Finansowanie innowacyjnych przedsięwzięć przez fundusze podwyższonego ryzyka - determinanty procesu decyzyjnego.

Gawlik, Remigiusz (2016): Finansowanie innowacyjnych przedsięwzięć przez fundusze podwyższonego ryzyka - determinanty procesu decyzyjnego. Published in: Studia i materiały. Miscellanea Oeconomicae. , Vol. 3, No. 20 (2016): pp. 151-159.

Abstract

The paper discusses the determinants of decision-making when financing innovative entrepreneurship through Venture Capital. Its aim is to structure key determinants of such decision-making process in order to aid the assessment of projects for financing. Literature analysis, deductive method and qualitative-quantitative multicriteria analysis have been employed. The author described the sense, financing phases, forms and limitations of VC investments. A set of decision-making determinants relevant for particular financing phases has been proposed.

• Item Type: MPRA Paper
• English Title: Financing of Innovative Enterprises Through Venture Capital – Determinants of Decision-Making Process.
• Language: Polish
• Keywords: Venture Capital, decision-making, innovative entrepreneurship
• Subjects: D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D81 - Criteria for Decision-Making under Risk and Uncertainty; G - Financial Economics > G2 - Financial Institutions and Services > G24 - Investment Banking ; Venture Capital ; Brokerage ; Ratings and Ratings Agencies; O - Economic Development, Innovation, Technological Change, and Growth > O3 - Innovation ; Research and Development ; Technological Change ; Intellectual Property Rights > O31 - Innovation and Invention: Processes and Incentives

References

Baum J. A. C., Calabrese T., Silverman B. S., 2000. Don't go it alone: alliance network composition and startups' performance in Canadian biotechnology. “Strategic Management Journal”, 21, s. 267-294.

Bygrave W. D., Timmons J. A., 1992. Venture capital at the crossroads. Cambridge, MA: Harvard Business School Press.

Duliniec A., 2015. Wybór źródeł finansowania a optymalna struktura kapitału w przedsiębiorstwie. „Zeszyty Naukowe Uniwersytetu Szczecińskiego” (855): Finanse, Rynki Finansowe, Ubezpieczenia, 74(2), 73-82, DOI: 10.18276/frfu.2015.74/2-06.

Freyer E., 1981. Die Kapitalbeteiligungsgesellschaft als Instrument der Wirtschaftspolitik, Frankfurt am Main: Verlag Harri Deutsch.

Gawlik R., 2016. Methodological Aspects of Qualitative-Quantitative Analysis of Decision-Making Processes. “Management and Production Engineering Review”, 7(2), s. 3-11, DOI: 10.1515/mper-2016-0011.

Gompers P. A., Lerner J., 1996. The Use of Covenants: An Empirical Analysis of Venture Partnership Agreements. “Journal of Law and Economics”, 39, s. 463-498.

Hall J., Hofer Ch. W., 1993. Venture capitalists' decision criteria in new venture evaluation. “Journal of Business Venturing”, 8(1), s. 25-42.

Glogowski E., Münch M., 1994. Nowe usługi finansowe. Warszawa: PWN.

Hellmann T., 1998. The allocation of control rights in venture capital contracts. “The Rand Journal of Economics”, 29(1), s. 57-76.

Hellmann T., Puri M., 2000. The interaction between product market and financial strategy: the role of venture capital. “Review of Financial Studies”, 13(4), s. 959-984.

Kaplan S. N., Stromberg P., 2002. Characteristics, Contracts and Actions: Evidence From Venture Capitalist Analyses. “The Center for Research in Security Prices Working Paper” No. 536, University of Chicago.

Latusek-Jurczak D., 2015. Polscy przedsiębiorcy w Dolinie Krzemowej. „Management and Business Administration: Central Europe”, 21(1), s. 30-40.

MacMillan I., Siegel R. i SubbaNarasimha P. N., 1985. Criteria used by venture capitalists to evaluate new venture proposals. “Journal of Business Venturing“, 1, s. 119-128.

Nathusius K., 1979. Venture Management – Ein Instrument zur innovativen Unternehmensentwicklung, Berlin: Duncker & Humblot.

Paoli-Gagin V., de Lalande V., 2000. Le Capital Risque – Acteurs, Pratiques, Outils. Paris: Gualino.

Stedler H., 1993. Beteiligungskapital im bankbetrieblichen Leistungsangebot, „Die Bank“, 37, s. 347-351.

Węcławski J., 1997. Venture Capital – nowy instrument finansowania przedsiębiorstw. Warszawa: PWN.