AN ANALYSIS OF THE PORTUGUESE VENTURE CAPITAL MARKET: PARTIAL EXITS VERSUS TOTAL EXITS
Autor(a) principal: | |
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Data de Publicação: | 2009 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10174/6764 |
Resumo: | This article analyzes Portuguese venture capital exits, exploring the relationship between the type of exit and the asymmetry of information of the venture capital investments. The central hypothesis being tested is that the occurrence of partial exits is associated with signalling the investment quality and with the reduction of the degree of informational asymmetry. The data resulted from a study elaborated by Small Business Investment, SA and Price WaterHouse Coopers, for the Associação Portuguesa de Capital de Risco e de Desenvolvimento (APCRI), by way of questionnaire sent to the resident Portuguese venture capital companies. We used Logit models in which the dependent variable is a dummy indicating if a partial exit occurred and the independent variables are all dummies referring to investment and divestment characteristics. We conclude that when the exit occurs through IPO, this increases the probability of a partial exit occurring and that the longer the duration, the smaller is the probability of a partial exit. Both results support the hypothesis that the higher the degree of informational asymmetry, the higher the probability of a partial exit. |
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AN ANALYSIS OF THE PORTUGUESE VENTURE CAPITAL MARKET: PARTIAL EXITS VERSUS TOTAL EXITSVenture capitalPartial exitsIPOTrade salesWrite-offsInformation asymmetryThis article analyzes Portuguese venture capital exits, exploring the relationship between the type of exit and the asymmetry of information of the venture capital investments. The central hypothesis being tested is that the occurrence of partial exits is associated with signalling the investment quality and with the reduction of the degree of informational asymmetry. The data resulted from a study elaborated by Small Business Investment, SA and Price WaterHouse Coopers, for the Associação Portuguesa de Capital de Risco e de Desenvolvimento (APCRI), by way of questionnaire sent to the resident Portuguese venture capital companies. We used Logit models in which the dependent variable is a dummy indicating if a partial exit occurred and the independent variables are all dummies referring to investment and divestment characteristics. We conclude that when the exit occurs through IPO, this increases the probability of a partial exit occurring and that the longer the duration, the smaller is the probability of a partial exit. Both results support the hypothesis that the higher the degree of informational asymmetry, the higher the probability of a partial exit.PORTUGUESE JOURNAL OF MANAGEMENT STUDIES2012-12-10T12:21:25Z2012-12-102009-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlehttp://hdl.handle.net/10174/6764http://hdl.handle.net/10174/6764eng241-259VOL. XIVPORTUGUESE JOURNAL OF MANAGEMENT STUDIESNO. 3efelix@uevora.ptjose.esperanca@iscte.ptmagn@iscte.ptcpires@uevora.pt256Félix, Elisabete Gomes SantanaEsperança, José PauloGulamhussen, Mohamed AzzimPires, Cesaltina Pachecoinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-01-03T18:46:22Zoai:dspace.uevora.pt:10174/6764Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T01:01:26.751470Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
AN ANALYSIS OF THE PORTUGUESE VENTURE CAPITAL MARKET: PARTIAL EXITS VERSUS TOTAL EXITS |
title |
AN ANALYSIS OF THE PORTUGUESE VENTURE CAPITAL MARKET: PARTIAL EXITS VERSUS TOTAL EXITS |
spellingShingle |
AN ANALYSIS OF THE PORTUGUESE VENTURE CAPITAL MARKET: PARTIAL EXITS VERSUS TOTAL EXITS Félix, Elisabete Gomes Santana Venture capital Partial exits IPO Trade sales Write-offs Information asymmetry |
title_short |
AN ANALYSIS OF THE PORTUGUESE VENTURE CAPITAL MARKET: PARTIAL EXITS VERSUS TOTAL EXITS |
title_full |
AN ANALYSIS OF THE PORTUGUESE VENTURE CAPITAL MARKET: PARTIAL EXITS VERSUS TOTAL EXITS |
title_fullStr |
AN ANALYSIS OF THE PORTUGUESE VENTURE CAPITAL MARKET: PARTIAL EXITS VERSUS TOTAL EXITS |
title_full_unstemmed |
AN ANALYSIS OF THE PORTUGUESE VENTURE CAPITAL MARKET: PARTIAL EXITS VERSUS TOTAL EXITS |
title_sort |
AN ANALYSIS OF THE PORTUGUESE VENTURE CAPITAL MARKET: PARTIAL EXITS VERSUS TOTAL EXITS |
author |
Félix, Elisabete Gomes Santana |
author_facet |
Félix, Elisabete Gomes Santana Esperança, José Paulo Gulamhussen, Mohamed Azzim Pires, Cesaltina Pacheco |
author_role |
author |
author2 |
Esperança, José Paulo Gulamhussen, Mohamed Azzim Pires, Cesaltina Pacheco |
author2_role |
author author author |
dc.contributor.author.fl_str_mv |
Félix, Elisabete Gomes Santana Esperança, José Paulo Gulamhussen, Mohamed Azzim Pires, Cesaltina Pacheco |
dc.subject.por.fl_str_mv |
Venture capital Partial exits IPO Trade sales Write-offs Information asymmetry |
topic |
Venture capital Partial exits IPO Trade sales Write-offs Information asymmetry |
description |
This article analyzes Portuguese venture capital exits, exploring the relationship between the type of exit and the asymmetry of information of the venture capital investments. The central hypothesis being tested is that the occurrence of partial exits is associated with signalling the investment quality and with the reduction of the degree of informational asymmetry. The data resulted from a study elaborated by Small Business Investment, SA and Price WaterHouse Coopers, for the Associação Portuguesa de Capital de Risco e de Desenvolvimento (APCRI), by way of questionnaire sent to the resident Portuguese venture capital companies. We used Logit models in which the dependent variable is a dummy indicating if a partial exit occurred and the independent variables are all dummies referring to investment and divestment characteristics. We conclude that when the exit occurs through IPO, this increases the probability of a partial exit occurring and that the longer the duration, the smaller is the probability of a partial exit. Both results support the hypothesis that the higher the degree of informational asymmetry, the higher the probability of a partial exit. |
publishDate |
2009 |
dc.date.none.fl_str_mv |
2009-01-01T00:00:00Z 2012-12-10T12:21:25Z 2012-12-10 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10174/6764 http://hdl.handle.net/10174/6764 |
url |
http://hdl.handle.net/10174/6764 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
241-259 VOL. XIV PORTUGUESE JOURNAL OF MANAGEMENT STUDIES NO. 3 efelix@uevora.pt jose.esperanca@iscte.pt magn@iscte.pt cpires@uevora.pt 256 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
PORTUGUESE JOURNAL OF MANAGEMENT STUDIES |
publisher.none.fl_str_mv |
PORTUGUESE JOURNAL OF MANAGEMENT STUDIES |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
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1799136497434099712 |