How Angel Know-How Shapes Ownership Sharing in Stage-Based Contracts

被引：9

作者：

Erzurumlu, S. Sinan ^{[1
]}

Joglekar, Nitin ^{[2
]}

Levesque, Moren ^{[3
]}

Tanrisever, Fehmi ^{[4
]}

机构：

[1] Babson Coll, Olin Sch Business, Babson Pk, MA 02157 USA

[2] Boston Univ, Questrom Sch Business, Boston, MA 02215 USA

[3] York Univ, Schulich Sch Business, 4700 Keele St, Toronto, ON M3J 1P3, Canada

[4] Bilkent Univ, Fac Business Adm, Ankara, Turkey

来源：

ENTREPRENEURSHIP THEORY AND PRACTICE | 2019年 / 43卷 / 04期

关键词：

stage-based contract; investor know-how; value creation; angel investors; stewardship theory; empirical analysis; mathematical analysis; VENTURE CAPITALISTS; STEWARDSHIP THEORY; AGENCY THEORY; ENTREPRENEURIAL; PERFORMANCE; DETERMINANTS; INVESTMENTS; EXPERIENCE; VALUATION; KNOWLEDGE;

D O I：

10.1177/1042258717744205

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We draw upon stewardship theory to formally derive bounds on the investment amount in a business prospect, and to characterize ownership sharing when investors offer two-stage financing along with know-how to increase the prospect's valuation. In the early-development stage, we show that the direct effect of investor know-how increases the entrepreneur's share while the indirect effect from that know-how due to its interaction with the investment size, decreases it. In the subsequent growth stage, the direct effect decreases the entrepreneur's share while the indirect effect increases it. These tradeoffs offer theoretical and practical implications for writing investment contracts involving investor know-how.

引用

页码：773 / 801

页数：29

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