Venture Capital and Private Equity Investment Strategies in Selected European Countries

• Autorzy: Krzysztof Dziekoński , Sławomir Ignatiuk
• Języki publikacji: EN

Abstrakty

EN

Private equity and venture capital (PE/VC) funding is the provision of equity capital by financial investors to non-quoted companies with high growth potential. It has a particular emphasis on entrepreneurial activities rather than on mature businesses. PE/VC investors differ on several dimensions including: investment targets, screening evaluation methods, governance mechanisms, and objectives. The paper is a continuation of the discussion that concerns investment strategies of PE/VC funds. While studying the PE/VC market it is important to analyze the origin and structure of capital. The authors assumed that different types of investors have different investment strategies. Our research is an attempt to answer the following research question: whether the investor type, on the European PE/VC market, has an impact on the selection of industries. The paper presents results of statistical analysis of venture capital and private equity funds investment strategies in selected countries. (original abstract)

Słowa kluczowe

EN

Venture capital; Private equity; Correspondence analysis; Investment strategy

PL

Venture capital; Private equity; Analiza korespondencji; Strategia inwestycyjna

• Czasopismo: e-Finanse
• Rocznik: 2015
• Tom: 11
• Numer: nr 4
• Strony: 34--45

Twórcy

autor

Krzysztof Dziekoński

• Bialystok University of Technology

autor

Sławomir Ignatiuk

• Bialystok University of Technology

Bibliografia

• Benzecri, J.-P. (1973). LAnalyse des Donnees. Volume II. LAnalyse des Correspondances. Paris, France: Dunod.
• Bottazzi, L., da Rin, M., Hellmann, T. (2008). What Is the Role of Legal Systems in Financial Intermediation? Theory and Evidence. Journal of Financial Intermediation, 18, 559-598.
• Bruton, G.D., Fried, V.H., Hisrich, R.D. (2000). CEO Dismissal in Venture Capital Backed Firms: Further Evidence from an Agency Perspective. Entrepreneurship Theory and Practice, 24(4), 69-77.
• Bygrave, W.D., Timmons, J. (1992). Venture Capital at the Crossroads. Boston: Harvard Business School Press.
• Campbell, R.A., Kraeussl, R. (2007). A Survey of the Venture Capital Industry in Central and Eastern Europe. In G.N. Gregoriou, M. Kooli, R. Kraeussl (Ed.), Venture Capital in Europe (pp. 51-71). Oxford: Butterworth-Heinemann.
• Caselli, S. (2010). Private Equity and Venture Capital in Europe. Boston: Academic Press.
• Caselli, S., Ventrone, D. (2004). The Special Role of the Venture Capital Industry. In S. Caselli, S. Gatti (Ed.), Venture Capital A Euro-System Approach (pp. 191-225). Berlin: Springer- Verlag.
• Commission of the European Communities, (1998). Risk Capital: a Key to Job Creation in the European Union. Luxembourg: Office for Official Publications of the European Communities.
• Department of Trade and Industry, (1999). Addressing the Equity Gap: Support for Regional Venture Capital Funds. DTI Small and Medium Enterprise Policy Directorate, London (URN99/876).
• EVCA, (2007). Guide on Private Equity and Venture Capital for Entrepreneurs. An EVCA special paper. European Private Equity & Venture Capital Association. Retrieved from http://www.evca.eu.
• EVCA, (2015). European Private Equity Activity 2014. European Private Equity & Venture Capital Association. Retrieved from http://www.evca.eu.
• Harding, R. (2000). Venturing Forward: the Role of Venture Capital Policy in Enabling Entrepreneurship. London: Institute of Public Policy Research.
• Higgs, N.T. (1991). Practical and Innovative uses of Correspondence Analysis. The Statistician, 40(2), 183-94.
• Hirschfeld, H.O. (1935). A Connection between Correlation and Contingency. Proc. Cambridge Philosophical Society, 31, 520- 524.
• Klonowski, D. (2010). The Venture Capital Investment Process. New York: Palgrave Macmillan.
• Kuen, A.W.L. (2013). Impacts of Institutions on Venture Capital Investment Activities: Evidence from China, India, Japan, and Hong Kong. The Journal of Investing, Vol. 22, No. 3, 39-52.
• Łapiński, J., Nieć, M., Rzeźnik, G., Węcławska, D. (2015). Przedsiębiorczość i perspektywy rozwojowe sektora MSP w Polsce. In A. Tarnawa, P. Zadura-Lichota (Ed.), Raport o stanie sektora małych i średnich przedsiębiorstw w Polsce w latach 2013-2014 (pp. 13-53). Warszawa: Polska Agencja Rozwoju Przedsiębiorczości.
• Mason, C.M., Harrison, R.T. (2002). The Geography of Venture Capital Investments in the UK. Transactions of the Institute of British Geographers, 27(4), 427-451.
• Osama, A. (2005). Transplanting Venture Capital in Developing Countries: a Critical Re-examination of Evidence. AAAS Research Symposium with Next Generation of Leaders in Science and Technology Policy, Washington DC. Unpublished working paper.
• Pukthuanthong, K., Dolruedee, T., Walker, T. (2007). Why Venture Capital Markets are Well Developed in Some Countries but Comparatively Small in Others: Evidence from Europe. In G.N. Gregoriou, M. Kooli, R. Kraeussl (Ed.), Venture Capital in Europe (pp. 33-51). Oxford: Butterworth-Heinemann.
• Spotorno, L. (2004). The Venture Capital Industry in Europe: Trends and Figures. In S. Caselli, S. Gatti (Ed.), Venture Capital A Euro-System Approach (pp. 285-319). Berlin: Springer-Verlag.
• StatSoft, Inc. (2014). STATISTICA (data analysis software system), version 12. www.statsoft.com.
• Ueda, M. (2004). Banks versus Venture Capital: Project Evaluation, Screening, and Expropriation. Journal of Finance, 59(2), 601-21.
• Wright, M., Robbie, K. (1998). Venture Capital and Private Equity: a Review and Synthesis. Journal of Business Finance & Accounting, 25(5) & (6), 521-570.
• Xu, X.E., (2004). Venture Capital and Buyout Funds as Alternative Equity Investment Classes. The Journal of Investing, 13(4), 74-82.

Identyfikatory

DOI

10.14636/1734-039X_11_4_003