{"id":"https://openalex.org/W4200007264","doi":"https://doi.org/10.1108/cr-03-2021-0032","title":"Determinants of the exit value in European venture capital-backed technology startups","display_name":"Determinants of the exit value in European venture capital-backed technology startups","publication_year":2021,"publication_date":"2021-12-20","ids":{"openalex":"https://openalex.org/W4200007264","doi":"https://doi.org/10.1108/cr-03-2021-0032"},"language":"en","primary_location":{"id":"doi:10.1108/cr-03-2021-0032","doi":"https://doi.org/10.1108/cr-03-2021-0032","is_oa":true,"landing_page_url":"https://doi.org/10.1108/cr-03-2021-0032","pdf_url":"https://www.emerald.com/insight/content/doi/10.1108/CR-03-2021-0032/full/pdf?title=determinants-of-the-exit-value-in-european-venture-capital-backed-technology-startups","source":{"id":"https://openalex.org/S4210226649","display_name":"Competitiveness Review An International Business Journal incorporating Journal of Global Competitiveness","issn_l":"1059-5422","issn":["1059-5422","2051-3143"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Competitiveness Review: An International Business Journal","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://www.emerald.com/insight/content/doi/10.1108/CR-03-2021-0032/full/pdf?title=determinants-of-the-exit-value-in-european-venture-capital-backed-technology-startups","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5081944095","display_name":"Benedetta Montanaro","orcid":"https://orcid.org/0000-0002-4108-9668","observed_orcids":["https://orcid.org/0000-0002-4108-9668"]},"institutions":[{"id":"https://openalex.org/I93860229","display_name":"Politecnico di Milano","ror":"https://ror.org/01nffqt88","country_code":"IT","type":"education","lineage":["https://openalex.org/I93860229"]}],"countries":["IT"],"is_corresponding":false,"raw_author_name":"Benedetta Montanaro","raw_affiliation_strings":["Department of Management, Economics and Industrial Engineering, Politecnico di Milano - Via Raffaele Lambruschini, Milano, Italy"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Management, Economics and Industrial Engineering, Politecnico di Milano - Via Raffaele Lambruschini, Milano, Italy","institution_ids":["https://openalex.org/I93860229"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5002106580","display_name":"Angelo Cavallo","orcid":"https://orcid.org/0000-0002-9208-6870","observed_orcids":["https://orcid.org/0000-0002-9208-6870","https://orcid.org/0009-0005-8780-8612"]},"institutions":[{"id":"https://openalex.org/I93860229","display_name":"Politecnico di Milano","ror":"https://ror.org/01nffqt88","country_code":"IT","type":"education","lineage":["https://openalex.org/I93860229"]}],"countries":["IT"],"is_corresponding":false,"raw_author_name":"Angelo Cavallo","raw_affiliation_strings":["Department of Management, Economics and Industrial Engineering, Politecnico di Milano - Via Raffaele Lambruschini, Milano, Italy"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Management, Economics and Industrial Engineering, Politecnico di Milano - Via Raffaele Lambruschini, Milano, Italy","institution_ids":["https://openalex.org/I93860229"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5060202586","display_name":"Giancarlo Giudici","orcid":"https://orcid.org/0000-0003-1905-6146","observed_orcids":["https://orcid.org/0000-0003-1905-6146"]},"institutions":[{"id":"https://openalex.org/I93860229","display_name":"Politecnico di Milano","ror":"https://ror.org/01nffqt88","country_code":"IT","type":"education","lineage":["https://openalex.org/I93860229"]}],"countries":["IT"],"is_corresponding":false,"raw_author_name":"Giancarlo Giudici","raw_affiliation_strings":["Department of Management, Economics and Industrial Engineering, Politecnico di Milano - Via Raffaele Lambruschini, Milano, Italy"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Management, Economics and Industrial Engineering, Politecnico di Milano - Via Raffaele Lambruschini, Milano, Italy","institution_ids":["https://openalex.org/I93860229"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5018081785","display_name":"Antonio