Skip to main content
Erschienen in: International Entrepreneurship and Management Journal 1/2007

01.03.2007

Human capital and the internationalisation of venture capital firms

verfasst von: Sophie Manigart, Veroniek Collewaert, Mike Wright, Sarika Pruthi, Andy Lockett, Hans Bruining, Ulrich Hommel, Hans Landstrom

Erschienen in: International Entrepreneurship and Management Journal | Ausgabe 1/2007

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config
loading …

Abstract

We examine the neglected area of internationalisation by VCs. Using a representative sample of 195 VCs, we show that the decision of a European VC firm to invest internationally is driven by its human resources. Having more VC executives in general and more VC executives with previous international experience in specific, results in a higher probability of investing internationally. In contrast, more VC executives with experience in the VC industry or with an engineering background lead to a higher probability of remaining domestic.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Literatur
Zurück zum Zitat Amit, R., Brander, J., & Zott, C. (1998). Why do venture capital firms exist? Theory and Canadian evidence. Journal of Business Venturing, 13, 441–466.CrossRef Amit, R., Brander, J., & Zott, C. (1998). Why do venture capital firms exist? Theory and Canadian evidence. Journal of Business Venturing, 13, 441–466.CrossRef
Zurück zum Zitat Andersson, S. (2004). Internationalisation in different industrial contexts. Journal of Business Venturing, 19, 851–875.CrossRef Andersson, S. (2004). Internationalisation in different industrial contexts. Journal of Business Venturing, 19, 851–875.CrossRef
Zurück zum Zitat Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17, 99–120.CrossRef Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17, 99–120.CrossRef
Zurück zum Zitat Baygan, G., & Freudenberg, M. (2000). The internationalisation of venture capital activity in OECD countries: Implications for measurement and policy. STI Working Papers 2000/7, OECD. Baygan, G., & Freudenberg, M. (2000). The internationalisation of venture capital activity in OECD countries: Implications for measurement and policy. STI Working Papers 2000/7, OECD.
Zurück zum Zitat Bloodgood, J. M., Sapienza, H. J., & Almeida, J. G. (1996). The internationalisation of new high-potential U.S. ventures: Antecedents and outcomes. Entrepreneurship Theory and Practice, 20(4), 61–76. Bloodgood, J. M., Sapienza, H. J., & Almeida, J. G. (1996). The internationalisation of new high-potential U.S. ventures: Antecedents and outcomes. Entrepreneurship Theory and Practice, 20(4), 61–76.
Zurück zum Zitat Botazzi, L., da Rin, M., & Hellmann, T. (2004). The changing face of the European venture capital industry: Facts and analysis. Journal of Private Equity, 7, 26–53. Botazzi, L., da Rin, M., & Hellmann, T. (2004). The changing face of the European venture capital industry: Facts and analysis. Journal of Private Equity, 7, 26–53.
Zurück zum Zitat Bruton, G. D., Fried, V. H., & Manigart, S. (2005). Institutional influence on the worldwide expansion of venture capital. Entrepreneurship Theory and Practice, 29, 737-760.CrossRef Bruton, G. D., Fried, V. H., & Manigart, S. (2005). Institutional influence on the worldwide expansion of venture capital. Entrepreneurship Theory and Practice, 29, 737-760.CrossRef
Zurück zum Zitat Buckley, P. J., Pass, C. L., & Prescott, K. (1992). The internationalization of service firms: A comparison with the manufacturing sector. Scandinavian International Business Review, 1(1), 39–56.CrossRef Buckley, P. J., Pass, C. L., & Prescott, K. (1992). The internationalization of service firms: A comparison with the manufacturing sector. Scandinavian International Business Review, 1(1), 39–56.CrossRef
