For fledgling ventures, part of the growth process is to develop key systems, both external (such as marketing and sales) and internal (such as accounting and human resources). To date, most researchers have assumed that these systems develop uniformly as ventures scale and complete developmental milestones. According to HKUST’s Pavel I. Zhelyazkov and ... 阅读更多

For fledgling ventures, part of the growth process is to develop key systems, both external (such as marketing and sales) and internal (such as accounting and human resources). To date, most researchers have assumed that these systems develop uniformly as ventures scale and complete developmental milestones. According to HKUST’s Pavel I. Zhelyazkov and ... 阅读更多

The likelihood of venture capital (VC) firms’ forming partnerships with others is strongly influenced by their relative status, say HKUST’s Pavel I. Zhelyazkov and his co-author Adam Tatarynowicz (Singapore Management University). In a timely and incisive study, the authors investigate “status-asymmetric ties” to understand why and how unequal partners ... 阅读更多

In this presentation, Prof Pavel Zhelyazkov will provide an overview of his research on how social networks shape venture capital (VC) firms’ syndication activities as well as access to deals and capital. In particular, he will examine how a VC firms’ behavior within syndicates shapes its access to subsequent investment opportunities; and how indirect social ... 阅读更多

如果两个组织与同一家合作伙伴或者中介商存在相互联系，那么它们之间则更有可能建立联系，这被称为三角闭合 (triadic closure)，并长期受到学者们的关注。然而，到目前为止所有研究都没有考虑到中间人在这两者建立联系过程中的重要性，无论是起促进作用还是负面作用。实际上，现有的研究完全忽略了中间人的态度和动机，并且还假设中间人完全是无私的。 Pavel Zhelyazkov最近的一项研究填补了这一空白。这项研究表明，有两个重要的因素可能会让中间人不愿意将它的伙伴介绍给其他合作伙伴，因此三角闭合就不会出现。首先，合作的结果可以影响中间人对其合作人的评价。例如，一段失败的合作经历可能会导致负面反馈，这种反馈还有可能传递给其他伙伴，这就会降低他们与中间人合作的意愿。其次 ... 阅读更多

风险投资（风投）行业在支持各行各业的创业和创新方面发挥重要作用。它起到守门人的作用，甄选有发展前途的新企业，使其得到持续投资和支持。它也充当中介作用，連繫资本提供者（即大型机构，如捐赠基金、基金会和退休金基金）与需要资金的非上市年轻公司。在首次公开招募股(IPO)或被既有的从业者收购时，这些年轻企业就有可能取得数倍于初始投资的回报。风险投资还能为其投资组合内的公司提供重要的非财务支持，包括战略指南和指导，与潜在客户、供应商、联盟伙伴或收购方的人脉关系，并彰显投资组合内的公司在总体市场上的价值。 风投公司通常组成辛迪加(Syndicates)，投资于同一投资组合内的公司；这样有利于他们共同分担财务风险，更加有效地分散投资。共同投资者还应贡献非财务资源，比如参与尽职调查程序，在公司董事会任职，提供管理建议和指导 ... 阅读更多