The determinants of startup valuation in the venture capital context: a systematic review and avenues for future research

Andreas Köhn ()
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Andreas Köhn: University of Hohenheim

Management Review Quarterly, 2018, vol. 68, issue 1, No 2, 3-36

Abstract: Abstract Startup valuation in the venture capital (VC) context is often said to be more art than science. In view of this, it is particularly important to be aware of and understand the different underlying determinants that affect the valuation of startups. This paper conducts a systematic review of the existing empirical literature to illustrate the determinants of startup valuations in the VC context. Beyond that, the paper seeks to provide an organizing structure to the current literature as well as to detect academic voids and directions for future research. To achieve these goals, it develops an integrative framework for the factors determining startup valuations in the VC environment, which should be of use to both practitioners and researchers. That framework illustrates how startup valuations in the VC context are shaped by a three-sided interplay of factors related to startups, venture capitalists, and the external environment.

Keywords: Startups; Valuation; Venture capital; Entrepreneurial finance; Literature review (search for similar items in EconPapers)
JEL-codes: G24 G32 L26 M13 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s11301-017-0131-5

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