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Neue Publikation: "VC investors’ venture screening: the role of the decision maker’s education and experience"

Der Artikel "VC investors’ venture screening: the role of the decision maker’s education and experience" von Alexandra Moritz, Walter Diegel, Jörn Block und Christian Fisch wurde in der Fachzeitschrift Journal of Business Economics veröffentlicht. Die Arbeit ist Teil einer DFG-geförderten Studie und untersucht das Entscheidungsverhalten von Venture Capital Investoren. Untersucht wurde dabei, inwieweit sich persönliche Faktoren der Investoren wie bspw. Gründungserfahrung oder beruflicher Hintergrund auf die Wichtigkeit verschiedener Kriterien im Screening Prozess auswirken.

Der Artikel kann unter diesem Link abgerufen werden: https://rdcu.be/cjtSm

Abstract: We assess whether and how VC investors’ education and experience influence their screening decisions of potential investee candidates. Empirically, we perform an experimental choice-based-conjoint (CBC) analysis with 564 individual VC investors. Our results highlight that the level and field of education, as well as the decision maker’s investment and entrepreneurial experience, moderate the relative importance of different screening criteria. More specifically, we find that international scalability seems to become more important for decision makers with higher education and those with entrepreneurial experience. Whereas decision makers with a background in natural science focus on the value-added of the product or service, engineers seem to value a break even profitability and focus less on the management team. Investment experience, on the other hand, leads to a stronger focus on the management team. Our study contributes to the literature investigating the influence of human capital characteristics of the decision maker in venture financing. Practical implications exist for entrepreneurial ventures seeking financing and for risk capital investors making investments in such ventures.