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date: 21 October 2019

Abstract and Keywords

This chapter views corporate governance in the venture capital arena, where it is largely influenced by contractual relationships. It describes venture capitalists as mediators between entrepreneurial firms and institutional investors, and introduces two main types of contract: limited partnership contracts, which are done with institutional investors; and terms sheets, which are done with entrepreneurial firms. It then explains how these contracts are organized and studies international evidence related to the factors that help shape the contracts in practice. It also examines the implications of using different contractual terms for the governance and success of the venture capital investment process. The chapter furthermore highlights the importance of non-contractual corporate governance in venture capital.

Keywords: venture capital, contractual relationships, types of contract, limited partnership contracts, terms sheets, contractual terms, investment process, corporate governance

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