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The Influence of a Venture Capitalist's Source of Funds

出版	Division of Research, Harvard Business School, 1999
URL	http://books.google.com.hk/books?id=shraGwAACAAJ&hl=&source=gbs_api

註釋With the popularity of independent venture capital firms growing in our funding environment, this study aims to determine how these financiers, faced with the task of having to raise funds from outside fund providers every few years, differ in their investment behaviors and preferences from their independent venture capital firm counterparts, who raise funds primarily from a single parent firm. Using a theoretical foundation based on agency theory, 15 personal interviews and 92 questionnaire responses from venture capitalists in the UK, some empirical support is lent to the notion that independent venture capitalists may behave slightly more competently throughout the investment process than "captives". Such behavior would certainly signal to their fund providers that "independents" are employing their allocated funds in a responsible and professional manner. Indeed, following such signaling behavior may be more important for independents, who have to attain (and maintain) a credible reputation to continue raising venture capital funds in a difficult funding market, where fund providers increasingly have more choice and power.