venture capital investments: Do investors overreact?," Review of Financial Economics, Elsevier, vol. 22(1), pages 20-35.
    16. Isabelle Zhang, 2025. "Government Venture Capital and Entrepreneurship: Evidence From China," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 22(4), pages 568-598, December.
    17. Israel Drori & Benson Honig & Mike Wright, 2009. "Transnational Entrepreneurship: An Emergent Field of Study," Entrepreneurship Theory and Practice, , vol. 33(5), pages 1001-1022, September.
    18. Massimiliano Vesci & Antonio Botti & Rosangela Feola & Chiara Crudele, 2021. "Academic Entrepreneurial Intention and Its Determinants: Exploring the Moderating Role of Innovation Ecosystem," International Journal of Business and Management, Canadian Center of Science and Education, vol. 15(8), pages 1-39, July.
    19. Belitski, Maksim & Desai, Sameeksha, 2024. "Filtering or facilitating productive entrepreneurship?," Technological Forecasting and Social Change, Elsevier, vol. 206(C).
    20. Sewaid, Ahmed & Zahra, Shaker A. & Aparicio, Sebastian, 2026. "From novice to serial entrepreneur: How institutions influence relaunching decisions on international crowdfunding platforms," Technovation, Elsevier, vol. 149(C).
    21. Colombo, Massimo G. & D’Adda, Diego & Quas, Anita, 2019. "The geography of venture capital and entrepreneurial ventures’ demand for external equity," Research Policy, Elsevier, vol. 48(5), pages 1150-1170.
    22. Mathur, Aparna, 2013. "Beyond bankruptcy: Does the US bankruptcy code provide a fresh start to entrepreneurs?," Journal of Banking & Finance, Elsevier, vol. 37(11), pages 4198-4216.
    23. Iman Seoudi, 2015. "Public Policy For Venture Capital: An Integrated Framework," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 9(4), pages 31-51.
    24. Grilli, Luca & Murtinu, Samuele, 2014. "Government, venture capital and the growth of European high-tech entrepreneurial firms," Research Policy, Elsevier, vol. 43(9), pages 1523-1543.
    25. Richard A. Bettis & Constance E. Helfat & J. Myles Shaver & Massimo G. Colombo & Kourosh Shafi, 2016. "Swimming with sharks in Europe: When are they dangerous and what can new ventures do to defend themselves?," Strategic Management Journal, Wiley Blackwell, vol. 37(11), pages 2307-2322, November.
    26. Wang, Lanfang & Wang, Susheng, 2012. "Economic freedom and cross-border venture capital performance," Journal of Empirical Finance, Elsevier, vol. 19(1), pages 26-50.
    27. Elisabeth S.C. Berger & Andreas Köhn, 2020. "Exploring the differences in early-stage start-up valuation across countries: an institutional perspective," International Entrepreneurship and Management Journal, Springer, vol. 16(1), pages 327-344, March.
    28. De Clercq, Dirk & Meuleman, Miguel & Wright, Mike, 2012. "A cross-country investigation of micro-angel investment activity: The roles of new business opportunities and institutions," International Business Review, Elsevier, vol. 21(2), pages 117-129.
    29. Lohwasser, Todor S., 2020. "Meta-analyzing the relative performance of venture capital-backed firms," Discussion Papers of the Institute for Organisational Economics 4/2020, University of Münster, Institute for Organisational Economics.
    30. Ant Bozkaya & William R. Kerr, 2014. "Labor Regulations and European Venture Capital," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 23(4), pages 776-810, December.
    31. Massimiliano Guerini & Francesca Tenca, 2018. "The geography of technology-intensive start-ups and venture capital: European evidence," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 45(3), pages 361-386, September.
    32. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    33. Douglas Cumming & Sofia Johan, 2019. "Government venture capital research: fake science and bad public policy," Venture Capital, Taylor & Francis Journals, vol. 21(1), pages 121-131, January.
    34. Marco Celentani & Miguel García-Posada & Fernando Gómez Pomar, 2022. "Fresh start policies and small business activity: evidence from a natural experiment," Working Papers 2210, Banco de España.
    35. Chiara Criscuolo & Angelo Secchi, 2016. "Resources (mis)allocation, innovation and the competitiveness of Europe," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 43(1), pages 1-9, March.
    36. A. Heughebaert & T. Vanacker & S. Manigart, 2012. "Institutional Frameworks, Venture Capital and the Financing of European New Technology-Based Firms," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 12/809, Ghent University, Faculty of Economics and Business Administration.
    37. Farzana Chowdhury & David B. Audretsch & Maksim Belitski, 2019. "Institutions and Entrepreneurship Quality," Entrepreneurship Theory and Practice, , vol. 43(1), pages 51-81, January.
    38. Fabio Bertoni & Massimo Colombo & Anita Quas, 2015. "The patterns of venture capital investment in Europe," Small Business Economics, Springer, vol. 45(3), pages 543-560, October.
    39. Hadi S. Alhorr & Curt B. Moore & G. Tyge Payne, 2008. "The Impact of Economic Integration on Cross–Border Venture Capital Investments: Evidence from the European Union," Entrepreneurship Theory and Practice, , vol. 32(5), pages 897-917, September.
    40. Thomas Standaert & Sophie Manigart, 2018. "Government as fund-of-fund and VC fund sponsors: effect on employment in portfolio companies," Small Business Economics, Springer, vol. 50(2), pages 357-373, February.
    41. Burger, Anže & Hogan, Teresa & Kotnik, Patricia & Rao, Sandeep & Sakinç, Mustafa Erdem, 2023. "Does acquisition lead to the growth of high-tech scale-ups? Evidence from Europe," Research in International Business and Finance, Elsevier, vol. 64(C).
    42. Ughetto, Elisa, 2010. "Assessing the contribution to innovation of private equity investors: A study on European buyouts," Research Policy, Elsevier, vol. 39(1), pages 126-140, February.
    43. Lerner, Josh & Tåg, Joacim, 2013. "Institutions and Venture Capital," Working Papers 2012:17, Swedish Entrepreneurship Forum.
    44. Luc Armel G. Da Gbadji & Benoit Gailly & Armin Schwienbacher, 2015. "International Analysis of Venture Capital Programs of Large Corporations and Financial Institutions," Entrepreneurship Theory and Practice, , vol. 39(5), pages 1213-1246, September.
    45. Robert Baldock, 2016. "An assessment of the business impacts of the UK’s Enterprise Capital Funds," Environment and Planning C, , vol. 34(8), pages 1556-1581, December.
    46. Elert, Niklas & Henrekson, Magnus, 2020. "Innovative Entrepreneurship as a Collaborative Effort: An Institutional Framework," Working Paper Series 1345, Research Institute of Industrial Economics, revised 24 Mar 2021.
    47. Magnus Henrekson & Tino Sanandaji, 2018. "Stock option taxation: a missing piece in European innovation policy?," Small Business Economics, Springer, vol. 51(2), pages 411-424, August.
    48. Douglas Cumming & Sofia Johan, 2010. "Phasing Out an Inefficient Venture Capital Tax Credit," Journal of Industry, Competition and Trade, Springer, vol. 10(3), pages 227-252, September.
    49. Tereza Tykvová, 2006. "How do investment patterns of independent and captive private equity funds differ? Evidence from Germany," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 20(4), pages 399-418, December.
    50. Douglas Cumming & Sofia Johan, 2009. "Pre-seed government venture capital funds," Journal of International Entrepreneurship, Springer, vol. 7(1), pages 26-56, March.
    51. Groh, Alexander Peter & Wallmeroth, Johannes, 2016. "Determinants of venture capital investments in emerging markets," Emerging Markets Review, Elsevier, vol. 29(C), pages 104-132.
    52. Joern Block & Roy Thurik & Peter van der Zwan & Sascha Walter, 2013. "Business Takeover or New Venture? Individual and Environmental Determinants from a Cross–Country Study," Entrepreneurship Theory and Practice, , vol. 37(5), pages 1099-1121, September.
    53. Stefano Bonini & Senem Alkan, 2012. "The political and legal determinants of venture capital investments around the world," Small Business Economics, Springer, vol. 39(4), pages 997-1016, November.
    54. Schwienbacher, Armin, 2007. "A theoretical analysis of optimal financing strategies for different types of capital-constrained entrepreneurs," Journal of Business Venturing, Elsevier, vol. 22(6), pages 753-781, November.
    55. Douglas Cumming & Minjie Zhang, 2023. "Bankruptcy law and angel investors around the world," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 54(7), pages 1256-1277, September.
    56. Luca Grilli & Boris Mrkajic & Gresa Latifi, 2018. "Venture capital in Europe: social capital, formal institutions and mediation effects," Small Business Economics, Springer, vol. 51(2), pages 393-410, August.
    57. Douglas Cumming & Sofia Johan & Jeffrey G. MacIntosh, 2017. "A drop in an empty pond: Canadian public policy towards venture capital," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 103-117, March.
    58. Munari, Federico & Toschi, Laura, 2015. "Assessing the impact of public venture capital programmes in the United Kingdom: Do regional characteristics matter?," Journal of Business Venturing, Elsevier, vol. 30(2), pages 205-226.
    59. Li, Yuchen & Meng, Jiayin & Zhou, Ruifan & Wang, Ying, 2024. "Does governmental venture capital (GVC) advance green innovation? Big data evidence from China," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 772-788.
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    64. Groh, Alexander Peter & von Liechtenstein, Heinrich, 2009. "How attractive is central Eastern Europe for risk capital investors?," Journal of International Money and Finance, Elsevier, vol. 28(4), pages 625-647, June.
    65. Li, Jiu-Jin & Fung, Hung-Gay & An, Shi, 2024. "Government venture capital funds: Balancing the impact of social and financial goals on startups," China Economic Review, Elsevier, vol. 85(C).
    66. Murray, Gordon, 2020. "Ten Meditations on (Public) Venture Capital – Revisited," MPRA Paper 104389, University Library of Munich, Germany.
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    69. Douglas Cumming, 2010. "Misinforming the public about public policy towards venture capital," Venture Capital, Taylor & Francis Journals, vol. 13(1), pages 99-102, October.
    70. Pascal Gantenbein & Axel Kind & Christophe Volonte, 2019. "Individualism and Venture Capital: A Cross-Country Study," Working Paper Series of the Department of Economics, University of Konstanz 2019-01, Department of Economics, University of Konstanz.
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    72. Pavlova, Elitsa & Signore, Simone, 2019. "The European venture capital landscape: an EIF perspective. Volume V: The economic impact of VC investments supported by the EIF," EIF Working Paper Series 2019/55, European Investment Fund (EIF).
    73. Elert, Niklas & Henrekson, Magnus, 2021. "Improved Framework Conditions for a More Entrepreneurial, Innovative and Resilient EU," Working Paper Series 1384, Research Institute of Industrial Economics, revised 23 Oct 2021.
    74. Roger Strange & Igor Filatotchev & Trevor Buck & Mike Wright, 2009. "Corporate Governance and International Business," Management International Review, Springer, vol. 49(4), pages 395-407, September.
    75. Chortareas, Georgios E. & Girardone, Claudia & Ventouri, Alexia, 2013. "Financial freedom and bank efficiency: Evidence from the European Union," Journal of Banking & Finance, Elsevier, vol. 37(4), pages 1223-1231.
    76. Tykvova, Tereza & Walz, Uwe, 2007. "How important is participation of different venture capitalists in German IPOs?," Global Finance Journal, Elsevier, vol. 17(3), pages 350-378, March.
    77. Oliver Falck & Michael Fritsch & Stephan Heblich, 2008. "The Apple doesn't Fall far from the Tree: Location of Start-Ups Relative to Incumbents," CESifo Working Paper Series 2486, CESifo.
    78. Groh, Alexander P., 2009. "Private equity in emerging markets," IESE Research Papers D/779, IESE Business School.
    79. Judit Karsai, 2015. "Are CEE states successful as venture capitalists?," KRTK-KTI WORKING PAPERS 1539, Institute of Economics, Centre for Economic and Regional Studies.
    80. Laura Abrardi & Annalisa Croce & Elisa Ughetto, 2019. "The dynamics of switching between governmental and independent venture capitalists: theory and evidence," Small Business Economics, Springer, vol. 53(1), pages 165-188, June.
    81. Douglas Cumming & Sofia Johan, 2006. "Provincial preferences in private equity," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 20(4), pages 369-398, December.
    82. Meuleman, Miguel & Jääskeläinen, Mikko & Maula, Markku V.J. & Wright, Mike, 2017. "Venturing into the unknown with strangers: Substitutes of relational embeddedness in cross-border partner selection in venture capital syndicates," Journal of Business Venturing, Elsevier, vol. 32(2), pages 131-144.
    83. Natalí Basilico & Ana Karen Guerrero Chaparro & Jesús Eduardo López Mares & Darío Figueroa, 2022. "Efectos de las instituciones en la dinámica emprendedora del Mercosur durante el período 2002-2017," Revista Tendencias, Universidad de Narino, vol. 23(2), pages 100-122.
    84. Chenze Song & Zhihua Guan, 2026. "The Impact of Government‐Guided Funds on Enterprises Innovation Quality: Evidence From China," Economics and Politics, Wiley Blackwell, vol. 38(1), pages 252-272, March.
    85. Schertler, Andrea & Tykvová, Tereza, 2012. "What lures cross-border venture capital inflows?," Journal of International Money and Finance, Elsevier, vol. 31(6), pages 1777-1799.
    86. Cumming, Douglas, 2014. "Public economics gone wild: Lessons from venture capital," International Review of Financial Analysis, Elsevier, vol. 36(C), pages 251-260.
    87. Block, J.H. & Thurik, A.R. & van der Zwan, P.W. & Walter, S., 2010. "Business Takeover or New Venture? Individual and Environmental Determinants from a Cross-Country Study," ERIM Report Series Research in Management ERS-2010-042-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    88. M. Tanzeem Raza & P. Natarajan, 2023. "Factors Driving Venture Capital Investments in India," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 9(1), pages 62-79, January.
    89. Soleimani Dahaj, Arash & Cozzarin, Brian Paul, 2019. "Government venture capital and cross-border investment," Global Finance Journal, Elsevier, vol. 41(C), pages 113-127.
    90. Dimitrios Kolokas & Tom Vanacker & David Veredas & Shaker A. Zahra, 2022. "Venture Capital, Credit, and FinTech Start-Up Formation: A Cross-Country Study," Entrepreneurship Theory and Practice, , vol. 46(5), pages 1198-1230, September.
    91. Groh, Alexander P. & Liechtenstein, Heinrich & Canela, Miguel A., 2008. "Limited partners' perceptions of the Central Eastern European venture capital and private equity market," IESE Research Papers D/727, IESE Business School.
    92. Audretsch, David B. & Belitski, Maksim & Theodoraki, Christina, 2024. "Micro and macro factors of firm scaling," Technological Forecasting and Social Change, Elsevier, vol. 202(C).
    93. Cumming, Douglas & Groh, Alexander Peter, 2018. "Entrepreneurial finance: Unifying themes and future directions," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 538-555.
    94. Guerini, Massimiliano & Quas, Anita, 2016. "Governmental venture capital in Europe: Screening and certification," Journal of Business Venturing, Elsevier, vol. 31(2), pages 175-195.
    95. Li, Yong & Zahra, Shaker A., 2012. "Formal institutions, culture, and venture capital activity: A cross-country analysis," Journal of Business Venturing, Elsevier, vol. 27(1), pages 95-111.
    96. Elisa Ughetto, 2016. "Investments, Financing Constraints and Buyouts: the Effect of Private Equity Investors on the Sensitivity of Investments to Cash Flow," Manchester School, University of Manchester, vol. 84(1), pages 25-54, January.
    97. Armin Schwienbacher, 2008. "Venture capital investment practices in Europe and the United States," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 22(3), pages 195-217, September.
    98. Christian Keuschnigg, 2008. "Tax Policy for Venture Capital Backed Entrepreneurship," University of St. Gallen Department of Economics working paper series 2008 2008-07, Department of Economics, University of St. Gallen.
    99. Groh, Alexander P. & Liectenstein, Heinrich, 2009. "The first step of the capital flow from institutions to entrepreneurs: The criteria for sorting venture capital funds," IESE Research Papers D/795, IESE Business School.
    100. Valérie Revest & Alessandro Sapio, 2012. "Financing technology-based small firms in Europe: what do we know?," Small Business Economics, Springer, vol. 39(1), pages 179-205, July.
    101. Bendig, David & Kleine-Stegemann, Lucas & Mazur, Michael & Zapkau, Florian B., 2024. "A multi-level analysis of the relationship between formal institutions and ambitious entrepreneurship: The moderating role of economic development," International Business Review, Elsevier, vol. 33(5).
    102. Nahata, Rajarishi, 2019. "Success is good but failure is not so bad either: Serial entrepreneurs and venture capital contracting," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 624-649.
    103. Massimo G. Colombo & Kourosh Shafi, 2016. "The impact of patenting on the size of high-tech firms: the role of venture capital and product market regulation," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 43(1), pages 85-103, March.
    104. Massimo Colombo & Kourosh Shafi, 2016. "The impact of patenting on the size of high-tech firms: the role of venture capital and product market regulation," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 43(1), pages 85-103, March.
    105. Suchard, Jo-Ann & Humphery-Jenner, Mark & Cao, Xiaping, 2021. "Government ownership and Venture Capital in China," Journal of Banking & Finance, Elsevier, vol. 129(C).
    106. Cipollone, Angela & Giordani, Paolo E., 2019. "Market frictions in entrepreneurial innovation: Theory and evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 163(C), pages 297-331.
    107. Engberg, Erik & Halvarsson, Daniel & Tingvall, Patrik, 2017. "Direct and Indirect Effects of Private- and Government Sponsored Venture Capital," Ratio Working Papers 288, The Ratio Institute.
    108. Cumming, Douglas & Johan, Sofia, 2007. "Regulatory harmonization and the development of private equity markets," Journal of Banking & Finance, Elsevier, vol. 31(10), pages 3218-3250, October.
    109. Huang, Xiaoxia & Jiang, Yanchen & Mallick, Sushanta, 2025. "Endorsement and firm financing: Evidence from government venture capital market in China," The British Accounting Review, Elsevier, vol. 57(3).
    110. Buchner, Axel, 2016. "Dealing with non-normality when estimating abnormal returns and systematic risk of private equity: A closed-form solution," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 45(C), pages 60-78.
    111. Ann‐Kristin Achleitner & Nico Engel & Uwe Reiner, 2013. "The performance of venture capital investments: Do investors overreact?," Review of Financial Economics, John Wiley & Sons, vol. 22(1), pages 20-35, January.
    112. Iftekhar Hasan & Haizhi Wang, 2008. "The US bankruptcy law and private equity financing: empirical evidence," Small Business Economics, Springer, vol. 31(1), pages 5-19, June.
    113. Fabio Bertoni & Massimo G. Colombo & Anita Quas, 2019. "The Role of Governmental Venture Capital in the Venture Capital Ecosystem: An Organizational Ecology Perspective," Entrepreneurship Theory and Practice, , vol. 43(3), pages 611-628, May.
    114. Fu, Xiaoqing Maggie & Harrison, Richard T. & Li, Dongfu Franco, 2022. "Venture capital investment in university spin-offs: Evidence from an emerging economy," Journal of Corporate Finance, Elsevier, vol. 74(C).
    115. Douglas Cumming & Grant Fleming & Sofia A. Johan, 2011. "Institutional Investment in Listed Private Equity," European Financial Management, European Financial Management Association, vol. 17(3), pages 594-618, June.
    116. Karsai, Judit, 2015. "Állami szerepvállalás a kelet-közép-európai kockázatitőke-piacon [The role of government in the Central and East European venture-capital market]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 1172-1195.
    117. Douglas Cumming, 2010. "Public policy and the creation of active venture capital markets," Venture Capital, Taylor & Francis Journals, vol. 13(1), pages 75-94, April.
    118. Ye (George) Jia, 2015. "The impact of personal bankruptcy law on entrepreneurship," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 48(2), pages 464-493, May.
    119. Cumming, Douglas & Henriques, Irene & Sadorsky, Perry, 2016. "‘Cleantech’ venture capital around the world," International Review of Financial Analysis, Elsevier, vol. 44(C), pages 86-97.
    120. Mike W. Peng & Yasuhiro Yamakawa & Seung–Hyun Lee, 2010. "Bankruptcy Laws and Entrepreneur– Friendliness," Entrepreneurship Theory and Practice, , vol. 34(3), pages 517-530, May.
    121. Cressy, Robert & Munari, Federico & Malipiero, Alessandro, 2007. "Playing to their strengths? Evidence that specialization in the private equity industry confers competitive advantage," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 647-669, September.
    122. Gordon M Phillips & Alexei Zhdanov, 2024. "Venture Capital Investments, Merger Activity, and Competition Laws around the World," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 13(2), pages 303-334.
    123. Marco Gazel & Armin Schwienbacher, 2021. "Entrepreneurial fintech clusters," Small Business Economics, Springer, vol. 57(2), pages 883-903, August.
    124. Dan Andrews & Chiara Criscuolo, 2013. "Knowledge-Based Capital, Innovation and Resource Allocation," OECD Economics Department Working Papers 1046, OECD Publishing.
    125. Buzzacchi, Luigi & Scellato, Giuseppe & Ughetto, Elisa, 2013. "The investment strategies of publicly sponsored venture capital funds," Journal of Banking & Finance, Elsevier, vol. 37(3), pages 707-716.

