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date: 10 July 2020

Abstract and Keywords

This article serves two purposes: to review how the agency and real options perspectives inform us about the venture capital staging decision, and to examine whether the staging decision differs between domestic venture capitalist (VC)-led and foreign VC-led investment projects. The article proceeds as follows. First, it reviews how agency theory informs venture capital staging decisions and analyzes whether domestic VCs and foreign VCs differ in using staged financing to address agency concerns. Then it considers how real options theory informs venture capital staging decisions, and examines whether domestic VCs and foreign VCs differ in using staged financing to tackle project-specific uncertainty and market volatility. It discusses the methods for the empirical test and presents empirical results. It concludes with a discussion of the study for research and practice.

Keywords: venture capital staging, venture capitalists, investment projects, staged financing, agency theory, real options theory

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