BazEkon - Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie

BazEkon home page

Meny główne

Autor
Klonowski Dariusz (Brandon University, Canada)
Tytuł
Corporate Governance and the Venture Capital Process in Emerging Markets : Evidence form Poland
Źródło
Argumenta Oeconomica, 2008, nr 2 (21), s. 27-50, rys., tab., bibliogr. 69 poz.
Słowa kluczowe
Ład korporacyjny, Venture capital, Rynki wschodzące
Corporate governance, Venture capital, Emerging markets
Uwagi
summ.
Firma/Organizacja

Abstrakt
This article examines the perceived corporate governance problems within the venture capital investment process. Evidence is provided to demonstrate that venture capitalists in Poland address their corporate governance concerns in a sequential or hierarchical manner. Venture capitalists first focus on addressing issues related to financial control and accountability (during the screening stage). Secondly, they address conflict of interest concerns (during the deal agreement stage). Once these two major corporate governance concerns are addressed, venture capitalists move to focus on corporate governance enhancement (during the monitoring stage), and, finally, on value maximization (during the divestment stage). 99 questionnaires were sent out to investment officers from thirty three venture capital funds operating in Poland, yielding the response rate of 56 percent.(original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Szkoły Głównej Handlowej
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
Bibliografia
Pokaż
  1. Allchome, T., Assessing CHE private equity post accession. "European Venture Capital Journal", June, pp. 48-53, 2004.
  2. Andrews, K.R.. Initial public offerings: the experience of eight Canadian growth companies. Ottawa: Conference Board of Canada, 1995.
  3. Barry, C., New direction in research on venture capital finance. "Financial Management' , Vol. 23. Issue 3. pp. 3-15. 1994.
  4. Bellas. R.C.. The value of relationships with venture capitalists, "Healthcare Financial Management", Issue February, pp. 63-64. 1993.
  5. Bruno, A., Tyebjee, T., The entrepreneurs ' search for capital. "Journal of Business Venturing", Vol. 1. Issue 1, pp. 61-64, 1985.
  6. Black, B S . Gilson. R.J., Venture capital and the structure of capital markets: Banks versus stock markets. "Journal of Financial Economics". Vol. 47, pp. 243-277, 1998.
  7. Bliss. R. A venture capital model for transitioning economies: The case of Poland, "Venture Capital". Vol. 1, Issue 3, pp. 241-257, 1999.
  8. Bushman, R., Smith, A., Financial accounting information and corporate governance. "Journal of Accounting and Economics", Vol. 58, Issue 1, pp. 237-333, 2001
  9. Bygrave. W., Timmons, J., Venture capital at the crossroads. Harvard Business School Press. Boston. 1992.
  10. Carter. R.B., Van Auken, H.E., Venture capital firms' preferences for projects in particular stages of development. "Journal of Small Business Management", Vol 32. Issue 1. pp. 60-73, 1994.
  11. Chan, Y., Siegel. D., Thakor, A.V., Learning, corporate control and performance requirements in venture capital contracts. "International Economic Review", Vol 31 Issue 2, pp. 365-381, 1990.
  12. Conference Board, Corporate Boards and Corporate Governance. New York, 1993.
  13. Conference Board, Corporate Boards and Corporate Governance. New York. 1995.
  14. Daily, C.M., Dalton, D.R.. Conflicts of interest: a corporate governance pitfall. Journal of Business Strategy". Vol. 24. Issue 4, pp. 7-8, 2003.
  15. Dawson, S.. Balancing self-interest and altruism: corporate governance alone is not enough. "Corporate Governance", Vol. 12, Issue 2, pp. 130-133,2004.
  16. Deakin, S., Konzelmann, S. J., Learning from Enron, "Corporate Governance". Vol. 12, Issue 2. pp. 134-142.2004.
  17. Demb, A., Neubauer, F.F., The Corporate Board, Oxford University Press, New York, 1992.
  18. Demski, J., Corporate conflict of interest, "Journal of Economic Perspectives". Vol. 17, Issue 2, pp. 51-73, 2003.
  19. Demirag, I., Serter, M., Ownership patterns and control in Turkish listed companies. "Corporate Governance", Vol. 11, Issue 1. pp. 40-51, 2003.
