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Dr. Haizhi Wang
Stuart School of Business, Illinois Institute of Technology, Chicago, IL 60661, USA

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0 Corporate Finance
0 Corporate Social Responsibility
0 Entrepreneurial Finance
0 Financial institutions and markets

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Journal article
Published: 16 March 2021 in Sustainability
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In this study, we examine whether and to what extent affiliated bankers on board may affect firms’ corporate social performance. Using a propensity score-matched sample from 2002 to 2016, we find that board directors from affiliated banks exert significantly positive influence on firms’ corporate social performance. Furthermore, board of directors from affiliated banks are negatively associated with firm investments in corporate social responsibility (CSR) activities when firms experience financial distress. Finally, we find that the effect of affiliated bankers on board on firms’ CSR performance depends on the affiliated banks’ CSR orientation, as affiliated banker directors from banks with higher CSR orientation have a stronger influence on firms’ investments in CSR activities. The results suggest that improving firm’s CSR performance is consistent with the affiliated banks’ interests.

ACS Style

Iftekhar Hasan; Hui Li; Haizhi Wang; Yun Zhu. Do Affiliated Bankers on Board Enhance Corporate Social Responsibility? US Evidence. Sustainability 2021, 13, 3250 .

AMA Style

Iftekhar Hasan, Hui Li, Haizhi Wang, Yun Zhu. Do Affiliated Bankers on Board Enhance Corporate Social Responsibility? US Evidence. Sustainability. 2021; 13 (6):3250.

Chicago/Turabian Style

Iftekhar Hasan; Hui Li; Haizhi Wang; Yun Zhu. 2021. "Do Affiliated Bankers on Board Enhance Corporate Social Responsibility? US Evidence." Sustainability 13, no. 6: 3250.

Journal article
Published: 08 February 2021 in International Review of Financial Analysis
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This study examines whether and to what extend global equity offerings at the IPO stage may affect issuing firms' ability to borrow in the domestic debt market. Tracking bank loans taken by U.S. IPO firms in the domestic syndicated loan market, we observe that global equity offering firms experience more favorable loan price than that offered to their domestic counterparts. This finding holds for a set of robustness tests of endogeneity issues. We also find that, compared with their domestic counterparts, global equity offering firms are less likely to have financial distress, engage more in international diversification, and are more likely to wait a longer time to apply for syndicated loans.

ACS Style

Iftekhar Hasan; Haizhi Wang; Desheng Yin; JingQi Zhang. Global equity offerings and access to domestic loan market: U.S. evidence. International Review of Financial Analysis 2021, 74, 101711 .

AMA Style

Iftekhar Hasan, Haizhi Wang, Desheng Yin, JingQi Zhang. Global equity offerings and access to domestic loan market: U.S. evidence. International Review of Financial Analysis. 2021; 74 ():101711.

Chicago/Turabian Style

Iftekhar Hasan; Haizhi Wang; Desheng Yin; JingQi Zhang. 2021. "Global equity offerings and access to domestic loan market: U.S. evidence." International Review of Financial Analysis 74, no. : 101711.

Journal article
Published: 19 May 2020 in International Journal of Innovation Studies
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This paper empirically investigates the effect of mandatory pension contributions on firm innovation. We find that firms with mandatory contributions experience a decline in their innovation output. This effect is stronger for firms with financial constraints, more short-term institutional investors, higher levels of managerial short-termism. We also document that mandatory pension contributions result in a reduction in firm research and development expenditures and an increase in firm debt-to-asset ratio. Moreover, we report that firms with mandatory contributions increase their alliance activities to pursue innovation with external partners.

ACS Style

Hao Shen; Haizhi Wang; Zehui Wang; Desheng Yin. Do mandatory pension contributions hinder innovation? Empirical evidence. International Journal of Innovation Studies 2020, 4, 27 -39.

AMA Style

Hao Shen, Haizhi Wang, Zehui Wang, Desheng Yin. Do mandatory pension contributions hinder innovation? Empirical evidence. International Journal of Innovation Studies. 2020; 4 (2):27-39.

Chicago/Turabian Style

Hao Shen; Haizhi Wang; Zehui Wang; Desheng Yin. 2020. "Do mandatory pension contributions hinder innovation? Empirical evidence." International Journal of Innovation Studies 4, no. 2: 27-39.

