On the structure of the informal venture capital market in Sweden: Developing investment roles

Venture Capital

Volumn 10, Issue 1, 2008, Pages 55-85

  Avdeitchikova, Sofia ^a  

^a LUND UNIVERSITY   (Sweden)

Author keywords

Financial capital; Human capital; Informal venture capital; Investment roles; Market size

Indexed keywords

EID: 36949022036     PISSN: 13691066     EISSN: 14645343     Source Type: Journal    
DOI: 10.1080/13691060701605504     Document Type: Article

References (70)

1. Ajzen, I. 1991. The theory of planned behaviour. Organizational Behaviour and Human Decision Processes 50: 179-211.
2. Arum, J.D. 1987. Informal risk capital in the Eastern Great Lakes region. Washington, DC: US Small Business Administration, Office of Advocacy.
3. Bandura, A. 1977. Self-efficacy: Toward a unifying theory of behaviour change. Psychology Review 84: 191-215.
4. Black, B. 1990. Shareholder passivity re-examined. Michigan Law Review 89: 520-608.
5. Black, B., and R. Gilson. 1998. Venture capital and the structure of capital markets: Bank versus stock market. Journal of Financial Economics 47: 243-77.
6. Bottazzi, L., and M. Da Rin. 2002. Venture capital in Europe and the financing of innovative companies. Economic Policy 34, no. 1: 230-69.
7. Coveney, P., and K. Moore. 1998. Business angels: Securing start up finance. Chichester: Wiley.
8. De Clercq, D., and S. Manigart. 2007. The venture capital post-investment phase: Opening the black box of involvement, forthcoming. In Handbook of research on venture capital, ed. H. Landström. Cheltenham: Edward Elgar.
9. Farrell, A.E. 1998. Informal venture capital investment in Atlantic Canada: A representative view of 'Angels'. Report submitted to Atlantic Canada Opportunities Agency, Halifax, Saint Mary's University.
10. Fiet, J.O. 1995. Reliance upon informants in the venture capital industry. Journal of Business Venturing 10: 195-223.
11. Finke, M.S., and S.J. Huston. 2003. The brighter side of financial risk: Financial risk tolerance and wealth. Journal of Family & Economic Issues 24: 233-56.
12. Freear, J., J.E. Sohl, and W.E. Wetzel. 1994. Angels and non-angels: Are there differences? Journal of Business Venturing 9: 109-23.
13. Gaston, R.J. 1989. Finding private venture capital for your firm: A complete guide. New York: Wiley.
14. Gertler, M., and A. Rose. 1994. Finance, growth and public policy. In Financial reform: Theory and experience, ed. G. Caprio, I. Atiyas Jr, and J. Hanson, 13-48. Cambridge: Cambridge University Press.
15. Gilson, R. 1996. Corporate governance and economic efficiency. Washington University Law Quarterly 74: 327-45.
16. Gompers, P.A. 1996. Grandstanding in the venture capital industry. Journal of Financial Economics 42: 133-56.
17. Guiso, L., M. Haliassos, and T. Jappelli. 2002. Household portfolios. Cambridge, MA: MIT Press.
18. Haar, N.E., J. Starr, and I. MacMillan. 1988. Informal risk capital investors: Investment patterns on the east coast of the USA. Journal of Business Venturing 3: 11-29.
19. Harrison, R.T., and C.M. Mason. 1992. International perspective on the supply of informal venture capital. Journal of Business Venturing 7: 459-75.
20. Harrison, R.T., M.R. Dibben, and C.M. Mason. 1997. The role of trust in the informal investor's investment decision: An exploratory analysis. Entrepreneurship Theory and Practice 21, no. 4: 63-81.
21. Harrison, R.T., C.M. Mason, and P.J.A. Robson. 2003. The determinants of long distance investing by business angels. In Frontiers of entrepreneurship research, ed. W.D. Bygrave, C.G. Brush, P. Davidsson, J. Fiet, P.G. Greene, R.T. Harrison, M. Lerner, G.D. Meyer, J. Sohl, and A. Zacharakis, 116-29. Wellesley, MA: Babson College.
