Capital riesgo y dinero inteligente: aportes de valor no monetario
Private Equity/Venture Capital and smart money: non-monetary aded values
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Arango Vásquez, L. y Duque Grisales, E.A. 2015. Capital riesgo y dinero inteligente: aportes de valor no monetario. Con-texto. 43 (jun. 2015), 209–226. DOI:https://doi.org/10.18601/01236458.n43.06.
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Este artículo se basa en una revisión de la literatura para estudiar las características de las inversiones que realiza la industria del capital riesgo. El análisis permite clasificar estas inversiones como ‘dinero inteligente’, lo que implica generalmente aportes de valor no monetario. Adicionalmente, se describen los aportes de mayor relevancia, según criterio propio de los autores. Este trabajo permite concluir que la industria del capital riesgo tiene un papel destacado en el crecimiento y la consolidación de muchas empresas, especialmente de las pequeñas y medianas, a través de los aportes no monetarios que realiza, los cuales tienen alto impacto en su fortalecimiento y aumento de valor.
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Achl eitner, A.-K. y Figge, C. (2012, marzo). Private equity lemons? Evidence on value creation in secondary buyouts. European Financial Management, 20(2), 406-433.
Aernoudt, R. (2005). Executive forum: Seven ways to stimulate business angels’ investments. Venture Capital, 7(4), 359-371.
Ahl strom, D. y Bruton, G. D. (2006). Venture capital in emerging economies: Networks and institutional change. Entrepreneurship Theory and Practice, 30(2), 299-320.
Asch, P., Malkiel, B. G. y Quandt, R. E. (1984, abril). Market efficiency in racetrack betting. Journal of Business, 57(2), 165-175.
Avnimelech, G. y Teubal, M. (2004). Venture capital start-up co-evolution and the emergence & development of Israel’s new high tech cluster: Part 1: Macro-background and industry analysis. Economics of Innovation and New Technology, 13(1), 33-60.
Barber, F. y Goold, M. (2007). The strategic secret of private equity. Harvard Business Review, 85(9), 53.
Batjargal, B. y Liu, M. (2004). Entrepreneurs’ access to private equity in China: The role of social capital. Organization Science, 15(2), 159-172.
Berger, A. N. y Schaeck, K. (2011). Small and Medium-Sized Enterprises, Bank Relationship Strength, and the Use of Venture Capital. Journal of Money, Credit and Banking, 43(2-3), 461-490.
Berger, A. N. y Udell , G. F. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking & Finance, 22(6), 613-673.
Boué, A. R. (2002). Value Added from Venture Capital Investors: What Is It And How Does It Get Into The Venture. Recuperado de http://webs2002.uab.es/edp/workshop/cd/Proceedings/3edpw_ABoue.pdf
Brander, J. A., Amit, R. y Antweiler, W. (2002). Venture-Capital Syndication: Improved Venture Selection vs. The Value-Added Hypothesis. Journal of Economics & Management Strategy, 11(3), 423-452.
Breslin, E. D. (2010). Rethinking hydrophilanthropy: smart money for transformative impact. Journal of Contemporary Water Research & Education, 145(1), 65-73.
Brouthers, K. D., Brouthers, L. E. y Wilkinson, T. J. (1995). Strategic alliances: choose your partners. Long Range Planning, 28(3), 2-25.
Clarysse, B., Bobelyn, A. y del Palacio Aguirre, I. (2013). Learning from own and others’ previous experience: the contribution of the venture capital firm to the likelihood of a portfolio company’s trade sale. Small Business Economics, 40(3), 575-590.
Cumming, D. y Dai, N. (2010). Local bias in venture capital investments. Journal of Empirical Finance, 17(3), 362-380.
Davila, A., Foster, G. y Gupta, M. (2003). Venture capital financing and the growth of startup firms. Journal of Business Venturing, 18(6), 689-708.
DeGennaro, R. P. (1989). The determinants of wagering behavior. Managerial and Decision Economics, 10(3), 221-228.