Journal article
Published: 28 April 2020 in Pacific-Basin Finance Journal
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This paper examines the relation between regional social capital and online peer-to-peer loans. The results indicate that borrowers from states with higher levels of social capital are less likely to be rejected during loan application, have a lower probability of default, and experience lower borrowing cost. In addition, loans granted to borrowers in states with higher levels of social capital yield higher rates of return after controlling for the loan defaults and loan prepayment. The effects of social capital on peer-to-peer loans are stronger in regions with more bank competition and for loans with higher risks.

ACS Style

Haitian Lu; Bo Wang; Haizhi Wang; Tianyu Zhao. Does social capital matter for peer-to-peer-lending? Empirical evidence. Pacific-Basin Finance Journal 2020, 61, 101338 .

AMA Style

Haitian Lu, Bo Wang, Haizhi Wang, Tianyu Zhao. Does social capital matter for peer-to-peer-lending? Empirical evidence. Pacific-Basin Finance Journal. 2020; 61 ():101338.

Chicago/Turabian Style

Haitian Lu; Bo Wang; Haizhi Wang; Tianyu Zhao. 2020. "Does social capital matter for peer-to-peer-lending? Empirical evidence." Pacific-Basin Finance Journal 61, no. : 101338.

Journal article
Published: 11 May 2019 in The Journal of Investing
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In this paper, we document evidence that intra-industry uncertainty has a positive relation with firm valuation. Specifically, the reduction of intra-industry uncertainty about firm future profitability leads to a decline of firm ME/BE ratios over time. We find that the positive relation is more prominent for firms in high-tech sectors and those with intensive product market competition. Our results are robust to the control of firm-level uncertainty and alternative measures of intra-industry uncertainty. TOPICS: Fundamental equity analysis, statistical methods

ACS Style

Wei Du; Haizhi Wang; Jianrong Wang. Intra-Industry Uncertainty and Firm Valuation. The Journal of Investing 2019, 28, 16 -27.

AMA Style

Wei Du, Haizhi Wang, Jianrong Wang. Intra-Industry Uncertainty and Firm Valuation. The Journal of Investing. 2019; 28 (5):16-27.

Chicago/Turabian Style

Wei Du; Haizhi Wang; Jianrong Wang. 2019. "Intra-Industry Uncertainty and Firm Valuation." The Journal of Investing 28, no. 5: 16-27.

Journal article
Published: 20 November 2018 in International Journal of Financial Studies
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Rule 144A allows a firm to issue securities without a public registration statement with the Securities and Exchange Commission, and only qualified institutional investors can purchase such securities. In this study, focusing on corporate bonds issued under Rule 144A, we empirically investigate the relationship between the corporate social responsibility (CSR) of issuing firms and the bond yield spread at issuance. We document a significant and positive relation between CSR concerns, whereas CSR strengths seem to play an insignificant role in determining bond yield spread. Our main findings are robust to the instrumental variable approach and simultaneous equation estimation to address the potential endogeneity issues. We further explore the time-series changes in issuing firms’ CSR profiles, and report that institutional investors demand a higher bond yield spread when issuing firms’ exposure to higher social, environmental, and stakeholder concerns. Our analyses reveal that the main sources of such risk exposure are stakeholder conflict and concerns from primary stakeholder groups.

ACS Style

Wassim Dbouk; Dawei Jin; Haizhi Wang; Jianrong Wang. Corporate Social Responsibility and Rule 144A Debt Offerings: Empirical Evidence. International Journal of Financial Studies 2018, 6, 94 .

AMA Style

Wassim Dbouk, Dawei Jin, Haizhi Wang, Jianrong Wang. Corporate Social Responsibility and Rule 144A Debt Offerings: Empirical Evidence. International Journal of Financial Studies. 2018; 6 (4):94.

Chicago/Turabian Style

Wassim Dbouk; Dawei Jin; Haizhi Wang; Jianrong Wang. 2018. "Corporate Social Responsibility and Rule 144A Debt Offerings: Empirical Evidence." International Journal of Financial Studies 6, no. 4: 94.

Journal article
Published: 05 November 2018 in Journal of Banking & Finance
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We empirically investigate whether taking senior bank loans would enhance market discipline and control risk-taking among borrowing banks. Controlling for endogeneity concern arising from borrowing bank self-select into taking senior bank debt, we document that both the spreads and covenants in loan contracts are sensitive to bank risk variables. Our analysis also reveals that borrowing banks reduce their risk exposure after their first issuance of senior bank debt. We also find that lending banks significantly increase their collaboration with borrowing banks and increase their presence in the home markets of borrowing banks.

