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"PRIVATE FINANCING"
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Venture capital and private equity contracting : an international perspective
Other books present corporate finance approaches to the venture capital and private equity industry, but many key decisions require an understanding of the ways that law and economics work together. This revised and updated 2nd edition offers broad perspectives and principles not found in other course books, enabling readers to deduce the economic implications of specific contract terms. This approach avoids the common pitfalls of implying that contractual terms apply equally to firms in any industry anywhere in the world. In the 2edition, datasets from over 40 countries are used to analyze and consider limited partnership contracts, compensation agreements, and differences in the structure of limited partnership venture capital funds, corporate venture capital funds, and government venture capital funds. There is also an in-depth study of contracts between different types of venture capital funds and entrepreneurial firms, including security design, and detailed cash flow, control and veto rights. The implications of such contracts for value-added effort and for performance are examined with reference to data from an international perspective. With seven new or completely revised chapters covering a range of topics from Fund Size and Diseconomies of Scale to Fundraising and Regulation, this new edition will be essential for financial and legal students and researchers considering international venture capital and private equity. An analysis of the structure and governance features of venture capital contractsIn-depth study of contracts between different types of venture capital funds and entrepreneurial firms. -- Provided by publisher.
Book
Role of public and private investments for green economic recovery in the post-COVID-19
This study evaluates the outlook of government expenditure through public and private financing for the green economic revitalization after COVID-19 in Canada. The various econometric estimations are used to measure the impact of government expenditure on green economic recovery. The implementation of public investment is explicitly associated with private funding. The results suggest that the government policy incentives and non-government financing influence fossil fuel energy sources proportions on non-government investment, which is additional than the feed-in tariffs. According to fixed effects results, the distribution of fossil fuel energy sources is an essential obstacle in solar energy investment. In contrast, the presence of varied types of renewable energy encourages non-government climate investment. Throughout the study period after the breakout of the pandemic phase, neither fossil fuel energy sources nor economic policy is marginally efficient. The different macroeconomic programs in green economic recovery might be ideal for attaining the needed impact. The critical policy conclusion of the results of this research is that an influential role of the public and private investment may be part of an optimal firm innovation plan for green economic recovery in the post-COVID-19 period.
Journal Article
Imam Zarkasyi’s Contribution to Indonesia’s Modern Waqf Education System
The current study aimed to explore Imam Zarkasyi’s efforts to modernize pesantren institutions (Islamic boarding schools) through waqf organizations. The study drew on scholarly publications including books and academic papers as well as primary sources about Imam Zarkasyi by utilizing a qualitative, descriptive, and explanatory research methodology. The findings revealed that Zarkasyi’s educational perspectives and personal experiences significantly influenced the modernization of the waqf-based educational system. Zarkasyi’s proposals to enhance the pondok system’s modernity were based on his thorough understanding of the country’s educational culture. In response to the Dutch colonial administration, private educational institutions were established in 1926. These institutions offered students, educators, and community members the chance to acquire essential life skills and values in a unique educational setting. To ensure the continuity of these institutions, Zarkasyi transformed them into publicly owned enterprises through waqf establishment in 1958. As a waqif, he allocated a substantial portion of his fortune to be shared collectively among his three brothers. Zarkasyi aimed to ensure the sustainability of this approach by incorporating waqf principles which include attitudes, abilities, and praiseworthy characteristics. His initiatives continue to serve as a pedagogical model for private schools in Indonesia. This success motivates others to emulate the waqf concept, thereby contributing to the restoration and development of Islamic civilization.
Journal Article
(Non-)Precautionary Cash Hoarding and the Evolution of Growth Firms
We analyze whether growth firms should delay current investment to hoard cash in order to reduce dilution from external financing. This hoarding motive is the natural counterpart to saving cash as a precaution to help secure funding for future investment opportunities. However, the two motives lead to fundamentally different implications for hoarding and for how cash interacts with key financial and investment decisions. In particular, our paper contributes to understanding why firms choosing private over public financing hoard less, and why product market competition has an ambivalent impact on the public–private choice.
This paper was accepted by Gustavo Manso, finance.
Journal Article
Analysis on the perceived occurrence of challenges delaying the delivery of water infrastructure assets in South Africa
PurposeMinimal private participation for infrastructure development continues to affect developing economies like South Africa. This study aims to determine the perceived occurrence of challenges delaying the delivery of water infrastructure assets and the role of both public and private financing for infrastructure development.Design/methodology/approachQuantitative approach was used, and questionnaires were administered to stakeholders that have participated in delivering water infrastructure assets in South Africa. Of the 96 returned questionnaires, 91 were usable, representing 61 per cent response rate. Data from the survey were analysed using descriptive and exploratory factor analyses. The reliability test represented a value of 0.945, indicating internal consistency.FindingsData analysis revealed that corruption, hostility, weak project structuring, high fiscal deficits by state government, cost recovery constraints, high credit risk for private financing and unreliable planning and procurement processes are major challenges delaying the delivery of water infrastructure assets. More so, municipal government remains the key custodian of water infrastructure delivery with limited support from private capital as a result of political administrative instability, legislation and policy uncertainty and inadequate risk-adjusted returns.Originality/valueEmphasis should be made on eradicating corruption and non-transparent financial management to improve municipal creditworthiness and amending and implementing much improved legislation and foreign inclusion. Additionally, financial models to complement the existing mechanisms of financing water infrastructure projects should be sought and used. Complete eradication of infrastructure challenges envisages to reduce fiscal deficits, improve service delivery and enhance the competitiveness and productivity of the economy.
