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Venture Capital, Corporate Governance, and Firm Value

Autor Maik Kleinschmidt Cuvânt înainte de Prof. Dr. Alexander Bassen
en Limba Engleză Paperback – 27 mar 2007
Venture capital has become an important driver of economic growth in Europe during the last decades. Corporate governance is a key success factor for the development of private growth companies and thereby for the achievement of the venture capitalists' financial objectives. Despite the high relevance of corporate governance for venture capital-financed companies the topic has so far not been extensively researched. Tra- tional research on corporate governance focussed almost entirely on public companies. Maik Kleinschmidt aims in his dissertation at narrowing the knowledge gap by ana- sing the relationship between venture capital, corporate governance and firm value for the first time in a systematic way. He researches how venture capitalists influence the corporate governance of their portfolio companies. Factors that determine the inf- ence and the impact are analysed in detail. In a second step, the impact of good corporate governance on the firm value of the portfolio companies is researched. The underlying research design is developed to ensure that the particularities of cor- rate governance of growth companies are captured. It incorporates both, a theoretical and an empirical analysis. The comprehensive research concept and the corresponding hypotheses are derived from an economic and a managerial theory. Thereby, the control as well as the value-adding role of corporate governance is taken into account. Empirical testing of the theoretical findings is done with qualtiative and quantitative analyses. State-of-the-art methods are used to allow for the characteristic development of growth companies.
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Specificații

ISBN-13: 9783835007185
ISBN-10: 3835007181
Pagini: 318
Ilustrații: XXI, 297 p.
Dimensiuni: 148 x 210 x 22 mm
Greutate: 0.38 kg
Ediția:2007
Editura: Deutscher Universitätsverlag
Colecția Deutscher Universitätsverlag
Locul publicării:Wiesbaden, Germany

Public țintă

Research

Cuprins

Foundations of Venture Capital and Corporate Governance.- Theoretical Foundations.- Relationship between Venture Capital, Corporate Governance and Firm Value.- Empirical Analyses.- Conclusion.

Notă biografică

Dr. Maik Kleinschmidt promovierte bei Prof. Dr. Alexander Bassen am Lehrstuhl für Allgemeine Betriebswirtschaftslehre mit Schwerpunkt Finanzierung/Investition der Universität Hamburg. Er ist Unternehmensberater bei The Boston Consulting Group, Hamburg.

Textul de pe ultima copertă

Corporate governance is regarded as a success factor for the development of growth companies and thus for the investments of venture capitalists. Despite its relevance for venture capital-financed companies and its impact on the firm value, the topic has so far not been extensively researched.

Based on economic and managerial theories, Maik Kleinschmidt studies the relationship between venture capital, corporate governance, and firm value. He explores the determinants of venture capitalists’ influence as well as their impact on the corporate governance of portfolio companies. In a second step, he analyses the influence of corporate governance on the companies’ firm value. His findings support the hypothesis that venture capitalists improve the corporate governance of their portfolio companies and that their abilities determine their impact. Moreover, they show the positive impact of good corporate governance on some measures for firm value.