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Early individual stakeholders, first venture capital investment, and exit in the UK startup ecosystem

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dc.contributor.author Banal Estañol, Albert
dc.contributor.author Macho-Stadler, Inés
dc.contributor.author Nieto-Postigo, Jonás
dc.contributor.author Pérez Castrillo, David
dc.date.accessioned 2024-02-23T07:44:03Z
dc.date.available 2024-02-23T07:44:03Z
dc.date.issued 2023
dc.identifier.citation Banal-Estañol A, Macho-Stadler I, Nieto-Postigo J, Pérez-Castrillo D. Early individual stakeholders, first venture capital investment, and exit in the UK startup ecosystem. Journal of Corporate Finance. 2023;80:102420. DOI: 10.1016/j.jcorpfin.2023.102420
dc.identifier.issn 0929-1199
dc.identifier.uri http://hdl.handle.net/10230/59225
dc.description.abstract We create a novel, comprehensive dataset of UK-based startups with extensive information on ownership, control, and valuation. Our database provides unique descriptive evidence about the relevance of individual stakeholders in startups, particularly before the entry of venture capital institutional investors. We compare the influence of two comparable characteristics of various groups of pre-institutional individual stakeholders: size and experience. We show that the quantity as well as the experience, of founders, directors, and other individual investors correlate with the startup’s type of, and value at, exit. Success results are very different across types of diversity: functional diversity appears to have a positive relationship with success whereas that of demographic diversity is negative.
dc.description.sponsorship We acknowledge financial support from Ministerio de Economía y Competitividad and Feder (ECO2016-76998-P, PGC2018-094348-B-I00, PID2021-122403NB-I00), Generalitat de Catalunya, Spain (2021SGR-00194), ICREA under the ICREA Academia programme, and Severo Ochoa Programme (CEX2019-000915-S).
dc.format.mimetype application/pdf
dc.language.iso eng
dc.publisher Elsevier
dc.relation.ispartof Journal of Corporate Finance. 2023;80:102420.
dc.rights © 2023 The Author(s). Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
dc.rights.uri https://creativecommons.org/licenses/by-nc-nd/4.0/
dc.title Early individual stakeholders, first venture capital investment, and exit in the UK startup ecosystem
dc.type info:eu-repo/semantics/article
dc.identifier.doi http://dx.doi.org/10.1016/j.jcorpfin.2023.102420
dc.subject.keyword Startups
dc.subject.keyword Venture capital
dc.subject.keyword Founders
dc.subject.keyword Individual investors
dc.relation.projectID info:eu-repo/grantAgreement/ES/1PE/ECO2016-76998-P
dc.relation.projectID info:eu-repo/grantAgreement/ES/2PE/PGC2018-094348-B-I00
dc.relation.projectID info:eu-repo/grantAgreement/ES/3PE/PID2021-122403NB-I00
dc.rights.accessRights info:eu-repo/semantics/openAccess
dc.type.version info:eu-repo/semantics/publishedVersion

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