Trust and controllability in venture capital fundraising

Tobias Kollmann, Andreas Kuckertz and Nils Middelberg

Journal of Business Research, 2014, vol. 67, issue 11, 2411-2418

Abstract: This study discusses a model of success in venture capital (VC) fundraising. We develop this model based on agency and trust theory. The model is tested against quantitative data collected from 151 limited partners (LP) with headquarters predominantly in North America and Europe. Beyond the well-known criterion of the VC firm's track record, results suggest that trust and perceived controllability shape the investment decisions of those LPs. Moreover, antecedents of these main factors are evaluated. In sum, this study shows how fundraising VC firms can systematically manage the fundraising process.

Keywords: Trust; Controllability; Track record; Venture capital; Fundraising (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jbrese:v:67:y:2014:i:11:p:2411-2418

DOI: 10.1016/j.jbusres.2014.02.008

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