Product market competition, venture capital, and the success of entrepreneurial firms

Douglas J. Cumming*, Giang Nguyen, My Nguyen

*この研究の対応する著者

研究成果: Article査読

抄録

We document a positive effect of product market competition (PMC) on venture capital (VC) staging. Employing large tariff rate reductions as an exogenous shock to PMC, we find that large tariff reductions lead to a greater likelihood of staged financing and a larger number of financing rounds. Cross-sectional analyses reveal that the effect is stronger for entrepreneurial firms that are younger, operate in high-tech and manufacturing industries, or receive investments from less reputable and inexperienced VCs. Our findings are consistent with the notion that by mitigating business uncertainty and survival risk, VC staging acts as a complement to PMC for enhancing entrepreneurial firms’ success.

本文言語English
論文番号106561
ジャーナルJournal of Banking and Finance
144
DOI
出版ステータスPublished - 2022 11月

ASJC Scopus subject areas

  • 財務
  • 経済学、計量経済学

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