Shrader1

Frontiers of Entrepreneurship Research
1997 Edition

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VENTURE CAPITAL AND CHARACTERISTICS OF NEW VENTURE IPOS
Rodney C. Shrader, University of Alberta
Lloyd Steier, University of Alberta
Patricia P. McDougall, Georgia Institute of Technology
Benjamin M. Oviatt, Georgia State University

INTRODUCTION
LITERATURE REVIEW
    Management Team Characteristics
    Firm Strategy
    Financial Characteristics
    Industry Characteristics
METHODOLOGY
    Sample
    Data
    Control Variables
RESULTS
DISCUSSION
REFERENCES
    TABLE 1: Factor Analysis
    TABLE 1 (Continued): Factor Analysis Results
    TABLE 2: Characteristics Associated With Venture Capitalist Ownership
    TABLE 3: Characteristics Associated Venture Performance

ABSTRACT

This study examined characteristics associated with venture capital financing and performance among a sample of 214 new venture initial public offerings (IPOs). Findings indicated that venture age, managers' backgrounds, and industry characteristics (listed in order of importance) were significantly related to venture capital financing, but strategy and financial characteristics of the firm were not. Findings also indicated that firm age, managers' backgrounds, strategies and industry characteristics were significantly related to venture performance.

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