  173. Cumming, Douglas & Fleming, Grant & Suchard, Jo-Ann, 2005. "Venture capitalist value-added activities, fundraising and drawdowns," Journal of Banking & Finance, Elsevier, vol. 29(2), pages 295-331, February.

    Cited by:

    1. Wolfgang Drobetz & Lars Hornuf & Paul P. Momtaz & Niclas Schermann, 2025. "Token-Based Crowdfunding: Investor Choice and the Optimal Timing of Initial Coin Offerings," Entrepreneurship Theory and Practice, , vol. 49(1), pages 232-282, January.
    2. Douglas Cumming & Sofia Johan, 2007. "Socially Responsible Institutional Investment in Private Equity," Journal of Business Ethics, Springer, vol. 75(4), pages 395-416, November.
    3. Dessi, Roberta & Yin, Nina, 2015. "Venture Capital and Knowledge Transfer," IDEI Working Papers 845, Institut d'Économie Industrielle (IDEI), Toulouse.
    4. Alperovych, Yan & Hübner, Georges, 2011. "Explaining returns on venture capital backed companies: Evidence from Belgium," Research in International Business and Finance, Elsevier, vol. 25(3), pages 277-295, September.
    5. Runhui Lin & Ya Li & Tao Peng & Hongjuan Zhang, 2017. "Venture capital reputation and portfolio firm performance in an emerging economy: The moderating effect of institutions," Asia Pacific Journal of Management, Springer, vol. 34(3), pages 699-723, September.
    6. Fatima Shuwaikh & Souad Brinette & Sabrina Khemiri & Rita Grego De Castro, 2024. "Venture capital activities under uncertainty: US and UK investors behavior," Annals of Operations Research, Springer, vol. 334(1), pages 885-917, March.
    7. João Paulo Vieito & António Cerqueira & Elísio Brandão & Walayet A. Khan, 2009. "Executive Compensation: the Finance Perspective," Portuguese Journal of Management Studies, ISEG, Universidade de Lisboa, vol. 0(1), pages 3-32.
    8. Thi X. A. Tran & Thi L. A. Nguyen & Thi H. L. Nguyen, 2016. "Affect of Uncertainty Avoidance on Venture Capital Investing Activities in Asian Countries," Asian Social Science, Canadian Center of Science and Education, vol. 12(12), pages 152-152, December.
    9. Block, Jörn H. & Fisch, Christian O. & Obschonka, Martin & Sandner, Philipp G., 2019. "A personality perspective on business angel syndication✰," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 306-327.
    10. Da Rin, M. & Hellmann, T. & Puri, M.L., 2011. "A Survey of Venture Capital Research," Discussion Paper 2011-111, Tilburg University, Center for Economic Research.
    11. Brinster, Leonhard & Tykvová, Tereza, 2021. "Connected VCs and strategic alliances: Evidence from biotech companies," Journal of Corporate Finance, Elsevier, vol. 66(C).
    12. Johan, S.A. & Cumming, D., 2006. "Corporate social responsibility : domestic and international private equity institutional investment," Discussion Paper 2006-002, Tilburg University, Tilburg Law and Economic Center.
    13. Robert Loos & Bernhard Schwetzler, 2017. "Fueling the buyout machine: fundraising in private equity," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 31(4), pages 397-443, November.
    14. Dimo Dimov & Pablo Martin de Holan & Hana Milanov, 2012. "Learning patterns in venture capital investing in new industries," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 21(6), pages 1389-1426, December.
    15. Cécile Carpentier & Jean-François L'Her & Jean-Marc Suret, 2008. "Stock Exchange Markets for New Ventures," CIRANO Working Papers 2008s-12, CIRANO.
    16. Douglas Cumming & Sofia Johan, 2006. "Is it the Law or the Lawyers? Investment Covenants around the World," European Financial Management, European Financial Management Association, vol. 12(4), pages 535-574, September.
    17. Sofia Johan & Dorra Najar, 2011. "The Role of Law, Corruption and Culture in Investment Fund Manager Fees," Post-Print halshs-00639925, HAL.
    18. Dimo Dimov & Pablo Martin de Holan, 2010. "Firm Experience and Market Entry by Venture Capital Firms (1962–2004)," Journal of Management Studies, Wiley Blackwell, vol. 47(1), pages 130-161, January.
    19. Daisuke MIYAKAWA & Miho TAKIZAWA, 2015. "Capital Supply Channel through Venture Capitals: Evidence from matched data," Discussion papers 15141, Research Institute of Economy, Trade and Industry (RIETI).
    20. Daisuke MIYAKAWA & Miho TAKIZAWA, 2013. "Performance of Newly Listed Firms: Evidence from Japanese firm and venture capital data," Discussion papers 13019, Research Institute of Economy, Trade and Industry (RIETI).
    21. Iqbal Muhammad & Stéphanie Serve, 2025. "Performance of government venture capital (GVC): an Asian perspective," International Entrepreneurship and Management Journal, Springer, vol. 21(1), pages 1-34, December.
    22. Thilo Pollmeier & Christian Fisch & Mirko Hirschmann, 2026. "From profit to purpose: a systematic literature review and future research directions on B Corp certification," Management Review Quarterly, Springer, vol. 76(1), pages 841-884, February.
    23. John Armour & Douglas Cumming, 2004. "The Legal Road To Replicating Silicon Valley," Working Papers wp281, Centre for Business Research, University of Cambridge.
    24. Amina Hamdouni, 2011. "Impact de la syndication sur la performance des entreprises financées par capital-investissement et sur la richesse des parties prenantes," Post-Print hal-00650456, HAL.
    25. Wonglimpiyarat, Jarunee, 2009. "The influence of capital market laws and initial public offering (IPO) process on venture capital," European Journal of Operational Research, Elsevier, vol. 192(1), pages 293-301, January.
    26. Dorian Proksch & Wiebke Stranz & Nino Röhr & Cornelia Ernst & Andreas Pinkwart & Michael Schefczyk, 2017. "Value-adding activities of venture capital companies: a content analysis of investor’s original documents in Germany," Venture Capital, Taylor & Francis Journals, vol. 19(3), pages 129-146, July.
    27. Nirmalkumar Singh Moirangthem & Barnali Nag, 2024. "Value-added Activities of Venture Capitals in Entrepreneurial Finance: Evidence from the Growth of Flipkart," Asian Journal of Management Cases, , vol. 21(1), pages 57-68, March.
    28. Cumming, D. & Johan, S.A., 2006. "Regulatory harmonization and the development of private equity markets," Discussion Paper 2006-001, Tilburg University, Tilburg Law and Economic Center.
    29. Douglas J. Cumming & Silvio Vismara, 2017. "De-segmenting research in entrepreneurial finance," Venture Capital, Taylor & Francis Journals, vol. 19(1-2), pages 17-27, January.
    30. Cumming, Douglas & Zambelli, Simona, 2013. "Private equity performance under extreme regulation," Journal of Banking & Finance, Elsevier, vol. 37(5), pages 1508-1523.
    31. Song, Tianyi & Kutsuna, Kenji, 2023. "Venture capital investment and institutional factors: Evidence from China," Research in International Business and Finance, Elsevier, vol. 65(C).
    32. Suchard, Jo-Ann, 2009. "The impact of venture capital backing on the corporate governance of Australian initial public offerings," Journal of Banking & Finance, Elsevier, vol. 33(4), pages 765-774, April.
    33. Kshitija Joshi & Deepak Chandrashekar & Alexander Brem & Kirankumar S. Momaya, 2019. "Foreign Venture Capital Firms in a Cross-Border Context: Empirical Insights from India," Sustainability, MDPI, vol. 11(22), pages 1-20, November.
    34. Sofia Johan & Dorra Najar, 2010. "The Role of Corruption, Culture, and Law in Investment Fund Manager Fees," Journal of Business Ethics, Springer, vol. 95(2), pages 147-172, September.
    35. Khaled Abdou & Oscar Varela, 2009. "Is there a puzzle in the failure of venture capital backed portfolio companies?," Applied Financial Economics, Taylor & Francis Journals, vol. 19(18), pages 1439-1452.
    36. Popov, Alexander & Roosenboom, Peter, 2013. "Venture capital and new business creation," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 4695-4710.
    37. Cristiano Bellavitis & Igor Filatotchev & Dzidziso Samuel Kamuriwo & Tom Vanacker, 2017. "Entrepreneurial finance: new frontiers of research and practice," Venture Capital, Taylor & Francis Journals, vol. 19(1-2), pages 1-16, January.
    38. Gejadze, Maia & Giot, Pierre & Schwienbacher, Armin, 2017. "Private equity fundraising and firm specialization," The Quarterly Review of Economics and Finance, Elsevier, vol. 64(C), pages 259-274.
    39. Ahmed I. Kato & Germinah Evelyn Chiloane-Tsoka, 2022. "The role of private venture capital investors in enhancing value-adding activities and innovation of high growth firms in Uganda," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 9(4), pages 193-211, June.
    40. Groh, Alexander Peter & Gottschalg, Oliver, 2011. "The effect of leverage on the cost of capital of US buyouts," Journal of Banking & Finance, Elsevier, vol. 35(8), pages 2099-2110, August.
    41. Daisuke MIYAKAWA & Miho TAKIZAWA, 2013. "Time to IPO: Role of heterogeneous venture capital," Discussion papers 13022, Research Institute of Economy, Trade and Industry (RIETI).
    42. Mohamed, Abdulkadir & Schwienbacher, Armin, 2016. "Voluntary disclosure of corporate venture capital investments," Journal of Banking & Finance, Elsevier, vol. 68(C), pages 69-83.
    43. Hammer, Benjamin & Knauer, Alexander & Pflücke, Magnus & Schwetzler, Bernhard, 2017. "Inorganic growth strategies and the evolution of the private equity business model," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 31-63.
    44. Suchard, Jo-Ann & Humphery-Jenner, Mark & Cao, Xiaping, 2021. "Government ownership and Venture Capital in China," Journal of Banking & Finance, Elsevier, vol. 129(C).
    45. Fisch, Christian & Momtaz, Paul P., 2020. "Institutional investors and post-ICO performance: an empirical analysis of investor returns in initial coin offerings (ICOs)," Journal of Corporate Finance, Elsevier, vol. 64(C).
    46. Wang, Qing (Sophie) & Lai, Shaojie & Anderson, Hamish D., 2021. "VC fund preferences and exits of individual investors," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
    47. Lahr, Henry & Trombley, Timothy E., 2020. "Early indicators of fundraising success by venture capital firms," Journal of Corporate Finance, Elsevier, vol. 65(C).
    48. Cumming, D. & Johan, S.A., 2005. "Is it the law or the lawyers? Investment fund covenants," Discussion Paper 2005-005, Tilburg University, Tilburg Law and Economic Center.
    49. Woike, Jan K. & Hoffrage, Ulrich & Petty, Jeffrey S., 2015. "Picking profitable investments: The success of equal weighting in simulated venture capitalist decision making," Journal of Business Research, Elsevier, vol. 68(8), pages 1705-1716.
    50. Duncombe, Samuel & Park, Min & Tarsalewska, Monika & Trojanowski, Grzegorz, 2023. "ESG positioning in private infrastructure fundraising," International Review of Financial Analysis, Elsevier, vol. 90(C).
    51. Amore, Mario Daniele & Murtinu, Samuele & Pelucco, Valerio, 2025. "Family firms in entrepreneurial finance: The case of corporate venture capital," Journal of Banking & Finance, Elsevier, vol. 172(C).
    52. Dmitri Boreiko & Dimche Risteski, 2021. "Serial and large investors in initial coin offerings," Small Business Economics, Springer, vol. 57(2), pages 1053-1071, August.
    53. Sofia Johan & Minjie Zhang, 2021. "Information Asymmetries in Private Equity: Reporting Frequency, Endowments, and Governance," Journal of Business Ethics, Springer, vol. 174(1), pages 199-220, November.
    54. Niclas Dombrowski & Wolfgang Drobetz & Lars Hornuf & Paul P. Momtaz, 2023. "The Financial and Non-Financial Performance of Token-Based Crowdfunding: Certification Arbitrage, Investor Choice, and the Optimal Timing of ICOs," CESifo Working Paper Series 10393, CESifo.
    55. Michael Peneder, 2010. "The Impact of Venture Capital on Innovation Behaviour and Firm Growth," WIFO Working Papers 363, WIFO.
    56. Cumming, Douglas & Fleming, Grant & Schwienbacher, Armin, 2006. "Legality and venture capital exits," Journal of Corporate Finance, Elsevier, vol. 12(2), pages 214-245, January.

  174. Cumming, Douglas J., 2005. "Agency costs, institutions, learning, and taxation in venture capital contracting," Journal of Business Venturing, Elsevier, vol. 20(5), pages 573-622, September.

    Cited by:

