The venture capital contract and the Institutional Theory in a Spanish setting
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Departamento de economía financiera y contabilidadKnowledge Area
Economía Financiera y ContabilidadSponsors
Fundación Séneca (Project 15403/PHCS/10), and by Ministerio de Ciencia e Innovación (Project ECO2011-29080)Publication date
2013Publisher
Intangible CapitalBibliographic Citation
Ramón Llorens, Mª C. y Hernández Cánovas, G. (2013) The venture capital contract and the institutional theory in a Spanish setting, Intangible Capital, Vol. 9 (1), 322-34Peer review
SíKeywords
Teoría económicaEconomic theory
Empresas
Enterprises
Abstract
Purpose: This paper examines the principles of the Institutional Theory in order to
increase the understanding of the contractual covenants that Spanish venture capital
firms use in their relationship with the portfolio companies.
Design/methodology/approach: The study is based on the data obtained by means
of a postal survey addressed to the 70 Spanish venture capital firms registered in the
ASCRI (Asociación Española de Entidades de Capital Riesgo) in June, 2002, with a
response rate of 68.33%. As a theoretical framework we base on the Institutional
Theory as a mechanism to understand the venture capital contractual process.
Findings: The results show that a large part of the Spanish venture capital contracts
are homogeneous. However, between public and private venture capital firms there is
some heterogeneity not only in relation to the industry but also within the field in the
design of contracts. It might be due to the coercive pressures exerted by the
government on ...
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