Exploring the Entrepreneurial Society
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Exploring the Entrepreneurial Society

Institutions, Behaviors and Outcomes

Edited by Jean Bonnet, Marcus Dejardin and Domingo García-Pérez-De-Lema

Entrepreneurship is the engine of economic development, which in turn impacts upon the challenges facing future entrepreneurs. This timely book explores institutional, behavioural and policy issues of primary importance to understanding the entrepreneurial society. Topics covered include entrepreneurship in relation to formal and informal institutions; entrepreneurial choice, orientation and success; entrepreneurial behaviours; entrepreneurial finance, growth and economic crises; and entrepreneurship, social dimensions and outcomes.
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Chapter 14: Venture capital contracts and the institutional theory: differences between public and private Spanish venture capital firms

Mª Camino Ramón-Llorens and Ginés Hernández-Cánovas

Abstract

Mª Camino Ramón-Llorens and Ginés Hernández-Cánovas show, through analysis of a survey dataset of 41 Spanish venture capital firms (VCFs), that a large part of Spanish venture capital contracts are standard. However, when the authors study VCFs according to the public or private origin of the resources, they find that there is some heterogeneity in the design of contracts due to coercive pressure exerted by the government on public entities, with the private sector remaining the stronger in the application of standard terms. Their results contribute to shedding light on the design of financial contracts between entrepreneurial firms and their VC investors, to the benefit of policy makers, firms and venture capitalists.

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