ACS Style

Bill Francis; Iftekhar Hasan; Liuling Liu; Haizhi Wang. Senior debt and market discipline: Evidence from bank-to-bank loans. Journal of Banking & Finance 2018, 98, 170 -182.

AMA Style

Bill Francis, Iftekhar Hasan, Liuling Liu, Haizhi Wang. Senior debt and market discipline: Evidence from bank-to-bank loans. Journal of Banking & Finance. 2018; 98 ():170-182.

Chicago/Turabian Style

Bill Francis; Iftekhar Hasan; Liuling Liu; Haizhi Wang. 2018. "Senior debt and market discipline: Evidence from bank-to-bank loans." Journal of Banking & Finance 98, no. : 170-182.

Original paper
Published: 27 October 2017 in Journal of Business Ethics
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Adopting an instrumental approach for stakeholder management, we focus on two primary stakeholder groups (employees and creditors) to investigate the relationship between employee treatment and loan contracts with banks. We find strong evidence that fair employee treatment reduces loan price and limits the use of financial covenants. In addition, we document that relationship bank lenders price both the levels and changes in the quality of employee treatment, whereas first-time bank lenders only care about the levels of fair employee treatment. Taking a contingency perspective, we find that industry competition and firm asset intangibility moderate the relationship between good human resource management and bank loan costs. The cost reduction effect of fair employee treatment is stronger for firms operating in a more competitive industry and having higher levels of intangible assets.

ACS Style

Bill Francis; Iftekhar Hasan; Liuling Liu; Haizhi Wang. Employee Treatment and Contracting with Bank Lenders: An Instrumental Approach for Stakeholder Management. Journal of Business Ethics 2017, 158, 1029 -1046.

AMA Style

Bill Francis, Iftekhar Hasan, Liuling Liu, Haizhi Wang. Employee Treatment and Contracting with Bank Lenders: An Instrumental Approach for Stakeholder Management. Journal of Business Ethics. 2017; 158 (4):1029-1046.

Chicago/Turabian Style

Bill Francis; Iftekhar Hasan; Liuling Liu; Haizhi Wang. 2017. "Employee Treatment and Contracting with Bank Lenders: An Instrumental Approach for Stakeholder Management." Journal of Business Ethics 158, no. 4: 1029-1046.

Journal article
Published: 01 April 2016 in Journal of Financial Stability
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We investigate the effects of social trust on foreign institutional investors’ equity holdings in listed Chinese firms from 2005 to 2011. We find that social trust embedded in the regional environment is an important factor for the investment decisions of foreign institutional investors. We also find that the proportion and likelihood of foreign ownership increases with the level of social trust. The results support the notion that social trust and trust-related information help mitigate informational barriers in international equity investments. Our results are robust to alternative measures of social trust and a range of model specifications, including instrumental variable estimation. We document that the effects of social trust on foreign ownership diminishes in the presence of organizational learning, better formal institutional development, conservative financial reporting, and asset transparency. We also show that foreign institutional investors from countries with a common law origin are more likely to incorporate trust-related information in their investment decisions.

ACS Style

Dawei Jin; Haizhi Wang; Peng Wang; Desheng Yin. Social trust and foreign ownership: Evidence from qualified foreign institutional investors in China. Journal of Financial Stability 2016, 23, 1 -14.

AMA Style

Dawei Jin, Haizhi Wang, Peng Wang, Desheng Yin. Social trust and foreign ownership: Evidence from qualified foreign institutional investors in China. Journal of Financial Stability. 2016; 23 ():1-14.

Chicago/Turabian Style

Dawei Jin; Haizhi Wang; Peng Wang; Desheng Yin. 2016. "Social trust and foreign ownership: Evidence from qualified foreign institutional investors in China." Journal of Financial Stability 23, no. : 1-14.

