Simple and cross-efficiency of European venture capital firms using data envelopment analysis

Gregoriou, Greg N.; Kooli, Mäher; Krohmer, Philipp; Lauterbach, Rainer

doi:10.1016/b978-075068259-6.50022-1

Cited by 2 publications

(1 citation statement)

References 38 publications

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“…The past studies have extensively examined the preference or choice of alternative routes of exit. Gregoriou, Kooli and Kraeussl (2006) identified that the VCs do not prefer to sell their stake to the entrepreneur and prefer to sell it to another investor. Cao (2011) talked about the buyout as an exit option by using Leveraged Buyout (LBO) funds.…”

Section: Introductionmentioning

confidence: 99%

Exit strategy decision by venture capital firms in India using fuzzy AHP

Mehta

Sharma

Vyas

et al. 2021

JEEE

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Purpose The existing literature on venture capitalists’ (VCs’) exits provides insufficient evidence regarding factors affecting the exit decision. This study aims to identify these factors and examine how VC firms do ranking or prioritize these factors. Design/methodology/approach The study is based on primary data. The qualitative analysis was done to develop the survey instrument. Fuzzy analytical hierarchical process, which is a popular method of multi-criteria decision modeling, is used to identify or rank the determinants of exit strategy by venture capital firms in India. Findings Broadly, eight determinants of exit strategy are ranked by VCs. A total of 33 statements describe these eight determinants. The results are analyzed on the basis of four measures of VCs’ profile, i.e. age of VC firm, number of start-ups in portfolios, type of investment and amount of investment. Research limitations/implications The survey instrument needs to be validated with a larger sample size and other financial backers than VCs. Practical implications The study has direct managerial implication for VC firms as it provides useful information regarding the determinants of exit strategy by VC firms in India. These findings can provide necessary information to other financial backers too, viz., angel investors, banks, non-banking financial institutions and other individual and syndicated set-ups providing funding to start-ups. Originality/value The current research is unique as no prior study has explored the determinants of VCs exit strategy and prioritizing these determinants.

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Section: Introductionmentioning

confidence: 99%

Exit strategy decision by venture capital firms in India using fuzzy AHP

Mehta

Sharma

Vyas

et al. 2021

JEEE

View full text Add to dashboard Cite

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Relationship Lending and Firm Innovativeness

Giannetti

2009

SSRN Journal

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This study investigates the effects of relationship lending on firm innovativeness using a panel of Italian manufacturing firms. In order to disentangle the impact of bank ties on the discovery phase from that in the introduction phase of new technologies, the analysis proceeds in two steps, estimating two distinct equations for each phase. As there are conflicting theoretical predictions on the effects of the various sources of funding in the different stages of the innovative process, this study provides results for small and high-tech firms, so as to account for firm heterogeneity. Results suggest that for small firms, banks do not carry out an intervention at the stage of development of new technologies, playing their traditional role of financing investments of constrained firms. Differently, relationship banks do play an important role in both phases for high-tech firms.

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Simple and cross-efficiency of European venture capital firms using data envelopment analysis

Cited by 2 publications

References 38 publications

Exit strategy decision by venture capital firms in India using fuzzy AHP

Exit strategy decision by venture capital firms in India using fuzzy AHP

Relationship Lending and Firm Innovativeness

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