• Do human capital and fund characteristics drive follow-up behaviour of early stage high-tech VCs?

      Knockaert, Mirjam; Lockett, Andy; Clarysse, Bart; Wright, Mike (2005)
      This paper uses a unique dataset to examine the neglected but important issue concerning the relationship between the human capital and fund characteristics of venture capitalists and post-investment follow-up behavior in early stage high tech investments. We found no indication that involvement in monitoring activities by the investment manager is determined by either fund or human capital characteristics. In relation to value-adding activities, human capital variables were the most important, with previous consulting experience and entrepreneurial experience contributing to a higher involvement in value-adding activities. Furthermore, the diversity of an investment manager's portfolio was negatively related to involvement in value-adding activities. Finally, with respect to fund level characteristics, we found that investment managers of captive funds were less involved in value-adding activities. Keywords: venture capital, early stage high tech firms, post-investment follow-up behavior, human capital, fund characteristics
    • Do human capital and fund characteristics drive follow-up behaviour of early stage high-tech VCs?

      Knockaert, Mirjam; Lockett, Andy; Clarysse, Bart; Wright, Mike (International Journal of Technology Management, 2006)
    • Do institutions help venture capitalists trust new partners? Evidence from cross-border venture capital syndicates

      Meuleman, Miguel; Jääskeläinen, Mikko; Maula, Markku; Wright, Mike (2011)
      Venture capital (VC) has become an increasingly international phenomenon but there is a dearth of research that looks at the process by which VC firms co-invest across borders. We aim to fill this gap by examining drivers of cross-border partner selection decisions with a particular focus on the impact of experience-based trust on cross-border partner selection decisions in VC syndicates. Further, we examine how this relationship is moderated by different aspects of the institutional environment. We analyze these issues by studying the selection of foreign VC firms by local VC firms in cross-border VC syndicates in Europe over the period 1997 to 2008. The total sample consists of 1021 VC investments in which 391 different local VC investors invited 302 different foreign investors. Our results indicate that the effect of experience-based trust on partner selection is negatively moderated by the extent of generalized trust and the level of legal protection offered by the host country. The effect of experience-based trust on partner selection decisions is positively moderated by the level of cultural distance between the host country and the country of the foreign partner. Implications for theory and practice are suggested.
    • Entrepreneurial team development in academic spin-outs: a diverse perspective on heterogeneity

      Vanaelst, Iris; Clarysse, Bart; Wright, Mike; Lockett, Andy; Moray, Nathalie; S'Jegers, R. (Entrepreneurship: Theory and Practice, 2006)
    • Entrepreneurial teams and new business creation

      Wright, Mike; Vanaelst, Iris (2009)
    • Escalation of commitment in venture capital decision making: Differentiating between domestic and international investors

      Devigne, David; Manigart, Sophie; Wright, Mike (Journal of Business Venturing, 2016)
      Drawing upon an escalation of commitment framework, this study investigates how differences between cross-border and domestic venture capital investors in emotional, social, and institutional factors affect their decision to terminate an unsuccessful investment. We track the exit outcome of 1060 venture capital investments in 684 European technology companies. Results show that domestic investors have a high tendency to escalate their commitment to a failing course of action, while cross-border investors terminate their investments efficiently, even when investing through a local branch. This is explained by cross-border investors having a lower social and emotional involvement with the project and a lower embeddedness in the local economic and social environment, decreasing individual decision biases. Further, they are affected to a lower extent by normative pressures to further invest from their co-investment network. Local branches of cross-border investors are also shielded from escalation of commitment. We conjecture that their international investment committee acts as an organizational safeguard against individual decision biases. Domestic investors may hence benefit from mimicking the behavior of cross-border investors.
    • How international are European venture capital firms?