Journal article
Published: 09 February 2016 in Journal of Business Ethics
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This study treats firm productivity as an accumulation of productive intangibles and posits that stakeholder engagement associated with better corporate social performance helps develop such intangibles. We hypothesize that because shareholders factor improved productive efficiency into stock price, productivity mediates the relationship between corporate social and financial performance. Furthermore, we argue that key stakeholders’ social considerations are more valuable for firms with higher levels of discretionary cash and income stream uncertainty. Therefore, we hypothesize that those two contingencies moderate the mediated process of corporate social performance with financial performance. Our analysis, based on a comprehensive longitudinal dataset of the U.S. manufacturing firms from 1992 to 2009, lends strong support for these hypotheses. In short, this paper uncovers a productivity-based, context-dependent mechanism underlying the relationship between corporate social performance and financial performance.

ACS Style

Iftekhar Hasan; Nada Kobeissi; Liuling Liu; Haizhi Wang. Corporate Social Responsibility and Firm Financial Performance: The Mediating Role of Productivity. Journal of Business Ethics 2016, 149, 671 -688.

AMA Style

Iftekhar Hasan, Nada Kobeissi, Liuling Liu, Haizhi Wang. Corporate Social Responsibility and Firm Financial Performance: The Mediating Role of Productivity. Journal of Business Ethics. 2016; 149 (3):671-688.

Chicago/Turabian Style

Iftekhar Hasan; Nada Kobeissi; Liuling Liu; Haizhi Wang. 2016. "Corporate Social Responsibility and Firm Financial Performance: The Mediating Role of Productivity." Journal of Business Ethics 149, no. 3: 671-688.

Journal article
Published: 01 January 2016 in International Journal of Banking, Accounting and Finance
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Entrepreneurship involves mobilising resources in the founding of new businesses to pursue entrepreneurial opportunities. Resource acquisition, especially of financial resource, is crucial for bringing innovative ideas into reality. Though the role of venture capital, as a specialised and important intermediary, in financing innovative entrepreneurial companies is widely recognised, relatively little evidence shows the real effects of venture capital investment. This paper empirically examines the real effects of venture capital investment on regional innovation and new firm creation in the USA. Overall, the results confirm a significant and positive role of venture capital investment in promoting innovation and fostering entrepreneurship.

ACS Style

Haizhi Wang; Douglas Dyer; Desheng Yin; Iftekhar Hasan. Venture capital investment, regional innovation and new business creation: a research note. International Journal of Banking, Accounting and Finance 2016, 7, 111 .

AMA Style

Haizhi Wang, Douglas Dyer, Desheng Yin, Iftekhar Hasan. Venture capital investment, regional innovation and new business creation: a research note. International Journal of Banking, Accounting and Finance. 2016; 7 (2):111.

Chicago/Turabian Style

Haizhi Wang; Douglas Dyer; Desheng Yin; Iftekhar Hasan. 2016. "Venture capital investment, regional innovation and new business creation: a research note." International Journal of Banking, Accounting and Finance 7, no. 2: 111.

Journal article
Published: 01 January 2016 in International Journal of Banking, Accounting and Finance
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Entrepreneurship involves mobilising resources in the founding of new businesses to pursue entrepreneurial opportunities. Resource acquisition, especially of financial resource, is crucial for bringing innovative ideas into reality. Though the role of venture capital, as a specialised and important intermediary, in financing innovative entrepreneurial companies is widely recognised, relatively little evidence shows the real effects of venture capital investment. This paper empirically examines the real effects of venture capital investment on regional innovation and new firm creation in the USA. Overall, the results confirm a significant and positive role of venture capital investment in promoting innovation and fostering entrepreneurship.

ACS Style

Douglas Dyer; Iftekhar Hasan; Haizhi Wang; Desheng Yin. Venture capital investment, regional innovation and new business creation: a research note. International Journal of Banking, Accounting and Finance 2016, 7, 111 .

AMA Style

Douglas Dyer, Iftekhar Hasan, Haizhi Wang, Desheng Yin. Venture capital investment, regional innovation and new business creation: a research note. International Journal of Banking, Accounting and Finance. 2016; 7 (2):111.

Chicago/Turabian Style

Douglas Dyer; Iftekhar Hasan; Haizhi Wang; Desheng Yin. 2016. "Venture capital investment, regional innovation and new business creation: a research note." International Journal of Banking, Accounting and Finance 7, no. 2: 111.

