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| Author: | Schefczyk, M. |
| Title: | Erfolgsdeterminanten von Venture Capital-Investments in Deutschland. Eine Analyse der Investitionsaktivitäten und des Beteiligungsmanagements von Venture Capital- Gesellschaften. |
| Journal: | Schmalenbachs Zeitschrift für Betriebswirtschaftliche Forschung
1999 : VOL. 51:12, p. 1123-1145 |
| Index terms: | CAPITAL INVESTMENT VENTURE CAPITAL VENTURE CAPITAL COMPANIES GERMANY |
| Language: | ger |
| Abstract: | This study aims to provide quantitative empirical data indicating the level of success as well as determinants of success for German venture capital firms (VCF). Based on a review of literature and conceptual analyses, 10 hypo- theses were formulated regarding determinants of success, covering a wide spectrum of categories. The hypotheses could be tested and largely confirmed via bivariate correlation analyses and confirmatory multivariate LISREL-models using a data set of 103 transactions by 12 German VCF. The analyses indicate that putting more emphasis on qualification aspects of the management of portfolio companies (PC), intensifying cooperation between VCF and PC, and ensuring a strong (minority) shareholder position of the VCF are significant determinants of high success. |
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