  20. Devlin, D., EU toughens audit standards, "International Tax Reviews". Vol. 14, Issue 6, p. 7, 2003.
  21. Dixon, R., Venture capitalists and investment appraisal, "National Westminister Bank Quarterly Review ", Issue November, pp. 2-21, 1989.
  22. Elango, В., Fried, V., Hisrieh, R., Polonchek, A., How venture capital firms differ. "Journal of Business Venturing", Vol. 10, Issue 2, pp. 157-179. 1995.
  23. Ferlier, F.F., Ashbumer, L., Fitzgerald, L., The non-executive director and the board some evidence from the NHS, Center for Corporate Strategy and Change, University' of Warwick, 1994.
  24. Filatotchev, I., Hoskinsson, R., Buck. T., Wright, M.. Corporate restructuring in Russian privatizations: Implications for U.S. investors. "California Management Review", Vol. 38. Issue 2. pp. 87-105. 1996.
  25. Fried, V.. Hisrich. R., Towards a model of venture capital investment decision-making, financial management, "Financial Management", Vol. 23, Issue 2, pp. 28-37, 1994.
  26. Gladstone, D., Gladstone, L., Venture Capital Investing: The Complete Handbook for Investing in Private Businesses for Outstanding Profits, Upper Saddle River, New Jersey: Pearson Education, 2002.
  27. Gompers, J., Ownership and control in entrepreneurial firms: An examination of convertible securities in venture capital investments. Working paper, Harvard University', 1997.
  28. Hampel, E., Committee on Corporelle. Governance, Final Report. 1998.
  29. Henke, J.W., Involving the directors in strategic planning, "'Journal of Business Strategy . Vol. 7, Issue 2, pp. 87-95, 1986.
  30. Kaplan, S.N., Stromberg, P., Financial contracting theory meets the real world: An empirical analysis of venture capital contracts, "Review of Economic Studies", Vol. 70. pp. 281- 315, 2003.
  31. Karsai, J., Wright. M., Dudziński, Z., Morovic, J., Screening and valuing venture capital investments: Evidence from Hungary, Poland, and Slovakia, "Entrepreneurship and Regional Development", Vol. 10, issue 2. pp. 203-224. 1998.
  32. Keenan, J., Corporate Governance in UK/USA Boardrooms. "Corporate Governance", Vol 12, Issue 2, pp. 172-176, 2004.
  33. Kirilenko, A., Valuation and control in venture finance, "Journal of Finance", Vol. 56, Issue 2, pp. 565-587, 2001.
  34. Korn/Ferry International, Board of Directors, Twentieth Annual Study, 1998.
  35. Kostyuk, A., Board Practices: An international review. "Corporate Ownership & Control". Vol. I. Issue l, pp. 102-111, 2003.
  36. Lawday. D., Monopoly money, "Economist", November 18, pp. 22-24. 2005.
  37. Lerner, J., Venture capitalists and the oversight of private firms. Unpublished working paper. Harvard University, 1994.
  38. Lewis, P., The penny drops. "Business Eastern Europe", August 14, pp. 4-6, 2000
  39. Lim, J.Y., (1990) Initial public offerings: the role of venture capitalists Charlottesville: Institute of Chartered Financial Analysts.
  40. Lorsch, J.W., MacIver, E., Pawns or Potentates: The Reality of America 's Corporate Boards Harvard Graduate School of Business Administration, Boston, MA, 1989.
  41. Mace, M.L., Directors: Myth and Reality. Harvard University Graduate School of Business Administration, Boston, MA, 1971.
  42. Manigart, S., Wright, M., Robbie, K, Desbrieres, P., De Wale, K, Venture capitalists' appraisal of investment projects: An empirical European study, "Entrepreneurship Theory and Practice". Vol. 21. Issue 4. pp. 29-42, 1997.
  43. Melis, A., On the role of the board of statutory auditors in Italian listed companies. "Corporate Governance", Vol. 12. Issue 1, pp. 74-84, 2004.
  44. Molo, M., Bielonka, M., Venture capital, "Rzeczpospolita", Issue 189, p. 3, 2002.
  45. Montagnon. P.. The governance challenge for investors, "Corporate Governance", Vol. 12. Issue 2, pp. 180-183,2004.
  46. Nadler. D . Building Better Boards, "Harvard Business Review", Vol. 82. Issue 5. pp. 102- 111.2004.
  47. Norburn. D., Grinyer, P., Directors without direction, "Journal of General Management", Vol. 1, Issue 2, pp. 30-39, 1974.