22. Harrison, R.T., H. Jungman, and M. Seppä. 2004. From capital investors to knowledge investors: The rise of entrepreneurial venture-to-capital. In Frontiers of e-business research, ed. M. Seppä, M. Hannula, A.-M. Järvelin, J. Kujala, M. Ruohonen, and T. Tiainen, 685-94. Tampere: Tampere University of Technology.
23. Info USA, http://usinfo.state.gov/usa/infousa/trade/statsi.htm (accessed 16 April 2007).
24. Jeng, L.A., and P.C. Wells. 2000. The determinants of venture funding: Evidence across countries. Journal of Corporate Finance 6: 241-89.
25. Jungman, H., and M. Seppä. 2004. Investment decision criteria used by v2c investors. Paper presented at the Babson Kauffman Entrepreneurship Research Conference, 4-6 June 2004, Glasgow.
26. Karlsson, C., and M. Olsson. 2006. The identification of functional regions: Theory, methods, and applications. Annals of Regional Science 40, no. 1: 1-18.
27. Landström, H. 1992. The relationship between private investors and small firms: an agency theory approach. Entrepreneurship and Regional Development 4: 199-223.
28. _. 1993. Informal risk capital in Sweden and some international comparisons. Journal of Business Venturing 8: 525-40.
29. _. 1998. Informal investors as entrepreneurs. Technovation 18, no. 5: 321-33.
30. _. Landström, H., ed. 2003. Småföretaget och kapitalet. Stockholm: SNS Förlag.
31. Landström, H., and J. Winborg. 1995. Small business managers' attitudes towards and use of external financial sources. In Frontiers of entrepreneurship research, ed. W.D. Bygrave, N.M. Carter, P. Davidsson, W.B. Gartner, C.M. Mason, and P.P. McDougall, 172-86. Wellesley, MA: Babson College.
32. Lerner, J. 1998. 'Angel' financing and public policy: An overview. Journal of Banking and Finance 22: 773-83.
33. Lumme, A., C. Mason, and M. Suomi, 1998. Informal venture capital: Investors, investments and policy issues in Finland. Boston: Kluwer Academic Publishers.
34. MacMillan, I.C. 1986. To really learn about entrepreneurship, let's study habitual entrepreneurs. Journal of Business Venturing 1, no. 3: 241-3.
35. Madill, J., G. Haines Jr, and A. Riding. 2005. The role of angels in technology SMEs: A link to venture capital. Venture Capital 7, no. 2: 107-29.
36. Månsson, N., and H. Landström. 2006. Business angels in a changing economy: The case of Sweden. Venture Capital 8, no. 4: 281-301.
37. Mason, C.M., and R.T. Harrison. 1994. The informal venture capital market in the UK. In Financing small firms, ed. A. Hughes and D.J. Storey, 64-111. London: Routledge.
38. _. 1995. Closing the regional equity capital gap: The role of informal venture capital. Small Business Economics 7: 153-72.
39. _. 1996. Informal venture capital: A study of the investment process and post-investment experience. Entrepreneurship and Regional Development 8: 105-26.
40. _. 1999. Public policy and the development of the informal venture capital market: UK experience and lessons for Europe. In Industrial policy in Europe, ed. K. Cowling, 199-223. London: Routledge.
41. _. 2000a. The size of informal venture capital market in United Kingdom. Small Business Economics 15: 137-48.
42. _. 2000b. Informal venture capital and the financing of emergent growth businesses. In Handbook of entrepreneurship, ed. D.L. Sexton and H. Landström, 221-39. Oxford: Blackwell.
43. _. 2001. Investment readiness: A critique of government proposals to increase the demand for venture capital. Regional Studies 35: 663-8.
44. _. 2002. Barriers to investment in the informal venture capital sector. Entrepreneurship and Regional Development 14: 271-87.
45. Politis, D., and H. Landström. 2002. Informal investors as entrepreneurs - the development of an entrepreneurial career. Venture Capital 4, no. 2: 77-101.
