Venture Capital: Theoretical Construction, the Role of New Endeavors and the Future Agenda of Research

Abstract

The consolidation of venture capital firms has proven to be an alternative way to attain financial resources for those firms with special characteristics, such as belonging to high-risk sectors, being new, having information asymmetry problems and lacking acknowledgment of its future potential. This paper discusses the theoretical construction of venture capital firms during the past decade, its role beyond financial intermediation, its consequences in the public sector, and the opportunities for future research.