Dimov, D. P. y Shepherd, D. A. (2005). Human capital theory and venture capital firms: exploring «home runs» and «strike outs». Journal of Business Venturing, 20(1), 1-21.
Feld, B. y Mendelson, J. (2012). Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist. John Wiley & Sons.
Feng, X., Zhou, M. y Chan, K. C. (2014, noviembre). Smart money or dumb money? A study on the selection ability of mutual fund investors in China. The North American Journal of Economics and Finance, 30, 154-170.
Gompers, P., Kovner, A., Lerner, J. y Scharfstein, D. (2006). Skill vs. luck in entrepreneurship and venture capital: Evidence from serial entrepreneurs. National Bureau of Economic Research.
Gulati, R. y Higgins, M. C. (2003). Which ties matter when? The contingent effects of interorganizational partnerships on ipo success. Strategic Management Journal, 24(2), 127-144.
Haagen, F. (2008). The role of smart money: What drives venture capital support and interference within biotechnology ventures? Zeitschrift für Betriebswirtschaft, 78(4), 397-422.
Hell man, T. y Puri, M. (2000). The interaction between product market and financing strategy: The role of venture capital. Review of Financial Studies, 13(4), 959-984.
Hell mann, T. y Puri, M. (2002). Venture capital and the professionalization of start-up firms: Empirical evidence. The Journal of Finance, 57(1), 169-197.
Hochberg, Y. V., Ljungqvist, A. y Lu, Y. (2007). Whom you know matters: Venture capital networks and investment performance. The Journal of Finance, 62(1), 251-301.
Hsu, D. H. (2004). What do entrepreneurs pay for venture capital affiliation? The Journal of Finance, 59(4), 1805-1844.
Ivashina, V. y Kovner, A. (2011). The private equity advantage: Leveraged buyout firms and relationship banking. Review of Financial Studies, 24(7), 2462-2498.
Ivanov, V. y Xie, F. (2010). Do corporate venture capitalists add value to start-up firms? Evidence from ipos and acquisitions of vc-backed companies. Financial Management, 39(1), 129-152.
Jain, B. A. y Kini, O. (2000). Does the presence of venture capitalists improve the survival profile of ipo firms? Journal of Business Finance & Accounting, 27(9-10), 1139-1183.
Kanniainen, V. y Keuschnigg, C. (2004). Start-up investment with scarce venture capital support. Journal of Banking & Finance, 28(8), 1935-1959.
Kaplan, S. N. y Lerner, J. (2010). It ain’t broke: The past, present, and future of venture capital. Journal of Applied Corporate Finance, 22(2), 36-47.
Keil, T., Maula, M. V. y Wilson, C. (2010). Unique resources of corporate venture capitalists as a key to entry into rigid venture capital syndication networks. Entrepreneurship Theory and Practice, 34(1), 83-103.
Lai, G. M.-H. (2000). Knowing who you are doing business with in Japan: a managerial view of keiretsu and keiretsu business groups. Journal of World Business, 34(4), 423-448.
Lange, J. E., Bygrave, W., Nishimoto, S., Roedel, J., Stock, W. (2001). Smart money? The impact of having top venture capital investors and underwriters backing a venture. Venture Capital: an International Journal of Entrepreneurial Finance, 3(4), 309-326.
Large, D. y Muegge, S. (2008). Venture capitalists’ non-financial value-added: an evaluation of the evidence and implications for research. Venture Capital, 10(1), 21-53.
Leleux, B. y Surlemont, B. (2003). Public versus private venture capital: seeding or crowding out? A pan-European analysis. Journal of Business Venturing, 18(1), 81-104.
Lerner, J. (2002). When bureaucrats meet entrepreneurs: the design of effectivepublic venture capital’programmes. The Economic Journal, 112(477), F73-F84.