    1. Reddy, Kotapati Srinivasa, 2015. "Market for Corporate Control and Contractual Buyout (CoBO): A New “Collective Ownership-and-Administrative” Strategy," MPRA Paper 63937, University Library of Munich, Germany, revised 2015.
    2. Rafał Morawczyński, 2020. "Venture Capitalists’ Investment Criteria in Poland: Entrepreneurial Opportunities, Entrepreneurs, and Founding Teams," Administrative Sciences, MDPI, vol. 10(4), pages 1-30, October.
    3. Shao, Yan & Sun, Lingxia, 2021. "Entrepreneurs’ social capital and venture capital financing," Journal of Business Research, Elsevier, vol. 136(C), pages 499-512.
    4. Schertler, Andrea & Tykvová, Tereza, 2009. "Venture capital and internationalization," ZEW Discussion Papers 09-055, ZEW - Leibniz Centre for European Economic Research.
    5. Motavaseli Mahmood & Shojaei Saeed & Bitaab Ali & Hasti Chitsazan & Ghanbar Mohammadi Elyasi, 2018. "Institutional Barriers to Financing Technology-based Small Firms through Venture Capital Mechanism: A Study to Explore the Incentives for Investment in Iran," International Journal of Economics and Financial Issues, Econjournals, vol. 8(1), pages 184-195.
    6. Mariarosa Scarlata & Luisa Alemany, 2010. "Deal Structuring in Philanthropic Venture Capital Investments: Financing Instrument, Valuation and Covenants," Journal of Business Ethics, Springer, vol. 95(2), pages 121-145, September.
    7. Victor Zitian Chen & Sunny Li Sun, 2019. "Barbarians at the Gate of the Middle Kingdom: The International Mobility of Financing Contract and Governance," Entrepreneurship Theory and Practice, , vol. 43(4), pages 802-837, July.
    8. Julia Hirsch & Uwe Walz, 2013. "Why do contracts differ between venture capital types?," Small Business Economics, Springer, vol. 40(3), pages 511-525, April.
    9. Cumming, Douglas J. & MacIntosh, Jeffrey G., 2006. "Crowding out private equity: Canadian evidence," Journal of Business Venturing, Elsevier, vol. 21(5), pages 569-609, September.
    10. Rishabh, Kumar, 2021. "Bank as a Venture Capitalist," Working papers 2021/09, Faculty of Business and Economics - University of Basel.
    11. Collings, David & Corbet, Shaen & Hou, Yang (Greg) & Hu, Yang & Larkin, Charles & Oxley, Les, 2022. "The effects of negative reputational contagion on international airlines: The case of the Boeing 737-MAX disasters," International Review of Financial Analysis, Elsevier, vol. 80(C).
    12. Magnus Henrekson & Anders Kärnä & Tino Sanandaji, 2022. "Schumpeterian entrepreneurship: coveted by policymakers but impervious to top-down policymaking," Journal of Evolutionary Economics, Springer, vol. 32(3), pages 867-890, July.
    13. Douglas Cumming & Sofia Johan, 2006. "Is it the Law or the Lawyers? Investment Covenants around the World," European Financial Management, European Financial Management Association, vol. 12(4), pages 535-574, September.
    14. Lerner, Josh & Tåg, Joacim, 2013. "Institutions and Venture Capital," Working Papers 2012:17, Swedish Entrepreneurship Forum.
    15. Cumming, Douglas & Johan, Sofia Atiqah binti, 2008. "Preplanned exit strategies in venture capital," European Economic Review, Elsevier, vol. 52(7), pages 1209-1241, October.
    16. Magnus Henrekson & Tino Sanandaji, 2018. "Stock option taxation: a missing piece in European innovation policy?," Small Business Economics, Springer, vol. 51(2), pages 411-424, August.
    17. Anton Miglo, 2020. "Financing of Entrepreneurial Firms in Canada: Some Patterns," Administrative Sciences, MDPI, vol. 10(3), pages 1-27, August.
    18. Schwienbacher, Armin, 2007. "A theoretical analysis of optimal financing strategies for different types of capital-constrained entrepreneurs," Journal of Business Venturing, Elsevier, vol. 22(6), pages 753-781, November.
    19. Hong, Jieying, 2020. "The financing of alliance entrepreneurship," Journal of Business Venturing, Elsevier, vol. 35(1).
    20. Hoenen, Sebastian & Kolympiris, Christos & Schoenmakers, Wilfred & Kalaitzandonakes, Nicholas, 2014. "The diminishing signaling value of patents between early rounds of venture capital financing," Research Policy, Elsevier, vol. 43(6), pages 956-989.
    21. Osborn, Tom L, 2019. "Africa joins the growth capital revolution: Examining the growth of venture capital in the continent," AfricArxiv 78smp, Center for Open Science.
    22. Dietmar P.J. Leisen, 2012. "Staged venture capital contracting with ratchets and liquidation rights," Review of Financial Economics, John Wiley & Sons, vol. 21(1), pages 21-30, January.
    23. Fairchild, Richard, 2011. "An entrepreneur's choice of venture capitalist or angel-financing: A behavioral game-theoretic approach," Journal of Business Venturing, Elsevier, vol. 26(3), pages 359-374, May.
    24. Douglas J. Cumming & Silvio Vismara, 2017. "De-segmenting research in entrepreneurial finance," Venture Capital, Taylor & Francis Journals, vol. 19(1-2), pages 17-27, January.
    25. Ruling Zhang & Killian J. McCarthy & Xiao Wang & Zengrui Tian, 2021. "How Does Network Structure Impact Follow-On Financing through Syndication? Evidence from the Renewable Energy Industry," Sustainability, MDPI, vol. 13(7), pages 1-23, April.
    26. K.S. Reddy & En Xie & Yuanyuan Huang, 2016. "Contractual buyout - a legitimate growth model in the enterprise development: foundations and implications," International Journal of Management and Enterprise Development, Inderscience Enterprises Ltd, vol. 15(1), pages 1-23.
    27. Max Berre & Benjamin Le Pendeven, 2023. "What do we know about startup-valuation drivers? A systematic literature review 1," Post-Print hal-04232855, HAL.
    28. Jens Burchardt & Ulrich Hommel & Dzidziso Samuel Kamuriwo & Carolina Billitteri, 2016. "Venture Capital Contracting in Theory and Practice: Implications for Entrepreneurship Research," Entrepreneurship Theory and Practice, , vol. 40(1), pages 25-48, January.
    29. Miguel Meuleman & Mike Wright & Sophie Manigart & Andy Lockett, 2009. "Private Equity Syndication: Agency Costs, Reputation and Collaboration," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(5‐6), pages 616-644, June.
    30. Ji Liu & Zheng Xu & Yanmei Zhang & Wei Dai & Hao Wu & Shiping Chen, 2022. "Digging into Primary Financial Market: Challenges and Opportunities of Adopting Blockchain," Papers 2204.09544, arXiv.org.
    31. Miglo, Anton, 2022. "Theories of financing for entrepreneurial firms: a review," MPRA Paper 115835, University Library of Munich, Germany.
    32. Christian Keuschnigg, 2008. "Tax Policy for Venture Capital Backed Entrepreneurship," University of St. Gallen Department of Economics working paper series 2008 2008-07, Department of Economics, University of St. Gallen.
    33. Bosse, Douglas A., 2009. "Bundling governance mechanisms to efficiently organize small firm loans," Journal of Business Venturing, Elsevier, vol. 24(2), pages 183-195, March.
    34. Lora Dimitrova & Sapnoti K Eswar, 2023. "Capital Gains Tax, Venture Capital, and Innovation in Start-Ups," Review of Finance, European Finance Association, vol. 27(4), pages 1471-1519.
    35. Douglas Cumming, 2006. "Adverse Selection and Capital Structure: Evidence from Venture Capital," Entrepreneurship Theory and Practice, , vol. 30(2), pages 155-183, March.
    36. Thomas Hartmann†Wendels & Georg Keienburg & Soenke Sievers, 2011. "Adverse Selection, Investor Experience and Security Choice in Venture Capital Finance: Evidence from Germany," European Financial Management, European Financial Management Association, vol. 17(3), pages 464-499, June.
    37. de Bettignies, Jean-Etienne & Brander, James A., 2007. "Financing entrepreneurship: Bank finance versus venture capital," Journal of Business Venturing, Elsevier, vol. 22(6), pages 808-832, November.
    38. Liang, Qing & Gan, Christopher & Li, Zhaohua, 2019. "Institutional environment and financing costs: Evidence from venture capital backed transactions," Finance Research Letters, Elsevier, vol. 31(C).
    39. Cumming, Douglas & Schmidt, Daniel & Walz, Uwe, 2010. "Legality and venture capital governance around the world," Journal of Business Venturing, Elsevier, vol. 25(1), pages 54-72, January.
    40. Niklas Elert & Magnus Henrekson, 2019. "The collaborative innovation bloc: A new mission for Austrian economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(4), pages 295-320, December.
    41. Douglas Cumming & Na Dai, 2013. "Why Do Entrepreneurs Switch Lead Venture Capitalists?," Entrepreneurship Theory and Practice, , vol. 37(5), pages 999-1017, September.
    42. Hellmann, Thomas & Thiele, Veikko, 2022. "May the force be with you: Investor power and company valuations," Journal of Corporate Finance, Elsevier, vol. 72(C).
    43. Sofia Johan & Minjie Zhang, 2021. "Information Asymmetries in Private Equity: Reporting Frequency, Endowments, and Governance," Journal of Business Ethics, Springer, vol. 174(1), pages 199-220, November.
    44. Cressy, Robert & Munari, Federico & Malipiero, Alessandro, 2007. "Playing to their strengths? Evidence that specialization in the private equity industry confers competitive advantage," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 647-669, September.
    45. Lars Hornuf & Tobias Schilling & Armin Schwienbacher, 2019. "Are Equity Crowdfunding Investors Active Investors?," CESifo Working Paper Series 7884, CESifo.
    46. Hoch, Felix & Lohwasser, Todor S., 2019. "The influence of institutions on venture capital: How transaction costs, uncertainty, and change affect new ventures," Discussion Papers of the Institute for Organisational Economics 9/2019, University of Münster, Institute for Organisational Economics.
    47. Anita Quas & Jose Martí & Carmelo Reverte, 2021. "What money cannot buy: a new approach to measure venture capital ability to add non-financial resources," Small Business Economics, Springer, vol. 57(3), pages 1361-1382, October.
    48. Pandher, Gurupdesh & Bonaparte, Yosef & Fabozzi, Frank J., 2024. "The risk-adjusted performance of convertible venture contracts," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 485-500.
    49. Douglas Cumming, 2007. "Financing Entrepreneurs Better Canadian Policy for Venture Capital," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 247, April.
    50. Gurupdesh Pandher, 2019. "Financier Search and Boundaries of the Angel and VC Markets," Entrepreneurship Theory and Practice, , vol. 43(6), pages 1223-1249, November.

  175. Douglas Cumming, 2005. "Review Essay: Global Venture Capital Transactions," Venture Capital, Taylor & Francis Journals, vol. 7(2), pages 185-201, January.

    Cited by:

    1. Darek Klonowski, 2006. "Local Laws and Venture Capital Contracting in Transition Economies: Evidence from Poland," Post-Communist Economies, Taylor & Francis Journals, vol. 18(3), pages 327-343.
    2. Magnus Henrekson & Tino Sanandaji, 2018. "Stock option taxation: a missing piece in European innovation policy?," Small Business Economics, Springer, vol. 51(2), pages 411-424, August.

  176. Douglas Cumming & Grant Fleming & Armin Schwienbacher, 2005. "Liquidity Risk and Venture Capital Finance," Financial Management, Financial Management Association, vol. 34(4), Winter.

    Cited by:

    1. Ashish Vazirani & Titas Bhattacharjee, 2021. "Entrepreneurial Finance in the Twenty-first Century, a Review of Factors Influencing Venture Capitalist’s Decision," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 30(2), pages 306-335, September.
    2. Lahr, Henry & Mina, Andrea, 2016. "Venture capital investments and the technological performance of portfolio firms," Research Policy, Elsevier, vol. 45(1), pages 303-318.
    3. Pascal François & Georges Hübner, 2010. "A Portfolio Approach to Venture Capital Financing," Cahiers de recherche 1046, CIRPEE.
    4. Achleitner, Ann-Kristin & Engel, Nico & Reiner, Uwe, 2013. "The performance of venture capital investments: Do investors overreact?," Review of Financial Economics, Elsevier, vol. 22(1), pages 20-35.
    5. Nanda, Ramana & Rhodes-Kropf, Matthew, 2013. "Investment cycles and startup innovation," Journal of Financial Economics, Elsevier, vol. 110(2), pages 403-418.
    6. Becher, David & Jensen, Tyler K. & Liu, Tingting, 2020. "Acquisitions and funding conditions," Journal of Corporate Finance, Elsevier, vol. 65(C).
    7. April Knill, 2009. "Should Venture Capitalists Put All Their Eggs in One Basket? Diversification versus Pure‐Play Strategies in Venture Capital," Financial Management, Financial Management Association International, vol. 38(3), pages 441-486, September.
    8. Joern Block & Philipp Sandner, 2009. "What is the effect of the financial crisis on venture capital financing? Empirical evidence from US Internet start-ups," Venture Capital, Taylor & Francis Journals, vol. 11(4), pages 295-309, June.
    9. Nemlioglu, Ilayda & Mallick, Sushanta K., 2020. "Do innovation-intensive firms mitigate their valuation uncertainty during bad times?," Journal of Economic Behavior & Organization, Elsevier, vol. 177(C), pages 913-940.
    10. Daniel Berliner & Rotem Shneor & Andreas Wald, 2025. "Beyond one-size-fits-all: Empirical evidence on the heterogeneity of equity crowdfunding investors’ decision drivers," Electronic Markets, Springer;IIM University of St. Gallen, vol. 35(1), pages 1-25, December.
    11. Kräussl, Roman & Rinne, Kalle & Sunc, Huizhu, 2023. "Does family matter? Venture capital cross-fund cash flows," CFS Working Paper Series 695, Center for Financial Studies (CFS).
    12. Min Maung & Zhenyang Tang & Xiaowei Xu, 2020. "Religion and venture investing: A cross‐country analysis," The Financial Review, Eastern Finance Association, vol. 55(3), pages 433-460, August.
    13. Da Rin, M. & Hellmann, T. & Puri, M.L., 2011. "A Survey of Venture Capital Research," Discussion Paper 2011-111, Tilburg University, Center for Economic Research.
    14. X. Zhang & L. D. Valdez & H. E. Stanley & L. A. Braunstein, 2019. "Modeling Risk Contagion in the Venture Capital Market: A Multilayer Network Approach," Complexity, Hindawi, vol. 2019, pages 1-11, December.
    15. Bhattacharya, Arnab, 2017. "Innovations in new venture financing: Evidence from Indian SME IPOs," Global Finance Journal, Elsevier, vol. 34(C), pages 72-88.
    16. Block, Joern & Sandner, Philipp & De Vries, Geertjan, 2010. "Venture capital and the financial crisis: an empirical study across industries and countries," MPRA Paper 20287, University Library of Munich, Germany.
    17. Ivo Blohm & Torben Antretter & Charlotta Sirén & Dietmar Grichnik & Joakim Wincent, 2022. "It’s a Peoples Game, Isn’t It?! A Comparison Between the Investment Returns of Business Angels and Machine Learning Algorithms," Entrepreneurship Theory and Practice, , vol. 46(4), pages 1054-1091, July.
    18. Henry Lahr & Andrea Mina, 2014. "Liquidity, Technological Opportunities, and the Stage Distribution of Venture Capital Investments," Financial Management, Financial Management Association International, vol. 43(2), pages 291-325, June.
    19. Dominic, James & Gopalaswamy, Arun Kumar, 2019. "Is the venture capital market liquid? Evidence from India," Global Finance Journal, Elsevier, vol. 41(C), pages 146-157.
    20. Balz, Frank P. & Brinkmann, Florian & Kanbach, Dominik K., 2023. "The impact of independent and heterogeneous corporate venture capital on firm efficiency," Journal of Business Venturing Insights, Elsevier, vol. 19(C).
    21. Douglas Cumming, 2010. "Misinforming the public about public policy towards venture capital," Venture Capital, Taylor & Francis Journals, vol. 13(1), pages 99-102, October.
    22. Wang, Pengfei, 2017. "Syndication and Foreignness: Venture Capital Investments in Emerging and Developed Markets," Journal of International Management, Elsevier, vol. 23(1), pages 1-15.
    23. Nina M. Bachmann & Benedict Drasch & Gilbert Fridgen & Michael Miksch & Ferdinand Regner & André Schweizer & Nils Urbach, 2022. "Tarzan and chain: exploring the ICO jungle and evaluating design archetypes," Electronic Markets, Springer;IIM University of St. Gallen, vol. 32(3), pages 1725-1748, September.
    24. Buzzacchi, Luigi & Scellato, Giuseppe & Ughetto, Elisa, 2015. "Investment stage drifts and venture capital managerial incentives," Journal of Corporate Finance, Elsevier, vol. 33(C), pages 118-128.
    25. Jagriti Srivastava & Balagopal Gopalakrishnan, 2021. "Work from home amenability and venture capital financing during COVID-19," Working papers 458, Indian Institute of Management Kozhikode.
    26. Li, Yong & Mahoney, Joseph T., 2011. "When are venture capital projects initiated?," Journal of Business Venturing, Elsevier, vol. 26(2), pages 239-254, March.
    27. Axel Buchner & Susanne Espenlaub & Arif Khurshed & Abdulkadir Mohamed, 2018. "Cross-border venture capital investments: The impact of foreignness on returns," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(5), pages 575-604, July.
    28. Cumming, Douglas, 2014. "Public economics gone wild: Lessons from venture capital," International Review of Financial Analysis, Elsevier, vol. 36(C), pages 251-260.
    29. Nguyen, Giang & Vo, Vinh, 2021. "Asset liquidity and venture capital investment," Journal of Corporate Finance, Elsevier, vol. 69(C).
    30. Maia Gejadze & Pierre Giot & Armin Schwienbacher, 2023. "On venture capital exit dynamics," Economics Bulletin, AccessEcon, vol. 43(1), pages 664-678.
    31. Poonam Puri, 2009. "A Matter of Voice: The Case for Abolishing the 30 percent Rule for Pension Fund Investments," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 283, February.
    32. Fu, Hui & Liu, Qianqian & An, Yunbi & Yang, Jun & Xiong, Heng, 2025. "Exit disruption and matching in venture capital markets: Evidence based on IPO suspensions in China," International Review of Economics & Finance, Elsevier, vol. 98(C).
    33. Roberto Pinheiro, 2018. "Venture capital and underpricing: capacity constraints and early sales," Annals of Finance, Springer, vol. 14(1), pages 1-47, February.
    34. Boulton, Thomas J., 2010. "Venture capital and the incorporation decisions of IPO firms," Journal of Economics and Business, Elsevier, vol. 62(6), pages 477-501, November.
    35. Fu, Hui & Qi, Huilan & An, Yunbi, 2024. "When do venture capital and startups team up? Matching matters," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
    36. Fisch, Christian & Momtaz, Paul P., 2020. "Institutional investors and post-ICO performance: an empirical analysis of investor returns in initial coin offerings (ICOs)," Journal of Corporate Finance, Elsevier, vol. 64(C).
    37. Lahr, Henry & Trombley, Timothy E., 2020. "Early indicators of fundraising success by venture capital firms," Journal of Corporate Finance, Elsevier, vol. 65(C).
    38. Ann‐Kristin Achleitner & Nico Engel & Uwe Reiner, 2013. "The performance of venture capital investments: Do investors overreact?," Review of Financial Economics, John Wiley & Sons, vol. 22(1), pages 20-35, January.
    39. Douglas Cumming, 2010. "Public policy and the creation of active venture capital markets," Venture Capital, Taylor & Francis Journals, vol. 13(1), pages 75-94, April.

  177. Cumming, Douglas J., 2005. "Capital structure in venture finance," Journal of Corporate Finance, Elsevier, vol. 11(3), pages 550-585, June.

    Cited by:

    1. Maria do Rosario Correia & Raquel F. Ch. Meneses, 2019. "Venture Capital and the Use of Convertible Securities and Control Rights Covenants: A Fuzzy Set Approach," European Journal of Business Science and Technology, Mendel University in Brno, Faculty of Business and Economics, vol. 5(1), pages 5-20.
    2. Cuny, Charles J. & Talmor, Eli, 2007. "A theory of private equity turnarounds," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 629-646, September.
    3. Indraneel Chakraborty & Michael Ewens, "undated". "Does Security Choice Matter in Venture Capital? The Case of Venture Debt," GSIA Working Papers 2012-E35, Carnegie Mellon University, Tepper School of Business.
    4. Mariarosa Scarlata & Luisa Alemany, 2010. "Deal Structuring in Philanthropic Venture Capital Investments: Financing Instrument, Valuation and Covenants," Journal of Business Ethics, Springer, vol. 95(2), pages 121-145, September.
    5. Yan Wendy Wu, 2010. "Testing the effects of capital structure on entrepreneurial effort," Applied Financial Economics, Taylor & Francis Journals, vol. 20(10), pages 785-794.
    6. González, Francisco, 2020. "Bank development, competition, and entrepreneurship: International evidence," Journal of Multinational Financial Management, Elsevier, vol. 56(C).
    7. Sunny Sun & Xiaoming Yang & Weiwen Li, 2014. "Variance-enhancing corporate entrepreneurship under deregulation: An option portfolio approach," Asia Pacific Journal of Management, Springer, vol. 31(3), pages 733-761, September.
    8. Julia Hirsch & Uwe Walz, 2013. "Why do contracts differ between venture capital types?," Small Business Economics, Springer, vol. 40(3), pages 511-525, April.
    9. Bontempi, Maria Elena & Prodi, Giorgio, 2009. "Entry strategies into China: The choice between Joint Ventures and Wholly Foreign-Owned Enterprises: An application to the Italian manufacturing sector," International Review of Economics & Finance, Elsevier, vol. 18(1), pages 11-19, January.
    10. Nemlioglu, Ilayda & Mallick, Sushanta K., 2020. "Do innovation-intensive firms mitigate their valuation uncertainty during bad times?," Journal of Economic Behavior & Organization, Elsevier, vol. 177(C), pages 913-940.
    11. Rishabh, Kumar, 2021. "Bank as a Venture Capitalist," Working papers 2021/09, Faculty of Business and Economics - University of Basel.
    12. Christian Keuschnigg & Søren Bo Nielsen, 2007. "Self-Selection and Advice in Venture Capital Finance," CESifo Working Paper Series 1909, CESifo.
    13. Kim, Jin-Hyuk & Wagman, Liad, 2016. "Early-stage entrepreneurial financing: A signaling perspective," Journal of Banking & Finance, Elsevier, vol. 67(C), pages 12-22.
    14. Inderst, Roman & Vladimirov, Vladimir, 2014. "Preserving "Debt Capacity" or "Equity Capacity": A Dynamic Theory of Security Design under Asymmetric Information," CEPR Discussion Papers 9923, Centre for Economic Policy Research.
    15. Nico Lehnertz & Carolin Plagmann & Eva Lutz, 2022. "Why deep pockets make great borrowers: an empirical analysis of venture loans," Journal of Business Economics, Springer, vol. 92(9), pages 1431-1453, November.
    16. Douglas Cumming & Sofia Johan, 2006. "Is it the Law or the Lawyers? Investment Covenants around the World," European Financial Management, European Financial Management Association, vol. 12(4), pages 535-574, September.
    17. Jean-Etienne de Bettignies, 2008. "Financing the Entrepreneurial Venture," Management Science, INFORMS, vol. 54(1), pages 151-166, January.
    18. Cumming, Douglas & Johan, Sofia Atiqah binti, 2008. "Preplanned exit strategies in venture capital," European Economic Review, Elsevier, vol. 52(7), pages 1209-1241, October.
    19. Douglas Cumming & Sofia Johan, 2010. "Phasing Out an Inefficient Venture Capital Tax Credit," Journal of Industry, Competition and Trade, Springer, vol. 10(3), pages 227-252, September.
    20. Grundy, Bruce D. & Verwijmeren, Patrick, 2020. "The external financing of investment," Journal of Corporate Finance, Elsevier, vol. 65(C).
    21. Johannes Wallmeroth & Peter Wirtz & Alexander Peter Groh, 2017. "Institutional Seed Financing, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review," Working Papers hal-01527999, HAL.
    22. Groh, Alexander Peter & Wallmeroth, Johannes, 2016. "Determinants of venture capital investments in emerging markets," Emerging Markets Review, Elsevier, vol. 29(C), pages 104-132.
    23. Schwienbacher, Armin, 2007. "A theoretical analysis of optimal financing strategies for different types of capital-constrained entrepreneurs," Journal of Business Venturing, Elsevier, vol. 22(6), pages 753-781, November.
    24. Douglas Cumming & Sofia Johan, 2007. "Advice and monitoring in venture finance," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 21(1), pages 3-43, March.
    25. Mihaela Curea, 2023. "Intangible assets and resource allocation: insights from European companies," Journal of Financial Studies, Institute of Financial Studies, vol. 15(8), pages 86-105, November.
    26. Li, Yuchen & Meng, Jiayin & Zhou, Ruifan & Wang, Ying, 2024. "Does governmental venture capital (GVC) advance green innovation? Big data evidence from China," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 772-788.
    27. Dietmar P.J. Leisen, 2012. "Staged venture capital contracting with ratchets and liquidation rights," Review of Financial Economics, John Wiley & Sons, vol. 21(1), pages 21-30, January.
    28. Becsky-Nagy Patricia & Karaszi Erika, 2015. "Capital Structure And Venture Capital," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 783-791, July.
    29. Megginson, William L. & Meles, Antonio & Sampagnaro, Gabriele & Verdoliva, Vincenzo, 2019. "Financial distress risk in initial public offerings: How much do venture capitalists matter?," Journal of Corporate Finance, Elsevier, vol. 59(C), pages 10-30.
    30. Tykvova, Tereza & Walz, Uwe, 2007. "How important is participation of different venture capitalists in German IPOs?," Global Finance Journal, Elsevier, vol. 17(3), pages 350-378, March.
    31. Douglas Cumming & Sofia Johan, 2006. "Provincial preferences in private equity," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 20(4), pages 369-398, December.
    32. Julian Kaboth & Arnd Lodowicks & Maximilian Schreiter & Bernhard Schwetzler, 2023. "Same same but different: how preferential claims trigger valuation discounts in equity tranches of VC-backed firms," Review of Quantitative Finance and Accounting, Springer, vol. 60(3), pages 877-914, April.
    33. Hanssens, Jürgen & Deloof, Marc & Vanacker, Tom, 2016. "The evolution of debt policies: New evidence from business startups," Journal of Banking & Finance, Elsevier, vol. 65(C), pages 120-133.
    34. Cathcart, Lara & Dufour, Alfonso & Rossi, Ludovico & Varotto, Simone, 2020. "The differential impact of leverage on the default risk of small and large firms," Journal of Corporate Finance, Elsevier, vol. 60(C).
    35. Koziol, Christian & Lawrenz, Jochen, 2010. "Optimal design of rating-trigger step-up bonds: Agency conflicts versus asymmetric information," Journal of Corporate Finance, Elsevier, vol. 16(2), pages 182-204, April.
    36. González, Francisco, 2021. "Creditor rights and entrepreneurship: Evidence from legal changes," International Review of Economics & Finance, Elsevier, vol. 75(C), pages 278-299.
    37. Cécile Carpentier & Jean-Marc Suret, 2004. "Bypassing the Financial Growth Cycle: Evidence from Capital Pool Companies," CIRANO Working Papers 2004s-48, CIRANO.
    38. Inessa Love, 2020. "Entrepreneurial Access to Finance in the US," Working Papers 202004, University of Hawaii at Manoa, Department of Economics.
    39. Jens Burchardt & Ulrich Hommel & Dzidziso Samuel Kamuriwo & Carolina Billitteri, 2016. "Venture Capital Contracting in Theory and Practice: Implications for Entrepreneurship Research," Entrepreneurship Theory and Practice, , vol. 40(1), pages 25-48, January.
    40. Patrícia Becsky-Nagy, 2016. "The Special Aspects of Venture Capital’s Value Creating Mechanisms in Hungary," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 12(3), pages 31-55.
    41. Armin Schwienbacher, 2008. "Venture capital investment practices in Europe and the United States," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 22(3), pages 195-217, September.
    42. Hui Fu & Jun Yang & Yunbi An, 2019. "Contracts for venture capital financing with double-sided moral hazard," Small Business Economics, Springer, vol. 53(1), pages 129-144, June.
    43. Kathryn Viemann & Martin Hibbeln, 2006. "Anreizsysteme als Instrument des Beteiligungscontrolling in Venture-Capital-Gesellschaften," Metrika: International Journal for Theoretical and Applied Statistics, Springer, vol. 17(3), pages 301-322, November.
    44. Douglas Cumming, 2006. "Adverse Selection and Capital Structure: Evidence from Venture Capital," Entrepreneurship Theory and Practice, , vol. 30(2), pages 155-183, March.
    45. Thomas Hartmann†Wendels & Georg Keienburg & Soenke Sievers, 2011. "Adverse Selection, Investor Experience and Security Choice in Venture Capital Finance: Evidence from Germany," European Financial Management, European Financial Management Association, vol. 17(3), pages 464-499, June.
    46. Cécile Carpentier & Jean-Marc Suret, 2005. "On the Usefulness of Tax Incentives for Business Angels and SME Owners: An Empirical Analysis," CIRANO Working Papers 2005s-13, CIRANO.
    47. John Armour & Douglas Cumming, 2006. "The legislative road to Silicon Valley," Oxford Economic Papers, Oxford University Press, vol. 58(4), pages 596-635, October.
    48. Yan Alperovych & Georges Hübner, 2013. "Incremental impact of venture capital financing," Small Business Economics, Springer, vol. 41(3), pages 651-666, October.
    49. Nemlioglu, Ilayda & Mallick, Sushanta, 2021. "Effective innovation via better management of firms: The role of leverage in times of crisis," Research Policy, Elsevier, vol. 50(7).
    50. Cressy, Robert & Munari, Federico & Malipiero, Alessandro, 2007. "Playing to their strengths? Evidence that specialization in the private equity industry confers competitive advantage," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 647-669, September.
    51. Valkama, Petri & Maula, Markku & Nikoskelainen, Erkki & Wright, Mike, 2013. "Drivers of holding period firm-level returns in private equity-backed buyouts," Journal of Banking & Finance, Elsevier, vol. 37(7), pages 2378-2391.

  178. Cumming, Douglas J. & MacIntosh, Jeffrey G., 2003. "A cross-country comparison of full and partial venture capital exits," Journal of Banking & Finance, Elsevier, vol. 27(3), pages 511-548, March.

    Cited by:

