Crowdfunded marketplaces have recently emerged as a novel avenue for entrepreneurs to raise capital in support of innovative ideas and ventures. In these markets, any individual can propose a project, and interested others can contribute their funds to support it. The economic potential of these markets has recently become apparent and, as a result they have begun gaining significant attention from legislators and regulators, who see crowdfunding as a possible solution to the economic woes currently facing the country. However, the behavior of participants in these marketplaces, a key factor that must be accounted for in any effort to formulate policy or regulation, or to identify appropriate design practices, remains poorly understood, primarily due to the many novelties of crowdfunding. Bearing in mind the need to ensure crowdfunding's sustainability as an industry, the formulation of policy and regulation, as well as best practices for participants, I report on three empirical studies that seek to identify and quantify a variety of important aspects of, and influences upon, participant behavior in crowdfunded markets. These three studies, presented as separate essays herein, i) explore the influence upon subsequent contributors from social information about prior others' actions, ii) examine the frictions that arise due to cultural differences between and amongst users, and iii) assess crowdfunders' use of information-hiding mechanisms, and the subsequent impact on later contributors in the market. In regard to each, I discuss the relevant theory, the methodology, data sources, results and implications. I conclude by highlighting the contributions of my work, and possible avenues for future research. / Business Administration/Management Information Systems

Studiens syfte: Denna studie har som syfte att undersöka hur svenska venture capital aktörer minimerar asymmetrisk information i samarbetsprocessen med entreprenören. Metod: Studien är av fallstudiedesign med kvalitativ ansats där semistrukturerade intervjuer samt enkät med slutna frågor har använts för att samla in data. Empiri: Det empiriska materialet visar hur tre svenska venture capital aktörer noggrant och effektivt väljer investeringsobjekt och sedan arbetar aktivt för att dessa bolag ska bli så bra som möjligt. Slutsats: Studien visar att svenska venture capital aktörer använder sig av en kombination av olika verktyg och att bygga förtroende mellan de olika parterna för att minimera risken med asymmetrisk information. / Purpose: The aim of this study is to examine how the Swedish venture capital operators minimize the asymmetric information that may occur during an investment process. Method: This study has a case study design using a qualitative approach in which semi- structured interviews and a questionnaire with closed-end questions were used to collect data. Research: The empirical data shows how Swedish Venture Capital operators accurately and efficiently selects investment targets and then actively work for the companies they invest in. Conclusion: The main result of this investigation is that Swedish venture capital operators use a combination of different tools and trust to minimize the risk of asymmetric information.

[pt] Esta dissertação teve como objetivo verificar se a presença de gestores de Fundos de Venture Capital influencia a curva de crescimento de empresas inovadoras, baseado na análise da carteira do Programa INOVAR da Finep – Inovação e Pesquisa. Para tanto, foi elaborado um questionário e enviado para 73 empresas que faziam parte da carteira do Programa INOVAR no final de 2013, das quais 54 (74 porcento) responderam à pesquisa. O questionário procurou avaliar três dimensões principais: Resultados Financeiros, Governança Corporativa e Inovação, além de outros aspectos de características mais gerais, como diferencial competitivo das empresas e aspectos qualitativos da atuação dos gestores no dia-a-dia destas. Em 2013 as empresas pesquisadas apresentaram um faturamento bruto agregado da ordem de 7,870 bilhões de reais, e um lucro líquido de 419 milhões de reais. Os fundos tinham uma participação média de 29,2 por cento do capital social nessas companhias. No que concerne à inovação, 83 por cento das empresas declararam ter inserido produto ou serviço novo no mercado nacional, e 4 por cento afirmaram ter inovado no mercado mundial. Além dos aspectos já mencionados, a maioria dos empreendedores (70 por cento) avalia que o ingresso do fundo em suas empresas promoveu mudanças significativas em seus processos de gestão, cujos efeitos permanecerão mesmo após a saída do fundo. / [en] This study aims to investigate whether the presence of Venture Capital funds managers influence the growth curve of innovative companies based on an analysis of Finep - Innovation and Research- INOVAR Program portfolio companies. For this purpose, a questionnaire was developed and sent to 73 companies that were part of the INOVAR Program portfolio at the end of 2013, and 54 (74 percent) of them responded to the survey. The questionnaire sought to assess three main dimensions: Financial Results, Corporate Governance and Innovation, and other aspects of general characteristics. In 2013 the surveyed companies had aggregated gross revenues of 7,870 billion reais and a net profit of 419 million reais. The funds had an average share of 29.2 per cent of the equity in these companies. With regard to innovation, 83 per cent of the companies reported having inserted new product or service in the domestic market, while 4 per cent said they brought innovation to the world market. Besides the aspects mentioned above, the majority of entrepreneurs (70 per cent) estimates that the contribution of the funds to their companies promoted significant changes in their management processes, whose effects will remain after the exit of the funds.

