Difference between revisions of "Bottazzi DaRin Hellmann (2008) - Who Are The Active Investors Evidence From Venture Capital"
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|Has title=Who Are The Active Investors Evidence From Venture Capital | |Has title=Who Are The Active Investors Evidence From Venture Capital | ||
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Revision as of 12:22, 29 September 2020
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| Has author | Bottazzi DaRin Hellmann |
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- This page is referenced in The NBER Entrepreneurship Research Boot Camp Page
Reference(s)
- Bottazzi, Laura, Marco Da Rin and Thomas Hellmann (2008), "Who are the active investors? Evidence from venture capital", Journal of Financial Economics, 89(3), 488-512 pdf
Abstract
This paper examines the determinants and consequences of investor activism in venture capital. Using a hand-collected sample of European venture capital deals, it shows the importance of human capital. Venture capital firms with partners that have prior business experience are more active recruiting managers and directors, helping with fundraising, and interacting more frequently with their portfolio companies. Independent venture capital firms are also more active than ’captive’ (bank-, corporate-, or government-owned) firms. After controlling for endogeneity, investor activism is shown to be positively related to the success of portfolio companies.
