文献类型：期刊文献

英文题名：Institutions, uncertainty, and venture capital staged investments in ICT start-ups

作者：Hao, Bin[1];Zheng, Wen[2];Deng, Nanxin[3];Zhao, Bingqing[4]

机构：[1]Xian Jiaotong Liverpool Univ, Sch Intelligent Finance & Business, 111 Taicang Ave, Suzhou, Jiangsu, Peoples R China;[2]ShanghaiTech Univ, Sch Entrepreneurship & Management, 393 Middle Huaxia Rd, Pudong 201210, Shanghai, Peoples R China;[3]East China Univ Sci & Technol, Business Sch, 130 Meilong Rd, Shanghai 200237, Peoples R China;[4]Xian Jiaotong Liverpool Univ, Int Business Sch Suzhou, 8 Chongwen Rd,Suzhou Ind Pk, Suzhou, Jiangsu, Peoples R China

年份：2026

卷号：44

期号：2

起止页码：312

外文期刊名：EUROPEAN MANAGEMENT JOURNAL

收录：;WOS:【SSCI(收录号:WOS:001744412200002)】；

基金：Bin Hao appreciates the support of the National Natural Science Foundation of China (NSFC) (Grant No. 72274061) and Xi'an Jiaotong-Liverpool University (Grant No. RDF-24-01-021) .

语种：英文

外文关键词：Emerging economy; Institution; Staged investment; Technological uncertainty; Venture capital

摘要：How do institutions influence the staging investment decisions of venture capitalists (VCs) in the face of uncertainty? This study disentangles this effect by examining the relationship between technological uncertainty and VCs' subsequent investment decisions in the context of an emerging economy. We argue that, in emerging economies, VCs typically view an increase in technological uncertainty as a decrease in the value of the growth option for subsequent investment and thus are less likely to continue investing in the portfolio companies in the subsequent financing round. Further, we propose that the degree of institutional development, which is reflected by the speed of pro-market reform and the density of government VCs, could revise the effect of technological uncertainty on VCs' subsequent investment. Our empirical analysis of VC investments in China's information and communication technology industry provides full support to our predictions.