[pt] Fundos de Private Equity e Venture Capital (PE/VC) investem, principalmente, em pequenas e médias empresas de capital fechado. Sua atuação junto a essas companhias mostra grande ativismo, muitas vezes com a implantação de boas práticas de governança e criação de valor nos processos, com o objetivo de proporcionar rápido crescimento e efetuar o desinvestimento com elevada rentabilidade. O objetivo deste trabalho é investigar a relação entre a participação societária de fundos de PE/VC antes do IPO e o desempenho de longo prazo das ações das companhias após a abertura de capital. Para tanto, as empresas foram divididas por setor econômico de atuação e duas análises foram realizadas: buy and hold e retorno anormal acumulado (CAR). O primeiro estudo apresenta resultados variados em cada setor. O grupo de empresas com presença prévia de PE/VC teve melhor desempenho somente nos setores de Consumo, Exploração Imobiliária, Saúde e Utilidade Pública. A segunda análise envolveu a comparação dos retornos das empresas com benchmarks setoriais e as regressões efetuadas apontaram que a participação de fundos de PE/VC influencia o CAR somente no período de seis meses após o IPO. Não foram encontradas evidências significativas entre a permanência desses fundos na estrutura societária das companhias e seus retornos de longo prazo. / [en] Private Equity and Venture Capital (PE/VC) funds invest primarily in small and medium private companies. Their partnership with these firms shows great activism, often with implementation of good governance practices and value creation in processes, aiming to provide fast growth and make disinvestment with high profitability. The objective of this study is to investigate the relationship between PE/VC investment in private firms and the long-term performance of these companies shares after the IPO. Companies were divided by industry and two analyzes were performed: buy and hold and cumulative abnormal return (CAR). The first analysis shows mixed results in each industry. The group of PE/VC-backed firms performed better only in the sectors of Consumption, Real Estate, Healthcare and Utilities. The second analysis involved a comparison of companies returns with industry benchmarks and the regressions performed showed that PE/VC investment has a positive significant relation with CAR six months after the IPO. No significant evidence of this relation was found when these funds held their position or part of that in the corporate structure of the companies.

Venture Capital can play a key role for our future by placing their capital in sustainable investments. They have the capacity to fuel new ventures, sprung from ideas on how to solve the sustainability challenges we face today. In this paper we research the drivers and barriers for sustainable venture capital investment decisions. Our findings show that increased knowledge on sustainability issues is affecting the general public opinion, policies and governance and the way we choose to live, consume and do business. This in turn increases the market potential for sustainable businesses. Therefore, sustainable investments are more and more considered as a good investment, not only in regard to social and ecological aspects but also financial returns. A model with our findings showing the drivers and barriers for sustainable venture capital investment decisions will be presented aiming encourage and push toward a more sustainable future.

Der vorliegende Beitrag knüpft an die in Potsdam seit 2001 durchgeführte Langzeitstudie an und untersucht die aktuelle Situation auf dem formellen Beteiligungsmarkt in Deutschland nach dem Ausbruch der Finanzkrise. Neben den allgemeinen Gegebenheiten des Marktes werden vor allem die Finanzierungsbedingungen sowie das Investitionsverhalten einzelner Beteiligungsgesellschaften analysiert. In den Jahren 2008 - 2009 zeigt sich einerseits eine weitestgehend unveränderte Struktur der Refinanzierungsquellen. Privatpersonen und Banken sowie der öffentliche Sektor nehmen weiterhin einen hohen Stellenwert ein. Andererseits werden deutliche Veränderungen der strukturellen Merkmale, wie auch im Investitionsverhalten einzelner Beteiligungsgesellschaften deutlich. Besonders auffällig für die Branche sind das Rationalisierungsbestreben beim Einsatz von Investmentmanagern sowie die zunehmende Spätphasenspezialisierung. Aus dem festgestellten Konsolidierungs- und Reifeprozess erwächst die Herausforderung und offene Frage, wie der Markt eine solche strukturelle Angebotslücke im Frühphasensegment begegnen will. Auch das Einwerben neuer Finanzmittel sowie die aktuellen Exit-Bedingungen werden in der vorliegenden Studie kritisch beleuchtet. Als ein reizvolles Instrument zur Reduzierung der aufgezeigten Problemfelder wird dabei die aktuell unterentwickelte Syndizierung von Beteiligungsinvestitionen angesehen. Die effizientere Ausgestaltung derartiger Finanzierungsstrukturen sollte dazu beitragen, dass das private Beteiligungskapital künftig stärker bei der Transformation betrieblicher Forschung und Entwicklung zum Einsatz gelangt. / This paper presents another in a continuing research program initiated at the University of Potsdam in 2001. The current study surveys the current status of the German private equity market. The effects of the financial crisis generally, especially their consequences for the financial conditions and investment strategies of private equity firms are examined. On the one hand, the paper observes little change in the refinancing structure during 2008-2009. Private individuals, banks and the public sector still play an important role. On the other hand, changes in structural characteristics of the investment companies as well as in their investment behaviors are significant. Most noticeable are attempts to reduce human resource costs and a shift towards greater late-stage investment. Apparent consolidation and developing maturity portend a future challenge, to ameliorate an emerging structural supply gap in earlystage segment. In addition, the paper critically examines the current condition of fundraising activities and exit conditions. Syndication, though underdeveloped at present, might offer one way to address these troubling issues. More efficient financing structures should allow private equity to play an increasing role in the commercial transformation of corporate research and development.

