Spatial Proximity in Venture Capital Financing [electronic resource] : A Theoretical and Empirical Analysis of Germany /
Bender, Marko.author.
Marko Bender analyzes the impact of spatial proximity between venture capitalists and new ventures throughout the investment process. He elaborates a comprehensive theoretical framework and empirically validates resulting hypotheses concerning the observed spatial proximity and the impact of spatial proximity on the likelihood of a venture capital investment using a German dataset. A thorough discussion of results and resulting implications for entrepreneurs, venture capitalists, and public policy concludes this thesis.
Description based upon print version of record.
Acknowledgments; Table of Contents; List of Figures; List of Tables; List of Abbreviations; List of Symbols; 1 Introduction; 1.1 Problem and Aims of Analysis; 1.2 Research Methodology; 1.3 Outline of the Thesis; 2 Fundamentals of Venture Capital Financing and Spatial Proximity; 2.1 Venture Capital Financing 2.1.1 Definition of Venture Capital; 2.1.2 Characteristics of Portfolio Companies; 2.1.3 Characteristics of German Venture Capitalist Types; 2.1.3.1 Private Venture Capitalists; 2.1.3.2 (Quasi-)public Venture Capitalists; 2.1.4 Venture Capital Investment Process; 2.1.4.1 Deal Origination
2.1.4.2 Deal Screening2.1.4.3 Deal Due Diligence; 2.1.4.4 Deal Structuring; 2.1.4.5 Investment Development; 2.1.4.6 Investment Exit; 2.2 Spatial Proximity 2.2.1 Definition of Spatial Proximity; 2.2.2 Spatial Distribution of Venture Capitalists and Venture Capital Investments; 2.2.3 First Implications Regarding the Role of Spatial Proximity in Venture Capital Financing; 2.3 Overview of Relevant Literature; general studies; observed patterns in spatial prox-imity between venture capitalists and portfolio companies.; impact of spatial proximity on the likelihood of a VC investment.
impact of spatial prox-imity on specific aspects of VC transactions.3 Relevant Theories for the Analysis of Spatial Proximity in Venture Capital Financing; 3.1 Identification of Relevant Theories; 3.2 Theories Relevant to the Venture Capitalist Entrepreneur Dyad 3.2.1 New Institutional Economics as Starting Point; 3.2.1 New Institutional Economics as Starting Point; 3.2.1.1 Property Rights Theory; 3.2.1.2 Agency Theory; 3.2.1.3 Transaction Cost Theory; 3.2.2 Further Theories Explaining the Role of Spatial Proximity; 3.2.2.1 Game Theory; 3.2.2.2 Stewardship Theory
3.2.2.3 Social Exchange Theory3.3 Theories Relevant beyond the Venture Capitalist Entrepreneur Dyad: Network Approach; 3.3.1 Theoretical Foundations; 3.3.1.1 Approach of Inter-Organizational Networks; 3.3.1.2 Formal Network Analysis; 3.3.2 Relevant Networks; 3.3.3 Implications of Spatial Proximity between Actors; 3.4 Summary; 4 Impact of Spatial Proximity throughout the Venture Capital Investment Process; 4.1 Pre-Contractual Activities; 4.1.1 Deal Origination; 4.1.2 Deal Screening; 4.1.3 Deal Due Diligence; 4.1.4 Deal Structuring; 4.2 Post-Contractual Activities; 4.2.1 Investment Development
4.2.1.1 Monitoring4.2.1.2 Support; 4.2.2 Investment Exit; 4.3 Summary and Testable Hypotheses; 4.3.1 General Impact of Distance; 4.3.2 New Venture Characteristics; 4.3.3 Venture Capitalist Characteristics; 4.3.4 Investment Round Characteristics; 5 Empirical Analysis of Relationships between Spatial Proximity and the Type and Likelihood of Venture Capital Financing; 5.1 Description of Dataset; 5.1.1 Available Datasets for Analysis; 5.1.2 Used Dataset; 5.1.3 Measurement and Definition of Variables; 5.1.3.1 Spatial Proximity; 5.1.3.2 New Venture Characteristics
5.1.3.3 Venture Capitalist Characteristics
Dissertation--Technische Universität München, 2010.
Includes bibliographical references.
Marko Bender analyzes the impact of spatial proximity between venture capitalists and new ventures throughout the investment process. He elaborates a comprehensive theoretical framework and empirically validates resulting hypotheses concerning the observed spatial proximity and the impact of spatial proximity on the likelihood of a venture capital investment using a German dataset. A thorough discussion of results and resulting implications for entrepreneurs, venture capitalists, and public policy concludes this thesis.
Finance.
Finance, general.