• Firm valuation in venture capital financing rounds: the role of investor bargaining power

      Heughebaert, Andy; Manigart, Sophie (Journal of Business Finance and Accounting, 2012)
      theories mentioned in research on executive compensation to each of these paradigms
    • From distress to exit: Determinants of the time to exit

      Balcaen, Sofie; Ooghe, Hubert; Manigart, Sophie (Journal of Evolutionary Economics, 2011)
    • Governance implications of attracting external equity investors in private family firms

      Neckebrouck, Jeroen; Meuleman, Miguel; Manigart, Sophie (Academy of Management Perspectives, 2021)
      While research commonly assumes business-owning families are concerned about the preservation of control, more and more families seek cooperation with external investors to accomplish firm- and/or family level-goals. In this paper, we provide a conceptual configuration of the different governance scenarios that may arise when family owners attract outside capital. Combining two important family objectives - the objective to provide liquidity either to the family or to the firm, and the objective to cede or to retain long-term family control - we identify four scenarios with different governance implications and preferred types of external investors. Our analysis contributes to an increased understanding of the evolving structures of ownership in private family firms, the effectiveness and efficiency of governance arrangements in family firm-external investor cooperations and the increasingly heterogeneous private equity funding landscape.
    • Government as fund-of-fund and VC fund sponsors: Effect on employment in portfolio companies

      Manigart, Sophie; Standaert, Thomas (Small Business Economics, 2018)
      Governments around the world have set up fund-of-fund programs to increase the supply of venture capital financing to young growth-oriented firms. In these programs, a government fund-of-fund acts as limited partner in a venture capital fund. The venture capital investment process is hereby delegated to external investors, which were selected by the government fund-of-fund. We investigate employment growth in 108 portfolio companies that benefited from the ARKimedes fund-of-fund in Flanders. Accounting for the heterogeneity in the types of venture capital investors managing hybrid funds, and the associated goal diversity and resource endowments, we find that portfolio companies backed by hybrid independent venture capital funds show greater employment growth than those backed by hybrid captive or hybrid government venture capital funds. This finding is relevant because it indicates that the financial objectives of hybrid independent venture capital funds are highly compatible with the government's objective of employment growth, as providing companies with superior monitoring and value adding services with the objective of realizing a successful exit creates employment in the process.
    • Growth patterns of the European venture capital industry

      Ooghe, Hubert; Manigart, Sophie; Fassin, Yves (Journal of Business Venturing, 1991)
      The importance of the venture capital industry in the major European countries is examined, and funding and investment patterns are investigated. The data are mainly, but not solely, taken from the yearly statistics of the European Venture Capital Association and cover the period 1984-1989. It is shown that nearly half (44%) of the European investments are made in the expansion stage, management buyouts account for another 36%. Only 14% is invested in seed or start-up companies, much less than the 30% in the US. Half of the venture capital investments in the UK are buyouts. The highest start-up investment activity takes place in Austria and Spain. Cluster analyses indicate that characteristics of mature industries are: 1. a bigger size, relative to the gross national product of the country, 2. the presence of pension funds and insurance companies as investors in the industry, 3. the syndication of the deals, and 4. the absence of the government as an investor.
    • 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)
    • Institutional frameworks, venture capital and the financing of European new technology-based firms

      Vanacker, Tom; Heughebaert, Andy; Manigart, Sophie (Corporate Governance: An International Review, 2014)
      This paper provides an analysis of the long- and short-run determinants of domestic bank lending to the private sector in eleven Central, Eastern and Southeastern European (CESEE) countries. We identify regime shifts for the observation period of 1997 to 2009, and the resulting subperiods are characterized by a different impact of the credit growth determinants. Estimating a credit demand equation as the long-term relation, we find – for most countries – a cointegration relationship with economic activity. We then examine the shortrun dynamics by applying both a linear and a nonlinear (Markov-switching) error correction model. While there is a significant correlation between credit growth and supply factors, namely bank deposits and banks’ equity, its impact differs across the subperiods. Identified regime switches in the short-run relation are driven primarily by differences in the credit supply factors rather than by the adjustment toward the credit equilibrium as the error correction coefficients show only slight cross-regime differences. In terms of regime switching, we distinguish between two groups of countries: those with one dominant regime, which is only briefly interrupted by a second one, and those with two equally pronounced regimes. In the latter group, a marked switch occurred just before or when the global crisis hit the CESEE region in the latter part of 2008. This regime shift is associated with a decreased correlation between deposit and credit growth.
    • Institutional influences on the worldwide expansion of venture capital

      Bruton, Gary; Fried, Vance H.; Manigart, Sophie (Entrepreneurship: Theory and Practice, 2005)
    • Investeringsselectiemethoden

      Manigart, Sophie; Ooghe, Hubert (Management voor Ingenieurs, 1994)
    • Keuze van vermogensvoorziening

      Manigart, Sophie; Ooghe, Hubert (Management voor Ingenieurs, 1994)
    • Le capital-risque, accélérateur de croissance

      Manigart, Sophie (L'Expansion Entrepreneuriat, 2010)
      and discusses the implications. The resulting synthesis provides new insights for
    • Lessons on buy-ins as well as lessons on buy-outs are needed

      Manigart, Sophie; Meuleman, Miguel (Financial Times, 2012)
    • Management Adviesbureaus en 1992, Glazen bol wordt winstgevende bedrijfstak

      Ooghe, Hubert; Manigart, Sophie; Bruyneel, W. (Intermediair, 1990)
    • 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.
    • Path-dependent evolution versus intentional management of investment ties in science-based entrepreneurial firms

      Meuleman, Miguel; Vanacker, Tom; Manigart, Sophie (Entrepreneurship: Theory and Practice, 2014)
      This paper studies the role of entrepreneurs in investment tie formation in science–based entrepreneurial firms. Specifically, we address why investment tie formation is path dependent for some firms but more amenable to intentional management for others. Using longitudinal case studies, our evidence suggests that early investment tie formation is path dependent because scientific entrepreneurs typically approach only one or a few prospective investors from within their institutional context. Differences in experience between early investors affect the professionalization of entrepreneurial teams (or lack thereof), which influences the extent to which subsequent investment tie formation becomes more amenable to intentional management or remains path dependent.
    • Pecking order and debt capacity considerations for high-growth companies seeking financing

      Vanacker, Tom; Manigart, Sophie (Small Business Economics, 2010)
    • Performance na een buy-out: een Empirische studie in België

      Goossens, Lotte; Manigart, Sophie; Meuleman, Miguel (Accountancy en Bedrijfskunde Maandschrift, 2007)
    • Private equity investments and disclosure policy

      Beuselinck, Christof; Deloof, Marc; Manigart, Sophie (European Accounting Review, 2008)
      Mentioned in http://www.accountant.nl/Accountant/Leesvoer/Gespot/Februari+2009
    • Private Equity Involvement and Earnings Quality

      Beuselinck, Christof; Deloof, Marc; Manigart, Sophie (Journal of Business Finance and Accounting, 2009)