TY - JOUR 
A1 - Azarmi, Davar
T1 - The most influential factors in venture capitals’ exit decision: A qualitative study among Spanish venture capitalists
Y1 - 2016
SN - 2543-537X

UR - http://hdl.handle.net/11268/7815
AB - The objective of this research is to determine and draw the attention of venture capitals toward the
most important factors that they should consider for making a proper exit decision. A list of suggested influential factors in venture capitals’ exit decision was extracted from the literature. The
list is refined and developed by the Delphi method through three rounds of Delphi with a Delphi
group composed of 15 Spanish venture capitalists. A list of the 14 most influential factors in an
exit decision is developed and is divided into four categories (venture capitals, investees, entrepreneurs and external environment). Some of the factors have been neglected in previous studies and
some seldom have been studied. It is recommended that venture capitals consider a combination
of the suggested factors to make an exit decision. Also when making the exit decision, venture
capitals should not only pay attention to the factors regarding themselves and the investee, but also
they should consider the factors regarding the entrepreneurs and external environment. The research brings together different factors in venture capitals’ exit decision from different categories,
refines and develops them, and produces a precise and actionable list of the most important ones.
KW - Capital riesgo
KW - Toma de decisiones
KW - Economía de mercado
KW - Toma de decisiones
LA - eng
ER -