    1. Sian Owen & Jo-Ann Suchard, 2013. "The impact of venture capital/private equity investment on the performance of IPOs in Australia," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 19, pages 400-420, Edward Elgar Publishing.
    2. Elisabete Félix & Cesaltina Pires & Mohamed Gulamhussen, 2013. "The Determinants of Venture Capital in Europe — Evidence Across Countries," Journal of Financial Services Research, Springer;Western Finance Association, vol. 44(3), pages 259-279, December.
    3. Carolin Bock & Maximilian Schmidt, 2015. "Should I stay, or should I go? – How fund dynamics influence venture capital exit decisions," Review of Financial Economics, John Wiley & Sons, vol. 27(1), pages 68-82, November.
    4. Marut Dutt & Seshadev Sahoo, 2025. "Performance Differences in Indian Venture Capital Financed and Private Equity Financed Firms’ IPOs," Metamorphosis: A Journal of Management Research, , vol. 24(2), pages 141-163, December.
    5. Balboa, Marina & Marti, Jose, 2007. "Factors that determine the reputation of private equity managers in developing markets," Journal of Business Venturing, Elsevier, vol. 22(4), pages 453-480, July.
    6. Kräussl, Roman & Krause, Stefan, 2012. "Has Europe been catching up? An industry level analysis of venture capital success over 1985 - 2009," CFS Working Paper Series 2012/16, Center for Financial Studies (CFS).
    7. Raj K. Shankar & Einar Rasmussen & Marius T. Mathisen & Øystein Widding, 2023. "Overcoming Buyer-Seller Tensions in the Pre-Acquisition Process," Entrepreneurship Theory and Practice, , vol. 47(5), pages 1731-1759, September.
    8. Khalid Rashid, 2020. "Sharīʿah Compliance of Conventional Participative Financing: A Proposed Way Forward التوافق الشرعي في التمويل التشاركي التقليدي - طريقة مقترحة," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 33(2), pages 47-64, July.
    9. James A. Brander & Edward Egan & Thomas F. Hellmann, 2008. "Government Sponsored versus Private Venture Capital: Canadian Evidence," NBER Working Papers 14029, National Bureau of Economic Research, Inc.
    10. Cheng, Cheng & Schwienbacher, Armin, 2016. "Venture capital investors and foreign listing choices of Chinese companies," Emerging Markets Review, Elsevier, vol. 29(C), pages 42-67.
    11. Silvia Rossetto, 2008. "The price of rapid exit in venture capital-backed IPOs," Annals of Finance, Springer, vol. 4(1), pages 29-53, January.
    12. Zhang, Yuejia & Mayes, David Geoffrey, 2018. "The performance of governmental venture capital firms: A life cycle perspective and evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 48(C), pages 162-185.
    13. Wang, Lanfang & Wang, Susheng, 2017. "Buybacks as an efficient strategy for venture capital in emerging markets," Pacific-Basin Finance Journal, Elsevier, vol. 43(C), pages 107-123.
    14. McKenzie, Michael & Satchell, Stephen & Wongwachara, Warapong, 2012. "Nonlinearity and smoothing in venture capital performance data," Journal of Empirical Finance, Elsevier, vol. 19(5), pages 782-795.
    15. Achleitner, Ann-Kristin & Engel, Nico & Reiner, Uwe, 2013. "The performance of venture capital investments: Do investors overreact?," Review of Financial Economics, Elsevier, vol. 22(1), pages 20-35.
    16. Antonio Gledson De Carvalho & Humberto Gallucci-Netto & Eduardo M. R. Siqueira, 2017. "Determinants of success in venture capital investments: evidence from Brazil," Venture Capital, Taylor & Francis Journals, vol. 19(3), pages 147-161, July.
    17. Bock, Carolin & Schmidt, Maximilian, 2015. "Should I stay, or should I go? – How fund dynamics influence venture capital exit decisions," Review of Financial Economics, Elsevier, vol. 27(C), pages 68-82.
    18. Colombo, Massimo G. & D’Adda, Diego & Quas, Anita, 2019. "The geography of venture capital and entrepreneurial ventures’ demand for external equity," Research Policy, Elsevier, vol. 48(5), pages 1150-1170.
    19. April Knill, 2009. "Should Venture Capitalists Put All Their Eggs in One Basket? Diversification versus Pure‐Play Strategies in Venture Capital," Financial Management, Financial Management Association International, vol. 38(3), pages 441-486, September.
    20. Nikoskelainen, Erkki & Wright, Mike, 2007. "The impact of corporate governance mechanisms on value increase in leveraged buyouts," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 511-537, September.
    21. Simona Fabrizi & Steffen Lippert & Pehr-Johan Norbäck & Lars Persson, 2013. "Venture Capitalists and the Patenting of Innovations," Journal of Industrial Economics, Wiley Blackwell, vol. 61(3), pages 623-659, September.
    22. Rønde, Thomas & Arora, Ashish & Fosfuri, Andrea, 2018. "Waiting for the payday? The market for startups and the timing of entrepreneurial exit," CEPR Discussion Papers 12724, Centre for Economic Policy Research.
    23. Elisabete Gomes Santana Félix & José Paulo Esperança & Mohamed Azzim Gulamhussen & Cesaltina Pacheco Pires, 2009. "An analysis of the Portuguese venture capital market: partial exits versus total exits," Portuguese Journal of Management Studies, ISEG, Universidade de Lisboa, vol. 0(3), pages 239-258.
    24. Melita Nicotra & Marco Romano & Manlio Giudice & Carmela Elita Schillaci, 2018. "The causal relation between entrepreneurial ecosystem and productive entrepreneurship: a measurement framework," The Journal of Technology Transfer, Springer, vol. 43(3), pages 640-673, June.
    25. Cumming, Douglas J. & MacIntosh, Jeffrey G., 2006. "Crowding out private equity: Canadian evidence," Journal of Business Venturing, Elsevier, vol. 21(5), pages 569-609, September.
    26. Carpentier, Cécile & L'Her, Jean-François & Suret, Jean-Marc, 2010. "Stock exchange markets for new ventures," Journal of Business Venturing, Elsevier, vol. 25(4), pages 403-422, July.
    27. Wang, Lanfang & Wang, Susheng, 2012. "Economic freedom and cross-border venture capital performance," Journal of Empirical Finance, Elsevier, vol. 19(1), pages 26-50.
    28. Thi X. A. Tran & Thi L. A. Nguyen & Thi H. L. Nguyen, 2016. "Affect of Uncertainty Avoidance on Venture Capital Investing Activities in Asian Countries," Asian Social Science, Canadian Center of Science and Education, vol. 12(12), pages 152-152, December.
    29. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    30. Gaddy, Benjamin E. & Sivaram, Varun & Jones, Timothy B. & Wayman, Libby, 2017. "Venture Capital and Cleantech: The wrong model for energy innovation," Energy Policy, Elsevier, vol. 102(C), pages 385-395.
    31. Fabrizi, Simona & Lippert, Steffen & Norback, Pehr-Johan & Persson, Lars, 2007. "Venture Capitalists, Asymmetric Information and Ownership in the Innovation Process," MPRA Paper 6265, University Library of Munich, Germany.
    32. Weik, Stefan & Achleitner, Ann-Kristin & Braun, Reiner, 2024. "Venture capital and the international relocation of startups," Research Policy, Elsevier, vol. 53(7).
    33. Garry A. Gabison, 2015. "Venture Capital Principles in the European ICT Ecosystem: How can they help ICT innovation?," JRC Research Reports JRC98783, Joint Research Centre.
    34. Nanda, Ramana & Samila, Sampsa & Sorenson, Olav, 2020. "The persistent effect of initial success: Evidence from venture capital," Journal of Financial Economics, Elsevier, vol. 137(1), pages 231-248.
    35. Cécile Carpentier & Jean-François L'Her & Jean-Marc Suret, 2008. "Stock Exchange Markets for New Ventures," CIRANO Working Papers 2008s-12, CIRANO.
    36. Humphery-Jenner, Mark & Suchard, Jo-Ann, 2013. "Foreign VCs and venture success: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 16-35.
    37. Giang Nguyen & Hung Pham, 2024. "Venture capital and methods of payment in mergers and acquisitions," Post-Print hal-04325755, HAL.
    38. Walz, Uwe & Cumming, Douglas, 2004. "Private equity returns and disclosure around the world," CFS Working Paper Series 2004/05, Center for Financial Studies (CFS).
    39. Cumming, Douglas & Johan, Sofia Atiqah binti, 2008. "Preplanned exit strategies in venture capital," European Economic Review, Elsevier, vol. 52(7), pages 1209-1241, October.
    40. Manoj Kumar Srivastava & Ashutosh Dash & Imlak Shaikh, 2025. "Funding Innovation and Risk: A Grey-Based Startup Investment Decision," Evaluation Review, , vol. 49(2), pages 304-342, April.
    41. Cumming, Douglas J., 2005. "Agency costs, institutions, learning, and taxation in venture capital contracting," Journal of Business Venturing, Elsevier, vol. 20(5), pages 573-622, September.
    42. Rohan Chinchwadkar & Rama Seth, 2018. "The Choice of Exit: Influence of Private Equity Investors and Buyout Entry," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 17(1_suppl), pages 1-26, April.
    43. Johannes Wallmeroth & Peter Wirtz & Alexander Peter Groh, 2017. "Institutional Seed Financing, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review," Working Papers hal-01527999, HAL.
    44. Shuangshuang Kong & Miwako Nitani & Allan Riding, 2016. "Cross-border VC investment in Canadian firms: implications for exit patterns," Venture Capital, Taylor & Francis Journals, vol. 18(1), pages 63-93, January.
    45. Block, Joern & Sandner, Philipp & De Vries, Geertjan, 2010. "Venture capital and the financial crisis: an empirical study across industries and countries," MPRA Paper 20287, University Library of Munich, Germany.
    46. Roman Kräussl & Stefan Krause, 2014. "Has Europe Been Catching Up? An Industry Level Analysis of Venture Capital Success over 1985–2009," European Financial Management, European Financial Management Association, vol. 20(1), pages 179-205, January.
    47. Pei-Gi Shu & Yin-Hua Yeh & Shean-Bii Chiu & Fu-Sheng Ho, 2011. "The reputation effect of venture capital," Review of Quantitative Finance and Accounting, Springer, vol. 36(4), pages 533-554, May.
    48. Colombo, Massimo G. & Cumming, Douglas & Mohammadi, Ali & Rossi-Lamastra , Cristina & Wadhwa , Anu, 2014. "Open Business Models And Venture Capital Finance," Working Paper Series in Economics and Institutions of Innovation 347, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
    49. Munari, Federico & Toschi, Laura, 2015. "Assessing the impact of public venture capital programmes in the United Kingdom: Do regional characteristics matter?," Journal of Business Venturing, Elsevier, vol. 30(2), pages 205-226.
    50. Dominic, James & Gopalaswamy, Arun Kumar, 2019. "Is the venture capital market liquid? Evidence from India," Global Finance Journal, Elsevier, vol. 41(C), pages 146-157.
    51. Johan, Sofia & Zhang, Minjie, 2016. "Private equity exits in emerging markets," Emerging Markets Review, Elsevier, vol. 29(C), pages 133-153.
    52. Cumming, Douglas, 2007. "Government policy towards entrepreneurial finance: Innovation investment funds," Journal of Business Venturing, Elsevier, vol. 22(2), pages 193-235, March.
    53. John Armour & Douglas Cumming, 2004. "The Legal Road To Replicating Silicon Valley," Working Papers wp281, Centre for Business Research, University of Cambridge.
    54. Anita Quas & Diego D’Adda, 2018. "High-tech entrepreneurial ventures seeking external equity: whether, when, where… and why not?," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 45(3), pages 311-334, September.
    55. Ann-Kristin Achleitner & Reiner Braun & Eva Lutz & Uwe Reiner, 2014. "Industry relatedness in trade sales and venture capital investment returns," Small Business Economics, Springer, vol. 43(3), pages 621-637, October.
    56. Cressy, Robert & Farag, Hisham, 2014. "Stairway to heaven or gateway to hell? A competing risks analysis of delistings from Hong Kong's Growth Enterprise Market," International Review of Financial Analysis, Elsevier, vol. 36(C), pages 195-205.
    57. Li, Wanli & Cao, Ting & Feng, Zhaozhen, 2016. "Heterogeneous venture capital, M&A activity, and market response," Emerging Markets Review, Elsevier, vol. 29(C), pages 168-199.
    58. Ali-Yrkkö, Jyrki & Hyytinen, Ari & Liukkonen, Johanna, 2001. "Exiting Venture Capital Investments: Lessons from Finland," Discussion Papers 781, The Research Institute of the Finnish Economy.
    59. Cumming, D. & Johan, S.A., 2006. "Regulatory harmonization and the development of private equity markets," Discussion Paper 2006-001, Tilburg University, Tilburg Law and Economic Center.
    60. Chortareas, Georgios E. & Girardone, Claudia & Ventouri, Alexia, 2013. "Financial freedom and bank efficiency: Evidence from the European Union," Journal of Banking & Finance, Elsevier, vol. 37(4), pages 1223-1231.
    61. Keuschnigg, Christian, 2003. "Optimal Public Policy for Venture Capital Backed Innovation," CEPR Discussion Papers 3850, Centre for Economic Policy Research.
    62. Kanniainen, Vesa & Keuschnigg, Christian, 2004. "Start-up investment with scarce venture capital support," Journal of Banking & Finance, Elsevier, vol. 28(8), pages 1935-1959, August.
    63. Douglas Cumming & Sofia Johan, 2006. "Provincial preferences in private equity," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 20(4), pages 369-398, December.
    64. Christian Keuschnigg, 2003. "Public Policy and Venture Capital Backed Innovation," CESifo Working Paper Series 1066, CESifo.
    65. Denis Cormier & Daniel Coulombe & Luania Gomez Gutierrez & Bruce J. Mcconomy, 2018. "Firms in Transition: A Review of the Venture Capital, IPO, and M&A Literature," Accounting Perspectives, John Wiley & Sons, vol. 17(1), pages 9-88, March.
    66. Suchard, Jo-Ann, 2009. "The impact of venture capital backing on the corporate governance of Australian initial public offerings," Journal of Banking & Finance, Elsevier, vol. 33(4), pages 765-774, April.
    67. Norbäck, Pehr-Johan & Persson, Lars, 2004. "The Organization of the Innovation Industry: Entrepreneurs, Venture Capitalists, and Oligopolists," Working Paper Series 626, Research Institute of Industrial Economics.
    68. Barg, Johannes A. & Drobetz, Wolfgang & Momtaz, Paul P., 2021. "Valuing start-up firms: A reverse-engineering approach for fair-value multiples from venture capital transactions," Finance Research Letters, Elsevier, vol. 43(C).
    69. Sinha, Kanhaiya K. & Goel, Sanjay & Nguyen, Nga, 2024. "Differentiating between successful VC exit strategies: The influences of time-since-first-funding-received by the venture and strength of US VCs in cross-border syndicates," International Review of Financial Analysis, Elsevier, vol. 96(PB).
    70. Andrieu, Guillaume & Peter Groh, Alexander, 2021. "Strategic exits in secondary venture capital markets," Journal of Business Venturing, Elsevier, vol. 36(2).
    71. Paul Gompers & William Gornall & Steven N. Kaplan & Ilya A. Strebulaev, 2016. "How Do Venture Capitalists Make Decisions?," NBER Working Papers 22587, National Bureau of Economic Research, Inc.
    72. Chin-Wei Lin & Cheng-Shu Kao & Charles S. Chien, 2020. "The Evaluation of Venture Capital in the Biotech Investment of Taiwan Rice-Bran Polysaccharide," Advances in Management and Applied Economics, SCIENPRESS Ltd, vol. 10(3), pages 1-8.
    73. David B. Audretsch & Erik E. Lehmann, 2013. "Corporate governance in newly listed companies," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 9, pages 179-206, Edward Elgar Publishing.
    74. Cumming, Douglas J. & Nguyen, Giang & Nguyen, My, 2022. "Product market competition, venture capital, and the success of entrepreneurial firms," Journal of Banking & Finance, Elsevier, vol. 144(C).
    75. Cumming, Douglas & Fleming, Grant & Suchard, Jo-Ann, 2005. "Venture capitalist value-added activities, fundraising and drawdowns," Journal of Banking & Finance, Elsevier, vol. 29(2), pages 295-331, February.
    76. Pengda Fan & Kazuo Yamada, 2020. "Same bed different dream composition of IPO shares and withdrawal decisions in weak market conditions," Small Business Economics, Springer, vol. 55(4), pages 955-974, December.
    77. Erik Lehmann, 2006. "Does Venture Capital Syndication Spur Employment Growth and Shareholder Value? Evidence from German IPO Data," Small Business Economics, Springer, vol. 26(5), pages 455-464, June.
    78. Arcot, Sridhar, 2014. "Participating convertible preferred stock in venture capital exits," Journal of Business Venturing, Elsevier, vol. 29(1), pages 72-87.
    79. Khanindra Ch. Das, 2023. "What Affects Startup Acquisition in Emerging Economy? Evidence from India," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 22(2), pages 111-134, June.
    80. Bart Clarysse & Annelies Bobelyn & Itxaso Palacio Aguirre, 2013. "Learning from own and others’ previous experience: the contribution of the venture capital firm to the likelihood of a portfolio company’s trade sale," Small Business Economics, Springer, vol. 40(3), pages 575-590, April.
    81. Wong, Yuet-Yee, 2024. "A dynamic duration approach to venture capital exit," Finance Research Letters, Elsevier, vol. 68(C).
    82. Michael D. McKenzie & William H. Janeway, 2011. "Venture capital funds and the public equity market," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 51(3), pages 764-786, September.
    83. Valérie Revest & Alessandro Sapio, 2012. "Financing technology-based small firms in Europe: what do we know?," Small Business Economics, Springer, vol. 39(1), pages 179-205, July.
    84. Roman Kraussl & Stefan Krause, 2013. "Has Europe Been Catching Up? An Industry Level Analysis of Venture Capital Success over 1985-2009," DEM Discussion Paper Series 13-6, Department of Economics at the University of Luxembourg.
    85. Zhong, Yan & Wang, Ami & Aalbers, Rick & McCarthy, Killian J & Zhang, Ruling, 2025. "Keeping things cordial: Competition, cooperation and coopetition in venture capital syndicates," Journal of Business Research, Elsevier, vol. 201(C).
    86. Wang, Lanfang & Wang, Susheng, 2011. "Cross-border venture capital performance: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 19(1), pages 71-97, January.
    87. Jenkinson, Tim & Sousa, Miguel, 2015. "What determines the exit decision for leveraged buyouts?," Journal of Banking & Finance, Elsevier, vol. 59(C), pages 399-408.
    88. Thomas Hartmann†Wendels & Georg Keienburg & Soenke Sievers, 2011. "Adverse Selection, Investor Experience and Security Choice in Venture Capital Finance: Evidence from Germany," European Financial Management, European Financial Management Association, vol. 17(3), pages 464-499, June.
    89. Jelic, Ranko & Zhou, Dan & Ahmad, Wasim, 2021. "Do stressed PE firms misbehave?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    90. David B. Audretsch & Erik E. Lehmann, 2004. "Financing High-Tech Growth: The Role of Debt or Equity," Papers on Entrepreneurship, Growth and Public Policy 2004-19, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group.
    91. Wang, Qing (Sophie) & Lai, Shaojie & Anderson, Hamish D., 2021. "VC fund preferences and exits of individual investors," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
    92. Lehmann, Erik, 2018. "Corporate governance," UO Working Papers 01-18, University of Augsburg, Chair of Management and Organization.
    93. Maunula, Mari, 2006. "The Perceived Value-added of Venture Capital Investors. Evidence from Finnish Biotechnology Industry," Discussion Papers 1030, The Research Institute of the Finnish Economy.
    94. John Armour & Douglas Cumming, 2006. "The legislative road to Silicon Valley," Oxford Economic Papers, Oxford University Press, vol. 58(4), pages 596-635, October.
    95. L. Bottazzi & M. Da Rin & T. Hellmann, 2007. "What is the Role of Legal Systems in Financial Intermediation? Theory and Evidence," Working Papers 613, Dipartimento Scienze Economiche, Universita' di Bologna.
    96. Massimo Colombo & Philippe Mustar & Mike Wright, 2010. "Dynamics of Science-based entrepreneurship," The Journal of Technology Transfer, Springer, vol. 35(1), pages 1-15, February.
    97. Nahata, Rajarishi, 2008. "Venture capital reputation and investment performance," Journal of Financial Economics, Elsevier, vol. 90(2), pages 127-151, November.
    98. Ann‐Kristin Achleitner & Nico Engel & Uwe Reiner, 2013. "The performance of venture capital investments: Do investors overreact?," Review of Financial Economics, John Wiley & Sons, vol. 22(1), pages 20-35, January.
    99. Veroniek Collewaert, 2012. "Angel Investors’ and Entrepreneurs’ Intentions to Exit Their Ventures: A Conflict Perspective," Entrepreneurship Theory and Practice, , vol. 36(4), pages 753-779, July.
    100. Wang, Lanfang & Wang, Susheng, 2012. "Endogenous networks in investment syndication," Journal of Corporate Finance, Elsevier, vol. 18(3), pages 640-663.
    101. Anna Deias & Alessandro Magrini, 2023. "The Impact of Equity Funding Dynamics on Venture Success: An Empirical Analysis Based on Crunchbase Data," Economies, MDPI, vol. 11(1), pages 1-15, January.
    102. Mikko Jääskeläinen & Markku Maula & Tuukka Seppä, 2006. "Allocation of Attention to Portfolio Companies and the Performance of Venture Capital Firms," Entrepreneurship Theory and Practice, , vol. 30(2), pages 185-206, March.
    103. Riyanto, Yohanes E. & Schwienbacher, Armin, 2006. "The strategic use of corporate venture financing for securing demand," Journal of Banking & Finance, Elsevier, vol. 30(10), pages 2809-2833, October.
    104. Federico Munari & Martina Pasquini & Laura Toschi, 2015. "From the lab to the stock market? The characteristics and impact of university-oriented seed funds in Europe," The Journal of Technology Transfer, Springer, vol. 40(6), pages 948-975, December.
    105. Douglas Cumming & Grant Fleming & Armin Schwienbacher, 2009. "Corporate Relocation in Venture Capital Finance," Entrepreneurship Theory and Practice, , vol. 33(5), pages 1121-1155, September.
    106. Shepherd, Dean A. & Armstrong, Michael J. & Levesque, Moren, 2005. "Allocation of attention within venture capital firms," European Journal of Operational Research, Elsevier, vol. 163(2), pages 545-564, June.
    107. Anderson, Hamish D. & Chi, Jing & Wang, Qing (Sophie), 2017. "Political ties and VC exits: Evidence from China," China Economic Review, Elsevier, vol. 44(C), pages 48-66.
    108. Jia, Ning & Wang, Dan, 2017. "Skin in the game: General partner capital commitment, investment behavior and venture capital fund performance," Journal of Corporate Finance, Elsevier, vol. 47(C), pages 110-130.
    109. Bi, Ruigang & Kou, Zonglai & Zhou, Min, 2024. "How to guide venture capital to startups? Evidence from China's Science and Technology Innovation Board," Journal of Asian Economics, Elsevier, vol. 95(C).
    110. Li, Yi & Zhang, Wei, 2021. "Another game in town: Spillover effects of IPOs in China," Journal of Corporate Finance, Elsevier, vol. 67(C).
    111. Douglas J. Cumming & Jeffrey G. MacIntosh, 2003. "Comparative Venture Capital Governance. Private versus Labour Sponsored Venture Capital Funds," CESifo Working Paper Series 853, CESifo.
    112. Douglas Cumming, 2007. "Financing Entrepreneurs Better Canadian Policy for Venture Capital," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 247, April.
    113. Cumming, Douglas & Fleming, Grant & Schwienbacher, Armin, 2006. "Legality and venture capital exits," Journal of Corporate Finance, Elsevier, vol. 12(2), pages 214-245, January.
    114. Marius Tuft Mathisen & Raj Krishnan Shankar & Øystein Widding & Einar Rasmussen & Alexander McKelvie, 2022. "Enablers of exit through trade sale: the case of early-stage research-based spin-offs," Small Business Economics, Springer, vol. 59(2), pages 521-535, August.

  179. Cumming, Douglas J. & MacIntosh, Jeffrey G., 2002. "The rationales underlying reincorporation and implications for Canadian corporations," International Review of Law and Economics, Elsevier, vol. 22(3), pages 277-330, September.

    Cited by:

    1. Narjess Boubraki & Yves Bozec & Claude Laurin & Stéphane Rousseau, 2011. "Incorporation Law, Ownership Structure, and Firm Value: Evidence from Canada," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 8(2), pages 358-383, June.
    2. Anita I. Anand & Edward M. Iacobucci, 2011. "An Empirical Examination of the Governance Choices of Income Trusts," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 8(1), pages 147-176, March.
    3. Johan, Sofia A., 2010. "Listing standards as a signal of IPO preparedness and quality," International Review of Law and Economics, Elsevier, vol. 30(2), pages 128-144, June.
    4. Bebchuk, Lucian Arye & Cohen, Alma, 2003. "Firms' Decisions Where to Incorporate," Journal of Law and Economics, University of Chicago Press, vol. 46(2), pages 383-425, October.
    5. Taylor R. Gray, 2010. "A Corporate Geography of Canada: Insights into a Multi‐Jurisdictional Model of Corporate Governance," Growth and Change, Wiley Blackwell, vol. 41(4), pages 467-494, December.
    6. Oehr, Tim-Frederik & Zimmermann, Jochen, 2012. "Accounting and the welfare state: The missing link," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 23(2), pages 134-152.
    7. Cumming, D. & Johan, S.A., 2005. "Provincial preferences in private equity," Discussion Paper 2005-004, Tilburg University, Tilburg Law and Economic Center.
    8. Yang Xu & Vincent Jia & Xinze Qian & Haizhi Wang & Xiaotian Zhang, 2024. "Delaware Reincorporation and the Double-Exit Puzzle: Evidence from Post-Initial Public Offering Acquisitions," IJFS, MDPI, vol. 12(2), pages 1-15, April.
    9. Goergen, Marc & Renneboog, Luc, 2008. "Contractual corporate governance," Journal of Corporate Finance, Elsevier, vol. 14(3), pages 166-182, June.

  180. Cumming, Douglas J. & MacIntosh, Jeffrey G., 2001. "Venture capital investment duration in Canada and the United States," Journal of Multinational Financial Management, Elsevier, vol. 11(4-5), pages 445-463, December.

    Cited by:

    1. Suarez, Javier & Michelacci, Claudio, 2002. "Business Creation and the Stock Market," CEPR Discussion Papers 3513, Centre for Economic Policy Research.
    2. Cumming, Douglas J. & MacIntosh, Jeffrey G., 2003. "A cross-country comparison of full and partial venture capital exits," Journal of Banking & Finance, Elsevier, vol. 27(3), pages 511-548, March.
    3. Fatima Shuwaikh & Souad Brinette & Sabrina Khemiri & Rita Grego De Castro, 2024. "Venture capital activities under uncertainty: US and UK investors behavior," Annals of Operations Research, Springer, vol. 334(1), pages 885-917, March.
    4. Aleksandar Bradic, 2012. "The Role of Social Feedback in Financing of Technology Ventures," Papers 1301.2196, arXiv.org.
    5. Cumming, Douglas J. & MacIntosh, Jeffrey G., 2006. "Crowding out private equity: Canadian evidence," Journal of Business Venturing, Elsevier, vol. 21(5), pages 569-609, September.
    6. Giot, Pierre & Schwienbacher, Armin, 2007. "IPOs, trade sales and liquidations: Modelling venture capital exits using survival analysis," Journal of Banking & Finance, Elsevier, vol. 31(3), pages 679-702, March.
    7. Sophie Manigart & Andy Lockett & Miguel Meuleman & Mike Wright & Hans Landström & Hans Bruining & Philippe Desbrières & Ulrich Hommel, 2006. "Venture Capitalists’ Decision to Syndicate," Entrepreneurship Theory and Practice, , vol. 30(2), pages 131-153, March.
    8. Johannes Wallmeroth & Peter Wirtz & Alexander Peter Groh, 2017. "Institutional Seed Financing, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review," Working Papers hal-01527999, HAL.
    9. Yang Ni & Shasha Guo & David Giles, 2010. "Capital structures in an emerging market: a duration analysis of the time interval between IPO and SEO in China," Applied Financial Economics, Taylor & Francis Journals, vol. 20(19), pages 1531-1545.
    10. Dominic, James & Gopalaswamy, Arun Kumar, 2019. "Is the venture capital market liquid? Evidence from India," Global Finance Journal, Elsevier, vol. 41(C), pages 146-157.
    11. Laura Abrardi & Annalisa Croce & Elisa Ughetto, 2019. "The dynamics of switching between governmental and independent venture capitalists: theory and evidence," Small Business Economics, Springer, vol. 53(1), pages 165-188, June.
    12. Monika Dhochak & Anil Kumar Sharma, 2016. "Using interpretive structural modeling in venture capitalists’ decision-making process," DECISION: Official Journal of the Indian Institute of Management Calcutta, Springer;Indian Institute of Management Calcutta, vol. 43(1), pages 53-65, March.
    13. Valerio Vacca, 2013. "Financing innovation in Italy: an analysis of venture capital and private equity investments," Questioni di Economia e Finanza (Occasional Papers) 209, Bank of Italy, Economic Research and International Relations Area.
    14. Gejadze, Maia & Giot, Pierre & Schwienbacher, Armin, 2017. "Private equity fundraising and firm specialization," The Quarterly Review of Economics and Finance, Elsevier, vol. 64(C), pages 259-274.
    15. Sophie Pommet, 2013. "The Impact of Venture Capital Investment Duration on the Survival of French IPOs," GREDEG Working Papers 2013-32, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    16. Khanindra Ch. Das, 2023. "What Affects Startup Acquisition in Emerging Economy? Evidence from India," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 22(2), pages 111-134, June.
    17. Cécile Carpentier & Jean-Marc Suret, 2009. "The Survival and Success of Canadian Penny Stock IPOs," CIRANO Working Papers 2007s-28, CIRANO.
    18. Brander, James A. & Egan, Edward J., 2017. "The winner’s curse in acquisitions of privately-held firms," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 249-262.
    19. David Devigne & Tom Vanacker & Sophie Manigart & Ine Paeleman, 2013. "The role of domestic and cross-border venture capital investors in the growth of portfolio companies," Small Business Economics, Springer, vol. 40(3), pages 553-573, April.
    20. Sophie Pommet, 2013. "The impact of venture capital investment duration on the survival of French IPOs," Working Papers halshs-00923957, HAL.
    21. S. Manigart & A. Lockett & M. Meuleman & M. Wright & H. Landstr M & H. Bruining & P. Desbri Res & U. Hommel, 2004. "Why Do Venture Capital Companies Syndicate?," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 04/226, Ghent University, Faculty of Economics and Business Administration.
    22. Hsu, Hung-Chia Scott, 2013. "Technology timing of IPOs and venture capital incubation," Journal of Corporate Finance, Elsevier, vol. 19(C), pages 36-55.
    23. Buzzacchi, Luigi & Scellato, Giuseppe & Ughetto, Elisa, 2013. "The investment strategies of publicly sponsored venture capital funds," Journal of Banking & Finance, Elsevier, vol. 37(3), pages 707-716.
    24. Douglas J. Cumming & Jeffrey G. MacIntosh, 2003. "Comparative Venture Capital Governance. Private versus Labour Sponsored Venture Capital Funds," CESifo Working Paper Series 853, CESifo.
    25. Annalisa Croce & Elisa Ughetto, 2019. "The role of venture quality and investor reputation in the switching phenomenon to different types of venture capitalists," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 46(2), pages 191-227, June.

