Charakterystyka przedsiębiorców a kształtowanie ładu korporacyjnego w inwestycjach venture capital w Polsce
Charactristics of the Entrepreneurs and Creation of the Governance Structure in Portfolio Companies by Venture Capital Funds in Poland. Results of the Empirical Research

Summary/Abstract: The aim of the article is to analyze influence of characteristics of entrepreneurs on venture capitalists’ decisions regarding governance structures created in their portfolio companies. Theoretical part discusses: meaning of financial capital and entrepreneurial capital, features of venture capital investments, influence of founders on development of their companies, main features of governance systems created by funds in their portfolio firms. Special attention is paid to the contract agreed between VC funds and entrepreneurs in light of the agency theory. The empirical part presents results of the research carried out in 25 Polish venture capital funds in 2015. The evidences prove that the high quality entrepreneurs are able to decrease level of restrictiveness of contract clauses used by the venture capitalists. But it is true mainly for clauses that do not pose threats to safety of their investments. Another evidence proves that such outstanding characteristics of the entrepreneurs are vital but standard policy of VCs together with market features of an investment opportunity may be even more important.

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