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The Effect of Venture Capital Equity Concentration on the Investment Performance
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- Authors
- Advisor
- 박남규
- Major
- 경영대학 경영학과
- Issue Date
- 2016-08
- Publisher
- 서울대학교 대학원
- Keywords
- Equity concentration ; Venture capital ; Power ; Hierarchy ; Start-up ; Time-to-exit
- Description
- 학위논문 (석사)-- 서울대학교 대학원 : 경영학과 경영학전공, 2016. 8. 박남규.
- Abstract
- This paper explores the effect of equity concentration among venture capital syndicate members on the investment performance. While the importance of equity split on the early stage of a venture firm is widely perceived among business practitioners, the effect of the level of equal/unequal distribution of equity shares, particularly among venture capital syndicate members, has not been empirically explored. Drawing on theories of power and hierarchy, I propose that the higher level of equity concentration will have a negative effect on the investment performance. I also hypothesize that familiarity among syndicate members and being in a later investment stage will moderate the negative effect of equity concentration. I find strong empirical support for the hypotheses.
- Language
- English
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