      Manigart, Sophie; De Maeseneire, Wouter; Wright, Mike; Pruthi, S.; Lockett, Andy; Bruining, Hans; Hommel, Ulrich; Landström, Hans (2008)
    • Human capital and the internationalisation of venture capital firms

      Manigart, Sophie; Collewaert, Veroniek; Wright, Mike; Pruthi, S.; Lockett, Andy; Bruining, Hans; Hommel, Ulrich; Landström, Hans (2005)
    • Human capital and the internationalization of venture capital firms

      Manigart, Sophie; Collewaert, Veroniek; Wright, Mike; Pruthi, S.; Lockett, Andy; Bruining, Hans; Hommel, Ulrich; Landström, Hans (2006)
      We examine the neglected area of internationalisation by VCs. Using a representative sample of 195 VCs, we show that the decision of a European VC firm to invest internationally is driven by its human resources. Having more VC executives in general and more VC executives with previous international experience in specific, results in a higher probability of investing internationally. In contrast, more VC executives with experience in the VC industry or with an engineering background lead to a higher probability of remaining domestic.
    • Human capital and the internationalization of venture capital firms

      Manigart, Sophie; Collewaert, Veroniek; Wright, Mike; Pruthi, S.; Lockett, Andy; Bruining, Hans; Hommel, Ulrich; Landström, Hans (International Entrepreneurship and Management Journal, 2007)
    • The impact of private-equity backed buyouts on employee relations

      Bacon, Nick; Wright, Mike; Scholes, L.; Meuleman, Miguel (2008)
    • The implications of alternative investment vehicles for corporate governance: A survey of empirical research

      Wright, Mike; Burrows, Andrew; Ball, Rod; Scholes, Louise; Meuleman, Miguel; Amess, Kevin (2007)
      This paper reviews the trends in and impacts of private equity and investor-led buy-outs in OECD countries. The evidence is derived principally from the CMBOR database and studies based on this dataset. Additional evidence is provided by a review of the relevant literature.
    • Institutional origin and resource endowments to science-based entrepreneurial firms: a European exploration

      Moray, Nathalie; Clarysse, Bart; Wright, Mike; Mustar, P.; Lockett, Andy (2006)
    • Mid-range universities' linkages with industry: knowledge types and the role of intermediaries

      Wright, Mike; Clarysse, Bart; Lockett, Andy; Knockaert, Mirjam (Research Policy, 2008)
    • New directions in entrepreneurial finance

      Cumming, Douglas; Deloof, Marc; Manigart, Sophie; Wright, Mike (Journal of Banking and Finance, 2019)
      Entrepreneurial finance is a distinctive aspect of corporate finance, notably with respect to informational asymmetries and investor involvement in portfolio companies. Entrepreneurial finance research has explored four levels of analysis: the entrepreneur or entrepreneurial firm, the organization providing finance to the entrepreneurs, the organizations providing funds to these organizations, and the region or country in which the entrepreneurial firms or investors are established. We discuss recent developments in forms of entrepreneurial finance. We summarize the contributions of the papers published in this issue on entrepreneurial finance at different points in the life cycle, including work on trade credit, debt finance, micro-cap IPOs, venture capital, and angel finance. Also, we highlight avenues for future research focusing on funding gaps, accelerators, crowdfunding, secondary buyouts, boards, and exits.
    • Partner selection decisions in interfirm collaborations: The paradox of relational embeddedness

      Meuleman, Miguel; Lockett, Andy; Manigart, Sophie; Wright, Mike (Journal of Management Studies, 2010)
      By combining insights from relational network theory and agency theory we identify the boundary conditions to the embeddedness approach to partner selection decisions in interfirm collaborations. Employing a longitudinal dataset comprising the investment syndicates for the population of UK management buyouts between 1993 and 2003, we find that relational embeddedness is less important for selecting partners when agency risks are low, allowing firms to expand their networks. Furthermore, reputational capital may act as a partial substitute for relational embeddedness, again permitting firms to expand their networks. Our findings enhance understanding of the boundary conditions associated with the relational network approach to partner selections and network behaviour.
    • Portfolio Entrepreneurship and Resource Orchestration

      Baert, Caroline; Meuleman, Miguel; Debruyne, Marion; Wright, Mike (Strategic Entrepreneurship Journal, 2016)
      This study examines the role of resource orchestration for the exploration and exploitation of opportunities through portfolio entrepreneurship. Adopting a single-case study approach, we identify eight distinctive resource orchestration subprocesses that we group into three aggregate resource orchestration processes that enable the development and exploitation of a set of resources and capabilities across a portfolio of ventures. Our findings extend the literature on enduring entrepreneurship by building theory on how resource orchestration across a portfolio of ventures facilitates the emergence of synergies when exploring and exploiting opportunities.