{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,28]],"date-time":"2026-03-28T05:05:20Z","timestamp":1774674320347,"version":"3.50.1"},"reference-count":29,"publisher":"Emerald","issue":"3","license":[{"start":{"date-parts":[[2014,8,12]],"date-time":"2014-08-12T00:00:00Z","timestamp":1407801600000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2014,8,12]]},"abstract":"<jats:sec>\n               <jats:title content-type=\"abstract-heading\">Purpose<\/jats:title>\n               <jats:p> \u2013 The purpose of this paper is to identify the importance assigned to the various criteria used by the Portuguese venture capitalists (VCs) to evaluate and select early stage venture capital (VC) projects. <\/jats:p>\n            <\/jats:sec>\n            <jats:sec>\n               <jats:title content-type=\"abstract-heading\">Design\/methodology\/approach<\/jats:title>\n               <jats:p> \u2013 The data were collected through a questionnaire answered by 20 Portuguese VCs. The authors use descriptive statistics techniques and non-parametric tests to identify the most valued criteria and test differences in the importance assigned to the criteria of several types of VCs and investments. <\/jats:p>\n            <\/jats:sec>\n            <jats:sec>\n               <jats:title content-type=\"abstract-heading\">Findings<\/jats:title>\n               <jats:p> \u2013 The study reveals that personality and experience of the entrepreneur and of the management team are the most valued groups of criteria. VCs with a majority of private share capital value more the personality of the entrepreneur and management team than the companies with a majority of public share capital. Additionally, the VCs that did not yet internationalize consider the personality of the entrepreneur and management team and the financial aspects, to be more important than the VCs that have already expanded abroad. <\/jats:p>\n            <\/jats:sec>\n            <jats:sec>\n               <jats:title content-type=\"abstract-heading\">Originality\/value<\/jats:title>\n               <jats:p> \u2013 It provides evidence on the VCs behavior in a small VC market. Since most of the existing literature on this area refer to large VC markets, the present study is important to investigate whether the conclusions reached by the previous studies can be extended to a small VC market. Also, this study is a contribution to the literature on the internationalization of VCs and it is the first study that explores the impact of the VCs being internationalized on the value given to the various selection criteria of early stage VC projects.<\/jats:p>\n            <\/jats:sec>","DOI":"10.1108\/jsbed-10-2013-0165","type":"journal-article","created":{"date-parts":[[2014,8,18]],"date-time":"2014-08-18T12:01:54Z","timestamp":1408363314000},"page":"505-527","source":"Crossref","is-referenced-by-count":16,"title":["Which criteria matter most in the evaluation of venture capital investments?"],"prefix":"10.1108","volume":"21","author":[{"given":"Jos\u00e9","family":"Carlos Nunes","sequence":"first","affiliation":[]},{"given":"Elisabete","family":"Gomes Santana F\u00e9lix","sequence":"additional","affiliation":[]},{"given":"Cesaltina","family":"Pacheco Pires","sequence":"additional","affiliation":[]}],"member":"140","reference":[{"key":"key2020122903554616500_b1","unstructured":"APCRI and Ernst & Young\n                (2007), \u201cA actividade de capital de risco em Portugal ano de 2007\u201d, available at: www.apcri.pt\/New\/i_estatisticas.htm (accessed October 15, 2008)."},{"key":"key2020122903554616500_b2","unstructured":"Bakatsaki-Manoudaki, M.\n               , \n                  Kosmidou, K.\n               , \n                  Papadopoulos, G.\n                and \n                  Zopounidis, C.\n                (2006), \u201cThe venture capital process in Greece: some evaluations aspects\u201d, Investments Research and Analysis Journal, Vol. 1 No. 2, pp. 94-106."},{"key":"key2020122903554616500_b3","unstructured":"Benoit, J.L.\n                (1975), \u201cVenture capital investment behavior: the risk capital investor in new company formation and expansion in France\u201d, unpublished PhD thesis, Austin, EUA, 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II\n                and \n                  Walker, D.A.\n                (1987), \u201cThe role of venture capital in financing small business\u201d, Journal of Business Venturing, Vol. 2 No. 3, pp. 207-214.","DOI":"10.1016\/0883-9026(87)90009-7"},{"key":"key2020122903554616500_b17","unstructured":"Mishra, A.\n                (2004), \u201cIndian venture capitalist (VC's): investment evaluation criteria\u201d, Journal of Applied Finance, Vol. 10 No. 7, pp. 71-93."},{"key":"key2020122903554616500_b18","doi-asserted-by":"crossref","unstructured":"Muzyka, D.\n               , \n                  Birley, S.\n                and \n                  Leleux, B.\n                (1996), \u201cTrade-offs in the investment decisions of European venture capitalists\u201d, Journal of Business Venturing, Vol. 11 No. 4, pp. 273-287.","DOI":"10.1016\/0883-9026(95)00126-3"},{"key":"key2020122903554616500_b19","unstructured":"Pintado, T.R.\n                (2002), \u201cLa Toma de Decisiones del 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