Venture capital y su valor añadido a los emprendedores: modelo de análisis
The present research belongs to the field of entrepreneurial finance, an emergent area within the corporative finances that is in the crossroads of these with the entrepreneurship. Both issues have a growing importance and relevance, in the academic field and also in the social and economic ecosyste...
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Universidad de La Rioja (España)
2018
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The present research belongs to the field of entrepreneurial finance, an emergent area within the corporative finances that is in the crossroads of these with the entrepreneurship. Both issues have a growing importance and relevance, in the academic field and also in the social and economic ecosystem. One of the distinguishing features of venture capital investors is the possibility of contributing, along with money, with value added services. Thus, we have developed a statistical model that allows evaluating what kind of added value by venture capital to startups has more impact on the performance of the financed company.
In order to do this, an empirical study has been carried out in the Spanish ecosystem, gathering information from both the financing provider (the venture capitalist) and its value-added services and the recipient (the entrepreneur and his company).
As there is no appropriate database, it was necessary to create our own database. To this end, the financing operations carried out during the study period were identified. Then, from the literature review carried out, a questionnaire was designed, validated and administered, which was sent to both agents to obtain the two points of view. One of the strengths of the study is the representativeness of the data and having achieved a percentage of responses as high as 74% on the 288 questionnaires sent, which validates the suitability of the design of the research. To test the hypotheses, the PLS structural equation methodology was used. Five independent variables were defined corresponding to the five types of added value (contacts, advise, incentives, interpersonal relationships and reputation), the dependent variable (added value) and the scales of measurement of the 21 variables observed (items) that characterized them.
Finally, the measurement model and the structural model were validated. In addition, the results obtained show how, in this order, "advice", "contacts" and incentives" have a positive and significant influence on the performance of the company; while the hypotheses regarding the type of value "relations" and "reputation" were not validated. In the conclusions obtained, it has been possible to extract contributions for the academic field and recommendations for entrepreneurs, funders and public administrations. |
| author2 |
Alemany Gil, Luisa (null) |
| author_facet |
Alemany Gil, Luisa (null) Ruano Marrón, Luis A. |
| format |
text (thesis) |
| author |
Ruano Marrón, Luis A. |
| spellingShingle |
Ruano Marrón, Luis A. Venture capital y su valor añadido a los emprendedores: modelo de análisis |
| author_sort |
Ruano Marrón, Luis A. |
| title |
Venture capital y su valor añadido a los emprendedores: modelo de análisis |
| title_short |
Venture capital y su valor añadido a los emprendedores: modelo de análisis |
| title_full |
Venture capital y su valor añadido a los emprendedores: modelo de análisis |
| title_fullStr |
Venture capital y su valor añadido a los emprendedores: modelo de análisis |
| title_full_unstemmed |
Venture capital y su valor añadido a los emprendedores: modelo de análisis |
| title_sort |
venture capital y su valor añadido a los emprendedores: modelo de análisis |
| publisher |
Universidad de La Rioja (España) |
| publishDate |
2018 |
| url |
https://dialnet.unirioja.es/servlet/oaites?codigo=208390 |
| work_keys_str_mv |
AT ruanomarronluisa venturecapitalysuvaloranadidoalosemprendedoresmodelodeanalisis |
| _version_ |
1718346674762416128 |
| spelling |
oai-TES00000228782019-04-26Venture capital y su valor añadido a los emprendedores: modelo de análisisRuano Marrón, Luis A.The present research belongs to the field of entrepreneurial finance, an emergent area within the corporative finances that is in the crossroads of these with the entrepreneurship. Both issues have a growing importance and relevance, in the academic field and also in the social and economic ecosystem. One of the distinguishing features of venture capital investors is the possibility of contributing, along with money, with value added services. Thus, we have developed a statistical model that allows evaluating what kind of added value by venture capital to startups has more impact on the performance of the financed company. In order to do this, an empirical study has been carried out in the Spanish ecosystem, gathering