The impact of venture capital on family businesses: Evidence from Spain

被引：32
|
作者：
Marti, Jose [1 ]
Menendez-Requejo, Susana [2 ]
Rottke, Olaf M. [3 ]
机构：
[1] Univ Complutense Madrid, Fac CC EE & EE, Madrid 28223, Spain
[2] Univ Oviedo, Fac Econ, E-33071 Oviedo, Spain
[3] Zeppelin Univ, D-80045 Friedrichshafen, Lake Of Constan, Germany
来源：
JOURNAL OF WORLD BUSINESS | 2013年 / 48卷 / 03期
关键词：
Venture capital; Family business; Management culture; Succession; Growth; Socioemotional wealth; CORPORATE ENTREPRENEURSHIP; FIRM PERFORMANCE; VOTING-RIGHTS; OWNERSHIP; AGENCY; GROWTH; MARKET; INVOLVEMENT; MANAGERIAL; BUYOUTS;
D O I：
10.1016/j.jwb.2012.07.025
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We analyzed growth in family and non-family Spanish venture capital-backed firms. When the venture capital (VC) firm does not hold a majority stake, the usual risk aversion attitudes in family firms may lead to conflicts between the management cultures of the existing and new shareholders, which may affect growth. We found lower firm growth after the initial round in family firms only when the investor holds a minority stake. Our results may explain the under-representation of family firms in VC portfolios and highlight the need to align the objectives of family managers and VC investors before the initial VC round. (c) 2012 Elsevier Inc. All rights reserved.
引用
收藏
页码：420 / 430
页数：11
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