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Article
Publication date: 20 February 2023

Ye Zhang, Louise Scholes, Kun Fu, Mathew Hughes and Fangcheng Tang

This paper is about equity crowdfunding syndicates as a form of entrepreneurial finance and looks specifically at the lead investors' human capital and their ability to raise…

345

Abstract

Purpose

This paper is about equity crowdfunding syndicates as a form of entrepreneurial finance and looks specifically at the lead investors' human capital and their ability to raise funds.

Design/methodology/approach

The authors develop regressions on a unique hand-collected dataset of 178 lead investors taken from the US-based platform AngelList.

Findings

Results indicate that lead investors' specialized human capital has a positive effect on their syndicate fundraising performance. However, it does not find a significant effect of general human capital. It also finds that specialized human capital is mediated by the reputation of the lead investor on the platform.

Research limitations/implications

This study extends human capital theory in the crowdfunding context by providing a more comprehensive portrait of human capital and in doing so, shifts the focus from an entrepreneur to an investor perspective, an approach much neglected in the crowdfunding literature.

Originality/value

This study advances the current knowledge on crowdfunding as it is one of the first to understand syndicate investment as an innovative and alternative platform-based financial channel. It also contributes to the current debate on the role of human capital in crowdfunding and more generally to entrepreneurial finance.

Details

Journal of Small Business and Enterprise Development, vol. 30 no. 4
Type: Research Article
ISSN: 1462-6004

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Book part
Publication date: 23 September 2005

Andy Lockett, Mike Wright, Andrew Burrows, Louise Scholes and Dave Paton

There has been considerable debate concerning the contribution of venture capitalists (VCs) to their investee companies (Sapienza, Manigart, & Vermeir, 1996). This research has…

Abstract

There has been considerable debate concerning the contribution of venture capitalists (VCs) to their investee companies (Sapienza, Manigart, & Vermeir, 1996). This research has shown that VCs can add value and impact the strategic direction of their investee firms through their skills and knowledge. These skills lie in two distinct areas: financial (monitoring) and non-financial (strategic and operational involvement) skills (Pruthi, Wright, & Lockett, 2003). The monitoring and involvement of VC firms in their investees have been shown to vary according to their needs (Lerner, 1995). On balance, the evidence suggests greater involvement during the more uncertain earlier stages than during the later stages when the firm is more established (Sapienza, Amason, & Manigart, 1994; Elango, Fried, Hisrich, & Polonchek, 1995). This suggests that the VC's ability to bring about change will be mediated by the impact of the history of the firm via path dependency (Teece, Pisano, & Shuen, 1997).

Details

International Entrepreneurship
Type: Book
ISBN: 978-0-76231-227-6

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Article
Publication date: 22 February 2008

Louise Scholes, Paul Westhead and Andrew Burrows

This exploratory study aims to provide fresh insights into the ownership transfer of private family firms through internal management buy‐out (MBO) and external management buy‐in…

4478

Abstract

Purpose

This exploratory study aims to provide fresh insights into the ownership transfer of private family firms through internal management buy‐out (MBO) and external management buy‐in (MBI) succession routes. The paper aims to explore if flows of information impact the succession planning process and if the nature of succession planning impacts the business sale negotiation process relating to family firms that select MBO/MBI succession routes.

Design/methodology/approach

Guided by insights from agency theory and theories relating to information asymmetries and negotiation behaviour six hypotheses were derived. Private family firms that had received venture capital and the MBO/I deals had been completed between 1994 and 2003 were identified. A structured survey was administered to 117 senior members of acquiring MBO/I management teams after the deal had been completed in several European countries. Non‐parametric chi‐square tests and Mann‐Whitney “U” tests were used to test the presented hypotheses.

Findings

Evidence highlights the importance of information sharing and that the family owner(s) may not always be in the strongest position. MBOs reported lower information asymmetry. Also, lower information asymmetry was reported when vendors and management were involved in succession planning. Internal managers with greater access to information were found to influence the negotiation process and determine who is more likely to benefit from the price to be paid for the firm. A mutually agreed price was less likely when management controlled information and when personal equity providers (PEP) were involved in the process supporting the interests of the MBO/I team.

Practical implications

Family firm owners need to plan for succession planning. Vendors of family firms need to leverage external professional advice when negotiating the sale of their ventures to ensure “family agendas” are protected.

Originality/value

This study has extended the conceptual work of Howorth et al. surrounding the succession of family firms through MBOs and MBIs. Rather than relying on case study evidence alone, cross‐sectional survey evidence was explored within a univariate statistical framework to explore gaps in the knowledge base relating to succession planning and business sale negotiation behaviour.