Bakgrund och problem: Det långsiktiga värdeskapandet av Private Equity (PE)- och Venture Capital (VC)-bolag är ett fenomen som forskats kring sedan dess uppenbarelse i mitten av 80-talet. Tidigare forskning har främst fokuserat på portföljbolagens prestation under ägande, medan forskningen är gles gällande de långsiktiga konsekvenserna av PE- och VC-ägande. Trots tidigare forskning inom området, som sträcker sig över tre decennier, finns det ingen etablerad konsensus om de långsiktiga effekterna av PE- och VC-finansiering. Med tanke på den tvetydiga forskningen och det faktum att det inte råder någon konsensus inom området syftar denna studie att undersöka fenomenet på den svenska marknaden. Syfte: Denna studie syftar till att analysera huruvida det råder en operationell prestationsskillnad mellan tidigare PE- och VC-ägda portföljbolag gentemot dess branschkonkurrenter efter avyttring genom börsnotering. Vidare ämnar studien  analysera de bakomliggande faktorerna till den tänkbara prestationsskillnaden samt utreda om dessa varierar beroende på vilken aktör som tidigare stått för ägandet. Metod: Undersökningen genomfördes på den svenska marknaden mellan 2000 och 2017 med EBITDA-marginalen, omsättning per anställd, avkastning på sysselsatt kapital, operativa kassaflöden/totala tillgångar och rörelsekapital/omsättning som indikator på operationell prestation. I linje med tidigare forskning tillämpar följande studie en kvantitativ forskningsmetod, en deduktiv design och använder både ett parametrisk och icke parametrisk test i syfte att avgöra den statistiska säkerheten i resultaten. Slutsats: Studien konstaterar att den långsiktiga operationella prestationen för tidigare PE-ägda portföljbolag är sämre än den för branschkonkurrenter. Resultaten fastställer dock en kortsiktig överprestation som grundar sig i varaktiga effekter av effektiviseringsåtgärder från ägandeperioden. I motsats till detta, indikerar VC-ägda portföljbolag på en operativ underprestation, relativt branschkonkurrenter, på kort- och lång sikt men på grund av ett begränsat urval av portföljbolag kan detta inte statistiskt säkerställas. / Background and problem: The long term value creation of Private Equity (PE) and Venture (VC) Capital firms is a phenomena that has been debated and researched since its revelation in the mid 80’s. Previous research has primarily focused on the performance of portfolio companies during ownership, while the offer is relatively sparse investigating the long term consequences of PE and VC ownership after divestment. Despite previous research within the field, extending over three decades, there is no established consensus of the long term results of PE and VC financing. Given the contradiction of previous research the study aims to investigate the phenomena in detail on the Swedish market. Purpose: The study aims is to investigate how formerly Private Equity (PE) and Venture Capital (VC) backed portfolio companies preform, relative industry peers, after divestment through IPO. The study is based upon five key operational metrics and further strives to analyse and determine the explanatory variables to the presumed performance deviations and if these vary depending on which actor who previously was responsible for the ownership. Methodology: The study was conducted on the Swedish market between 2000 and 2017 using the EBITDA-margin, RPE, ROCE, operational cash flows to total assets and net working capital to sales as operational determinants for long- and short term performance. In line with previous research the following event study applies a quantitative research method, a deductive design and uses both a parametric and a non-parametric test to determine the statistical significance of the results. Conclusion: The study concludes that the long term operational performance of previously PE- owned portfolio companies is inferior to that of industry peers. However, the results conclude that the portfolio companies over perform industry peers in the short term due to lasting effects of efficiency processes from the ownership period. In contrary to previous results VC-owned portfolio companies indicate an operational under performance in the short and long term but due to a limited selection of portfolio companies this cannot be statistically proven.

