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Venture Capital and Private Equity
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Venture Capital and Private Equity

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Business and Entrepreneurship".

Deadline for manuscript submissions: closed (30 April 2020) | Viewed by 38573

Special Issue Editors

Dr. Sunny Li Sun

E-Mail Website
Guest Editor
Department of Marketing Entrepreneurship and Innovation, Manning School of Business, Pulichino Tong Business Center – 220A, Lowell, MA, USA
Interests: entrepreneurship; corporate governance; venture capital networks; institutions
Dr. Yi Yang

E-Mail Website
Guest Editor
Department of Marketing Entrepreneurship and Innovation, Manning School of Business, Pulichino Tong Business Center – 220D, USA
Interests: corporate venture capital; corporate entrepreneurship; technology innovation; competitive dynamics

Special Issue Information

Dear Colleagues,

Venture capital and private equity (VC/PE) are important financial intermediaries bridging risk capital and entrepreneurial firms. The growth of VC/PE is changing the dynamics of capitalism and reshaping national competitiveness. The present Special Issue aims at collecting a number of new contributions, both at the theoretical level and at the practical level. The topics could widely cover financial contracting; governance structures in private equity firm and its invested entrepreneurial firms; angel investments; corporate venture capital; milestone vs. rounds; harvesting investments through IPOs or through mergers and acquisitions; evaluation and investment decisions; due diligence procedures; distressed asset investments; risk and portfolio management; legal and institutional perspective (e.g., blue sky laws, Tax Cuts and Jobs Act of 2017, anti-fraud provisions); and VC/PE’s role in innovation ecosystem. We hope that this collection of papers will enrich this cross-discipline literature and encourage discourse in different fields.

The deadline for the first round call for papers is 30 May 2022.

Dr. Sunny Li Sun
Dr. Yi Yang
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • Financial contracting
  • Corporate governance
  • Firm growth
  • Entrepreneurial finance
  • Corporate venture capital
  • Investment decision and evaluation
  • Portfolio management
  • Exit strategies

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Published Papers (6 papers)