Journal Article
Financing Sustainable Forest Management in Developing Countries: The Case for a Holistic Approach
Financing has been one of the primary topics of ongoing discussions on sustainable forest management (SFM) for at least two decades. Yet despite a wide array of existing data and literature, attempts to understand—let alone quantify—SFM financing as a whole remain surprisingly rare. The focus of existing research on individual flows and sectors prevents us from getting the bigger picture. This paper attempts to conceptualise SFM financing by offering a holistic approach inspired by two complementary typologies based on the source of flows and cross-sectoral interactions respectively. Together, these two typologies contribute to a better understanding of SFM financing in three ways: first, they help visualise the SFM financing landscape, composed not only of a variety of flows but also the trade-offs and synergies between them. Secondly, they help identify a set of recommendations to improve and increase SFM financing over the long term. Thirdly, they highlight the glaring data gaps that need to be filled before any attempt can be made at quantifying SFM financing in its entirety.
Journal Article
Opportunities and challenges of converging technology and blended finance for REDD+ implementation
The importance of Reducing Emissions from Deforestation and Forest Degradation (REDD+) has been elevated within the new climate framework outlined by the Paris Agreement, placing a significant emphasis on encouraging nations to adopt and promote REDD+ strategies. The success of REDD+ is highly dependent on financial resources that aid in addressing and mitigating the primary causes of deforestation and forest degradation. Furthermore, REDD+ projects utilize technology to counter challenges such as land-use changes for agriculture, infrastructure development, illegal logging, fuelwood collection, and forest fires. This study investigates the status of REDD+ projects, which are aimed at combating global deforestation and climate change, supported by the Climate Technology Center Network (CTCN) and the Green Climate Fund (GCF), both of which are critical mechanisms under the United Nations Framework Convention on Climate Change (UNFCCC). We examined these projects through the lenses of technology convergence and finance blending. The analysis revealed that the CTCN and GCF predominantly support projects leveraging technology for forest disaster management. In addition, the agricultural sector demonstrated the highest degree of technology convergence. The findings indicate that a strategic approach for securing private funding involves integrating mitigation and adaptation efforts in projects. Furthermore, partnerships can facilitate the blending of financial strategies to mitigate risks. The study highlights the potential of technology convergence in enhancing the feasibility of scaling up REDD+ projects by promoting stakeholder engagement and catalyzing the private capital influx.
Journal Article
Signaling Information Management in Entrepreneurial Firms' Financing Acquisition: An Integrated Signaling and Screening Perspective
Research has identified the significant effect of new ventures’ signaling information management on their ability to secure private equity financing. This study adopts an integrated signaling and screening perspective to investigate investors’ differing perceptions of signals from ventures, across early financing stages. It proposes a three-step interpretation process. Based on an inductive multiple case study of signaler‒receiver dyads, it finds that to reach a financing decision, angel investors extract a characteristic signal as the fundamental type, orchestrate an acting signal as a supplementary type, and scrutinize the consistency between both. However, venture capital investors extract an action signal as the fundamental type, orchestrate characteristic and endorsement signals as complementary types, and scrutinize the consistency among all three types.
Journal Article
Factors that hamper the effective implementation of the building blocks for National Health Insurance in South Africa
BackgroundThe National Health Insurance (NHI) project requires a clear understanding and appreciation of the collaborative efforts expected from all stakeholders and a clear policy perspective that identifies the role of all stakeholders and aligns them to the objectives of the programme.The objective of the study was to investigate the factors that contribute to the inability of the health system to effectively and sustainably implement the six NHI building blocks: (a) Leadership and governance; (b) Healthcare financing; (c) Health workforce; (d) Medical products and technologies; (e) Information and research; and (f) Service delivery.MethodsAn exploratory, qualitative study design was used to investigate and describe these factors. This took the form of focus group discussions where a semi-structured questionnaire was used to collect the data for this research. There were five focus groups with participants varying from three to five depending on their availability. The participants were from health statutory bodies, voluntary bodies concerned with healthcare issues, medical aid schemes and medical aid administrators.ResultsFive themes and their attendant sub-themes were identified. These were found to embody the contributing factors to the inability of the healthcare system to sustainably and consistently implement the NHI building blocks. The sub-themes provided the detailed and pertinent areas where appropriate intervention needs to take place in order to ensure that the NHI project is a success.ConclusionThe study suggests five key considerations to enable the effective and sustainable implementation of the NHI building blocks. These align to similar findings in related studies undertaken in low- to middle-income countries.
Journal Article
The World Bank Group guarantee instruments 1990-2007 : an independent evaluation
Foreign direct investment and private capital flows are highly concentrated geographically, with almost half of them reaching five top destinations. These flows tend to evade many high-risk countries. Regulatory and contractual risks, particularly in infrastructure, have inhibited investments in many parts of the developing world. A core objective of the World Bank Group (WBG) has been to support the flow of private investment for development; guarantees and insurance have been among the instruments that the WBG has used to pursue this objective. This study examines three main questions: • Should the WBG be in the guarantee business? • Have guarantee instruments in the three WBG institutions been used to their potential as reflected in WBG expectations and perceived demand? • Is the WBG appropriately organized to deliver its range of guarantee products in an effective and efficient manner?
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