Ghezzi","orcid":"https://orcid.org/0000-0002-2084-4521","observed_orcids":["https://orcid.org/0000-0002-2084-4521"]},"institutions":[{"id":"https://openalex.org/I93860229","display_name":"Politecnico di Milano","ror":"https://ror.org/01nffqt88","country_code":"IT","type":"education","lineage":["https://openalex.org/I93860229"]}],"countries":["IT"],"is_corresponding":false,"raw_author_name":"Antonio Ghezzi","raw_affiliation_strings":["Department of Management, Economics and Industrial Engineering, Politecnico di Milano - Via Raffaele Lambruschini, Milano, Italy"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Management, Economics and Industrial Engineering, Politecnico di Milano - Via Raffaele Lambruschini, Milano, Italy","institution_ids":["https://openalex.org/I93860229"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I93860229"],"apc_list":null,"apc_paid":null,"fwci":2.7997,"has_fulltext":true,"cited_by_count":24,"citation_normalized_percentile":{"value":0.91660957,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":93,"max":99},"biblio":{"volume":"32","issue":"7","first_page":"62","last_page":"84"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":1.0,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":1.0,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10058","display_name":"Entrepreneurship Studies and Influences","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1405","display_name":"Management of Technology and Innovation"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/venture-capital","display_name":"venture capital","score":0.8080000281333923},{"id":"https://openalex.org/keywords/exit-value","display_name":"exit value","score":0.6200000047683716},{"id":"https://openalex.org/keywords/technology-startups","display_name":"technology startups","score":0.9660000205039978},{"id":"https://openalex.org/keywords/initial-public-offerings","display_name":"initial public offerings","score":0.6790000200271606},{"id":"https://openalex.org/keywords/mergers-and-acquisitions","display_name":"mergers and acquisitions","score":0.9169999957084656},{"id":"https://openalex.org/keywords/angel-investors","display_name":"angel investors","score":0.8930000066757202},{"id":"https://openalex.org/keywords/investor-heterogeneity","display_name":"investor heterogeneity","score":0.8320000171661377},{"id":"https://openalex.org/keywords/equity-stake","display_name":"equity stake","score":0.5529999732971191},{"id":"https://openalex.org/keywords/startup-valuation","display_name":"startup valuation","score":0.8209999799728394},{"id":"https://openalex.org/keywords/european-startups","display_name":"European startups","score":0.7409999966621399}],"concepts":[{"id":"https://openalex.org/C12559387","wikidata":"https://www.wikidata.org/wiki/Q185142","display_name":"Initial public offering","level":2,"score":0.8243322372436523},{"id":"https://openalex.org/C21279758","wikidata":"https://www.wikidata.org/wiki/Q219409","display_name":"Venture capital","level":2,"score":0.8107590079307556},{"id":"https://openalex.org/C100763855","wikidata":"https://www.wikidata.org/wiki/Q596613","display_name":"Exit strategy","level":2,"score":0.6675524711608887},{"id":"https://openalex.org/C186027771","wikidata":"https://www.wikidata.org/wiki/Q4008379","display_name":"Valuation (finance)","level":2,"score":0.6379454135894775},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6342070698738098},{"id":"https://openalex.org/C2776601338","wikidata":"https://www.wikidata.org/wiki/Q17152789","display_name":"New Ventures","level":3,"score":0.5366799831390381},{"id":"https://openalex.org/C166052673","wikidata":"https://www.wikidata.org/wiki/Q83021","display_name":"Empirical evidence","level":2,"score":0.5132881999015808},{"id":"https://openalex.org/C84309077","wikidata":"https://www.wikidata.org/wiki/Q3908516","display_name":"Entrepreneurship","level":2,"score":0.5131581425666809},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.4648085832595825},{"id":"https://openalex.org/C198531522","wikidata":"https://www.wikidata.org/wiki/Q485146","display_name":"Sample (material)","level":2,"score":0.4485272467136383},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.4467144012451172},{"id":"https://openalex.org/C134827381","wikidata":"https://www.wikidata.org/wiki/Q261851","display_name":"Social