Warianty tytułu
Entrepreneurs’ Human Capital as a Decision Criterion among Venture Capital Funds
Języki publikacji
Abstrakty
The article is a review of research on the importance of human capital for the assessment of entrepreneurs by venture capital funds. Theories that underpin the study of this problem – the theory of human capital theory, the theory of the firm and its chief executives – are the starting point. The characteristics of entrepreneurs, managers and their teams used to measure the quality of this capital in the decisions taken by venture capital are discussed, as are the conditions of this assessment, including the life cycle of the company, industry, country, and the uniqueness of the investment process and the relationship of these characteristics to the performance of firms. The paper also shows the evolution of research in this field, including the latest concepts from a psychological critique of the concept of bounded rationality. The article argues that human capital is rightly seen as one of the most important decision criteria used by venture capital funds.
Rocznik
Numer
Strony
21-36
Opis fizyczny
Twórcy
autor
- Uniwersytet Ekonomiczny w Krakowie, Katedra Przedsiębiorczości i Innowacji, ul. Rakowicka 27, 31-510 Kraków, Poland, rafal.morawczynski@uek.krakow.pl
Bibliografia
- Amason A., Shrader R., Tompson G. [2006], Newness and Novelty: Relating Top Management Team Composition to New Venture Performance, „Journal of Business Venturing”, vol. 21, iss. 1.
- Barney J. [1991], Firm Resources and Sustained Competitive Advantage, „Journal of Management”, vol. 17, nr 1.
- Baum J., Silverman B.S. [2004], Picking Winners or Building Them? Alliance, Intellectual and Human Capital as Selection Criteria in Venture Financing and Performance of Biotechnology Startups, „Journal of Business Venturing”, vol. 19, nr 3.
- Becker G.S. [1964], Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education, University of Chicago Press, Chicago.
- Beckman Ch., Burton M., O’Reilly Ch. [2007], Early Teams: The Impact of Team Demography on VC Financing and Going Public, „Journal of Business Venturing”, vol. 22, nr 2.
- Bliss R. [1999], A Venture Capital Model for Transitioning Economies: the Case of Poland, „Venture Capital”, vol. 1, nr 3.
- Colombo M., Grilli L. [2010], On Growth Drivers of High-tech Start-ups: Exploring the Role of Founders’ Human Capital and Venture Capital, „Journal of Business Venturing”, vol. 25, nr 6.
- Cyert R.M., March J.G. [1963], A Behavioral Theory of the Firm, Prentice Hall, Englewood Cliffs.
- Dimov D., Shepherd D. [2005], Human Capital Theory and Venture Capital Firms: Exploring „Home Runs” and „Strike Outs”, „Journal of Business Venturing”, vol. 20, nr 1.
- Eisele F., Hacker Ch., Oesterle R. [2004], German Venture Capitalists’ Investment Criteria over Financing Stages, „International Business & Economics Research Journal”, vol. 3, nr 3.
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- Franke N. i in. [2006], What You Are Is What You Like – Similarity Biases in Venture Capisalists’ Evaluations of Start-up Teams, „Journal of Business Venturing”, vol. 21, nr 6.
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- Hambrick D., Mason P. [1984], Upper Echelons: The Organization as a Reflection of Its Top Managers, „Academy of Management Review”, vol. 9, nr 2.
- Hellmann T., Puri M. [2002], Venture Capital and the Professionalization of Start-up Firms: Empirical Evidence, „The Journal of Finance”, vol. 57, nr 1.
- Kaplan S.N., Stromberg P. [2004], Characteristics, Contracts, and Actions: Evidence from Venture Capitalist Analyses, „The Journal of Finance”, vol. 59, nr 5.
- MacMillan I., Siegel R., Subba Narasimha P.N. [1985], Criteria Used by Venture Capitalists to Evaluate New Venture Proposals, „Journal of Business Venturing”, vol. 1, iss. 1.
- Muzyka D., Birley S., Leleux B. [1996], Trade-offs in the Investment Decisions of European Venture Capitalists, „Journal of Business Venturing”, vol. 11, iss. 4.
- Petty J.S., Gruber M. [2011], In Pursuit of the Real Deal. A Longitudinal Study of VC Decision Making, „Journal of Business Venturing”, vol. 26, nr 2.
- Sharpe W.F. [1964], Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk, „Journal of Finance”, vol. 19, nr 3.
- Simon H.A. [1979], Information Processing Models of Cognition, „Annual Review of Psychology”, vol. 30, nr 2.
- Smart G.H. [1999], Management Assessment Methods in Venture Capital: An Empirical Analysis of Human Capital Valuation, „Venture Capital”, vol. 1, nr 1.
- Tversky A., Kahneman D. [1974], Judgement under Uncertainty: Heuristics and Biases, „Science”, nr 185.
- Tyebjee T.T., Bruno A.V. [1984], A Model of Venture Capitalist Investment Activity, „Management Science”, vol. 30, nr 9.
- Unger J.M. i in. [2011], Human Capital and Entrepreneurial Success: A Meta-analytical Review, „Journal of Business Venturing”, vol. 26, nr 3.
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Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
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