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The Role of the Venture Capitalist as Monitor of the Company: a corporate governance perspective

Author

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  • L.A.A. Van den Berghe
  • Abigail Levrau

Abstract

The monitoring and stewardship role of the owner is an important corporate governance issue that deserves far more attention. Our analysis focuses on the role of the venture capitalist (VC) as monitor of high–tech venture–backed companies. We provide evidence from the literature as well as a qualitative descriptive view of the experiences of Belgian VCs. The position of the VC sheds more light on the plenitude of roles an active owner can play. Furthermore, our findings highlight the need for a better understanding of the governance structure and processes of high–tech companies.

Suggested Citation

  • L.A.A. Van den Berghe & Abigail Levrau, 2002. "The Role of the Venture Capitalist as Monitor of the Company: a corporate governance perspective," Corporate Governance: An International Review, Wiley Blackwell, vol. 10(3), pages 124-135, July.
    • Handle: RePEc:bla:corgov:v:10:y:2002:i:3:p:124-135
    DOI: 10.1111/1467-8683.00278
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    Cited by:

    1. Chen, Yenn-Ru & Chuang, Wei-Ting, 2009. "Alignment or entrenchment? Corporate governance and cash holdings in growing firms," Journal of Business Research, Elsevier, vol. 62(11), pages 1200-1206, November.
    2. Liao, Woody M. & Lu, Chia-Chi & Wang, Hsuan, 2014. "Venture capital, corporate governance, and financial stability of IPO firms," Emerging Markets Review, Elsevier, vol. 18(C), pages 19-33.
    3. Anne Stévenot-Guéry & Loris Guéry, 2006. "L’influence des Capital Investisseurs sur la gestion des ressources humaines des entreprises financées:dimensions, enjeux et limites," Working Papers CREGO 1060502, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    4. Rosenbusch, Nina & Brinckmann, Jan & Müller, Verena, 2013. "Does acquiring venture capital pay off for the funded firms? A meta-analysis on the relationship between venture capital investment and funded firm financial performance," Journal of Business Venturing, Elsevier, vol. 28(3), pages 335-353.
    5. Mauricio Jara‐Bertin & Félix J. López‐Iturriaga & Óscar López‐de‐Foronda, 2008. "The Contest to the Control in European Family Firms: How Other Shareholders Affect Firm Value," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(3), pages 146-159, May.
    6. A. Heughebaert & T. Vanacker & S. Manigart, 2012. "Institutional Frameworks, Venture Capital and the Financing of European New Technology-Based Firms," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 12/809, Ghent University, Faculty of Economics and Business Administration.
    7. Bianca Piloto Sincerre & Joelson Sampaio & Rubéns Famá & Eduardo S Flores, 2019. "The Impact of Private Equity and Venture Capital Funds on post-IPO Operational and Financial Performance in Brazilian invested companies," Brazilian Business Review, Fucape Business School, vol. 16(1), pages 87-101, January.
    8. Carine Girard & Gilles Certhoux, 2010. "Les leviers de création de valeur de configurations d'investisseurs en capital risque : le cas d'un réseau régional de Business Angels," Post-Print hal-00771146, HAL.
    9. Peng, Fei & Anwar, Sajid & Kang, Lili, 2020. "Institutional monitoring, coordination and corporate acquisitions in China," The North American Journal of Economics and Finance, Elsevier, vol. 51(C).

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