Lerner, J., Leamon, A., Tighe, J. y Garcia-Robles, S. (2014). Adding Value Through Venture Capital in Latin America and the Caribbean. HBS Working Paper Number: 15-024.
Lindsey, L. (2003). The Venture Capital Keiretsu Effect: An Empirical Analysis of Strategic Alliances among Portfolio Firms. Unpublished working paper, Stanford University.
Luukkonen, T. y Maunula, M. (2007). Non-financial value-added of venture capital: a comparative study of different venture capital investors. etla Discussion Papers, The Research Institute of the Finnish Economy (etla).
Mason, C. (2013). Access to finance. A ‘thought piece’ for the North East lep Independent Economic Review.
Metrick, A. (2006). Venture capital and the finance of innovation. John Wiley and Sons.
Prasch, R. E. (2011). The Instability of Financial Markets: A Critique of Efficient Markets Theory. Heterodox Analysis of Financial Crisis and Reform: History, Politics and Economics, 60-71.
Ramadani, V. y Gerguri, S. (2011). Innovations: principles and strategies. Strategic Change, 20(3- 4), 101-110.
Robbie, W. y Mike, K. (1998). Venture capital and private equity: A review and synthesis. Journal of Business Finance & Accounting, 25(5-6), 521-570.
Roure, J. B. y Maidique, M. A. (1986). Linking prefunding factors and high-technology venture success: An exploratory study. Journal of Business Venturing, 1(3), 295-306.
Schmeling, M. (2007). Institutional and individual sentiment: ¿smart money and noise trader risk? International Journal of Forecasting, 23(1), 127-145.
Schw ienbacher, A. (2010). Venture capital exits. Venture Capital: Investment Strategies, Structures, and Policies, 387-405.
Shill er, R. J. (2003). From efficient markets theory to behavioral finance. Journal of Economic Perspectives, 17(1), 83-104.
Shl eifer, A. y Summers, L. H. (1990). The noise trader approach to finance. Journal of Economic Perspectives, 4(2), 19-33.
Siddiqui, A. (2011). Venture Capital Syndication in Australia: Patterns and Implications. Recuperado de http://ssrn.com/abstract=1750929
Talmor, E. y Vasvari, F. (2011). International private equity. John Wiley & Sons.
Tappeiner, F., Howorth, C., Achl eitner, A.-K., Schraml, S. (2012). Demand for private equity minority investments: A study of large family firms. Journal of Family Business Strategy, 3(1), 38-51.
Tykvová, T. y Borell , M. (2012). Do private equity owners increase risk of financial distress and bankruptcy? Journal of Corporate Finance, 18(1), 138-150.
Aernoudt, R. (2005). Executive forum: Seven ways to stimulate business angels’ investments. Venture Capital, 7(4), 359-371.
Ahl strom, D. y Bruton, G. D. (2006). Venture capital in emerging economies: Networks and institutional change. Entrepreneurship Theory and Practice, 30(2), 299-320.
Asch, P., Malkiel, B. G. y Quandt, R. E. (1984, abril). Market efficiency in racetrack betting. Journal of Business, 57(2), 165-175.
Avnimelech, G. y Teubal, M. (2004). Venture capital start-up co-evolution and the emergence & development of Israel’s new high tech cluster: Part 1: Macro-background and industry analysis. Economics of Innovation and New Technology, 13(1), 33-60.
Barber, F. y Goold, M. (2007). The strategic secret of private equity. Harvard Business Review, 85(9), 53.
Batjargal, B. y Liu, M. (2004). Entrepreneurs’ access to private equity in China: The role of social capital. Organization Science, 15(2), 159-172.
Berger, A. N. y Schaeck, K. (2011). Small and Medium-Sized Enterprises, Bank Relationship Strength, and the Use of Venture Capital. Journal of Money, Credit and Banking, 43(2-3), 461-490.
Berger, A. N. y Udell , G. F. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking & Finance, 22(6), 613-673.
