Venture Capitalists in Asia: A Comparison with the U.S. And Europe

Vlerick Leuven Gent Working Paper No. 2002/15

40 Pages Posted: 27 Nov 2002

See all articles by Sophie Manigart

Sophie Manigart

Vlerick Business 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

Date Written: September 25, 2002

Abstract

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.

Suggested Citation

Manigart, Sophie and Fried, Vance H. and Bruton, Garry and Sapienza, Harry J., Venture Capitalists in Asia: A Comparison with the U.S. And Europe (September 25, 2002). Vlerick Leuven Gent Working Paper No. 2002/15. Available at SSRN: https://ssrn.com/abstract=333540 or http://dx.doi.org/10.2139/ssrn.333540

Sophie Manigart (Contact Author)

Vlerick Business School ( email )

Reep 1
Ghent, BE-9000
Belgium

Ghent University ( email )

Sint-Pietersplein 7
Gent, 9000
Belgium

Vance H. Fried

Oklahoma State University - Stillwater - Department of Management ( email )

394 Business Building
Stillwater, OK
United States

Garry Bruton

Texas Christian University - M.J. Neeley School of Business ( email )

Department of Management
Fort Worth, TX 76129
United States
817-257-7421 (Phone)
817-257-7227 (Fax)

Harry J. Sapienza

University of Minnesota - Twin Cities - Carlson School of Management ( email )

19th Avenue South
Minneapolis, MN 55455
United States

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