Article (Scientific journals)
Private equity investment criteria: An experimental conjoint analysis of venture capital, business angels, and family offices
Block, Jörn; FISCH, Christian; Vismara, Silvio et al.
2019In Journal of Corporate Finance, 58, p. 329-352
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Keywords :
Venture capital; business angels; family offices; investment criteria; conjoint analysis
Abstract :
[en] We use an experimental conjoint analysis to investigate the investment criteria of 749 private equity investors, distinguishing between family offices, business angels, venture capital funds, growth equity funds, and leveraged buyout funds. Our results indicate that revenue growth is the most important investment criterion, followed by the value-added of product/service, the management team's track record, and profitability. Regarding differences across investor types, we find that family offices, growth equity funds, and leveraged buyout funds place a higher value on profitability as compared to business angels and venture capital funds. Venture capital funds, in turn, pay more attention to companies' revenue growth, business models, and current investors. With these results, our study contributes to the corporate finance literature by deepening our understanding of how different types of private equity investors make investment decisions.
Disciplines :
Strategy & innovation
Author, co-author :
Block, Jörn
FISCH, Christian  
Vismara, Silvio
Andres, René
External co-authors :
yes
Language :
English
Title :
Private equity investment criteria: An experimental conjoint analysis of venture capital, business angels, and family offices
Publication date :
2019
Journal title :
Journal of Corporate Finance
ISSN :
0929-1199
eISSN :
1872-6313
Publisher :
Elsevier, Amsterdam, Netherlands
Volume :
58
Pages :
329-352
Peer reviewed :
Peer Reviewed verified by ORBi
Focus Area :
Entrepreneurship and Innovation / Audit
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since 02 February 2022

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