venture capital","level":3,"score":0.4424080550670624},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.4200458824634552},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.36458003520965576},{"id":"https://openalex.org/C178550888","wikidata":"https://www.wikidata.org/wiki/Q2043282","display_name":"Business administration","level":1,"score":0.35736602544784546},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.2132989466190338},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C43617362","wikidata":"https://www.wikidata.org/wiki/Q170050","display_name":"Chromatography","level":1,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C185592680","wikidata":"https://www.wikidata.org/wiki/Q2329","display_name":"Chemistry","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1108/cr-03-2021-0032","doi":"https://doi.org/10.1108/cr-03-2021-0032","is_oa":true,"landing_page_url":"https://doi.org/10.1108/cr-03-2021-0032","pdf_url":"https://www.emerald.com/insight/content/doi/10.1108/CR-03-2021-0032/full/pdf?title=determinants-of-the-exit-value-in-european-venture-capital-backed-technology-startups","source":{"id":"https://openalex.org/S4210226649","display_name":"Competitiveness Review An International Business Journal incorporating Journal of Global Competitiveness","issn_l":"1059-5422","issn":["1059-5422","2051-3143"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Competitiveness Review: An International Business Journal","raw_type":"journal-article"},{"id":"pmh:oai:re.public.polimi.it:11311/1193959","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/11311/1193959","pdf_url":"http://hdl.handle.net/11311/1193959","source":{"id":"https://openalex.org/S4306400312","display_name":"Virtual Community of Pathological Anatomy (University of Castilla La Mancha)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I79189158","host_organization_name":"University of Castilla-La Mancha","host_organization_lineage":["https://openalex.org/I79189158"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"info:eu-repo/semantics/article"}],"best_oa_location":{"id":"doi:10.1108/cr-03-2021-0032","doi":"https://doi.org/10.1108/cr-03-2021-0032","is_oa":true,"landing_page_url":"https://doi.org/10.1108/cr-03-2021-0032","pdf_url":"https://www.emerald.com/insight/content/doi/10.1108/CR-03-2021-0032/full/pdf?title=determinants-of-the-exit-value-in-european-venture-capital-backed-technology-startups","source":{"id":"https://openalex.org/S4210226649","display_name":"Competitiveness Review An International Business Journal incorporating Journal of Global Competitiveness","issn_l":"1059-5422","issn":["1059-5422","2051-3143"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Competitiveness Review: An International Business Journal","raw_type":"journal-article"},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","score":0.7257999777793884,"display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4200007264.pdf","grobid_xml":"https://content.openalex.org/works/W4200007264.grobid-xml"},"referenced_works_count":79,"referenced_works":["https://openalex.org/W147843294","https://openalex.org/W151157839","https://openalex.org/W1607724488","https://openalex.org/W1965892031","https://openalex.org/W1969341120","https://openalex.org/W1972587378","https://openalex.org/W1980628724","https://openalex.org/W1990084685","https://openalex.org/W2002604132","https://openalex.org/W2008964758","https://openalex.org/W2009248339","https://openalex.org/W2011314725","https://openalex.org/W2014243397","https://openalex.org/W2016997855","https://openalex.org/W2020436418","https://openalex.org/W2022242098","https://openalex.org/W2029941278","https://openalex.org/W2033783873","https://openalex.org/W2034306329","https://openalex.org/W2038765589","https://openalex.org/W2039200168","https://openalex.org/W2040716046","https://openalex.org/W2045620501","https://openalex.org/W2055963518","https://openalex.org/W2058901680","https://openalex.org/W2064150281","https://openalex.org/W2069338651","https://openalex.org/W2085222879","https://openalex.org/W2088155760","https://openalex.org/W2092117411","https://openalex.org/W2097808823","https://openalex.org/W2112256230","https://openalex.org/W2114062352","https://openalex.org