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| Home > Articles > Published articles > Investment, duration, and exit strategies for corporate and independent venture capital-backed start-ups |
(Universitat Autònoma de Barcelona)| Date: | 2015 |
| Abstract: | We propose a model of investment, duration, and exit strategies for start-ups backed by venture capital (VC) funds that accounts for the high level of uncertainty, the asymmetry of information between insiders and outsiders, and the discount rate. Our analysis predicts that start-ups backed by corporate VC funds remain for a longer period of time before exiting and receive larger investment amounts than those financed by independent VC funds. Although a longer duration leads to a higher likelihood of an exit through an acquisition, a larger investment increases the probability of an IPO exit. These predictions find strong empirical support. |
| Grants: | Ministerio de Ciencia e Innovación ECO2009-07616 Agència de Gestió d'Ajuts Universitaris i de Recerca 2014SGR-142 Ministerio de Economía y Competitividad ECO2012-31962 Ministerio de Ciencia e Innovación ECO2010-22105-C03-03 Ministerio de Economía y Competitividad ECO2013-45864-P Ministerio de Economía y Competitividad SEV-2011-0075 |
| Note: | Altres ajuts: NFOINNOVA/03513 |
| Rights: | Tots els drets reservats.  |
| Language: | Anglès |
| Document: | Article ; recerca ; Versió acceptada per publicar |
| Subject: | Capital ; Empreses ; Creació |
| Published in: | Journal of economics & management strategy, Vol. 24 Núm. 2 (2015) , p. 415-455, ISSN 1530-9134 |