Zurück zum Zitat Dimov, D. D., & Shepherd, D. A. (2005). Human capital theory and venture capital firms: Exploring “home runs” and “strike outs”. Journal of Business Venturing, 20, 1–21.CrossRef Dimov, D. D., & Shepherd, D. A. (2005). Human capital theory and venture capital firms: Exploring “home runs” and “strike outs”. Journal of Business Venturing, 20, 1–21.CrossRef
Zurück zum Zitat Dixit, A., & Jayaraman, N. (2001). Internationalisation strategies of private equity firms. Journal of Private Equity, 5(1), 40–54. Dixit, A., & Jayaraman, N. (2001). Internationalisation strategies of private equity firms. Journal of Private Equity, 5(1), 40–54.
Zurück zum Zitat Etemad, H. (2004). Internationalisation of small and medium-sized enterprises: A grounded theoretical framework and overview. Canadian Journal of Administrative Sciences, 21(1), 1–21. Etemad, H. (2004). Internationalisation of small and medium-sized enterprises: A grounded theoretical framework and overview. Canadian Journal of Administrative Sciences, 21(1), 1–21.
Zurück zum Zitat EVCA (2004). EVCA yearbook 2004: Annual survey of Pan-European private equity & venture capital activity. Zaventem: EVCA. EVCA (2004). EVCA yearbook 2004: Annual survey of Pan-European private equity & venture capital activity. Zaventem: EVCA.
Zurück zum Zitat Gimeno, J., Folta, T. B., Cooper, A. C., & Woo, C. Y. (1997). Survival of the fittest? Entrepreneurial human capital and the persistence of underperforming firms. Administrative Science Quarterly, 42, 750–783.CrossRef Gimeno, J., Folta, T. B., Cooper, A. C., & Woo, C. Y. (1997). Survival of the fittest? Entrepreneurial human capital and the persistence of underperforming firms. Administrative Science Quarterly, 42, 750–783.CrossRef
Zurück zum Zitat Hall, G., & Tu, C. (2003). Venture capitalists and the decision to invest overseas. Venture Capital, 5, 181–190.CrossRef Hall, G., & Tu, C. (2003). Venture capitalists and the decision to invest overseas. Venture Capital, 5, 181–190.CrossRef
Zurück zum Zitat Hymer, S. H. (1960). The international operations of national firms: A study of foreign direct investment. Cambridge, Massachusetts: MIT. Hymer, S. H. (1960). The international operations of national firms: A study of foreign direct investment. Cambridge, Massachusetts: MIT.
Zurück zum Zitat Jääskeläinen, M., & Maula, M. (2005). The effects of direct and indirect foreign venture capital ties on exit market selection and exit modes. Paper proposal submitted to the 25th Annual International Conference of the Strategic Management Society. Orlando, USA. Jääskeläinen, M., & Maula, M. (2005). The effects of direct and indirect foreign venture capital ties on exit market selection and exit modes. Paper proposal submitted to the 25th Annual International Conference of the Strategic Management Society. Orlando, USA.
Zurück zum Zitat Johanson, J., & Vahlne, J. (1977). The internationalization process of the firm—A model of knowledge development and increasing foreign market commitments. Journal of International Business Studies, 8, 23–32.CrossRef Johanson, J., & Vahlne, J. (1977). The internationalization process of the firm—A model of knowledge development and increasing foreign market commitments. Journal of International Business Studies, 8, 23–32.CrossRef
Zurück zum Zitat Kenney, M., Han, K., & Tanaka, S. (2002). Adapting to strange environments:Venture capital in Japan, Korea and Taiwan. Paper presented at the 2002 Annual Meeting of the Academy of International Business. San Juan, Puerto Rico. Kenney, M., Han, K., & Tanaka, S. (2002). Adapting to strange environments:Venture capital in Japan, Korea and Taiwan. Paper presented at the 2002 Annual Meeting of the Academy of International Business. San Juan, Puerto Rico.
Zurück zum Zitat Leeds, R., & Sunderland, J. (2003). Private equity investing in emerging markets. Journal of Applied Corporate Finance, 15(4), 111–119.CrossRef Leeds, R., & Sunderland, J. (2003). Private equity investing in emerging markets. Journal of Applied Corporate Finance, 15(4), 111–119.CrossRef
