TY  - UNPD
A1  - Cumming, Douglas J.
A1  - Schmidt, Daniel
A1  - Walz, Uwe
T1  - Legality and venture governance around the world
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2004,17
N2  - We analyze governance with a dataset on investments of venture capitalists in 3848 portfolio firms in 39 countries from North and South America, Europe and Asia spanning 1971-2003. We find that cross-country differences in Legality have a significant impact on the governance structure of investments in the VC industry: better laws facilitate faster deal screening and deal origination, a higher probability of syndication and a lower probability of potentially harmful co-investment, and facilitate board representation of the investor. We also show better laws reduce the probability that the investor requires periodic cash flows prior to exit, which is in conjunction with an increased probability of investment in high-tech companies. Klassifikation: G24, G31, G32.
T3  - CFS working paper series - 2004, 17 
KW  - venture capital
KW  - Corporate Governance
KW  - Syndication
KW  - Entrepreneurial Finance
KW  - Risikokapital
KW  - Corporate Governance
KW  - Geschichte 1971-2003
Y1  - 2004
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4422
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-10681
IS  - April 2004
ER  -