A bibliometric analysis of venture capital research

Christian A. Cancino (Department of Management Control and Information Systems, Faculty of Economics and Business, Universidad de Chile, Santiago, Chile)
Jose M. Merigo (Department of Management Control and Information Systems, Faculty of Economics and Business, Universidad de Chile, Santiago, Chile)
Juan P. Torres (Department of Business, Faculty of Economics and Business, Universidad de Chile, Santiago, Chile)
David Diaz (Department of Business, Faculty of Economics and Business, Universidad de Chile, Santiago, Chile)

Journal of Economics, Finance and Administrative Science

ISSN: 2218-0648

Publication date: 6 August 2018

Abstract

Purpose

The purpose of this study is to present the evolution of academic research in venture capital (VC) research between 1990 and 2014.

Design/methodology/approach

The study analyzes the most influential journals in VC research by analyzing papers, which were published on the Web of Science database.

Findings

Results show a steady increasing rate of VC research during the past 25 years. The paper reports the 40 academic journals that permanently publish articles about VC research.

Originality/value

The main contribution of this work is to develop a general overview of the leading journals in VC research, which leads to the development of a future research agenda for bibliometric analysis, such as the review of the most productive and influential authors, universities and countries in VC research.

Keywords

Citation

Cancino, C., Merigo, J., Torres, J. and Diaz, D. (2018), "A bibliometric analysis of venture capital research", