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| Author: | Kirilenko, A.A. |
| Title: | Valuation and control in venture finance |
| Journal: | Journal of Finance
2001 : APR, VOL. 56:2, p. 565-588 |
| Index terms: | CONTROL ENTREPRENEURSHIP VALUATION VENTURE CAPITAL COMPANIES |
| Language: | eng |
| Abstract: | This paper presents the model of a relationship between a venture capitalist and an entrepreneur engaged in the formation of a new firm. The author shows that to separate the entrepreneur's value of control from the firm's expected payoff, the venture capitalist demands disproportionately higher control rights than the size of his equity investment. |
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