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Venture Capital Contracting in Theory and Practice: Implications for Entrepreneurship Research

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  • Jens Burchardt
  • Ulrich Hommel
  • Dzidziso Samuel Kamuriwo
  • Carolina Billitteri

Abstract

This article provides a comprehensive theoretical and empirical literature review of venture capital contracts. This outlines the differences between theoretical and practical uses of contract designs; that is, (1) how does the choice of securities give rise to different adverse selection problems in terms of attracting different types of entrepreneurial companies; how does the choice of securities in conjunction with cash flow and control rights provisions affect (2) the effort levels by the entrepreneur and the investor; and (3) ultimately affect entrepreneurial outcomes. This article highlights the major discrepancies between theory and practice and points out potential avenues for further research.

Suggested Citation

  • Jens Burchardt & Ulrich Hommel & Dzidziso Samuel Kamuriwo & Carolina Billitteri, 2016. "Venture Capital Contracting in Theory and Practice: Implications for Entrepreneurship Research," Entrepreneurship Theory and Practice, , vol. 40(1), pages 25-48, January.
    • Handle: RePEc:sae:entthe:v:40:y:2016:i:1:p:25-48
    DOI: 10.1111/etap.12104
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    2. Vazirani, Ashish & Sarkar, Subhro & Bhattacharjee, Titas & Dwivedi, Yogesh K & Jack, Sarah, 2023. "Information signals and bias in investment decisions: A meta-analytic comparison of prediction and actual performance of new ventures," Journal of Business Research, Elsevier, vol. 155(PB).
    3. Ashish Vazirani & Titas Bhattacharjee, 2021. "Entrepreneurial Finance in the Twenty-first Century, a Review of Factors Influencing Venture Capitalist’s Decision," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 30(2), pages 306-335, September.
    4. Thomas W. Archibald & Edgar Possani, 2021. "Investment and operational decisions for start-up companies: a game theory and Markov decision process approach," Annals of Operations Research, Springer, vol. 299(1), pages 317-330, April.
    5. Yongyuan Ma & Ao Shen & Qingyuan Zhu & Peng Wang, 2022. "Media environment, venture capital, and technological innovation: Evidence from China," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(6), pages 1734-1747, September.
    6. Colombo, Massimo G. & D’Adda, Diego & Quas, Anita, 2019. "The geography of venture capital and entrepreneurial ventures’ demand for external equity," Research Policy, Elsevier, vol. 48(5), pages 1150-1170.
    7. Regan M. Stevenson & Donald F. Kuratko & Jared Eutsler, 2019. "Unleashing main street entrepreneurship: Crowdfunding, venture capital, and the democratization of new venture investments," Small Business Economics, Springer, vol. 52(2), pages 375-393, February.
    8. Liping Li & Qisheng Chen & Ximeng Jia & Jin Chen & Enrique Herrera-Viedma, 2024. "The collusion behavior of venture capitalists and entrepreneurs based on “guanxi”: evidence from China," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-18, December.
    9. Elrashidy, Zeinab & Haniffa, Roszaini & Sherif, Mohamed & Baroudi, Sarra, 2024. "Determinants of reward crowdfunding success: Evidence from Covid-19 pandemic," Technovation, Elsevier, vol. 132(C).
    10. Balcerzak, Adam P. & Zinecker, Marek & Skalický, Roman & Rogalska, Elżbieta & Doubravský, Karel, 2023. "Technology-oriented start-ups and valuation: A novel approach based on specific contract terms," Technological Forecasting and Social Change, Elsevier, vol. 197(C).
    11. Adil El Fakir & Richard Fairchild & Mohamed Tkiouat & Abderrahim Taamouti, 2023. "A bargaining model for PLS entrepreneurial financing: A game theoretic model using agent‐based simulation," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(2), pages 1228-1241, April.
    12. Moren Lévesque & Ute Stephan, 2020. "It’s Time We Talk About Time in Entrepreneurship," Entrepreneurship Theory and Practice, , vol. 44(2), pages 163-184, March.

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