/W2115871647","https://openalex.org/W2115911727","https://openalex.org/W2117142641","https://openalex.org/W2125945328","https://openalex.org/W2127566439","https://openalex.org/W2139122730","https://openalex.org/W2140734893","https://openalex.org/W2146869130","https://openalex.org/W2148000263","https://openalex.org/W2150530640","https://openalex.org/W2151418522","https://openalex.org/W2154127363","https://openalex.org/W2157289909","https://openalex.org/W2166151487","https://openalex.org/W2168745915","https://openalex.org/W2169521630","https://openalex.org/W2375562638","https://openalex.org/W2530432988","https://openalex.org/W2728944744","https://openalex.org/W2737171628","https://openalex.org/W2783074694","https://openalex.org/W2794156047","https://openalex.org/W2794333010","https://openalex.org/W2800681807","https://openalex.org/W2804684839","https://openalex.org/W2807295637","https://openalex.org/W2944145740","https://openalex.org/W3021327952","https://openalex.org/W3035418591","https://openalex.org/W3121873034","https://openalex.org/W3122818088","https://openalex.org/W3123171613","https://openalex.org/W3123296080","https://openalex.org/W3123318070","https://openalex.org/W3123383555","https://openalex.org/W3123523261","https://openalex.org/W3123644546","https://openalex.org/W3123817659","https://openalex.org/W3124000325","https://openalex.org/W3124209013","https://openalex.org/W3124852007","https://openalex.org/W3125638162","https://openalex.org/W3125747290","https://openalex.org/W3126005519","https://openalex.org/W3126116109","https://openalex.org/W4229811043"],"related_works":["https://openalex.org/W7166420632","https://openalex.org/W6997062371","https://openalex.org/W2416279448","https://openalex.org/W2002604132","https://openalex.org/W2896918291","https://openalex.org/W2945739535","https://openalex.org/W102378033","https://openalex.org/W155615438","https://openalex.org/W7099858159","https://openalex.org/W3184015140"],"abstract_inverted_index":{"Purpose":[0],"This":[1,65],"study":[2,66,162],"aims":[3],"to":[4,139,170],"analyze":[5],"the":[6,19,83,104,128,150,175],"impact":[7],"of":[8,22,39,86,109,152,160,174,177],"different":[9,72],"exit":[10,20,46,73,84,105,129,178],"alternatives,":[11,74],"investor":[12,75],"presence":[13,108],"and":[14,58,77,94,112,143,155,168],"founders\u2019":[15,78],"human":[16,79],"capital":[17,25,80],"on":[18,36,70],"value":[21,85],"European":[23,41,87],"venture":[24],"(VC)-backed":[26],"high":[27],"technology":[28,135],"startups.":[29,89,181],"Design/methodology/approach":[30],"The":[31,107,158],"empirical":[32,68],"analysis":[33],"is":[34,116],"based":[35],"a":[37,96],"sample":[38],"107":[40],"firms":[42,115],"that":[43],"obtained":[44],"an":[45,51,92,171],"through":[47,91],"Merger&Acquisition":[48],"(M&A)":[49],"or":[50],"initial":[52],"public":[53],"offering":[54],"(IPO)":[55],"between":[56],"2010":[57],"2017,":[59],"backed":[60],"by":[61],"VC":[62,114],"investors.":[63],"Findings":[64],"provides":[67],"evidence":[69],"how":[71],"heterogeneity":[76],"may":[81],"affect":[82],"VC-backed":[88],"Exiting":[90],"IPO":[93],"retaining":[95],"larger":[97,119],"equity":[98],"stake":[99],"are":[100,137],"positively":[101,125],"correlated":[102,126],"with":[103,118,127],"value.":[106,130],"business":[110],"angels":[111],"non-governmental":[113],"associated":[117],"valuations.":[120],"Founders\u2019":[121],"previous":[122],"education":[123],"was":[124],"Originality/value":[131],"Exit":[132],"strategies":[133],"in":[134],"startups":[136],"essential":[138],"capitalize":[140],"investors\u2019":[141],"efforts":[142],"reinvest":[144],"cash":[145],"into":[146],"new":[147],"ventures,":[148],"supporting":[149],"development":[151],"entrepreneurial":[153],"ecosystems":[154],"countries\u2019":[156],"competitiveness.":[157],"results":[159],"this":[161],"provide":[163],"interesting":[164],"hints":[165],"for":[166,180],"policymakers":[167],"contribute":[169],"in-depth":[172],"understanding":[173],"drivers":[176],"valuation":[179]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":8},{"year":2024,"cited_by_count":6},{"year":2023,"cited_by_count":6},{"year":2022,"cited_by_count":2}],"updated_date":"2026-11-07T11:25:07.637180","created_date":"2021-12-31T00:00:00"}
