Exit routes, investor type, and the Covid-19 crisis: Insights from UK equity-funded companies
研究英国股权融资公司发现，活跃投资者支持的公司更可能成功退出，而众筹和天使投资者与较低成功退出概率相关；2020年投资者因经济不确定性推迟退出。
• Companies funded by active investors are more likely to exit successfully. • Crowdfunding and angels are associated with lower probability of successful exit. • High technology sectors augment the likelihood of favourable outcome. • In 2020, investors held off on exits waiting for a clearer economic landscape. Using a sample of UK equity funded companies, we examine differences in the exit strategy of companies funded by distinct investor types and operating in various technology intensive sectors during a period of crisis. Our results corroborate the hypothesis that investor involvement through oversight and imparting expertise augments the likelihood of favourable outcomes. This is particularly evident in high technology sectors. We observe increased exit activity amidst the crisis and notable disparities, contingent upon investor type, concerning chosen exit pathways.