information from both the financing provider (the venture capitalist) and its value-added services and the recipient (the entrepreneur and his company). As there is no appropriate database, it was necessary to create our own database. To this end, the financing operations carried out during the study period were identified. Then, from the literature review carried out, a questionnaire was designed, validated and administered, which was sent to both agents to obtain the two points of view. One of the strengths of the study is the representativeness of the data and having achieved a percentage of responses as high as 74% on the 288 questionnaires sent, which validates the suitability of the design of the research. To test the hypotheses, the PLS structural equation methodology was used. Five independent variables were defined corresponding to the five types of added value (contacts, advise, incentives, interpersonal relationships and reputation), the dependent variable (added value) and the scales of measurement of the 21 variables observed (items) that characterized them. Finally, the measurement model and the structural model were validated. In addition, the results obtained show how, in this order, "advice", "contacts" and incentives" have a positive and significant influence on the performance of the company; while the hypotheses regarding the type of value "relations" and "reputation" were not validated. In the conclusions obtained, it has been possible to extract contributions for the academic field and recommendations for entrepreneurs, funders and public administrations.La presente investigación pertenece al campo de las finanzas para emprendedores (“entrepreneurial finance”) un área emergente dentro de las finanzas corporativas que se encuentra en la encrucijada de éstas con el emprendimiento. Ambas cuestiones tienen una importancia y relevancia creciente tanto en el ámbito académico como en el socio económico. Una de las características diferenciales de los inversores de capital riesgo es la posibilidad de aportar, junto con el dinero, servicios de valor añadido. Así, hemos desarrollado un modelo estadístico que permite evaluar qué clase de valor añadido por parte del capital riesgo en primeras fases de las empresas de nueva creación (“venture capital”) tiene más repercusión sobre el desempeño de la empresa financiada. Para ello, se ha realizado un estudio empírico en el ecosistema español, recabando información tanto del proveedor de la financiación (el inversor de capital riesgo) y de sus servicios de valor añadido como del receptor de los mismos (el emprendedor y su empresa). Como no existe una base de datos apropiada fue necesario crear una base de datos propia. Para ello se identificaron las operaciones de financiación realizadas en el periodo de estudio. A continuación, a partir de la revisión bibliográfica realizada, se diseñó, validó y administró un cuestionario que fue enviado a ambos agentes para recabar los dos puntos de vista. Una de las fortalezas del estudio es la representatividad de los datos y haber conseguido un porcentaje de respuestas del 74% sobre los 288 cuestionarios enviados, lo que valida la idoneidad significación del diseño de la investigación. Para testar las hipótesis se ha empleado la metodología de ecuaciones estructurales PLS. Se definieron cinco variables independientes correspondientes a los cinco tipos de valor añadido (contactos, asesoramiento, incentivos, relaciones interpersonales y reputación), la variable dependiente (valor añadido) y las escalas de medición de las 21 variables observadas (ítems) que las caracterizaban. Finalmente se consiguió validar el modelo de medida y el modelo estructural. Además, los resultados obtenidos muestran como por este orden el “asesoramiento”, los “contactos” y los incentivos” tienen una influencia positiva y significativa en el desempeño de la empresa; mientras que las hipótesis relativas al tipo de valor “relaciones” y “reputación” no fueron validadas. En las conclusiones obtenidas se han podido extraer aportaciones para el ámbito académico y recomendaciones para los emprendedores, los financiadores y las administraciones públicas.Universidad de La Rioja (España)Alemany Gil, Luisa (null)Rodríguez Osés, Eduardo (null)Fernández Ortiz, Rubén (null)2018text (thesis)application/pdfhttps://dialnet.unirioja.es/servlet/oaites?codigo=208390spaLICENCIA DE USO: Los documentos a texto completo incluidos en Dialnet son de acceso libre y propiedad de sus autores y/o editores. Por tanto, cualquier acto de reproducción, distribución, comunicación pública y/o transformación total o parcial requiere el consentimiento expreso y escrito de aquéllos. Cualquier enlace al texto completo de estos documentos deberá hacerse a través de la URL oficial de éstos en Dialnet. 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