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Law and Corruption in Venture Capital and Private Equity

Cumming, Douglas; Fleming, Grant; Johan, Sofia; Najar, Dorra (2013), Law and Corruption in Venture Capital and Private Equity, in Cressy, Robert; Cumming, Douglas; Mallin, Chris, Entrepreneurship, Finance, Governance and Ethics, Springer : Berlin, p. 87-110. http://dx.doi.org/10.1007/978-94-007-3867-6_5

Type
Chapitre d'ouvrage
Date
2013
Book title
Entrepreneurship, Finance, Governance and Ethics
Book author
Cressy, Robert; Cumming, Douglas; Mallin, Chris
Publisher
Springer
Published in
Berlin
ISBN
978-94-007-3866-9
Number of pages
455
Pages
87-110
Publication identifier
http://dx.doi.org/10.1007/978-94-007-3867-6_5
Metadata
Show full item record
Author(s)
Cumming, Douglas
Fleming, Grant
Johan, Sofia
Najar, Dorra
Abstract (EN)
This chapter summarizes recent research on the role of law, culture and corruption on venture capital (VC) fund structure, governance and performance. Evidence from studies that involve a multitude of countries is primarily considered. The evidence across most studies is broadly consistent with the view that legal protection enables superior compensation arrangements in limited partnerships where the interests of general partners and limited partners is aligned. More corrupt countries, by contrast, have less efficient compensation structures. The evidence further indicates that better legal systems facilitate contract performance. Finally, the evidence show countries with higher levels of corruption have higher levels of returns, suggesting that fund managers are able to alleviate the effects of corruption in investee companies. In our concluding comments we discuss venture capital around the world and its future development in relation to law, corruption and culture.
Subjects / Keywords
Ethics; Entrepreneurship
JEL
L25 - Firm Performance: Size, Diversification, and Scope
G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
K22 - Business and Securities Law
M14 - Corporate Culture; Diversity; Social Responsibility
L22 - Firm Organization and Market Structure

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