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Title: Study on the Relationship Between Venture Capital Governance Behavior and New Venture Performance Based on Structural Equation Model

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Title:
Study on the Relationship Between Venture Capital Governance Behavior and New Venture Performance Based on Structural Equation Model
Author Name:
ZHAO Yuan-jun
Abstract:
It focuses on the relationship between governance activities of venture capital (VC) and performance of new venture enterprise (NE) . The governance activities of VC are firstly divided into two categories as value protection and value creation. Then it constructs a structural equation model and analyzes the mediating effect of internal control sys­tem completeness and managerial discretion on the relationship between governance activities of VC and performance of NE. Through the empirical validation on the 149 samples, it concludes that value protection and value creation govern­ance activities have played a catalytic role on the performance of NE, but their contents and paths differ. The former shows bottom-up indirect effect on the performance through the internal control system while the latter shows top-down indirect effect through managerial discretion. Whats more, the value creation governance activities play a stronger role in promoting. It responds to the debate on governance activities of VC and performance of NE, verifies the complete mediating effect of mediating variables, and reveals the path between governance activities of VC and performance of NE.
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