New PDF release: Venture Capital, Corporate Governance, and Firm Value

By Maik Kleinschmidt, Prof. Dr. Alexander Bassen

ISBN-10: 3835007181

ISBN-13: 9783835007185

Company governance is considered successful issue for the improvement of development businesses and hence for the investments a bet capitalists. regardless of its relevance for ventrue capital-financed businesses and its impression at the company price, the subject has to this point now not been generally researched. in accordance with fiscal and managerial theories, Maik Klainschmidt reports the connection among enterprise capital, company governance, and company worth.

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Company governance is considered a hit issue for the advance of progress businesses and hence for the investments a bet capitalists. regardless of its relevance for ventrue capital-financed businesses and its influence at the enterprise price, the subject has to date now not been commonly researched. in response to monetary and managerial theories, Maik Klainschmidt reports the connection among enterprise capital, company governance, and company worth.

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Gompers/Lerner (2002), pp. ; Gompers (1998), pp. 1089ff. 2 Introduction of Corporate Governance In the following, corporate governance is defined, and then the elements of corporate governance are explained based on several corporate governance codes. These elements can have a bonding, monitoring or advice function. Finally, the different influencing powers of the corporate governance of a company are described. 126 Even if today’s term was not used, Adam Smith described the concept already in 1776: The directors of companies, being managers of other people’s money than their own, it cannot well be expected that they should watch over it with the same anxious vigilance with which the partner in a private copartnery frequently watch over their own.

38, Gompers/Lerner (2002), p. 20. 92 When selecting potential investments, the focus is first on the fit to the venture capital firm and the specific fund. 94 Figure 5 shows the typical development of growth companies and the corresponding financing phases, which are described next. 95 90 91 92 93 94 95 Own illustration based on EVCA (2005). Generally, venture capitalists invest only in one or two out of 100 proposals, Zemke (1995), p. 211. Brinkrolf (2002), p. 28; Schefczyk (2001), p. 34, Fiet (1995), pp.

Until 2001, the inflow of funds exceeded the capital in most years. In that year, the new economy had its turning point, and the funds raised started to strongly decrease thereafter. However, the investments decreased more slowly than the fundraising so that between 2002 and 2004 investments exceeded the funds raised. The year 2005 marks a record year: Fundraising more than doubled compared to the previous year and amounted to almost €72 billion. As Figure 6 shows, funds raised and investments developed cyclically in the past decade from growth to decline to growth.

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Venture Capital, Corporate Governance, and Firm Value by Maik Kleinschmidt, Prof. Dr. Alexander Bassen


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