Details

Journal of Small Business and Enterprise Development, vol. 15 no. 1
Type: Research Article
ISSN: 1462-6004

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Book part
Publication date: 23 September 2005

Jerome A. Katz and Dean A. Shepherd

This eighth volume in the series Advances in Entrepreneurship, Firm Emergence and Growth focuses on international entrepreneurship. We are fortunate to draw on scholars both new…

Abstract

This eighth volume in the series Advances in Entrepreneurship, Firm Emergence and Growth focuses on international entrepreneurship. We are fortunate to draw on scholars both new to the field as well as some of those who founded this unique specialty. International entrepreneurship, perhaps more than any subfield of entrepreneurship, is a product of our particular zeitgeist. The last quarter of the 20th Century brought about one of the periods of the greatest internationalization in all phases of business.

Details

International Entrepreneurship
Type: Book
ISBN: 978-0-76231-227-6

Available. Content available
Book part
Publication date: 23 September 2005

Abstract

Details

International Entrepreneurship
Type: Book
ISBN: 978-0-76231-227-6

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Book part
Publication date: 23 September 2005

Abstract

Details

International Entrepreneurship
Type: Book
ISBN: 978-0-76231-227-6

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Article
Publication date: 1 September 2004

TeckLok Wong, Megan Louise Devane, John Andrew Hudson, Paula Scholes, Marion Grace Savill and John D. Klena

This study describes a multiplex polymerase chain reaction (PCR) detection system combined with enrichment growth conditions for simultaneous detection and identification of C…

1589

Abstract

This study describes a multiplex polymerase chain reaction (PCR) detection system combined with enrichment growth conditions for simultaneous detection and identification of C. jejuni, C. coli and thermotolerant Campylobacter in poultry pack rinses. The PCR primers were tested against a range of Campylobacter and non‐Campylobacter species, and PCR products were only amplified from target organisms. The sensitivity of the method was similar to that obtained by conventional plating procedures, but when used in combination with the MPN method of enumeration could detect levels down to 6 MPN/100 ml of rinse. The validation of 50 samples of chicken pack rinses demonstrated the versatility of this approach in microbiological surveys to yield data for risk assessments.

Details

British Food Journal, vol. 106 no. 9
Type: Research Article
ISSN: 0007-070X

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Book part
Publication date: 9 September 2020

Yiying Cheng

Recently, there has been much progress in developing Markov switching stochastic volatility (MSSV) models for financial time series. Several studies consider various MSSV…

Abstract

Recently, there has been much progress in developing Markov switching stochastic volatility (MSSV) models for financial time series. Several studies consider various MSSV specifications and document superior forecasting power for volatility compared to the popular generalized autoregressive heteroscedasticity (GARCH) models. However, their application to option pricing remains limited, partially due to the lack of convenient closed-form option pricing formulas which integrate MSSV volatility estimates. We develop such a closed-form option pricing formula and the corresponding hedging strategy for a broad class of MSSV models. We then present an example of application to two of the most popular MSSV models: Markov switching multifractal (MSM) and component-driven regime switching (CDRS) models. Our results establish that these models perform well in one-day-ahead forecasts of option prices.

Details

Advances in Pacific Basin Business, Economics and Finance
Type: Book
ISBN: 978-1-83867-363-5

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Available. Content available
Book part
Publication date: 18 November 2022

Christi U. Edge

Free Access. Free Access

Abstract

Details

Making Meaning with Readers and Texts
Type: Book
ISBN: 978-1-80262-337-6

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Article
Publication date: 1 June 1985

The librarian and researcher have to be able to uncover specific articles in their areas of interest. This Bibliography is designed to help. Volume IV, like Volume III, contains…

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Abstract

The librarian and researcher have to be able to uncover specific articles in their areas of interest. This Bibliography is designed to help. Volume IV, like Volume III, contains features to help the reader to retrieve relevant literature from MCB University Press' considerable output. Each entry within has been indexed according to author(s) and the Fifth Edition of the SCIMP/SCAMP Thesaurus. The latter thus provides a full subject index to facilitate rapid retrieval. Each article or book is assigned its own unique number and this is used in both the subject and author index. This Volume indexes 29 journals indicating the depth, coverage and expansion of MCB's portfolio.

Details

Management Decision, vol. 23 no. 6
Type: Research Article
ISSN: 0025-1747

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