Abstract (EN)

This paper explores the relationship between venture capitalists (VCs)’ financial contracts and the characteristics of these VCs. Analyzing VCs' responses to our questionnaire, we find that VCs’ contractual behaviors differ according to affiliation and experience. VCs working for independent investment firms write contracts providing more protection against risks of agency conflicts between investors and entrepreneurs than VCs working for firms affiliated to a bank or “regional” investors. In addition, both independent and non-independent investors implement less protection against these risks when they have longstanding experience in the venture capital business. Finally, we differentiate the impact of affiliation and experience by type of portfolio company.