Venture Capitalists in Asia: A Comparison with the U.S. and Europe
Vlerick Leuven Gent Management School; Ghent University
Vance H. Fried
Oklahoma State University - Stillwater - Department of Management
Garry D. Bruton
Texas Christian University - M.J. Neeley School of Business
Harry J. Sapienza
University of Minnesota - Twin Cities - Carlson School of Management
September 25, 2002
Vlerick Leuven Gent Working Paper No. 2002/15
This research utilizes an institutional perspective to examine the behavior of venture capital professionals in three distinct regions of the world (Asia, U.S., Europe). Based upon a mail survey, we find reasonably consistent views around the world on the relative importance of various venture capitalist roles. However, we find that how those roles are implemented is shaped by cognitive institutional influences in the given region. We find that a model developed in the U.S. to predict the amount of venture capitalist/CEO interaction is not valid in Asia. Further, Asian boards have much greater insider representation than do U.S. or European boards. We attribute these difference to the greater emphasis in Asia on the importance of collective action.
Number of Pages in PDF File: 40working papers series
Date posted: November 27, 2002
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