Boué, A. R. (2002). Value Added from Venture Capital Investors: What Is It And How Does It Get Into The Venture. Recuperado de http://webs2002.uab.es/edp/workshop/cd/Proceedings/3edpw_ABoue.pdf
Brander, J. A., Amit, R. y Antweiler, W. (2002). Venture-Capital Syndication: Improved Venture Selection vs. The Value-Added Hypothesis. Journal of Economics & Management Strategy, 11(3), 423-452.
Breslin, E. D. (2010). Rethinking hydrophilanthropy: smart money for transformative impact. Journal of Contemporary Water Research & Education, 145(1), 65-73.
Brouthers, K. D., Brouthers, L. E. y Wilkinson, T. J. (1995). Strategic alliances: choose your partners. Long Range Planning, 28(3), 2-25.
Clarysse, B., Bobelyn, A. y del Palacio Aguirre, I. (2013). Learning from own and others’ previous experience: the contribution of the venture capital firm to the likelihood of a portfolio company’s trade sale. Small Business Economics, 40(3), 575-590.
Cumming, D. y Dai, N. (2010). Local bias in venture capital investments. Journal of Empirical Finance, 17(3), 362-380.
Davila, A., Foster, G. y Gupta, M. (2003). Venture capital financing and the growth of startup firms. Journal of Business Venturing, 18(6), 689-708.
DeGennaro, R. P. (1989). The determinants of wagering behavior. Managerial and Decision Economics, 10(3), 221-228.
Dimov, D. P. y Shepherd, D. A. (2005). Human capital theory and venture capital firms: exploring «home runs» and «strike outs». Journal of Business Venturing, 20(1), 1-21.
Feld, B. y Mendelson, J. (2012). Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist. John Wiley & Sons.
Feng, X., Zhou, M. y Chan, K. C. (2014, noviembre). Smart money or dumb money? A study on the selection ability of mutual fund investors in China. The North American Journal of Economics and Finance, 30, 154-170.
Gompers, P., Kovner, A., Lerner, J. y Scharfstein, D. (2006). Skill vs. luck in entrepreneurship and venture capital: Evidence from serial entrepreneurs. National Bureau of Economic Research.
Gulati, R. y Higgins, M. C. (2003). Which ties matter when? The contingent effects of interorganizational partnerships on ipo success. Strategic Management Journal, 24(2), 127-144.
Haagen, F. (2008). The role of smart money: What drives venture capital support and interference within biotechnology ventures? Zeitschrift für Betriebswirtschaft, 78(4), 397-422.
Hell man, T. y Puri, M. (2000). The interaction between product market and financing strategy: The role of venture capital. Review of Financial Studies, 13(4), 959-984.
Hell mann, T. y Puri, M. (2002). Venture capital and the professionalization of start-up firms: Empirical evidence. The Journal of Finance, 57(1), 169-197.
Hochberg, Y. V., Ljungqvist, A. y Lu, Y. (2007). Whom you know matters: Venture capital networks and investment performance. The Journal of Finance, 62(1), 251-301.
Hsu, D. H. (2004). What do entrepreneurs pay for venture capital affiliation? The Journal of Finance, 59(4), 1805-1844.
Ivashina, V. y Kovner, A. (2011). The private equity advantage: Leveraged buyout firms and relationship banking. Review of Financial Studies, 24(7), 2462-2498.
Ivanov, V. y Xie, F. (2010). Do corporate venture capitalists add value to start-up firms? Evidence from ipos and acquisitions of vc-backed companies. Financial Management, 39(1), 129-152.
Jain, B. A. y Kini, O. (2000). Does the presence of venture capitalists improve the survival profile of ipo firms? Journal of Business Finance & Accounting, 27(9-10), 1139-1183.
Kanniainen, V. y Keuschnigg, C. (2004). Start-up investment with scarce venture capital support. Journal of Banking & Finance, 28(8), 1935-1959.
