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Extending the resource-based view to explain venture capital firm networks' contributions to IPO performance : = A study of human-based factors.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Extending the resource-based view to explain venture capital firm networks' contributions to IPO performance :/
Reminder of title:	A study of human-based factors.
Author:	Echols, Ann Elizabeth.
Description:	1 online resource (249 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 68-08, Section: A.
Contained By:	Dissertations Abstracts International68-08A.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9780542957673

Extending the resource-based view to explain venture capital firm networks' contributions to IPO performance : = A study of human-based factors.
Echols, Ann Elizabeth.

Extending the resource-based view to explain venture capital firm networks' contributions to IPO performance :A study of human-based factors. - 1 online resource (249 pages)

Source: Dissertations Abstracts International, Volume: 68-08, Section: A.

Thesis (Ph.D.)--Virginia Polytechnic Institute and State University, 2000.

Includes bibliographical references

This study has theoretical, substantive, and methodological objectives following Brinberg and McGrath (1985). First, the resource-based view of the firm provides a context to support relationships determined from theory in Sociology, Finance and Entrepreneurship. Using these interdisciplinary theories, the expected contributions of National Venture Capital Association (NVCA) member venture capital firm networks' human-based factors to the performance of initial public offerings are examined. Second, the substantive domain---venture capital---lacks articulation and quantification regarding the impact of venture capital firms on the start-up firms they support, which in this study is identified as IPO performance. Third, methodologically, the operationalization of organizational-related capital is proposed. The independent variables (human-based factors) include reputational capital, cumulative experience, social capital, and organizational-related capital. Organizational-related capital is a construct representing a firm's strategy that incorporates preferences specific to the venture capital industry, namely financing stage preference, industry relatedness, and geographic proximity. Venture capital firm networks are assessed at the syndicate and constellation levels (within and between industries) and bounded by membership in the National Venture Capital Association. Abnormal IPO stock price performance (the dependent variable) is assessed as the new issue's stock price benchmarked to the NASDAQ index and compounded over 21-day periods for up to 126 consecutive days after offering. Control variables were gleaned from economic-based theories found in the finance literature. Positive relationships were hypothesized between the independent variables and the dependent variable. Data constraints limited the number of observations examined, and the selection of IPOs investigated displayed little variance. Thus, explaining additional abnormal performance variance in IPOs backed by NVCA-member venture capital firms above and beyond that controlled for by economic-based theory was not fruitful. Although this study's findings were not statistically significant, many insights were generated that may positively influence future research in this area. The quest to better understand venture capital firms' contributions to entrepreneurial firms and the impact they have on publicly traded stocks remains meaningful.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9780542957673Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

Initial public offeringsIndex Terms--Genre/Form:

554714
Electronic books.

Extending the resource-based view to explain venture capital firm networks' contributions to IPO performance : = A study of human-based factors.
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