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| Author: | Amit, R. Glosten, R. Muller, E. |
| Title: | Entrepreneurial ability, venture investments, and risk sharing. |
| Journal: | Management Science
1990 : OCT, VOL. 36:10, p. 1232-1245 |
| Index terms: | ENTREPRENEURSHIP VENTURE CAPITAL RISK |
| Language: | eng |
| Abstract: | A number of issues that relate to the desirability and implications of new venture financing are examined within a principal-agent framework that captures the essence of the relationship between entrepreneurs and venture capitalists. Entrepreneurial activity centers on the entrepreneurs' ability to combine tangible and intangible assets in new ways and to deploy them to meet consumer needs in a manner that could not easily be imitated. This ability may be known to the entrepreneur but unknown to outsiders, such as venture capitalists. The implications for venture financing are discussed. |
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