Cross-Border Venture Capital Investments: Why Do Venture by Horstense Tarrade PDF

By Horstense Tarrade

ISBN-10: 3834931187

ISBN-13: 9783834931184

ISBN-10: 3834969397

ISBN-13: 9783834969392

Hortense Tarrade analyses over 200,000 enterprise capital (VC) investments over the last twenty years to appreciate the traders' motivation to choose nationwide or international businesses into their portfolio. She compares the sensitivity of US-based, non-US and German VC organizations to the supply of neighborhood deal offer and insist in addition to the relative value in their intrinsic services of their funding scope selection ("Why do VC companies make investments on a countrywide, continental or international scope?"). additional, she presents an in-depth research of the function of geographic and cultural distance in investments through German VCs ("Why do VC companies put money into a objective situation instead of another?").

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Since these sorts of companies require very frequent contact. ”52 51 For instance, for pharmaceutical ventures working on a new drug, the trial phase alone can take up to seven years (Marwaha et al. 2007) and the complete development more than a decade (DiMasi et al. 2003; Gompers / Lerner 2006). 21 years after the first received investment round). A t-test revealed that the difference in time to IPO was significant at the 1% level. com/us/venture-capital/ (stand: July 2009) 37 H4: A venture capital firm’s propensity to invest at a distance is larger for venture capital funds specialized in later stages of investment than in early stages.

Both the market conditions in terms of supply and demand in the alternative target locations as well as the VC’s own fit with the possible target location are expected to drive this decision. , the VC competitive landscape), third, the attractiveness of the target location for entrepreneurs and fourth, the intrinsic attractiveness of the target location for VCs. 1, the comparison of supply and demand for investment opportunities in possible target locations should drive the propensity of a VC to invest in a given target location.

Second, distance may lead to lower monitoring intensity. Sorenson and Stuart (2001) stress that the sociology literature expects that interpersonal interaction declines with an increase in geographic distance and Gupta and Sapienza hypothesize that “the extent of venture capital firms’ monitoring and involvement is likely to be inversely proportional to the geographic distance between them and the focal ventures” (1992, 351). Sapienza (1992) empirically demonstrates that this is the case by surveying 51 US-based ventures and their lead investor.

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Cross-Border Venture Capital Investments: Why Do Venture Capital Firms Invest at a Distance? by Horstense Tarrade

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