| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16923 |
| 来源ID | Working Paper 16923 |
| The Importance of Trust for Investment: Evidence from Venture Capital | |
| Laura Bottazzi; Marco Da Rin; Thomas F. Hellmann | |
| 发表日期 | 2011-04-07 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We examine the effect of trust on financial investment and contracting decisions in a micro-economic environment where trust is exogenous. Using hand-collected data on European venture capital, we show that the Eurobarometer measure of trust among nations significantly affects investment decisions. This holds even after controlling for investor and company fixed effects, geographic distance, information and transaction costs. The national identity of venture capital firms' individual partners further contributes to the effect of trust. Education and work experience reduce the effect of trust but do not eliminate it. We also examine the relationship between trust and sophisticated contracts involving contingent control rights and find that, even after controlling for endogeneity, they are complements, not substitutes. |
| 主题 | Financial Economics ; Financial Institutions ; Industrial Organization ; Market Structure and Firm Performance ; Other ; Accounting, Marketing, and Personnel ; Development and Growth ; Development ; Culture |
| URL | https://www.nber.org/papers/w16923 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574598 |
| 推荐引用方式 GB/T 7714 | Laura Bottazzi,Marco Da Rin,Thomas F. Hellmann. The Importance of Trust for Investment: Evidence from Venture Capital. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16923.pdf（470KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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