Governmental venture capital: A social capital and principal-agent related examination for Belgium, The Netherlands, Luxembourg, Austria and Germany

Research output: Journal contributionsJournal articlesResearchpeer-review

Authors

  • Christian Schlamp
The underlying research study was concerned with public venture capital which is grounded in the assumption of market failure and financing gaps (Güllmann 2000; Brettel 2005) and associated with the risk of crowding-out (Colombo et al. 2016). In order to expand the research perspective and to shed new light on the public investors, this project was concerned with their strategy, with their social networks, their syndication rationales, their monitoring and mentoring in turnaround situations and their exit routes between 2015 and 2017. 67 governmental investors in Belgium, The Netherlands, Luxembourg, Austria and Germany were invited to participate in a fully structured survey. In addition, secondary data sources were examined regarding the developments of the venture capital markets, of the crowdfunding markets and of the business angels' investments in the underlying countries between the phase of the financial crisis and the recent COVID-19 pandemic. The data was analysed by means of descriptive statistics and the survey results were finally validated by an additional validation study. The results, inter alia, showed that the public investors maintained comprehensive networks with different types of network partners and that social capital (Burt 1993; Lin 1999) played an important role for their business and not the provision of financings alone. Nevertheless, the results also showed that the network size did not matter for exit success on a statistically significant level and that the recent developments on the macro level called the public involvement in question.
Original languageEnglish
JournalThe Journal of Entrepreneurial Finance
Volume25
Issue number1
Pages (from-to)32-63
Number of pages32
ISSN2373-1753
DOIs
Publication statusPublished - 01.01.2023
Externally publishedYes

DOI

Recently viewed

Publications

  1. Liberalism, postmaterialism, and the growth of freedom
  2. A Tale of Culture-Bound Regime Evolution
  3. Diversität und Zugehörigkeit
  4. Die Kultur der sechziger Jahre
  5. Energieeffiziente Warmwasserversorgung
  6. Fachgeschichte
  7. Dokumentation des Mentoring in der Universität Lüneburg in den Jahren 2001-2003
  8. Cumulating evidence in environmental governance, policy and planning research: towards a research reform agenda
  9. "Der Herkules" - Symbol und Wahrzeichen der Stadt Kassel
  10. Theoretische Ansätze zur Erklärung des Strategieverhaltens von kleinen und mittleren Unternehmen
  11. Geschäftsprozesse und IT
  12. Lesekompetenz in PISA 2015
  13. Erziehungsarbeit und Kinderleben gestalten
  14. Das Verfahren sowie das Mikrosystem für gleichzeitige Messung und Bestimmung von Konzentrationen in 3-Komponentenlösungen
  15. Emotionale Befindlichkeit und Motive in Lerngruppen
  16. Mädchen und Jungen tanzen
  17. Effects of forest management on species diversity of vascular plants in northern Germany
  18. Die Grundschul-Bibel
  19. Clean by Nature. Lively Surfaces and the Holistic-Systemic Heritage of Contemporary Bionik.
  20. Steuergeheimnis und Informationsfreiheitsrecht
  21. U.S. stock prices and the dot.com-bubble
  22. The Competitive Strategies of Ecopreneurs: Striving for Market Leadership by Promoting Sustainability
  23. Das standardessentielle Patent und die FRAND-Lizenz Teil 1
  24. Cognitive Capitalism
  25. Krieg im Namen Gottes? Die Rezeption der Lehre vom gerechten Krieg bei Johannes Calvin
  26. Kooperation : Neue Wege für die Sozialwirtschaft
  27. Festschrift zum 150-jährigen Vereinsjubiläum
  28. Überwindung von Hochschul- und Fachkulturen!?
  29. Welt im Wandel - Hochschule auch!
  30. "Friend Is A Four Letter Word".
  31. Frauen im Beruf
  32. Im Tübinger Stift (1788 - 1793)
  33. Gesellschaftsrechtliche Gestaltung der Netzwerke virtueller Unternehmen - mit Beispielen kleiner und mittlerer Unternehmen der Biotechnologiebranche
  34. Die Stimme der "Ultrarechten": die Kreuzzeitung 1881 - 1892
  35. Kultur der Betäubung
  36. Corporate Social Responsibility
  37. Kulinarisches Kino
  38. Lebensweltsituationsorientierte Konstruktion von Lernaufgaben in der sozioökonomischen Bildung
  39. Schul- und Leistungsangst begegnen
  40. Die Thessalonicherbriefe im Kontext urchristlicher Überlieferungsprozesse. Methodische Reflexionen
  41. Bildung für eine nachhaltige Entwicklung