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Research

19 pages, 523 KiB  
Article
Artificial Intelligence Factory, Data Risk, and VCs’ Mediation: The Case of ByteDance, an AI-Powered Startup
by Peiyi Jia and Ciprian Stan
J. Risk Financial Manag. 2021, 14(5), 203; https://doi.org/10.3390/jrfm14050203 - 2 May 2021
Cited by 8 | Viewed by 9721
Abstract
The AI factory is an effective way of managing artificial intelligence (AI) processes, enabling broad AI deployment in a firm. The purpose of this study is to explore the role of the AI factory in an entrepreneurship context. How do AI-powered startups leverage [...] Read more.
The AI factory is an effective way of managing artificial intelligence (AI) processes, enabling broad AI deployment in a firm. The purpose of this study is to explore the role of the AI factory in an entrepreneurship context. How do AI-powered startups leverage AI to grow, and manage data risks? What is the role of venture capitalists in this process? We answer these research questions by conducting an in-depth study of an AI-powered startup: ByteDance. Our study extends both AI and entrepreneurship literature by showing that AI-powered startups adopt the AI factory approach to optimize scale, scope, and learning. Our discussion also emphasizes the critical role played by venture capitalists in assisting AI-powered startups in building AI factories and in reducing data risk. Full article
(This article belongs to the Special Issue Venture Capital and Private Equity)
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17 pages, 266 KiB  
Article
Diversification and Fund Performance—An Analysis of Buyout Funds
by Matthias Huss and Daniel Steger
J. Risk Financial Manag. 2020, 13(6), 136; https://doi.org/10.3390/jrfm13060136 - 23 Jun 2020
Cited by 2 | Viewed by 4242
Abstract
This paper studies the relationship between portfolio diversification and fund performance, based on an unexplored, hand-collected dataset of buyout funds. The dataset comprises detailed information at the level of portfolio companies, which allows measuring the concentration of the fund portfolios towards individual companies, [...] Read more.
This paper studies the relationship between portfolio diversification and fund performance, based on an unexplored, hand-collected dataset of buyout funds. The dataset comprises detailed information at the level of portfolio companies, which allows measuring the concentration of the fund portfolios towards individual companies, industrial, and geographical focus. Our results suggest that diversification within, but not across industries, associates with higher buyout fund performance. We do not find a significant relationship between geographical diversification and performance. These results partly contradict results documented in prior literature. Full article
(This article belongs to the Special Issue Venture Capital and Private Equity)
18 pages, 615 KiB  
Article
Family Ownership and Corporate Environmental Responsibility: The Contingent Effect of Venture Capital and Institutional Environment
by Zhu Zhu and Feifei Lu
J. Risk Financial Manag. 2020, 13(6), 110; https://doi.org/10.3390/jrfm13060110 - 1 Jun 2020
Cited by 8 | Viewed by 3294
Abstract
As scholars and policy makers pay more attention to the environmental impact of economic activities, more focus has been placed on the corporate environmental responsibility (CER) of family firms, which accounts for the majority of businesses in both developed and developing countries. Using [...] Read more.
As scholars and policy makers pay more attention to the environmental impact of economic activities, more focus has been placed on the corporate environmental responsibility (CER) of family firms, which accounts for the majority of businesses in both developed and developing countries. Using a sample of 4714 private enterprises across 23 provinces in China, the current study examines the effect of family ownership on CER investment, as well as the moderating effects of venture capital investment and local institutional development. Results show that concentrated family ownership leads to lower CER spending, however, when venture capital investment comes from developed markets, the negative relationship is reversed. In addition, the marketization level of the province in which a family firm is headquartered mitigates the negative relationship between family ownership and CER investment. Full article
(This article belongs to the Special Issue Venture Capital and Private Equity)
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24 pages, 2714 KiB  
Article
Risk Capital and Emerging Technologies: Innovation and Investment Patterns Based on Artificial Intelligence Patent Data Analysis
by Roberto S. Santos and Lingling Qin
J. Risk Financial Manag. 2019, 12(4), 189; https://doi.org/10.3390/jrfm12040189 - 14 Dec 2019
Cited by 18 | Viewed by 8356
Abstract
The promise of artificial intelligence (AI) to drive economic growth and improve quality of life has ushered in a new AI arms race. Investments of risk capital fuel this emerging technology. We examine the role that venture capital (VC) and corporate investments of [...] Read more.
The promise of artificial intelligence (AI) to drive economic growth and improve quality of life has ushered in a new AI arms race. Investments of risk capital fuel this emerging technology. We examine the role that venture capital (VC) and corporate investments of risk capital play in the emergence of AI-related technologies. Drawing upon a dataset of 29,954 U.S. patents from 1970 to 2018, including 1484 U.S. patents granted to 224 VC-backed start-ups, we identify AI-related innovation and investment characteristics. Furthermore, we develop a new measure of knowledge coupling at the firm-level and use this to explore how knowledge coupling influences VC risk capital decisions in emerging AI technologies. Our findings show that knowledge coupling is a better predictor of VC investment in emerging technologies than the breadth of a patent’s technological domains. Furthermore, our results show that there are differences in knowledge coupling between private start-ups and public corporations. These findings enhance our understanding of what types of AI innovations are more likely to be selected by VCs and have important implications for our understanding of how risk capital induces the emergence of new technologies. Full article
(This article belongs to the Special Issue Venture Capital and Private Equity)
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13 pages, 2123 KiB  
Article
Influence of Venture Capital and Knowledge Transfer on Innovation Performance in the Big Data Environment
by Chuanrong Wu, Xiaoming Yang, Veronika Lee and Mark E. McMurtrey
J. Risk Financial Manag. 2019, 12(4), 188; https://doi.org/10.3390/jrfm12040188 - 12 Dec 2019
Cited by 5 | Viewed by 3442
Abstract
Technological innovation requires large investments. Venture capital (VC) is a prominent financial source for innovative start-ups. A venture capitalist will inevitably transfer knowledge to facilitate the innovation of a firm while monitoring and advising its portfolio companies. Only when a firm has its [...] Read more.
Technological innovation requires large investments. Venture capital (VC) is a prominent financial source for innovative start-ups. A venture capitalist will inevitably transfer knowledge to facilitate the innovation of a firm while monitoring and advising its portfolio companies. Only when a firm has its own valuable new knowledge and high growth potential would venture capitalists select it. At the same time, big data knowledge, such as customer demands and user preferences, is also important for the new product development of a firm in the big data environment. Therefore, private knowledge transferred from venture capitalists, new knowledge developed independently by a firm itself, and big data knowledge are the three main types of knowledge for venture-backed firms in the big data environment. To find the influences of VC and knowledge transfer on the innovative performance of venture-backed firms, a model of maximizing the present value of the expected profit of new product innovation performance of a venture-backed firm in the big data environment is presented. The model can help venture capitalists to determine the scale of investment and the optimal exit time and predict the internal rate of return (IRR). This model can also help innovative start-ups to illustrate the value and prospects of a project to attract investment in their business prospectus. Full article
(This article belongs to the Special Issue Venture Capital and Private Equity)
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22 pages, 656 KiB  
Article
Cross-Border Venture Capital Investments: What Is the Role of Public Policy?
by Wendy A. Bradley, Gilles Duruflé, Thomas F. Hellmann and Karen E. Wilson
J. Risk Financial Manag. 2019, 12(3), 112; https://doi.org/10.3390/jrfm12030112 - 1 Jul 2019
Cited by 12 | Viewed by 7712
Abstract
(1) Background: Cross-border venture capital (VC) investments play an important role in the scaling up of high-growth companies. However, policymakers worry that foreign VC investments transfer the majority of economic activity to the investor country. On the one hand, start-ups welcome the foreign [...] Read more.
(1) Background: Cross-border venture capital (VC) investments play an important role in the scaling up of high-growth companies. However, policymakers worry that foreign VC investments transfer the majority of economic activity to the investor country. On the one hand, start-ups welcome the foreign capital, expertise, and networks that accompany cross-border investments. On the other hand, policymakers are concerned that cross-border investments predominantly benefit foreign economies and fail to develop the local entrepreneurial ecosystem. This paper describes a framework for how policymakers can develop a set of policies toward cross-border VC investments. (2) Methods: The paper examines available data and trends about the role of cross-border investing, focusing on Europe, Israel, and Canada. Then, the paper explains the underlying economic challenges and develops a policy framework. (3) Results: The analysis shows that in addition to policies that aim to attract foreign investors, there are also important policies for the development of the domestic VC market. The analysis encompasses policies that are both financial and non-financial in nature. (4) Conclusions: A core insight for policymakers is to retain a balance of initiatives, attracting foreign investors while simultaneously making sure to strengthen the country’s domestic VC industry and innovation ecosystem. The mix of policies will adjust as the domestic ecosystem matures. Full article
(This article belongs to the Special Issue Venture Capital and Private Equity)
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