Made available in DSpace on 2016-12-23T13:42:10Z (GMT). No. of bitstreams: 1 Andre Abreu de Almeida.pdf: 396896 bytes, checksum: 704d9dbf4cef2a6c34705a4089d16012 (MD5) Previous issue date: 2013-03-22 / Esta pesquisa teve como objetivo investigar a influência do PE/VC sobre a informatividade dos lucros contábeis das empresas listadas na BM&FBovespa. Considerou-se informatividade a intensidade da relação entre o lucro contábil e o retorno das ações, apurada pelo coeficiente angular da reta estimada entre as variáveis PEVC e Lucro Líquido Ajustado (LLA). Adicionalmente, a pesquisa abordou a Influência do efeito conjunto PE/VC e governança sobre a informatividade dos lucros contábeis. Espera-se com esta pesquisa contribuir com a ampliação do conhecimento sobre o papel da contabilidade no mercado de capitais. A amostra foi composta por 1.177 observações de empresas não-financeiras listadas na BM&FBovespa no período de 2004 a 2011. O resultado apurado confirma hipótese de que a informatividade dos lucros contábeis é positivamente relacionada com a existência de PE/VC / This research aimed at investigating the influence of PE / VC on the informativeness earnings of companies listed on the BM&FBovespa. It was considered informativity as the intensity of the relationship between accounting profit and stock returns, calculated by the slope estimated between the variables PEVC and Adjusted Net Income (LLA). Additionally, the study investigated the influence of the combined effect of PE / VC and governance on the informativeness earnings. It is expected that this research contribute for the expansion knowledge improvement on the role of accounting in capital markets. The sample consisted of 1177 observations of nonfinancial companies listed on the BM & FBovespa in the period from 2004 to 2011. The result of this research confirm the hypothesis that the informativeness of earnings is positively related to the existence of PE / VC

Small and medium-sized enterprises (SMEs) contribute to China's economic growth and help maintain social stability. However, SME business leaders have cited access to finance as an obstacle of SMEs' survival and success. The purpose of this multiple case study was to identify main strategies SME entrepreneurs and business leaders used to attract venture capital (VC) investments to achieve financial sustainability and business expansion. Data were collected from a purposive sample of 23 entrepreneurs and leaders from 4 SMEs in China and an analysis of organizational artifacts. The resource-based view theory served as the primary conceptual framework. The data analysis process entailed using coding techniques to identify keywords, narrative segments, and concepts. Member checking ensured the credibility and trustworthiness of the data interpretation and analysis. The process led to 4 themes including developing a unique and pioneering business model, assembling a management team with industry experience, indicating use of raised capital in investing in technology, and engaging with superior principal endorsements during the fund-raising efforts. The implication for positive social change included the potential to enhance the capability of SME entrepreneurs and business leaders to obtain VC funding to support their businesses, which can increase economic development and improve the social stability of local communities in China. The findings from the study may contribute to the development of the SME sector in China and benefit their owners, business leaders, employees, future entrepreneurs, the local community, as well as economy of China.

Business angels are an important source of funding for new companies in need of external capital, since they usually are the first to invest in new companies. Therefore, it is valuable to study how business angels manage their investment process, both before and after the investment has been completed. As more investments are made, experience is gained and applied to the next investment process. Previous research has studied how other experience, such as education and entrepreneurial experience, affects parts of the investment process. The purpose of this study is to describe the investment process of business angels in Sweden and analyse how it differs depending on how many investments they have previously made, that is what investment experience they have. Finally, the purpose of the study is to develope a model to describe how the investment experience affects the investment process.  The study is based om an abducitve research approach and a qualitative research method. Empirical data has been collected with eleven interviews and two email conversations, and the respondents consist of business angels in Sweden who have made between one and 20 investments in new companies. The interviews conducted were semi-structured and of a narrative nature. The analytical method used to analyse the empirical data is the Gioia-method.  The conclusions of the study are that the investment process consists of five stages; deal flow, screening & investment criteria, negotiation, active ownership and exit. Further in the conclusion, the similarities and differences that exist in the investment process of business angels with more and less investment experience are presented. As experience is gained, business angels get a bigger and better deal flow based on informal contacts instead of formal networks. For business angels with more experience, the process is slower and they make a more accurate assessment of the company and, above all, the entrepreneur. Business angels with more experience find negotiations easier and they are more involved than those with less experience. Experience has an impact on active ownership, where more experienced business angels value taking an altruistic role in the company and the less experienced business angels consider themselves above all to take a value-creating role and contribute resources to the company. Business angels with more experience have a more dynamic view of exit, and business angels with less experience have a more static view of exit. It can be stated that investment experience has an impact on all stages of the investment process.