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dc.creatorCumming, Douglas
dc.creatorWerth, Jochen Christian
dc.creatorZhang, Yelin
dc.date.accessioned2021-09-28T09:27:08Z
dc.date.available2021-09-28T09:27:08Z
dc.date.issued2017-03-09
dc.identifier.urihttps://fif.hebis.de/xmlui/handle/123456789/2236
dc.description.abstractWe argue two alternative routes that lead entrepreneurial start-ups to acquisition outcomes instead of liquidation. On one hand, acquisitions can come about through the control route with external financers such as venture capitalists (VCs). VCs take control through their board seats along with other contractual rights that can bring about changes in a start-up necessary to successfully attract a strategic acquirer. Consistent with this view, we show that VCs often replace the founding entrepreneur as CEO long before an acquisition exit. On the other hand, acquisitions can come about through advice and support provided to the start-up, such as that provided by an incubator or technology park. Based on a sample of 251 Crunchbase companies in the U.S. over the years 2007 to 2014, we present evidence that is strongly consistent with these propositions. Further, we show that the data indicate a tension between VC-backing of start-ups resident in technology parks insofar as such start-ups are slower to become, and less likely to be, acquired.
dc.rightsAttribution-ShareAlike 4.0 International
dc.rights.urihttp://creativecommons.org/licenses/by-sa/4.0/
dc.subjectCorporate Finance
dc.titleGovernance in Entrepreneurial Ecosystems: Venture Capitalists vs. Technology Parks
dc.typeWorking Paper
dcterms.referenceshttps://fif.hebis.de/xmlui/handle/123456789/1381?Crunchbase
dcterms.referenceshttps://fif.hebis.de/xmlui/handle/123456789/1355?Bloomberg Businessweek
dc.source.filename135_SSRN-id2777423
dc.identifier.safeno135
dc.subject.keywordsentrepreneurship
dc.subject.keywordsentrepreneurial finance
dc.subject.keywordsgovernance
dc.subject.keywordstechnology park
dc.subject.keywordsincubator
dc.subject.keywordsboard of directors
dc.subject.keywordsventure capital
dc.subject.keywordsangel
dc.subject.jelG23
dc.subject.jelG24
dc.subject.jelL26
dc.subject.topic1join
dc.subject.topic1local
dc.subject.topic1expect
dc.subject.topic2ferran
dc.subject.topic2regulatory
dc.subject.topic2view
dc.subject.topic3corporate
dc.subject.topic3table
dc.subject.topic3pass
dc.subject.topic1nameMacro Finance
dc.subject.topic2nameCorporate Governance
dc.subject.topic3nameCorporate Finance
dc.identifier.doi10.2139/ssrn.2777423


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