Journal article
Published: 09 April 2015 in Eurasian Economic Review
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Using a sample of listed firms in China from 2008 to 2011, we investigate the relation between institutional ownership and firm accounting conservatism. We find that higher level of equity ownership by institutional investors is associated with less conservative financial reporting. We also document that firms with long-horizon institutions engage in less conservative financial reporting. We further test the effects of interaction terms between institutional holdings and investor investment horizons, and our results reveals that with higher level of institutional holdings and more long-term institutional investors, firms are more likely to engage in less conservative reporting policy. Our evidence is contrary to the findings based on US firms, but in line with the price manipulation motive by institutional investors due to short-sales constraints in China.

ACS Style

Yue Chen; Lingxiang Li; Haizhi Wang; Peng Wang. Institutional investors and conservative financial reporting: evidence from China. Eurasian Economic Review 2015, 5, 161 -178.

AMA Style

Yue Chen, Lingxiang Li, Haizhi Wang, Peng Wang. Institutional investors and conservative financial reporting: evidence from China. Eurasian Economic Review. 2015; 5 (1):161-178.

Chicago/Turabian Style

Yue Chen; Lingxiang Li; Haizhi Wang; Peng Wang. 2015. "Institutional investors and conservative financial reporting: evidence from China." Eurasian Economic Review 5, no. 1: 161-178.

Conference paper
Published: 01 January 2015 in Academy of Management Proceedings
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One major issue in mergers and acquisitions (M&A) is information asymmetry, which may reduce the value of both acquirer and target. Drawing from social network and signaling theories, we examine whether a target’s advantageous network position conveys uncertainty-reducing signals and increases acquisition premiums. We compare two network structural properties - centrality and brokerage, and posit that centrality is more effective than brokerage in discerning firm quality with greater visibility and credibility. We further contend that these signaling effects can be more pronounced when information asymmetry is greater. Using a sample of 374 completed acquisitions of public targets announced during 1995-2008 in the U.S., we show that the target with higher centrality in alliance networks is paid with higher acquisition premiums. When information asymmetry is increased with greater technological distance between acquirer and target, acquirers pay higher premiums for targets that occupy either a central or a brokerage position. However, when the value appropriation from patent protection is more assured, targets in a brokerage position are rewarded with higher premiums. This study shows that a target’s interorganizational network structures can be valuable in enhancing seller’s gains.

ACS Style

Yin-Chi Liao; Haizhi Wang; Iftekhar Hasan. How Much Are the Firm’s Interorganizational Relationships Worth? A Social Network Perspective. Academy of Management Proceedings 2015, 2015, 17651 -17651.

AMA Style

Yin-Chi Liao, Haizhi Wang, Iftekhar Hasan. How Much Are the Firm’s Interorganizational Relationships Worth? A Social Network Perspective. Academy of Management Proceedings. 2015; 2015 (1):17651-17651.

Chicago/Turabian Style

Yin-Chi Liao; Haizhi Wang; Iftekhar Hasan. 2015. "How Much Are the Firm’s Interorganizational Relationships Worth? A Social Network Perspective." Academy of Management Proceedings 2015, no. 1: 17651-17651.

Conference paper
Published: 01 January 2015 in Academy of Management Proceedings
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Covenants not to compete (CNCs) are frequently used by many businesses in an attempt to impede the departure of their human capital and continually retain their competitive edge. However, empirical evidence regarding the net impact of CNCs on the firm is largely inconclusive. Theorizing that CNCs impose restrictions on employee mobility and thus reduce their motivation to expand their human capital, we examine the impact of CNCs on firm productivity. We also explore the moderating effects of job opportunity concentration in a firm’s home state, and long-term executive compensation. We hypothesize that the enforceability of CNCs is negatively associated with firm productivity. This relationship becomes stronger as comparable job opportunities become more concentrated in a firm’s home state. On the other hand, this negative relationship is weakened as employee compensation becomes more long-term oriented. Results of hierarchical linear modeling analyses of 21680 observations for 3379 firms supported all three hypotheses.

ACS Style

Smriti Anand; Iftekhar Hasan; Priyanka Sharma; Haizhi Wang. Covenants not to Compete: The Ties that Stifle Productivity! Academy of Management Proceedings 2015, 2015, 16696 -16696.

AMA Style

Smriti Anand, Iftekhar Hasan, Priyanka Sharma, Haizhi Wang. Covenants not to Compete: The Ties that Stifle Productivity! Academy of Management Proceedings. 2015; 2015 (1):16696-16696.

Chicago/Turabian Style

Smriti Anand; Iftekhar Hasan; Priyanka Sharma; Haizhi Wang. 2015. "Covenants not to Compete: The Ties that Stifle Productivity!" Academy of Management Proceedings 2015, no. 1: 16696-16696.