  181. Douglas Cumming, 2001. "Settlement Disputes: Evidence from a Legal Practice Perspective," European Journal of Law and Economics, Springer, vol. 11(3), pages 249-280, May.

    Cited by:

    1. Doménech-Pascual, Gabriel & Martínez-Matute, Marta & Mora-Sanguinetti, Juan S., 2021. "Do fee-shifting rules affect plaintiffs’ win rates? A theoretical and empirical analysis," International Review of Law and Economics, Elsevier, vol. 65(C).
    2. Yun-chien Chang & Su-hao Tu, 2020. "Two-way selection between flat-fee attorneys and litigants: theoretical and empirical analyses," European Journal of Law and Economics, Springer, vol. 49(1), pages 131-164, February.

  182. Douglas Cumming & Jeffrey MacIntosh, 2000. "The Determinants of R & D Expenditures: A Study of the Canadian Biotechnology Industry," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 17(4), pages 357-370, December.

    Cited by:

    1. Salman Ali & Syed Mizanur Rahman, 2020. "R&D Expenditure in a Competitive Landscape: A Game Theoretic Approach," International Journal of Business and Economics, School of Management Development, Feng Chia University, Taichung, Taiwan, vol. 19(1), pages 47-60, June.
    2. Pukthuanthong, Kuntara, 2006. "Underwriter learning about unfamiliar firms: Evidence from the history of biotech IPOS," Journal of Financial Markets, Elsevier, vol. 9(4), pages 366-407, November.
    3. Shi, Xing & Wu, Yanrui, 2017. "The effect of internal and external factors on innovative behaviour of Chinese manufacturing firms," China Economic Review, Elsevier, vol. 46(S), pages 50-64.
    4. David Hillier & Julio Pindado & Valdoceu de Queiroz & Chabela de la Torre, 2011. "The impact of country-level corporate governance on research and development," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 42(1), pages 76-98, January.
    5. Lu, Feifei & Zhu, Zhu & Zhu, Lina & Gao, Hao, 2022. "Political tie hot potato: The contingent effect of China's anti-corruption policy on cash and innovation," Research Policy, Elsevier, vol. 51(4).
    6. Costa-Campi, M.T. & Duch-Brown, N. & García-Quevedo, J., 2014. "R&D drivers and obstacles to innovation in the energy industry," Energy Economics, Elsevier, vol. 46(C), pages 20-30.
    7. Schmitt, Stephan & Kucsera, Denes, 2013. "The Impact of the Regulatory Reform Process on R&D Investment of European Electricity Utilities," VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 80035, Verein für Socialpolitik / German Economic Association.
    8. William Griffiths & Elizabeth Webster, 2009. "What Governs Firm-Level R&D: Internal or External Factors?," Melbourne Institute Working Paper Series wp2009n13, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
    9. Haiyan Deng & Ruifa Hu & Carl Pray & Yanhong Jin & Zhonghua Li, 2020. "Determinants of Firm‐Level Lobbying and Government Responsiveness in Agricultural Biotechnology in China," Review of Policy Research, Policy Studies Organization, vol. 37(2), pages 201-220, March.
    10. Jonathan Peillex & Loredana Ureche-Rangau, 2016. "Identifying the Determinants of the Decision to Create Socially Responsible Funds: An Empirical Investigation," Journal of Business Ethics, Springer, vol. 136(1), pages 101-117, June.
    11. Feng Gu & Weimin Wang, 2005. "Intangible Assets, Information Complexity, and Analysts’ Earnings Forecasts," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(9‐10), pages 1673-1702, November.
    12. Jian Xu & Jae-Woo Sim, 2018. "Characteristics of Corporate R&D Investment in Emerging Markets: Evidence from Manufacturing Industry in China and South Korea," Sustainability, MDPI, vol. 10(9), pages 1-18, August.
    13. A. Rashad Abdel-Khalik, 2014. "CEO Risk Preference and Investing in R&D," Abacus, Accounting Foundation, University of Sydney, vol. 50(3), pages 245-278, September.
    14. Yanrui Wu, 2012. "R&D Behaviour in Chinese Firms," Economics Discussion / Working Papers 12-26, The University of Western Australia, Department of Economics.

  183. Cumming, Douglas J. & MacIntosh, Jeffrey G., 2000. "The role of interjurisdictional competition in shaping Canadian corporate law," International Review of Law and Economics, Elsevier, vol. 20(2), pages 141-186, June.

    Cited by:

    1. Narjess Boubraki & Yves Bozec & Claude Laurin & Stéphane Rousseau, 2011. "Incorporation Law, Ownership Structure, and Firm Value: Evidence from Canada," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 8(2), pages 358-383, June.
    2. Cumming, Douglas J. & MacIntosh, Jeffrey G., 2006. "Crowding out private equity: Canadian evidence," Journal of Business Venturing, Elsevier, vol. 21(5), pages 569-609, September.
    3. Anita I. Anand & Edward M. Iacobucci, 2011. "An Empirical Examination of the Governance Choices of Income Trusts," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 8(1), pages 147-176, March.
    4. Douglas Cumming & Sofia Johan, 2006. "Provincial preferences in private equity," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 20(4), pages 369-398, December.
    5. Johan, Sofia A., 2010. "Listing standards as a signal of IPO preparedness and quality," International Review of Law and Economics, Elsevier, vol. 30(2), pages 128-144, June.
    6. Bebchuk, Lucian Arye & Cohen, Alma, 2003. "Firms' Decisions Where to Incorporate," Journal of Law and Economics, University of Chicago Press, vol. 46(2), pages 383-425, October.
    7. Taylor R. Gray, 2010. "A Corporate Geography of Canada: Insights into a Multi‐Jurisdictional Model of Corporate Governance," Growth and Change, Wiley Blackwell, vol. 41(4), pages 467-494, December.
    8. Cumming, Douglas J. & MacIntosh, Jeffrey G., 2002. "The rationales underlying reincorporation and implications for Canadian corporations," International Review of Law and Economics, Elsevier, vol. 22(3), pages 277-330, September.

Chapters

  1. Douglas Cumming & Sofia Johan, 2013. "The IPO as an exit strategy for venture capitalists: regional lessons from Canada with international comparisons," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 21, pages 465-502, Edward Elgar Publishing.

    Cited by:

    1. Meluzin, Tomas & Zinecker, Marek & Lapinska, Justyna, 2014. "Determinants of Initial Public Offerings: The Case of Poland || Factores determinantes de una opción pública de venta (OPV): el caso de Polonia," Revista de Métodos Cuantitativos para la Economía y la Empresa = Journal of Quantitative Methods for Economics and Business Administration, Universidad Pablo de Olavide, Department of Quantitative Methods for Economics and Business Administration, vol. 18(1), pages 5-17, December.

  2. Douglas Cumming & Grant Fleming & Armin Schwienbacher, 2007. "The Structure of Venture Capital Funds," Chapters, in: Hans Landström (ed.), Handbook of Research on Venture Capital, chapter 5, Edward Elgar Publishing.

    Cited by:

    1. Li, Yuchen & Meng, Jiayin & Zhou, Ruifan & Wang, Ying, 2024. "Does governmental venture capital (GVC) advance green innovation? Big data evidence from China," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 772-788.

Books

  1. Sabri Boubaker & Douglas Cumming & Duc K. Nguyen (ed.), 2018. "Research Handbook of Investing in the Triple Bottom Line," Books, Edward Elgar Publishing, number 17813.

    Cited by:

    1. K. Thomas Liaw, 2020. "Survey of Green Bond Pricing and Investment Performance," JRFM, MDPI, vol. 13(9), pages 1-12, August.
    2. Mario La Torre & Annarita Trotta & Helen Chiappini & Alessandro Rizzello, 2019. "Business Models for Sustainable Finance: The Case Study of Social Impact Bonds," Sustainability, MDPI, vol. 11(7), pages 1-23, March.
    3. Ursule Yvanna Otek Ntsama & Chen Yan & Alireza Nasiri & Abdel Hamid Mbouombouo Mboungam, 2021. "Green bonds issuance: insights in low- and middle-income countries," International Journal of Corporate Social Responsibility, Springer, vol. 6(1), pages 1-9, December.
    4. José Manuel Santos‐Jaén & Patricia P. Iglesias‐Sanchez & Meda Nataliia & Carlos de las Heras Jambrino, 2025. "Financing Businesses for Sustainable Growth: Economic, Social, and Environmental Drivers With A Gender Approach," Sustainable Development, John Wiley & Sons, Ltd., vol. 33(5), pages 7895-7909, October.
    5. Paulo Ferreira & Éder J. A. L. Pereira & Hernane B. B. Pereira, 2020. "The Exposure of European Union Productive Sectors to Oil Price Changes," Sustainability, MDPI, vol. 12(4), pages 1-16, February.

  2. Douglas Cumming & Lars Hornuf (ed.), 2018. "The Economics of Crowdfunding," Springer Books, Springer, number 978-3-319-66119-3, January.

    Cited by:

    1. Andreas Wald & Merete Holmesland & Kalanit Efrat, 2019. "It Is Not All About Money: Obtaining Additional Benefits Through Equity Crowdfunding," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 28(2), pages 270-294, September.
    2. Hsieh, Hui-Ching & Hsieh, Ying-Che & Vu, Thi Huyen Chi, 2019. "How social movements influence crowdfunding success," Pacific-Basin Finance Journal, Elsevier, vol. 53(C), pages 308-320.
    3. Anton Miglo, 2020. "Crowdfunding in a Competitive Environment," JRFM, MDPI, vol. 13(3), pages 1-38, February.
    4. Valentina Mucunska Palevska & Blagica Novkovska, 2018. "The Participation Of Ict In Activities Of Economic Subjects In Small Economy," UTMS Journal of Economics, University of Tourism and Management, Skopje, Macedonia, vol. 9(2), pages 157-168.
    5. Fisch, Christian & Masiak, Christian & Vismara, Silvio & Block, Joern, 2021. "Motives and profiles of ICO investors," Journal of Business Research, Elsevier, vol. 125(C), pages 564-576.
    6. Alexandre Garel & Benjamin Le pendeven, 2021. "Calendar effects and crowdfunded projects," Economics Bulletin, AccessEcon, vol. 41(3), pages 1407-1417.
    7. Michael Neubert, 2019. "Funding Innovations for Sustainable Growth in Emerging Markets," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 11(4), pages 16-24, April.
    8. Gilles Hilary & Laura Xiaolei Liu, 2021. "Blockchain and Other Distributed Ledger Technologies in Finance," Springer Books, in: Raghavendra Rau & Robert Wardrop & Luigi Zingales (ed.), The Palgrave Handbook of Technological Finance, pages 243-268, Springer.
    9. Kuo, Ying-Feng & Lin, Cathy S. & Liu, Li-Te, 2022. "The effects of framing messages and cause-related marketing on backing intentions in reward-based crowdfunding," Journal of Retailing and Consumer Services, Elsevier, vol. 64(C).
    10. Jan Janku & Zuzana Kucerova, 2018. "Successful Crowdfunding Campaigns: The Role of Project Specifics, Competition and Founders’ Experience," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 68(4), pages 351-373, September.
    11. Nigmonov, Asror & Shams, Syed & Alam, Khorshed, 2022. "Macroeconomic determinants of loan defaults: Evidence from the U.S. peer-to-peer lending market," Research in International Business and Finance, Elsevier, vol. 59(C).
    12. Estrin, Saul & Khavul, Susanna & Wright, Mike, 2022. "Soft and hard information in equity crowdfunding: network effects in the digitalization of entrepreneurial finance," LSE Research Online Documents on Economics 109808, London School of Economics and Political Science, LSE Library.
    13. Hornuf, Lars & Jeworrek, Sabrina, 2018. "Crowdsourced innovation: How community managers affect crowd activities," IWH Discussion Papers 13/2018, Halle Institute for Economic Research (IWH).
    14. Asror Nigmonov & Syed Shams, 2021. "COVID-19 pandemic risk and probability of loan default: evidence from marketplace lending market," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-28, December.
    15. Felipe, Israel José dos Santos & Mendes-Da-Silva, Wesley & Leal, Cristiana Cerqueira & Braun Santos, Danilo, 2022. "Reward crowdfunding campaigns: Time-to-success analysis," Journal of Business Research, Elsevier, vol. 138(C), pages 214-228.
    16. Helen Bollaert & Gaël Leboeuf & Armin Schwienbacher, 2020. "The narcissism of crowdfunding entrepreneurs," Small Business Economics, Springer, vol. 55(1), pages 57-76, June.
    17. Kaminski, Jermain & Hopp, Christian & Tykvová, Tereza, 2019. "New technology assessment in entrepreneurial financing – Does crowdfunding predict venture capital investments?," Technological Forecasting and Social Change, Elsevier, vol. 139(C), pages 287-302.
    18. Appio, Francesco Paolo & Leone, Daniele & Platania, Federico & Schiavone, Francesco, 2020. "Why are rewards not delivered on time in rewards-based crowdfunding campaigns? An empirical exploration," Technological Forecasting and Social Change, Elsevier, vol. 157(C).
    19. Kędzierska-Szczepaniak Angelika, 2018. "The Initiatives Supported by Reward-Based Crowdfunding in Poland," Management Sciences. Nauki o Zarządzaniu, Paradigm, vol. 23(4), pages 18-27, December.
    20. Yuho Chung & Yiwei Li & Jianmin Jia, 2021. "Exploring embeddedness, centrality, and social influence on backer behavior: the role of backer networks in crowdfunding," Journal of the Academy of Marketing Science, Springer, vol. 49(5), pages 925-946, September.
    21. Anton Miglo, 2020. "Financing of Entrepreneurial Firms in Canada: Some Patterns," Administrative Sciences, MDPI, vol. 10(3), pages 1-27, August.
    22. Svatopluk Kapounek & Zuzana Kucerová, 2019. "Overfunding and Signaling Effects of Herding Behavior in Crowdfunding," CESifo Working Paper Series 7973, CESifo.
    23. Junge, Louise Bech & Laursen, Iben Cleveland & Nielsen, Kristian Roed, 2022. "Choosing crowdfunding: Why do entrepreneurs choose to engage in crowdfunding?," Technovation, Elsevier, vol. 111(C).
    24. Christian Handke & Carolina Dalla Chiesa, 2022. "The art of crowdfunding arts and innovation: the cultural economic perspective," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 46(2), pages 249-284, June.
    25. Irene Comeig & Ernesto Mesa-Vázquez & Pau Sendra-Pons & Amparo Urbano, 2020. "Rational Herding in Reward-Based Crowdfunding: An MTurk Experiment," Sustainability, MDPI, vol. 12(23), pages 1-21, November.
    26. Naomi Moy & Ho Fai Chan & Benno Torgler, 2018. "How much is too much? The effects of information quantity on crowdfunding performance," PLOS ONE, Public Library of Science, vol. 13(3), pages 1-15, March.
    27. Martin Walther & Marco Bade, 2020. "Observational learning and willingness to pay in equity crowdfunding," Business Research, Springer;German Academic Association for Business Research, vol. 13(2), pages 639-661, July.
    28. Alexander Simons & Lena Franziska Kaiser & Jan Brocke, 2019. "Enterprise Crowdfunding: Foundations, Applications, and Research Findings," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 61(1), pages 113-121, February.
    29. Qianzhou Du & Jing Li & Yanqing Du & G. Alan Wang & Weiguo Fan, 2021. "Predicting crowdfunding project success based on backers' language preferences," Journal of the Association for Information Science & Technology, Association for Information Science & Technology, vol. 72(12), pages 1558-1574, December.
    30. Peter Konhäusner & Robert Seidentopf, 2021. "Digital Marketing Effects of Clubhouse on Crowdfunding in the Context of COVID-19," JRFM, MDPI, vol. 14(8), pages 1-19, July.
    31. Yang Jiang & Yi-Chun (Chad) Ho & Xiangbin Yan & Yong Tan, 2020. "When Online Lending Meets Real Estate: Examining Investment Decisions in Lending-Based Real Estate Crowdfunding," Information Systems Research, INFORMS, vol. 31(3), pages 715-730, September.
    32. Bielicki Marcin & Rydzewski Rafał, 2022. "How to create an engagement-friendly environment in reward-based crowdfunding?," Central European Economic Journal, Sciendo, vol. 9(56), pages 38-55, January.
    33. Bi, Gongbing & Geng, Botao & Liu, Lindong, 2019. "On the fixed and flexible funding mechanisms in reward-based crowdfunding," European Journal of Operational Research, Elsevier, vol. 279(1), pages 168-183.
    34. Felix Pinkow, 2022. "The impact of common success factors on overfunding in reward-based crowdfunding: An explorative study and avenues for future research," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 18(1), pages 131-168.
    35. Bellardini, Luca & Del Gaudio, Belinda Laura & Previtali, Daniele & Verdoliva, Vincenzo, 2022. "How do banks invest in fintechs? Evidence from advanced economies," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 77(C).
    36. Nguyen, Thang & Cox, Joe & Rich, Judy, 2019. "Invest or regret? An empirical investigation into funding dynamics during the final days of equity crowdfunding campaigns," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 784-803.
    37. Yuji Honjo & Koki Kurihara, 2024. "Target for campaign success: an empirical analysis of equity crowdfunding in Japan," The Journal of Technology Transfer, Springer, vol. 49(3), pages 926-958, June.
    38. Lars Hornuf & Sabrina Jeworrek, 2018. "How Community Managers Affect Online Idea Crowdsourcing Activities," CESifo Working Paper Series 7153, CESifo.
    39. Paul Belleflamme & Thomas Lambert & Armin Schwienbacher, 2019. "Crowdfunding Dynamics," CESifo Working Paper Series 7797, CESifo.
    40. Shengsheng Xiao & Yi‐Chun (Chad) Ho & Hai Che, 2021. "Building the Momentum: Information Disclosure and Herding in Online Crowdfunding," Production and Operations Management, Production and Operations Management Society, vol. 30(9), pages 3213-3230, September.
    41. Kim, Jin-Hyuk & Newberry, Peter & Qiu, Calvin, 2022. "The role of information signals in determining crowdfunding outcomes," Journal of Empirical Finance, Elsevier, vol. 67(C), pages 168-181.
    42. Peter Konhäusner & Marius Thielmann & Veronica Câmpian & Dan-Cristian Dabija, 2021. "Crowdfunding for Independent Print Media: E-Commerce, Marketing, and Business Development," Sustainability, MDPI, vol. 13(19), pages 1-17, October.
    43. Barbi, Massimiliano & Mattioli, Sara, 2019. "Human capital, investor trust, and equity crowdfunding," Research in International Business and Finance, Elsevier, vol. 49(C), pages 1-12.
    44. Alexandre Garel & Benjamin Le Pendeven, 2021. "Calendar effects and crowdfunded projects," Post-Print hal-03377772, HAL.
    45. Felix Reichenbach & Martin Walther, 2021. "Signals in equity-based crowdfunding and risk of failure," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-30, December.
    46. Su, Linlin & Cheng, Xusen & Hua, Ying & Zhang, Wenping, 2021. "What leads to value co-creation in reward-based crowdfunding? A person-environment fit perspective," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 149(C).
    47. Aurélien Petit & Peter Wirtz, 2022. "Experts in the crowd and their influence on herding in reward-based crowdfunding of cultural projects," Small Business Economics, Springer, vol. 58(1), pages 419-449, January.
    48. Ferreira, Valeria & Papaoikonomou, Eleni & Terceño, Antonio, 2022. "Unpeel the layers of trust! A comparative analysis of crowdfunding platforms and what they do to generate trust," Business Horizons, Elsevier, vol. 65(1), pages 7-19.
    49. Wojciech Lewicki & Tomasz Wierzejski, 2020. "Sources of Financing Small and Medium-Sized Enterprises: Case Studies in Poland," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 2), pages 700-712.
    50. Chan, Ho Fai & Moy, Naomi & Schaffner, Markus & Torgler, Benno, 2021. "The effects of money saliency and sustainability orientation on reward based crowdfunding success," Journal of Business Research, Elsevier, vol. 125(C), pages 443-455.
    51. Xiahua Wei & Ming Fan & Weijia You & Yong Tan, 2021. "An Empirical Study of the Dynamic and Differential Effects of Prefunding," Production and Operations Management, Production and Operations Management Society, vol. 30(5), pages 1331-1349, May.
    52. Timothy N. Cason & Robertas Zubrickas, 2019. "Donation-Based Crowdfunding with Refund Bonuses," Purdue University Economics Working Papers 1319, Purdue University, Department of Economics.
    53. Berns, John P. & Shahriar, Abu Zafar M. & Unda, Luisa A., 2021. "Delegated monitoring in crowdfunded microfinance: Evidence from Kiva," Journal of Corporate Finance, Elsevier, vol. 66(C).
    54. Yuangao Chen & Ruyi Dai & Jianrong Yao & Yixiao Li, 2019. "Donate Time or Money? The Determinants of Donation Intention in Online Crowdfunding," Sustainability, MDPI, vol. 11(16), pages 1-21, August.
    55. Uparna, Jayaram & Bingham, Chris, 2022. "Breaking “Bad”: Negativity’s benefit for entrepreneurial funding," Journal of Business Research, Elsevier, vol. 139(C), pages 1353-1365.
    56. Cristina Martínez-Gómez & Francisca Jiménez-Jiménez & M. Virtudes Alba-Fernández, 2020. "Determinants of Overfunding in Equity Crowdfunding: An Empirical Study in the UK and Spain," Sustainability, MDPI, vol. 12(23), pages 1-29, December.
    57. Koki KURIHARA & Yuji HONJO, 2022. "Determinants of Campaign Success: Empirical evidence from equity crowdfunding in Japan," Discussion papers 22057, Research Institute of Economy, Trade and Industry (RIETI).

