La lecture en ligne est gratuite
Le téléchargement nécessite un accès à la bibliothèque YouScribe
Tout savoir sur nos offres
Télécharger Lire

Effects of venture capital and private equity on investment-cash flow sesitivity of Spanish firms

De
204 pages
UNIVERSIDAD COMPLUTENSE DE MADRID FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES TESIS DOCTORAL Effects of venture capital and private equity on investment-cash flow sesitivity of Spanish firms MEMORIA PARA OPTAR AL GRADO DE DOCTOR PRESENTADA POR María Alejandra Ferrer Directores: José Martí Pellón Fabio Bertoni Madrid, 2011 ISBN: 978-84-694-6509-7 © María Alejandra Ferrer, 2010 UNIVERSIDAD COMPLUTENSE DE MADRID UNIVERSIDAD AUTÓNOMA DE MADRID PROGRAMA DE DOCTORADO INTERUNIVERSITARIO EN FINANZAS DE EMPRESA EFFECTS OF VENTURE CAPITAL AND PRIVATE EQUITY ON INVESTMENT-CASH FLOW SENSITIVITY OF SPANISH FIRMS PhD THESIS DOCTORAL DEGREE IN ‘FINANZAS DE EMPRESA’ María Alejandra Ferrer (Universidad del Zulia) Director: José Martí Pellón (Universidad Complutense de Madrid) Co-Director: Fabio Bertoni (Politecnico di Milano) Madrid, May 2010 EFFECTS OF VENTURE CAPITAL AND PRIVATE EQUITY ON INVESTMENT-CASH FLOW SENSITIVITY OF SPANISH FIRMS A mi madre y a mi tía, a quienes debo todo lo que soy ACKNOWLEDGEMENTS VC AND PE ON INVESTMENT-CASH FLOW SENSITIVITY OF SPANISH SMES ACKNOWLEDGEMENTS This PhD thesis is not solely my effort. It has benefited greatly from the help of a large number of people who have provided support and guidance directly or indirectly. My deepest gratitude is for you all.
Voir plus Voir moins

UNIVERSIDAD COMPLUTENSE DE MADRID

FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES




TESIS DOCTORAL

Effects of venture capital and private equity on
investment-cash flow sesitivity of Spanish firms


MEMORIA PARA OPTAR AL GRADO DE DOCTOR

PRESENTADA POR

María Alejandra Ferrer


Directores:

José Martí Pellón
Fabio Bertoni


Madrid, 2011

ISBN: 978-84-694-6509-7



© María Alejandra Ferrer, 2010

UNIVERSIDAD COMPLUTENSE DE MADRID
UNIVERSIDAD AUTÓNOMA DE MADRID
PROGRAMA DE DOCTORADO INTERUNIVERSITARIO EN
FINANZAS DE EMPRESA








EFFECTS OF
VENTURE CAPITAL AND PRIVATE EQUITY
ON INVESTMENT-CASH FLOW SENSITIVITY OF
SPANISH FIRMS
PhD THESIS
DOCTORAL DEGREE IN ‘FINANZAS DE EMPRESA’

María Alejandra Ferrer
(Universidad del Zulia)

Director:
José Martí Pellón
(Universidad Complutense de Madrid)

Co-Director:
Fabio Bertoni
(Politecnico di Milano)



Madrid, May 2010


EFFECTS OF
VENTURE CAPITAL AND PRIVATE EQUITY
ON INVESTMENT-CASH FLOW SENSITIVITY OF
SPANISH FIRMS



A mi madre y a mi tía,
a quienes debo todo lo que soy










ACKNOWLEDGEMENTS
VC AND PE ON INVESTMENT-CASH FLOW SENSITIVITY OF SPANISH SMES
ACKNOWLEDGEMENTS
This PhD thesis is not solely my effort. It has benefited greatly from the
help of a large number of people who have provided support and guidance
directly or indirectly. My deepest gratitude is for you all.
For their guidance and encouragement, I would especially like to thank
Professor José Martí Pellón from the Universidad Complutense de Madrid
(Spain) and Professor Fabio Bertoni from the Politecnico di Milano (Italy). They
shared with me a lot of their expertise and research insight. Their very helpful
assistance improved the quality of this PhD thesis. I am indebted to both of
you.
For his advice, I thank Teodosio Pérez-Amaral from Universidad
Complutense de Madrid (Spain).
For the support in the data collection process for this PhD thesis,
I would like to thank the whole team of research assistants of Professor José
Martí Pellón.
For listening to my doubts and worries, I thank my friends Adriana Cely
and Walesska Schlesinger. Nevertheless, I am especially indebted to Álvaro
Tresierra Tanaka, who always had an open ear for my ‘little big’ worries over
and over again.
For the support received, I am also grateful to the Universidad del Zulia
(Venezuela). Its scholarship programme gave me the opportunity to
participate in this Doctoral Programme, giving me economic support and time
off during such a long period.
6 VC AND PE ON INVESTMENT-CASH FLOW SENSITIVITY OF SPANISH SMES
ACKNOWLEDGEMENTS
For receiving me with open arms, I want to thank all of the people who I
had the fortune to meet in these last five years. Thanks a lot for everything.
You were all so patient with me.
Finally, and most importantly, I would like to thank my mother and my
aunt. This experience would not be possible without their extraordinary
support. There are no words that can express how grateful I am. They played
a significant role in my life. Thanks for these wonderful five years.



7







TABLE OF CONTENTS
VC AND PE ON INVESTMENT-CASH FLOW SENSITIVITY OF SPANISH SMES
TABLE OF CONTENTS
ACKNOWLEDGEMENTS 5
LIST OF TABLES 12
INTRODUCTION 15
CHAPTER 1
THE IMPACT OF VENTURE CAPITAL AND PRIVATE EQUITY INVOLVEMENT 20
1.1. Introduction 21
1.2. Small and medium-sized enterprises and Venture Capital 23
1.2.1. The financing of small and medium-sized enterprises 23
1.2.2. Venture Capital institutions as financial intermediaries 28
1.2.3. Non-financial services provided by Venture Capital institutions 31
1.3. Private Equity and late stage investments 36
1.3.1. Governance issues in mature corporations 36
1.3.2. Private Equity institutions and mature firms 39
1.4. References 42
CHAPTER 2
AN OVERVIEW OF THE SENSITIVITY OF INVESTMENT TO CASH FLOW 52
2.1. Introduction 53
2.2. Information asymmetries as explanation of
investment sensitivity to cash flow 54
2.3. Different methodological approaches to
analyse the investment-cash flow sensitivity 62
2.4. An alternative explanation:
Agency problems and Jensen’s (1986) free cash flow theory 68
2.5. Empirical evidence of investment-cash flow sensitivity after
Venture Capital and Private Equity financing 69
2.6. References 73
9