  48. Pähl. R.E., Winkler. J l .. The economic elite: theory and practice, in Stanworth P.J. and Giddens A. (ed). "Elites and Power in British Society". Cambridge University Press. Cambridge, 1974.
  49. Pearce, J.A., Zahra, S.A., The relative power of CEOs and boards of directors: association of corporate performance, "Strategic Management Journal'', Vol. 12, Issue 2, pp. 135-153, 1991.
  50. Pitelis, C., Clarke, T., Valuing Corporate Governance: an introduction, "Corporate Governance", Vol. 12, Issue 2, pp. 125-133, 2004.
  51. Plummer, J.L., OED report on venture capital financing analysis, Palo Alto: California: QED Research, 1987.
  52. Rind, K.R., Profitable exiting: forming strategic partnerships, IPOs, sale backs, mergers and other mechanisms, Atlanta: Venture Capital Institute Conference, 1997.
  53. Sadtler, D. R., How venture capitalists add value, "Journal of General Management", Vol. 1, Issue l, pp. 1-16, 1993.
  54. Sahlman, W., The structure and governance of venture-capital organizations, "Journal of Financial Economics", Vol. 27, pp. 473-521, 1990.
  55. Sapienza, H., Men do venture capitalists add value, "Journal of Business Venturing", Vol. 7, pp. 9-27. 1992.
  56. Scherrer, P.S., Directors' responsibilities and participation in the strategic decision making process, "Corporate Governance: The International Journal of Effective Board Performance", Vol. 3. Issue 1, pp. 86-91, 2003.
  57. Schlup, R., Hotel management agreements: Balancing the interests of owners and operators. "Journal of Retail and Leisure Property", Vol. 3, Issue 4, pp. 331-342, 2003.
  58. Shleifer, A. and Vishny, R., A survey of corporate governance, "Journal of Finance", Vol. 52. Issue 2, pp. 737-783, 1997.
  59. Silver, D.A., Venture Capital: the Complete Guide for Investors, Wiley and Sons, 1985.
  60. Sinnet, W. M., Detecting fraud will the new rules help, "Financial Executive", Vol. 20. Issue 2, pp. 63-65, 2004.
  61. Skarzinskaiste, A., Risky at best, "Business Eastern Europe", July 14, pp. 7, 2003.
  62. Solomon, J. F., Lin, S.W., Norton, S. D., Solomon, A., Corporate governance in Taiwan: empirical evidence from Taiwanese company directors, "Corporate Governance", Vol. 10, Issue 3, pp. 235-248, 2003.
  63. Sormani, A., Central and Eastern Europe: The accession years, "European Venture Capital Journal", July/August, pp. 63-71, 2003.
  64. Stiles, P., The impact of the board on strategy: an empirical examination. "Journal of Management Studies". Vol. 38, Issue 5, pp. 627- 650, 2001.
  65. Sung Wook, J., Corporate governance and film profitability: evidence from Koreas before the economic crises, "Journal of Financial Economics", Vol. 68, Issue 2. pp. 287-323. 2003.
  66. Sweeting, R., UK venture capital funds and the funding of new technology based businesses: Process and relationships, "Journal of Management Studies", Vol. 28, pp. 601-622, 1991.
  67. Wright, M., Karsai, J., Dudziński, Z., Morovic, J., Transition and active investors: Venture capital in Hungary, Poland, and Slovakia, "Post-Communist Economies", Vol. 11, Issue l, pp. 6-38, 1999.
  68. Van den Berghe, L.A.A., Levrau, A., The Role of Venture Capitalists as Monitor of the Company: a corporate governance perspective. Corporate Governance. Vol. 10. Issue 3. pp. 124-135, 2002.
  69. Zopounidis, C., Venture capital modeling: Evaluation criteria for the appraisal of investments. "The Financier'' Vol. 139, pp. 54-64, 1994.
Cytowane przez
Pokaż
ISSN
1233-5835
Język
eng
Udostępnij na Facebooku Udostępnij na Twitterze Udostępnij na Google+ Udostępnij na Pinterest Udostępnij na LinkedIn Wyślij znajomemu