Zurück zum Zitat Lockett, A., Murray, G., & Wright, M. (2002). Do UK venture capitalists still have a bias against invest in new technology firms? Research Policy, 31, 1009–1030.CrossRef Lockett, A., Murray, G., & Wright, M. (2002). Do UK venture capitalists still have a bias against invest in new technology firms? Research Policy, 31, 1009–1030.CrossRef
Zurück zum Zitat Madsen, T. K., & Servais, P. (1997). The internationalisation of born globals: An evolutionary process? International Business Review, 6, 561–583.CrossRef Madsen, T. K., & Servais, P. (1997). The internationalisation of born globals: An evolutionary process? International Business Review, 6, 561–583.CrossRef
Zurück zum Zitat Meyer, J. E., & Shao, J. J. (1995). International venture capital portfolio diversification and agency costs. Multinational Business Review, 3, 53–58 (Spring). Meyer, J. E., & Shao, J. J. (1995). International venture capital portfolio diversification and agency costs. Multinational Business Review, 3, 53–58 (Spring).
Zurück zum Zitat Oviatt, B. M., & McDougall, P. P. (1997). Challenges for internationalisation process theory: The case of international new ventures. Management International Review, 37(2), 85–99. Oviatt, B. M., & McDougall, P. P. (1997). Challenges for internationalisation process theory: The case of international new ventures. Management International Review, 37(2), 85–99.
Zurück zum Zitat Sapienza, H., Manigart, S., & Vermeir, W. (1996). Venture capitalist governance and value-added in four countries. Journal of Business Venturing, 11, 439–470.CrossRef Sapienza, H., Manigart, S., & Vermeir, W. (1996). Venture capitalist governance and value-added in four countries. Journal of Business Venturing, 11, 439–470.CrossRef
Zurück zum Zitat Sorenson, O., & Stuart, T. E. (2002). Syndication networks and the spatial distribution of venture capital investment. American Journal of Sociology, 106, 1546–1586.CrossRef Sorenson, O., & Stuart, T. E. (2002). Syndication networks and the spatial distribution of venture capital investment. American Journal of Sociology, 106, 1546–1586.CrossRef
Zurück zum Zitat Westhead, P., Wright, M., & Ucbasaran, D. (2001). The internationalisation of new and small firms: A resource-based view. Journal of Business Venturing, 16, 333–358.CrossRef Westhead, P., Wright, M., & Ucbasaran, D. (2001). The internationalisation of new and small firms: A resource-based view. Journal of Business Venturing, 16, 333–358.CrossRef
Zurück zum Zitat Wright, M., Lockett, A., & Pruthi, S. (2002). Internationalisation of Western venture capitalists into emerging markets: Risk assessment and information in India. Small Business Economics, 19, 13–29.CrossRef Wright, M., Lockett, A., & Pruthi, S. (2002). Internationalisation of Western venture capitalists into emerging markets: Risk assessment and information in India. Small Business Economics, 19, 13–29.CrossRef
Zurück zum Zitat Wright, M., Pruthi, S., & Lockett, A. (2005). International venture capital research: From cross-country comparisons to crossing countries. CMBOR Occasional Paper. Wright, M., Pruthi, S., & Lockett, A. (2005). International venture capital research: From cross-country comparisons to crossing countries. CMBOR Occasional Paper.
Metadaten
Titel
Human capital and the internationalisation of venture capital firms
verfasst von
Sophie Manigart
Veroniek Collewaert
Mike Wright
Sarika Pruthi
Andy Lockett
Hans Bruining
Ulrich Hommel
Hans Landstrom
Publikationsdatum
01.03.2007
Erschienen in
International Entrepreneurship and Management Journal / Ausgabe 1/2007
Print ISSN: 1554-7191
Elektronische ISSN: 1555-1938
DOI
https://doi.org/10.1007/s11365-006-0021-0

Weitere Artikel der Ausgabe 1/2007

International Entrepreneurship and Management Journal 1/2007 Zur Ausgabe

Premium Partner