Resumo
Objetivo – Startups (SUs) são empresas operam num cenário de muitas incertezas, o que dificulta a captação de recursos e sua sobrevivência. Assim sendo, este estudo tem por objetivo investigar os principais fatores que afetam a avaliação das SUs na visão dos investidores de capital de risco (ICRs).
Referencial Teórico – A avaliação das SUs enfrenta desafios únicos como a falta de dados financeiros históricos. Assim, empreendedores têm dificuldades em obter uma avaliação favorável pelos ICRs. Logo, a mitigação da assimetria informacional na avaliação das SUs depende, sobretudo, de informações não financeiras.
Metodologia – São analisadas mais de 50 mil rodadas de financiamento – entre 1 de janeiro de 2010 a 31 de dezembro de 2022 – de SUs localizadas no Brasil, China, Índia, Indonésia e África do Sul. As hipóteses decorrentes do objetivo da pesquisa são verificadas por meio de uma regressão hedônica.
Resultados – Verifica-se que a idade e estágio de desenvolvimento das SUs, assim como o nível de investimento em pesquisa e desenvolvimento e tamanho do setor são fatores que impactam sua avaliação.
Implicações Práticas e Sociais da Pesquisa – Esses resultados contribuem para que SUs, ICRs e mercado identifiquem determinantes não financeiros capazes de permitir uma avaliação mais adequada dos empreendimentos. Já governos e reguladores podem considerar essas informações na definição de políticas de incentivo ao investimento.
Contribuições – Esse estudo inova ao apresentar indicadores não financeiros, que são considerados pelos investidores de startups em países emergentes, viabilizando seu efetivo potencial até a fase de abertura de capital.
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