  3. Cumming, Douglas J. & Wood, Geoffrey & Filatotchev, Igor & Reinecke, Juliane (ed.), 2017. "The Oxford Handbook of Sovereign Wealth Funds," OUP Catalogue, Oxford University Press, number 9780198754800.

    Cited by:

    1. Bahoo, Salman & Alon, Ilan & Paltrinieri, Andrea, 2020. "Sovereign wealth funds: Past, present and future," International Review of Financial Analysis, Elsevier, vol. 67(C).
    2. Oliver McPherson‐Smith, 2021. "Diversification, Khashoggi, and Saudi Arabia’s Public Investment Fund," Global Policy, London School of Economics and Political Science, vol. 12(2), pages 190-203, April.
    3. K.S.Reddy, 2019. "Pot the ball? Sovereign wealth funds’ outward FDI in times of global financial market turbulence: A yield institutions-based view," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 19(4), pages 129-139.
    4. Michael Peneder & Susanne Bärenthaler-Sieber & Michael Böheim & Thomas Url, 2021. "Der Staat als langfristiger Investor," WIFO Studies, WIFO, number 66819.
    5. Hella Engerer, 2019. "Sovereign Wealth Funds – Finanzierungsquelle für nachhaltige Entwicklung?," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 88(3), pages 97-111.
    6. Diane Coyle & Adam Muhtar, 2021. "UK’s Industrial Policy: Learning from the past?," Insight Papers 002, The Productivity Institute.
    7. Oksana Mamina & Alexander Barannikov & Ludmila Gruzdeva, 2021. "Sovereign wealth funds: main activity trends," Papers 2106.13670, arXiv.org.
    8. Tony Addison & Amir Lebdioui, 2022. "Public savings in Africa: Do sovereign wealth funds serve development?," WIDER Working Paper Series wp-2022-159, World Institute for Development Economic Research (UNU-WIDER).
    9. Funk, Charles & Treviño, Len J. & Oriaifo, Juliet, 2021. "Resource curse impacts on the co-evolution of emerging economy institutions and firm internationalization," International Business Review, Elsevier, vol. 30(4).
    10. Jonathan Doh & Pawan Budhwar & Geoffrey Wood, 2021. "Long-term energy transitions and international business: Concepts, theory, methods, and a research agenda," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(5), pages 951-970, July.
    11. Alvaro Cuervo-Cazurra & Anna Grosman & Geoffrey T. Wood, 2023. "Cross-country variations in sovereign wealth funds’ transparency," Journal of International Business Policy, Palgrave Macmillan, vol. 6(3), pages 306-329, September.

  4. Douglas Cumming & Yizhe Dong & Wenxuan Hou & Binayak Sen (ed.), 2017. "Microfinance for Entrepreneurial Development," Springer Books, Springer, number 978-3-319-62111-1, January.

    Cited by:

    1. Md Aslam Mia & Hasanul Banna & Abu Hanifa Md Noman & Md Rabiul Alam & Md. Sohel Rana, 2022. "Factors affecting borrowers’ turnover in microfinance institutions: A panel evidence," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 93(1), pages 55-84, March.
    2. I. Berguiga & Y.Ben Said & P. Adair, 2020. "The Social and Financial Performance of Microfinance Institutions in the Middle East and North Africa Region: Do Islamic Institutions Outperform Conventional Institutions?," Journal of International Development, John Wiley & Sons, Ltd., vol. 32(7), pages 1075-1100, October.

  5. Douglas Cumming & Michael Firth & Wenxuan Hou & Edward Lee (ed.), 2015. "Sustainable Entrepreneurship in China," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-137-41253-9, September.

    Cited by:

    1. Lanlan Liu & Dan Luo & Liang Han, 2019. "Default risk, state ownership and the cross-section of stock returns: evidence from China," Review of Quantitative Finance and Accounting, Springer, vol. 53(4), pages 933-966, November.
    2. Peng, Fei & Anwar, Sajid & Kang, Lili, 2020. "Institutional monitoring, coordination and corporate acquisitions in China," The North American Journal of Economics and Finance, Elsevier, vol. 51(C).
    3. Lu, Liping & Tumer-Alkan, Gunseli & Zhang, Haiyang & Xu, Binbin & Wu, Weixing, 2021. "Do bank loans still convey information to investors? Evidence from the split share structure reform in China," Emerging Markets Review, Elsevier, vol. 48(C).

  6. Douglas Cumming & Alessandra Guariglia & Wenxuan Hou & Edward Lee (ed.), 2015. "Experiences and Challenges in the Development of the Chinese Capital Market," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-137-45463-8, September.

    Cited by:

    1. Li, Cong-Cong & Xu, Hai-Chuan & Zhou, Wei-Xing, 2020. "News coverage and portfolio returns: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 60(C).
    2. Jan Kolesnik, 2021. "The Contagion Effect and its Mitigation in the Modern Banking System," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 1009-1024.

  7. Douglas Cumming & Michael Firth & Wenxuan Hou & Edward Lee (ed.), 2015. "Developments in Chinese Entrepreneurship," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-137-41250-8, September.

    Cited by:

    1. Gao, Yanyan & Zheng, Jianghuai, 2020. "The impact of high-speed rail on innovation: An empirical test of the companion innovation hypothesis of transportation improvement with China’s manufacturing firms," World Development, Elsevier, vol. 127(C).

  8. Cumming, Douglas & Dai, Na & Johan, Sofia A., 2013. "Hedge Fund Structure, Regulation, and Performance around the World," OUP Catalogue, Oxford University Press, number 9780199862566.

    Cited by:

    1. Cumming, Douglas & Dannhauser, Robert & Johan, Sofia, 2015. "Financial market misconduct and agency conflicts: A synthesis and future directions," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 150-168.
    2. Oehler, Andreas & Schmitz, Jonas Tobias, 2021. "Does intensified communication of hedge funds with letters affect abnormal returns?," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 127-142.
    3. Cumming, Douglas & Fleming, Grant & Liu, Zhangxin (Frank), 2018. "Shadow banking in Asia: Foreign versus domestic lending to real estate projects," Emerging Markets Review, Elsevier, vol. 35(C), pages 137-147.
    4. Cumming, Douglas & Dai, Na & Johan, Sofia, 2020. "Dodd-Franking the hedge Funds," Journal of Banking & Finance, Elsevier, vol. 119(C).
    5. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    6. Cumming, Douglas J. & Monteiro, Pedro, 2023. "Hedge fund investment in ETFs," CFS Working Paper Series 699, Center for Financial Studies (CFS).
    7. Douglas Cumming & Sofia Johan & Denis Schweizer, 2017. "Information systems, agency problems, and fraud," Information Systems Frontiers, Springer, vol. 19(3), pages 421-424, June.
    8. Jelic, Ranko & Zhou, Dan & Ahmad, Wasim, 2021. "Do stressed PE firms misbehave?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    9. Cumming, Douglas & Monteiro, Pedro, 2022. "Hedge fund sales fees and the flow of funds around the world," Economic Modelling, Elsevier, vol. 112(C).
    10. Sofia Johan & Minjie Zhang, 2021. "Information Asymmetries in Private Equity: Reporting Frequency, Endowments, and Governance," Journal of Business Ethics, Springer, vol. 174(1), pages 199-220, November.
    11. Cumming, Douglas & Dai, Na & Johan, Sofia, 2015. "Are hedge funds registered in Delaware different?," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 232-246.

  9. Cumming, Douglas J. & Johan, Sofia A., 2013. "Venture Capital and Private Equity Contracting," Elsevier Monographs, Elsevier, edition 2, number 9780124095373.

    Cited by:

