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The Journal of Private Equity

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Article

How Managers’ Compensation, Strategy, and Institutional Environment Motivate Entrepreneurial Financing Choices: Some Evidence from Venture Capital Firms

Hisanori Fujiwara and Hiromichi Kimura
The Journal of Private Equity Summer 2012, 15 (3) 45-61; DOI: https://doi.org/10.3905/jpe.2012.15.3.045
Hisanori Fujiwara
is a manager at Daiichi Sankyo Co., Ltd., and a Ph.D. candidate at the University of Tokyo in Tokyo, Japan.
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  • For correspondence: fujiwara.hisanori.za@daiichisankyo.co.jp
Hiromichi Kimura
is an adjunct professor of Pharmaco-Business Innovation at the University of Tokyo in Tokyo, Japan.
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  • For correspondence: kimura@mol.f.u-tokyo.ac.jp
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Abstract

Using a database combining survey responses and archival data on 32 venture capital (VC) firms, the authors test whether professional compensation, strategy, and institutional environment affect entrepreneurial financing practices, such as contractual term choice and deal source choice. The results suggest that contract design fundamentally depends on the VC manager’s compensation system (particularly, carried interest compensation), the investor’s leadership in investment syndications, and the institutional environment. VC firms significantly tend to require control rights and liquidation rights in country’s with poor investor protection. The results also show that selection of deal sources depends on co-investment options, investment stage preference, leadership in investment syndications, and industry expertise.

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The Journal of Private Equity: 15 (3)
The Journal of Private Equity
Vol. 15, Issue 3
Summer 2012
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How Managers’ Compensation, Strategy, and Institutional Environment Motivate Entrepreneurial Financing Choices: Some Evidence from Venture Capital Firms
Hisanori Fujiwara, Hiromichi Kimura
The Journal of Private Equity May 2012, 15 (3) 45-61; DOI: 10.3905/jpe.2012.15.3.045

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How Managers’ Compensation, Strategy, and Institutional Environment Motivate Entrepreneurial Financing Choices: Some Evidence from Venture Capital Firms
Hisanori Fujiwara, Hiromichi Kimura
The Journal of Private Equity May 2012, 15 (3) 45-61; DOI: 10.3905/jpe.2012.15.3.045
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  • Article
    • Abstract
    • ENTREPRENEURIAL FINANCE: DEAL FLOW AND CONTRACTS
    • MOTIVATING DETERMINANTS OF VENTURE CAPITAL FINANCE
    • METHODS
    • RESULTS
    • CONCLUSIONS
    • APPENDIX
    • ENDNOTES
    • REFERENCES
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  • Long-Run Management of Private Equity Investment
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