46. Rasila, T., M. Seppä, and M. Hannula. 2002. V2C or venture-to-capital - new model for crossing the chasm between start-up ventures and venture capital. Paper presented at EURAM Conference in Stockholm, 9-11 May, Sweden.
47. Reitan, B., and R. Sörheim. 2000. The informal venture capital market in Norway - investor characteristics, behaviour and preferences. Venture Capital 2, no. 2: 129-41.
48. Reynolds, P.D., W.D. Bygrave, and E. Autio. 2003. Global entrepreneurship monitor: Executive report 2003. Babson College, London Business School and Kauffman Foundation, http://www.gemconsortium.org (accessed 14 April 2007).
49. Riding, A. 2005. On the size and structure of the informal market. Working Paper, School of Business, Carleton University, Canada.
50. Riding, A.L., and D.M. Short. 1987. On the estimation of the investment potential of informal investors: A capture-recapture approach. Journal of Small Business and Entrepreneurship 5, no. 4: 26-40.
51. Riding, A., P. Dal Chin, L. Duxbury, G. Haines, and R. Safrata. 1993. Informal investors in Canada: Identification of silent characteristics. Working Paper, Ottawa, Carleton University, Canada.
52. Sapienza, H.J. 1992. When do venture capitalists add value? Journal of Business Venturing 7, no. 1: 9-28.
53. Sapienza, H.J., A.C. Amason, and S. Manigart. 1994. The level and nature of venture capitalist involvement in their portfolio companies: A study of three European countries. Managerial Finance 20, no. 1: 3-17.
54. Sapienza, H.J., S. Manigart, and W. Vermeir. 1996. Venture capitalist governance and value-added in four countries. Journal of Business Venturing 11, no. 6: 439-70.
55. Schulz, M. 1993. Learning, institutionalization and obsolescence in organizational rule histories. Doctoral diss., Stanford University.
56. Shane, S., and T. Stuart. 2002. Organizational endowments and the performance of university start-ups. Management Science 48, no. 1: 154-70.
57. Sohl, J.E. 1999. The early stage equity market in the United States. Venture Capital 1:101-20.
58. _. 2003. The private equity market in the USA: Lessons from volatility. Venture Capital 5: 29-46.
59. Sørheim, R., and H. Landström. 2001. Informal investors - a categorization with policy implications. Entrepreneurship and Regional Development 13: 351-70.
60. Statistics Canada, http://www.statcan.ca/ (accessed 16 April 2007).
61. Statistics Sweden, www.scb.se (accessed 16 April 2007).
62. SVCA. 2004. Swedish Private Equity and Venture Capital Association Annual Report. http://www.svca.se (accessed 14 April 2007).
63. UK National Statistics Online. http://www.statistics.gov.uk/ (accessed 16 April 2007).
64. Van Osnabrugge, M., and R.J. Robinson. 2000. Angel investing: Matching start-up funds with start-up companies: The guide for entrepreneurs, individual investors, and venture capitalists. San Francisco, CA: Jossey-Bass.
65. Westhead, P. and Wright, M. 1998. Novice, portfolio, and serial founders: Are they different? Journal of Business Venturing 13, no. 3: 173-204.
66. Wetzel, W.E. 1983. Angels and informal risk capital. Sloan Management Review 24: 23-34.
67. _. 1986. Informal risk capital: Knowns and unknowns. In The art of science of entrepreneurship, ed. D.L. Sexton and R.W. Smilor, 85-108. Cambridge, MA: Ballinger.
68. Wilcox, J.B. 1977. The interaction of refusal and not-at-home sources of non-response bias. Journal of Marketing Research 14, no. 4: 592-7.
69. Wong, P.K., and Y.P. Ho. 2007. Characteristics and determinants of informal investment in Singapore. Venture Capital 9, no. 1: 43-70.
70. Wright, M., S. Birley, and S. Mosey. 2004. Entrepreneurship and university technology transfer. Journal of Technology Transfer 29: 235-46.