Degree Name

Doctor of Philosophy


School of Accounting and Finance


Small businesses are recognized for their potential role in advancing economic growth, generation of employment (Storey, 1994) and assistance in recovery from persistent recessions (Deakin, 1996). The important role played by venture capital in the formation and development of such new and h^h technology businesses is established and recognized (Kirchhoff & Phillips, 1998; Iimmons et al, 1983). During the 1990s, venture capital has recorded extraordinary growth at the intemational level. The research on venture capital has not only lagged behind the development in this industry (Wright and Robbie, 1997) but has remained dominated by the United States. Within the venture capital field, while researchers have, to some extent, already covered several aspects of venture capital operation, the post-funding era of the venture capitalists/portfolio companies remains a rich area for research. (Gorman and Sahlman 1989; Rosenstien et al, 1993; Stier and Greenwood, 1995; Gompers, 1998; Bamey, 1994).



Unless otherwise indicated, the views expressed in this thesis are those of the author and do not necessarily represent the views of the University of Wollongong.