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 ventrue 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 Klainschmidt studies the relationship between venture capital, corporate governance, and firm value.

lgli/20100315_2DFB979C 978-3-8350-0718-5.pdf_

lgrsnf/20100315_2DFB979C 978-3-8350-0718-5.pdf_

Maik Kleinschmidt

Betriebswirtschaftlicher Verlag Dr. Th. Gabler. in Springer Fachmedien Wiesbaden GmbH

VS Verlag für Sozialwissenschaften. in Springer Fachmedien Wiesbaden GmbH

Deutscher Universitäts-Verlag / GWV Fachverlage GmbH, Wiesbaden

Gabler Edition Wissenschaft, 1. Aufl, Wiesebaden, 2007

2007, 2007-03-27

Germany, Germany

March 1, 2007

Mexmat -- 2010

lg352889

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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.
Erscheinungsdatum: 27.03.2007

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

Venture Capital, Corporate Governance, and Firm Value......Page 1
0.Content......Page 2
1.Introduction......Page 20
2.Foundations of Venture Capital and Corporate Governance......Page 36
3.Theoretical Foundations......Page 62
4.Relationship between Venture Capital, Corporate Governance and Firm Value......Page 82
5.Empirical Analyses......Page 137
6.Conclusion......Page 216
7.Annex......Page 233

2011-02-23