The Impact of Venture Capital Monitoring

被引:322
作者
Bernstein, Shai [1 ]
Giroud, Xavier [2 ,3 ,4 ]
Townsend, Richard R. [5 ]
机构
[1] Stanford Univ, Grad Sch Business, Stanford, CA 94305 USA
[2] MIT, Sloan Sch Management, Cambridge, MA 02139 USA
[3] NBER, Cambridge, MA 02138 USA
[4] CEPR, Washington, DC USA
[5] Dartmouth Coll, Tuck Sch Business, Hanover, NH 03755 USA
关键词
START-UP FIRMS; CONVERTIBLE SECURITIES; PATENT CITATIONS; PRIVATE FIRMS; INVESTMENT; INNOVATION; CONTRACTS; FINANCE; MARKET; CONFIDENTIALITY;
D O I
10.1111/jofi.12370
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
We show that venture capitalists' (VCs) on-site involvement with their portfolio companies leads to an increase in both innovation and the likelihood of a successful exit. We rule out selection effects by exploiting an exogenous source of variation in VC involvement: the introduction of new airline routes that reduce VCs' travel times to their existing portfolio companies. We confirm the importance of this channel by conducting a large-scale survey of VCs, of whom almost 90% indicate that direct flights increase their interaction with their portfolio companies and management, and help them better understand companies' activities.
引用
收藏
页码:1591 / 1622
页数:32
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