Venture capital, corporate governance, and firm value

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Venture capital has emerged as a crucial driver of economic growth in Europe over recent decades, with corporate governance playing a vital role in the success of private growth companies and the financial goals of venture capitalists. Despite its significance, the relationship between corporate governance and venture capital-financed companies has not been extensively studied, as traditional research has largely focused on public companies. Maik Kleinschmidt's dissertation addresses this gap by systematically analyzing the interplay between venture capital, corporate governance, and firm value for the first time. He investigates how venture capitalists shape the corporate governance of their portfolio companies, examining the factors that influence this relationship. Additionally, the research explores how effective corporate governance impacts the firm value of these companies. The research design is tailored to capture the unique aspects of corporate governance in growth companies, incorporating both theoretical and empirical analyses. The comprehensive research framework and hypotheses are grounded in economic and managerial theories, considering both the control and value-adding functions of corporate governance. Empirical testing utilizes qualitative and quantitative methods, employing state-of-the-art techniques to reflect the distinctive development patterns of growth companies.