Journal article
Published: 28 June 2012 in Journal of Empirical Finance
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This paper examines the relation between strategic alliances and non-financial firms’ bank loan financing. We construct several measures to capture firms’ alliance activities. The key finding is that borrowing firms with active alliance involvement experience lower cost of bank loans. The reduction of borrowing cost is strongest for financially unconstrained firms and firms with high G-index and intensive monitoring from institutional investors. We also relate various characteristics of alliance agreements to the cost of bank borrowing, and find evidence supporting market power hypothesis and organizational flexibility hypothesis. We further report that allying with a prestigious partner (i.e., S&P 1500 firms) provides certification effect that lowers bank loan cost. In addition, firms positioned in the center of the alliance network enjoy lower cost of bank loans. Lastly, we document that firms engaging in alliance activities expand their debt capacity and are less likely to use collaterals and covenants in their bank loan contracts.

ACS Style

Yiwei Fang; Bill Francis; Iftekhar Hasan; Haizhi Wang. Product market relationships and cost of bank loans: Evidence from strategic alliances. Journal of Empirical Finance 2012, 19, 653 -674.

AMA Style

Yiwei Fang, Bill Francis, Iftekhar Hasan, Haizhi Wang. Product market relationships and cost of bank loans: Evidence from strategic alliances. Journal of Empirical Finance. 2012; 19 (5):653-674.

Chicago/Turabian Style

Yiwei Fang; Bill Francis; Iftekhar Hasan; Haizhi Wang. 2012. "Product market relationships and cost of bank loans: Evidence from strategic alliances." Journal of Empirical Finance 19, no. 5: 653-674.

Journal article
Published: 25 December 2009 in Small Business Economics
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A growing body of literature examines the formation of strategic alliances as an important value-added role provided by venture capital firms. This paper contributes to this literature by examining two related questions: whether venture capital firms use strategic alliances as a substitute or compliment to capital infusion, and how venture capital firms use alliances to mitigate different types of risk. Results from 2505 venture-backed startups reveal that venture capital firms treat alliance formation as a substitute for capital infusion and that the breadth of the network of syndication partners investing in the startup increases the number of its strategic alliances. We also find intentionality in alliance formation. Specifically, firms operating in industry environments characterized by technical risk are more likely to form alliances with partners capable of mitigating technical risks, and firms operating in environments characterized by market risk are more likely to form alliances with partners capable of mitigating market risk. Our findings lend additional support to the perspective that alliances represent an important mechanism through which venture capital firms add value to their portfolio companies.

ACS Style

Haizhi WangRobert; Robert J. Wuebker; Shu Han; Michael D. Ensley. Strategic alliances by venture capital backed firms: an empirical examination. Small Business Economics 2009, 38, 179 -196.

AMA Style

Haizhi WangRobert, Robert J. Wuebker, Shu Han, Michael D. Ensley. Strategic alliances by venture capital backed firms: an empirical examination. Small Business Economics. 2009; 38 (2):179-196.

Chicago/Turabian Style

Haizhi WangRobert; Robert J. Wuebker; Shu Han; Michael D. Ensley. 2009. "Strategic alliances by venture capital backed firms: an empirical examination." Small Business Economics 38, no. 2: 179-196.

Journal article
Published: 01 November 2009 in Financial Review
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Using a panel of all 50 U.S. states and the District of Columbia from 1990 to 1999, we report a nonlinear relation between state bankruptcy exemptions and new business formation. The rate of new business formation first increases as exemptions increase, but it then decreases. This result reflects the fact that bankruptcy exemptions tend to affect both demand for and supply of external financing to potential entrepreneurs. Copyright (c) 2009, The Eastern Finance Association.

ACS Style

Bill Francis; Iftekhar Hasan; Haizhi Wang. Personal Bankruptcy Law and New Business Formation. Financial Review 2009, 44, 647 -663.

AMA Style

Bill Francis, Iftekhar Hasan, Haizhi Wang. Personal Bankruptcy Law and New Business Formation. Financial Review. 2009; 44 (4):647-663.

Chicago/Turabian Style

Bill Francis; Iftekhar Hasan; Haizhi Wang. 2009. "Personal Bankruptcy Law and New Business Formation." Financial Review 44, no. 4: 647-663.