    1. Wolfgang Drobetz & Lars Hornuf & Paul P. Momtaz & Niclas Schermann, 2025. "Token-Based Crowdfunding: Investor Choice and the Optimal Timing of Initial Coin Offerings," Entrepreneurship Theory and Practice, , vol. 49(1), pages 232-282, January.
    2. Cumming, Douglas & Deloof, Marc & Manigart, Sophie & Wright, Mike, 2019. "New directions in entrepreneurial finance," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 252-260.
    3. C. P. Gupta & Arushi Jain, 2022. "A Study of Banks’ Systemic Importance and Moral Hazard Behaviour: A Panel Threshold Regression Approach," JRFM, MDPI, vol. 15(11), pages 1-23, November.
    4. Douglas Cumming & Pedro Monteiro, 2023. "Sovereign wealth fund investment in venture capital, private equity, and real asset funds," Journal of International Business Policy, Palgrave Macmillan, vol. 6(3), pages 330-355, September.
    5. Ayyagari, Meghana & Demirguc-Kunt, Asli & Maksimovic, Vojislav, 2012. "Financing of firms in developing countries : lessons from research," Policy Research Working Paper Series 6036, The World Bank.
    6. Douglas Cumming & Simona Zambelli, 2017. "Due Diligence and Investee Performance," European Financial Management, European Financial Management Association, vol. 23(2), pages 211-253, March.
    7. Motavaseli Mahmood & Shojaei Saeed & Bitaab Ali & Hasti Chitsazan & Ghanbar Mohammadi Elyasi, 2018. "Institutional Barriers to Financing Technology-based Small Firms through Venture Capital Mechanism: A Study to Explore the Incentives for Investment in Iran," International Journal of Economics and Financial Issues, Econjournals, vol. 8(1), pages 184-195.
    8. Cumming, Douglas & Dannhauser, Robert & Johan, Sofia, 2015. "Financial market misconduct and agency conflicts: A synthesis and future directions," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 150-168.
    9. Cécile Carpentier & Douglas Cumming & Jean-Marc Suret, 2010. "The Valuation Effect of Listing Requirements: An Analysis of Venture Capital-Backed IPOs," CIRANO Working Papers 2010s-01, CIRANO.
    10. Annalisa Croce & Elisa Ughetto & Andrea Fronzetti Colladon, 2025. "Investment strategies of bank-affiliated and independent venture capitalists: a focus on innovation in the fintech sector in the wake of the global financial crisis," Review of Managerial Science, Springer, vol. 19(10), pages 2969-3012, October.
    11. Nicolai J. Foss & Peter G. Klein & Lasse B. Lien & Thomas Zellweger & Todd Zenger, 2021. "Ownership competence," Strategic Management Journal, Wiley Blackwell, vol. 42(2), pages 302-328, February.
    12. Ant Bozkaya & William R. Kerr, 2009. "Labor Regulations and European Private Equity," Working Papers CEB 09-055.RS, ULB -- Universite Libre de Bruxelles.
    13. Julia Hirsch & Uwe Walz, 2013. "Why do contracts differ between venture capital types?," Small Business Economics, Springer, vol. 40(3), pages 511-525, April.
    14. Tykvová, Tereza & Schertler, Andrea, 2014. "Does Syndication With Local Venture Capitalists Moderate the Effects of Geographical and Institutional Distance?," Journal of International Management, Elsevier, vol. 20(4), pages 406-420.
    15. Cécile Carpentier & Jean-François L'Her & Jean-Marc Suret, 2010. "Seasoned Equity Offerings by Small and Medium-Sized Enterprises," CIRANO Working Papers 2010s-07, CIRANO.
    16. David Lingelbach, 2015. "Developing venture capital when institutions change," Venture Capital, Taylor & Francis Journals, vol. 17(4), pages 327-363, October.
    17. Cumming, Douglas & Fleming, Grant & Liu, Zhangxin (Frank), 2018. "Shadow banking in Asia: Foreign versus domestic lending to real estate projects," Emerging Markets Review, Elsevier, vol. 35(C), pages 137-147.
    18. Alan Tomczak & Alexander Brem, 2013. "A conceptualized investment model of crowdfunding," Venture Capital, Taylor & Francis Journals, vol. 15(4), pages 335-359, October.
    19. Douglas Cumming & Jochen Christian Werth & Yelin Zhang, 2019. "Governance in entrepreneurial ecosystems: venture capitalists vs. technology parks," Small Business Economics, Springer, vol. 52(2), pages 455-484, February.
    20. Min Maung & Zhenyang Tang & Xiaowei Xu, 2020. "Religion and venture investing: A cross‐country analysis," The Financial Review, Eastern Finance Association, vol. 55(3), pages 433-460, August.
    21. CREHAN Patrick, 2020. "Reflections on a Revision of the Definition of the EU SME," JRC Research Reports JRC123296, Joint Research Centre.
    22. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    23. Douglas Cumming & Sofia Johan, 2019. "Government venture capital research: fake science and bad public policy," Venture Capital, Taylor & Francis Journals, vol. 21(1), pages 121-131, January.
    24. Cumming, Douglas J. & Johan, Sofia Atiqah & Reardon, Robert S., 2021. "Governance and success in U.S. equity crowdfunding," CFS Working Paper Series 668, Center for Financial Studies (CFS).
    25. Farzana Chowdhury & David B. Audretsch & Maksim Belitski, 2019. "Institutions and Entrepreneurship Quality," Entrepreneurship Theory and Practice, , vol. 43(1), pages 51-81, January.
    26. Kedong YIN & Xuemei LI & Bohong LI & Fan ZHANG, 2017. "Shock Effects from International Stock Price Volatility on Investment Style Drift in Chinese Open-end Funds," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 62-78, June.
    27. Cumming, Douglas J. & Grilli, Luca & Murtinu, Samuele, 2017. "Governmental and independent venture capital investments in Europe: A firm-level performance analysis," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 439-459.
    28. Bertoni, Fabio & Tykvová, Tereza, 2015. "Does governmental venture capital spur invention and innovation? Evidence from young European biotech companies," Research Policy, Elsevier, vol. 44(4), pages 925-935.
    29. Parra, Álvaro & Winter, Ralph A., 2022. "Early-stage venture financing," Journal of Corporate Finance, Elsevier, vol. 77(C).
    30. Erika Jaki & Endre Mihaly Molnar & Walter György, 2017. "Government Sponsored Venture Capital: Blessing Or Curse?," Management, University of Primorska, Faculty of Management Koper, vol. 12(4), pages 317-331.
    31. Sara Ain Tommar & Serge Darolles & Emmanuel Jurczenko, 2023. "Private equity fund performance around the world," Post-Print hal-04581106, HAL.
    32. Yang, Tianna & Hou, Wenxuan & Li, Ping, 2018. "Short-run price performance of venture capital trust in initial public offerings," Finance Research Letters, Elsevier, vol. 25(C), pages 177-182.
    33. Douglas Cumming & Sofia Johan & Jeffrey G. MacIntosh, 2017. "A drop in an empty pond: Canadian public policy towards venture capital," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 103-117, March.
    34. William R. Kerr & Ramana Nanda, 2014. "Financing Innovation," NBER Working Papers 20676, National Bureau of Economic Research, Inc.
    35. Ke, Bin & Wang, Lanfang, 2021. "Mixed ownership and firm performance: Evidence from the Chinese venture capital industry," Emerging Markets Review, Elsevier, vol. 49(C).
    36. Johan, Sofia & Zhang, Minjie, 2016. "Private equity exits in emerging markets," Emerging Markets Review, Elsevier, vol. 29(C), pages 133-153.
    37. Douglas Cumming, 2010. "Misinforming the public about public policy towards venture capital," Venture Capital, Taylor & Francis Journals, vol. 13(1), pages 99-102, October.
    38. Syed Muhammad Hamza Abid Wasti & Jaleel Ahmed & Mushtaq Hussain Khan, 2024. "Role of successive round as a quality signal in equity crowdfunding: Novel evidence from the perspective of investors’ preferences," PLOS ONE, Public Library of Science, vol. 19(3), pages 1-16, March.
    39. Li, Wanli & Cao, Ting & Feng, Zhaozhen, 2016. "Heterogeneous venture capital, M&A activity, and market response," Emerging Markets Review, Elsevier, vol. 29(C), pages 168-199.
    40. Martin Walther & Marco Bade, 2020. "Observational learning and willingness to pay in equity crowdfunding," Business Research, Springer;German Academic Association for Business Research, vol. 13(2), pages 639-661, July.
    41. Daniel Hain & Sofia Johan & Daojuan Wang, 2016. "Determinants of Cross-Border Venture Capital Investments in Emerging and Developed Economies: The Effects of Relational and Institutional Trust," Journal of Business Ethics, Springer, vol. 138(4), pages 743-764, November.
    42. Wang, Yanbo & Li, Jizhen & Furman, Jeffrey L., 2017. "Firm performance and state innovation funding: Evidence from China’s innofund program," Research Policy, Elsevier, vol. 46(6), pages 1142-1161.
    43. Lihuan Guo & Dongqiang Guo & Wei Wang & Hongwei Wang & Yenchun Jim Wu, 2018. "Distance Diffusion of Home Bias for Crowdfunding Campaigns between Categories: Insights from Data Analytics," Sustainability, MDPI, vol. 10(4), pages 1-22, April.
    44. Köppl, Stefan & Köppl-Turyna, Monika & Christopoulos, Dimitris, 2025. "The performance of government-backed venture capital investments," Research Policy, Elsevier, vol. 54(8).
    45. Cumming, Douglas & Meoli, Michele & Vismara, Silvio, 2019. "Investors’ choices between cash and voting rights: Evidence from dual-class equity crowdfunding," Research Policy, Elsevier, vol. 48(8), pages 1-1.
    46. Farag, Hisham & Johan, Sofia, 2021. "How alternative finance informs central themes in corporate finance," Journal of Corporate Finance, Elsevier, vol. 67(C).
    47. Ajay K. Agrawal & Christian Catalini & Avi Goldfarb, 2011. "The Geography of Crowdfunding," NBER Working Papers 16820, National Bureau of Economic Research, Inc.
    48. Judit Karsai, 2015. "Are CEE states successful as venture capitalists?," KRTK-KTI WORKING PAPERS 1539, Institute of Economics, Centre for Economic and Regional Studies.
    49. Douglas J. Cumming & Silvio Vismara, 2017. "De-segmenting research in entrepreneurial finance," Venture Capital, Taylor & Francis Journals, vol. 19(1-2), pages 17-27, January.
    50. Andrieu, Guillaume & Peter Groh, Alexander, 2021. "Strategic exits in secondary venture capital markets," Journal of Business Venturing, Elsevier, vol. 36(2).
    51. Bonini, Stefano & Capizzi, Vincenzo & Zocchi, Paola, 2019. "The performance of angel-backed companies," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 328-345.
    52. Cumming, Douglas, 2014. "Public economics gone wild: Lessons from venture capital," International Review of Financial Analysis, Elsevier, vol. 36(C), pages 251-260.
    53. Kong, Dongmin & Liu, Shasha & Wang, Yanan, 2018. "Learning from outsiders: Do managers benefit from communication with market participants?," Finance Research Letters, Elsevier, vol. 26(C), pages 192-197.
    54. Franz R. Hahn & Werner Hölzl, 2011. "Auswirkungen von Basel III auf die Finanzierung kleiner und mittlerer Unternehmen in Österreich," WIFO Studies, WIFO, number 43813.
    55. Cumming, Douglas & Walz, Uwe & Werth, Jochen Christian, 2016. "Entrepreneurial spawning: Experience, education, and exit," SAFE Working Paper Series 122 [rev.], Leibniz Institute for Financial Research SAFE, revised 2016.
    56. Soleimani Dahaj, Arash & Cozzarin, Brian Paul, 2019. "Government venture capital and cross-border investment," Global Finance Journal, Elsevier, vol. 41(C), pages 113-127.
    57. Asuamah Yeboah, Samuel, 2023. "Catalysing Entrepreneurial Growth: Unleashing the Potential of Venture Capital and Private Equity in Developing Nations," MPRA Paper 117977, University Library of Munich, Germany, revised 20 Jun 2023.
    58. Di Pietro, Francesca & Butticè, Vincenzo, 2020. "Institutional characteristics and the development of crowdfunding across countries," International Review of Financial Analysis, Elsevier, vol. 71(C).
    59. Andriosopoulos, Dimitris & Panetsidou, Styliani, 2021. "A global analysis of Private Investments in Public Equity," Journal of Corporate Finance, Elsevier, vol. 69(C).
    60. Qilin Cao & Anhong Hou & Xiang Li & Chunxue Jiang, 2022. "Spatial Impact of Government Venture Capital on Urbanization and Its Path—Evidence from the Yangtze River Delta Urban Agglomeration in China," Land, MDPI, vol. 12(1), pages 1-21, December.
    61. Cumming, Douglas & Groh, Alexander Peter, 2018. "Entrepreneurial finance: Unifying themes and future directions," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 538-555.
    62. Toby Stuart & Yanbo Wang, 2016. "Who cooks the books in China, and does it pay? Evidence from private, high‐technology firms," Strategic Management Journal, Wiley Blackwell, vol. 37(13), pages 2658-2676, December.
    63. Douglas Cumming & Minjie Zhang, 2019. "Angel investors around the world," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(5), pages 692-719, July.
    64. S. Ramakrishna Velamuri & Wilson Liu, 2017. "Ownership structure, insider behavior, and IPO performance of SMEs in China," Small Business Economics, Springer, vol. 48(3), pages 771-793, March.
    65. Thornton, John & Altunbaş, Yener & Uymaz, Yurtsev, 2025. "Financial misconduct and bank risk-taking: Evidence from US banks," Journal of Banking & Finance, Elsevier, vol. 177(C).
    66. Jelic, Ranko & Zhou, Dan & Ahmad, Wasim, 2021. "Do stressed PE firms misbehave?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    67. Bonini, Stefano & Capizzi, Vincenzo & Valletta, Mario & Zocchi, Paola, 2018. "Angel network affiliation and business angels' investment practices," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 592-608.
    68. Ouidad Yousfi & M. Kabir Hassan, 2014. "Moral hazard in Islamic profit–loss sharing contracts and private equity," Chapters, in: M. Kabir Hassan & Mervyn K. Lewis (ed.), Handbook on Islam and Economic Life, chapter 18, pages iii-iii, Edward Elgar Publishing.
    69. Jacob, Martin & Johan, Sofia & Schweizer, Denis & Zhan, Feng, 2016. "Corporate finance and the governance implications of removing government support programs," Journal of Banking & Finance, Elsevier, vol. 63(C), pages 35-47.
    70. Chircop, Justin & Johan, Sofia & Tarsalewska, Monika, 2020. "Does religiosity influence venture capital investment decisions?," Journal of Corporate Finance, Elsevier, vol. 62(C).
    71. Cécile Carpentier & Jean-François L’Her & Jean-Marc Suret, 2012. "Seasoned equity offerings by small and medium-sized enterprises," Small Business Economics, Springer, vol. 38(4), pages 449-465, May.
    72. Wang, Rouzhi & Wu, Chaopeng, 2020. "Politician as venture capitalist: Politically-connected VCs and IPO activity in China," Journal of Corporate Finance, Elsevier, vol. 64(C).
    73. Wilson, Nick & Wright, Mike & Kacer, Marek, 2018. "The equity gap and knowledge-based firms," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 626-649.
    74. Riccardo Ferretti & Antonio Meles, 2011. "Underpricing, wealth loss for pre-existing shareholders and the cost of going public: the role of private equity backing in Italian IPOs," Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance) 0026, Universita di Modena e Reggio Emilia, Dipartimento di Economia "Marco Biagi".
    75. Salahaldin, Linda & Varma, Vineeth S. & Elayoubi, Salah Eddine, 2022. "When and how to intervene for saving an entrepreneur’s crowdfunding campaign," Finance Research Letters, Elsevier, vol. 50(C).
    76. Fu, Xiaoqing Maggie & Harrison, Richard T. & Li, Dongfu Franco, 2022. "Venture capital investment in university spin-offs: Evidence from an emerging economy," Journal of Corporate Finance, Elsevier, vol. 74(C).
    77. Karsai, Judit, 2015. "Állami szerepvállalás a kelet-közép-európai kockázatitőke-piacon [The role of government in the Central and East European venture-capital market]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 1172-1195.
    78. Schickinger, Antonia & Leitterstorf, Max P. & Kammerlander, Nadine, 2018. "Private equity and family firms: A systematic review and categorization of the field," Journal of Family Business Strategy, Elsevier, vol. 9(4), pages 268-292.
    79. Douglas Cumming & Satish Kumar & Weng Marc Lim & Nitesh Pandey, 2023. "Mapping the venture capital and private equity research: a bibliometric review and future research agenda," Small Business Economics, Springer, vol. 61(1), pages 173-221, June.
    80. Douglas Cumming, 2010. "Public policy and the creation of active venture capital markets," Venture Capital, Taylor & Francis Journals, vol. 13(1), pages 75-94, April.
    81. Anderson, Hamish D. & Chi, Jing & Wang, Qing (Sophie), 2017. "Political ties and VC exits: Evidence from China," China Economic Review, Elsevier, vol. 44(C), pages 48-66.
    82. Vincenzo Capizzi, 2015. "The returns of business angel investments and their major determinants," Venture Capital, Taylor & Francis Journals, vol. 17(4), pages 271-298, October.
    83. Sofia Johan & Minjie Zhang, 2021. "Information Asymmetries in Private Equity: Reporting Frequency, Endowments, and Governance," Journal of Business Ethics, Springer, vol. 174(1), pages 199-220, November.
    84. Cumming, Douglas & Walz, Uwe & Werth, Jochen Christian, 2015. "The dynamics of entrepreneurial careers in high-tech ventures: Experience, education, and exit," SAFE Working Paper Series 122, Leibniz Institute for Financial Research SAFE.
    85. Douglas Cumming & Sofia Johan, 2013. "The IPO as an exit strategy for venture capitalists: regional lessons from Canada with international comparisons," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 21, pages 465-502, Edward Elgar Publishing.
    86. Jia, Ning & Wang, Dan, 2017. "Skin in the game: General partner capital commitment, investment behavior and venture capital fund performance," Journal of Corporate Finance, Elsevier, vol. 47(C), pages 110-130.
    87. Niclas Dombrowski & Wolfgang Drobetz & Lars Hornuf & Paul P. Momtaz, 2023. "The Financial and Non-Financial Performance of Token-Based Crowdfunding: Certification Arbitrage, Investor Choice, and the Optimal Timing of ICOs," CESifo Working Paper Series 10393, CESifo.

  10. Cumming, Douglas (ed.), 2012. "The Oxford Handbook of Private Equity," OUP Catalogue, Oxford University Press, number 9780195391589.

    Cited by:

    1. Fossen, Frank M. & Glocker, Daniela, 2017. "Stated and revealed heterogeneous risk preferences in educational choice," European Economic Review, Elsevier, vol. 97(C), pages 1-25.
    2. Richard Bůžek & Christoph Scheuplein, 2022. "The Global Wealth Chains of Private‐Equity‐Run Physician Practices," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 113(4), pages 331-347, September.
    3. Frank M. Fossen & Johannes König & Carsten Schröder, 2021. "Risk Preference and Entrepreneurial Investment at the Top of the Wealth Distribution," SOEPpapers on Multidisciplinary Panel Data Research 1117, DIW Berlin, The German Socio-Economic Panel (SOEP).
    4. Elert, Niklas & Henrekson, Magnus, 2018. "The Collaborative Innovation Bloc: A New Mission for Austrian Economics," Working Paper Series 1222, Research Institute of Industrial Economics.
    5. Baziki, Selva Bahar & Norbäck, Pehr-Johan & Persson, Lars & Tåg, Joacim, 2017. "Cross-border acquisitions and restructuring: Multinational enterprises and private equity-firms," European Economic Review, Elsevier, vol. 94(C), pages 166-184.
    6. Elert, Niklas & Henrekson, Magnus, 2020. "Innovative Entrepreneurship as a Collaborative Effort: An Institutional Framework," Working Paper Series 1345, Research Institute of Industrial Economics, revised 24 Mar 2021.
    7. Scheuplein, Christoph & Sekanina, Alexander & Teetz, Florian, 2017. "Private Equity Monitor 2016: Die aktuelle Tätigkeit von Finanzinvestoren in Deutschland," Mitbestimmungsreport 33, Hans-Böckler-Stiftung, Düsseldorf.
    8. Setzer, Moritz, 2023. "From investor to entrepreneur – An explorative study of the entrepreneurial behaviour of investor-entrepreneurs," Junior Management Science (JUMS), Junior Management Science e. V., vol. 8(1), pages 43-67.
    9. Scheuplein Christoph, 2019. "Verhandlung ohne Gegenüber: Der Einfluss von Private Equity auf Corporate Governance und Betriebsräte in der Automobilzulieferindustrie," Arbeit, De Gruyter, vol. 28(1), pages 29-53, March.
    10. Evans, Michaela & Scheuplein, Christoph, 2019. "Private-Equity-Investitionen im Pflegesektor: Relevanz, Dimensionen und Handlungserfordernisse," Forschung Aktuell 08/2019, Institut Arbeit und Technik (IAT), Westfälische Hochschule, University of Applied Sciences.
    11. Scheuplein, Christoph, 2018. "Private Equity Monitor 2017: Die aktuelle Tätigkeit von Finanzinvestoren in Deutschland," Mitbestimmungsreport 40, Hans-Böckler-Stiftung, Düsseldorf.
    12. Scheuplein, Christoph, 2019. "Private Equity Monitor 2018: Die aktuelle Tätigkeit von Finanzinvestoren in Deutschland," Mitbestimmungsreport 49, Hans-Böckler-Stiftung, Düsseldorf.
    13. Frank M. Fossen & Ray Rees & Davud Rostam-Afschar & Viktor Steiner, 2020. "The effects of income taxation on entrepreneurial investment: A puzzle?," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 27(6), pages 1321-1363, December.
    14. Anna Brattström & Karl Wennberg, 2022. "The Entrepreneurial Story and its Implications for Research," Entrepreneurship Theory and Practice, , vol. 46(6), pages 1443-1468, November.

  11. Cumming, Douglas (ed.), 2012. "The Oxford Handbook of Venture Capital," OUP Catalogue, Oxford University Press, number 9780195391596.

    Cited by:

    1. Park, Sarah & LiPuma, Joseph A., 2020. "New venture internationalization: The role of venture capital types and reputation," Journal of World Business, Elsevier, vol. 55(1).
    2. Tatiana Fedyk & Zvi Singer & Mark Soliman, 2017. "The sharpest tool in the shed: IPO financial statement management of STEM vs. non-STEM firms," Review of Accounting Studies, Springer, vol. 22(4), pages 1541-1581, December.
    3. Nawab Khan & Faryal Bibi & Qu Haitao & Rui Li & Wang Shihao, 2026. "Venture Capital Certification and Financial Stability: An Empirical Study of Chinese IPOs," International Journal of Business and Management (IJBM), International Emerging Scholars Society (IESS), New Zealand, vol. 5(2), pages 1-24, July.
    4. Fatima Shuwaikh & Souad Brinette & Sabrina Khemiri & Rita Grego De Castro, 2024. "Venture capital activities under uncertainty: US and UK investors behavior," Annals of Operations Research, Springer, vol. 334(1), pages 885-917, March.
    5. Michael Peneder, 2013. "Von den "trockenen Tälern" der Risiko- und Wachstumsfinanzierung," WIFO Monatsberichte (monthly reports), WIFO, vol. 86(8), pages 637-648, August.
    6. Ciro Troise & Mario Tani & Ornella Papaluca, 2020. "Equity and Reward Crowdfunding: A Multiple Signal Analysis," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 12(3), pages 1-30, March.
    7. Hannes Maxin, 2018. "Corporate Venture Capital im Bankensektor: Eine Fallstudie," ZfKE – Zeitschrift für KMU und Entrepreneurship, Duncker & Humblot, Berlin, vol. 66(2), pages 71-89.
    8. Yanzhao Li & Ju-e Guo & Shaolong Sun & Yongwu Li, 2022. "How time-inconsistent preferences influence venture capital exit decisions? A new perspective for grandstanding," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-24, December.
    9. Michael Peneder, 2022. "Digitization and the evolution of money as a social technology of account," Journal of Evolutionary Economics, Springer, vol. 32(1), pages 175-203, January.
    10. Fatima Shuwaikh & Mathew Hughes & Souad Brinette & Sabrina Khemiri, 2024. "Investment decisions under uncertainty: Corporate venture capital as a real option," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(2), pages 2452-2471, April.
    11. Thomas Jud, 2013. "Funktionsmodell und Rahmenbedingungen der Risikokapitalfinanzierung," WIFO Monatsberichte (monthly reports), WIFO, vol. 86(8), pages 663-672, August.
    12. Scheuplein, Christoph, 2022. "Company Builder und ihre Beschäftigungswirkung in Deutschland," Forschung Aktuell 05/2022, Institut Arbeit und Technik (IAT), Westfälische Hochschule, University of Applied Sciences.
    13. Yanzhao Li & Ju'e Guo & Yongwu Li & Xu Zhang, 2021. "Optimal exit decision of venture capital under time-inconsistent preferences," Papers 2103.11557, arXiv.org.
    14. Joseph A. LiPuma & Sarah Park, 2014. "Venture Capitalists’ Risk Mitigation of Portfolio Company Internationalization," Entrepreneurship Theory and Practice, , vol. 38(5), pages 1-23, September.
    15. Sunasir Dutta & Daniel Erian Armanios & Jaison D. Desai, 2022. "Beyond Spatial Proximity: The Impact of Enhanced Spatial Connectedness from New Bridges on Entrepreneurship," Organization Science, INFORMS, vol. 33(4), pages 1620-1644, July.
    16. Amit Bubna & Sanjiv R. Das & Paul Hanouna, 2020. "The Fast and the Curious: VC Drift," Journal of Financial Services Research, Springer;Western Finance Association, vol. 57(1), pages 69-113, February.

  12. Cumming, Douglas (ed.), 2012. "The Oxford Handbook of Entrepreneurial Finance," OUP Catalogue, Oxford University Press, number 9780195391244.

    Cited by:

    1. Cumming, Douglas & Deloof, Marc & Manigart, Sophie & Wright, Mike, 2019. "New directions in entrepreneurial finance," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 252-260.
    2. Andreas Wald & Merete Holmesland & Kalanit Efrat, 2019. "It Is Not All About Money: Obtaining Additional Benefits Through Equity Crowdfunding," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 28(2), pages 270-294, September.
    3. Maghyereh, Aktham I. & Awartani, Basel, 2018. "The factors influencing the decision to list on Abu Dhabi securities exchange," Journal of Behavioral and Experimental Finance, Elsevier, vol. 19(C), pages 89-103.
    4. Fossen, Frank M. & Glocker, Daniela, 2017. "Stated and revealed heterogeneous risk preferences in educational choice," European Economic Review, Elsevier, vol. 97(C), pages 1-25.
    5. Hårsman, Björn & Mattsson, Lars-Göran, 2019. "Reconsidering the returns to entrepreneurship: Applying a modified version of Lazear’s occupational choice model," Working Paper Series in Economics and Institutions of Innovation 478, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
    6. Lechmann, Daniel S. J., 2013. "Can working conditions explain the return-to-entrepreneurship puzzle?," Discussion Papers 86, Friedrich-Alexander University Erlangen-Nuremberg, Chair of Labour and Regional Economics.
    7. Frank M. Fossen & Johannes König & Carsten Schröder, 2021. "Risk Preference and Entrepreneurial Investment at the Top of the Wealth Distribution," SOEPpapers on Multidisciplinary Panel Data Research 1117, DIW Berlin, The German Socio-Economic Panel (SOEP).
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