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Venture Capital Supply and Accounting Information System Development

  • Falconer Mitchell
  • Gavin C Reid
  • Nicholas G Terry

This study examines the origins and characteristics of information systems of entrepreneurial firms going through that stage in their life cycle when serious growth ambitions are fuelled by an infusion of external capital. It does so by investigating the consequences of venture capital intervention for the entrepreneurial firm as regards changing characteristics of its accounting information system (AIS). Data are presented on twelve investor-investee ‘dyads’ (i.e. matched pairs) in the UK venture capital industry. Weight of evidence is adduced in favour of five propositions, relating to: monitoring demands; internal change within the investee firm; the variety, extent and frequency of information change; the use of enhanced information for decision support; and the universalist influence of the investor. This evidence has implications for practitioners, as well as for future research on AIS development.

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Paper provided by Centre for Research into Industry, Enterprise, Finance and the Firm in its series CRIEFF Discussion Papers with number 9616.

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Date of creation: Oct 1996
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Handle: RePEc:san:crieff:9616
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  1. Jones, C. S., 1985. "An empirical study of the evidence for contingency theories of management accounting systems in conditions of rapid change," Accounting, Organizations and Society, Elsevier, vol. 10(3), pages 303-328, July.
  2. Gavin C Reid, 1994. "Early Life-Cycle Behaviour of Micro-Firms in Scotland," CRIEFF Discussion Papers 9410, Centre for Research into Industry, Enterprise, Finance and the Firm.
  3. Lerner, Josh, 1995. " Venture Capitalists and the Oversight of Private Firms," Journal of Finance, American Finance Association, vol. 50(1), pages 301-18, March.
  4. Gompers, Paul A, 1995. " Optimal Investment, Monitoring, and the Staging of Venture Capital," Journal of Finance, American Finance Association, vol. 50(5), pages 1461-89, December.
  5. Gompers, Paul & Lerner, Josh, 1999. "An analysis of compensation in the U.S. venture capital partnership," Journal of Financial Economics, Elsevier, vol. 51(1), pages 3-44, January.
  6. Falconer Mitchell & Gavin C Reid & Nicholas G Terry, 1994. "Post Investment Demand for Accounting Information by Venture Capitalists," CRIEFF Discussion Papers 9424, Centre for Research into Industry, Enterprise, Finance and the Firm.
  7. Gavin C Reid, 1994. "Fast Growing Small Entrepreneurial Firms and their Venture Capital Backers: an Applied Principal-Agent Analysis," CRIEFF Discussion Papers 9421, Centre for Research into Industry, Enterprise, Finance and the Firm.
  8. Wright, Mike & Thompson, Steve & Robbie, Ken, 1992. "Venture capital and management-led, leveraged buy-outs: A European perspective," Journal of Business Venturing, Elsevier, vol. 7(1), pages 47-71, January.
  9. Otley, David T., 1980. "The contingency theory of management accounting: Achievement and prognosis," Accounting, Organizations and Society, Elsevier, vol. 5(4), pages 413-428, October.
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