کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
1019326 940643 2015 17 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Ethnic matching in the U.S. venture capital market
ترجمه فارسی عنوان
تطبیق قومی در بازار سرمایه ی سرمایه گذاری در ایالات متحده
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی


• We study founder and venture capitalist (VC) co-ethnicity in shaping whether, when, and how investments take place.
• A shared ethnicity increases the probability of an investment match.
• Conditional on an investment, co-ethnicity is associated with earlier and deeper VC involvement.
• However, matches based on a shared ethnicity are associated with less successful company outcomes.

We document the role of entrepreneurial founder and venture capital (VC) partner co-ethnicity in shaping investment relationships. Co-ethnicity increases the likelihood that a VC firm invests in a company. Conditional on investment, co-ethnicity strengthens the degree of involvement by raising the likelihood of VC board of director involvement and increasing the size and scope of investment. These results are consistent with trust and social-network based mechanisms. Shared ethnicity in our sample is associated with worse investment outcomes as measured by investment liquidity, however, which our results suggest might stem from looser screening and/or corporate governance.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Business Venturing - Volume 30, Issue 2, March 2015, Pages 338–354
نویسندگان
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