Kaplan, S. N. y Lerner, J. (2010). It ain’t broke: The past, present, and future of venture capital. Journal of Applied Corporate Finance, 22(2), 36-47.
Keil, T., Maula, M. V. y Wilson, C. (2010). Unique resources of corporate venture capitalists as a key to entry into rigid venture capital syndication networks. Entrepreneurship Theory and Practice, 34(1), 83-103.
Lai, G. M.-H. (2000). Knowing who you are doing business with in Japan: a managerial view of keiretsu and keiretsu business groups. Journal of World Business, 34(4), 423-448.
Lange, J. E., Bygrave, W., Nishimoto, S., Roedel, J., Stock, W. (2001). Smart money? The impact of having top venture capital investors and underwriters backing a venture. Venture Capital: an International Journal of Entrepreneurial Finance, 3(4), 309-326.
Large, D. y Muegge, S. (2008). Venture capitalists’ non-financial value-added: an evaluation of the evidence and implications for research. Venture Capital, 10(1), 21-53.
Leleux, B. y Surlemont, B. (2003). Public versus private venture capital: seeding or crowding out? A pan-European analysis. Journal of Business Venturing, 18(1), 81-104.
Lerner, J. (2002). When bureaucrats meet entrepreneurs: the design of effectivepublic venture capital’programmes. The Economic Journal, 112(477), F73-F84.
Lerner, J., Leamon, A., Tighe, J. y Garcia-Robles, S. (2014). Adding Value Through Venture Capital in Latin America and the Caribbean. HBS Working Paper Number: 15-024.
Lindsey, L. (2003). The Venture Capital Keiretsu Effect: An Empirical Analysis of Strategic Alliances among Portfolio Firms. Unpublished working paper, Stanford University.
Luukkonen, T. y Maunula, M. (2007). Non-financial value-added of venture capital: a comparative study of different venture capital investors. etla Discussion Papers, The Research Institute of the Finnish Economy (etla).
Mason, C. (2013). Access to finance. A ‘thought piece’ for the North East lep Independent Economic Review.
Metrick, A. (2006). Venture capital and the finance of innovation. John Wiley and Sons.
Prasch, R. E. (2011). The Instability of Financial Markets: A Critique of Efficient Markets Theory. Heterodox Analysis of Financial Crisis and Reform: History, Politics and Economics, 60-71.
Ramadani, V. y Gerguri, S. (2011). Innovations: principles and strategies. Strategic Change, 20(3- 4), 101-110.
Robbie, W. y Mike, K. (1998). Venture capital and private equity: A review and synthesis. Journal of Business Finance & Accounting, 25(5-6), 521-570.
Roure, J. B. y Maidique, M. A. (1986). Linking prefunding factors and high-technology venture success: An exploratory study. Journal of Business Venturing, 1(3), 295-306.
Schmeling, M. (2007). Institutional and individual sentiment: ¿smart money and noise trader risk? International Journal of Forecasting, 23(1), 127-145.
Schw ienbacher, A. (2010). Venture capital exits. Venture Capital: Investment Strategies, Structures, and Policies, 387-405.
Shill er, R. J. (2003). From efficient markets theory to behavioral finance. Journal of Economic Perspectives, 17(1), 83-104.
Shl eifer, A. y Summers, L. H. (1990). The noise trader approach to finance. Journal of Economic Perspectives, 4(2), 19-33.
Siddiqui, A. (2011). Venture Capital Syndication in Australia: Patterns and Implications. Recuperado de http://ssrn.com/abstract=1750929
Talmor, E. y Vasvari, F. (2011). International private equity. John Wiley & Sons.
Tappeiner, F., Howorth, C., Achl eitner, A.-K., Schraml, S. (2012). Demand for private equity minority investments: A study of large family firms. Journal of Family Business Strategy, 3(1), 38-51.
Tykvová, T. y Borell , M. (2012). Do private equity owners increase risk of financial distress and bankruptcy? Journal of Corporate Finance, 18(1), 138-150.
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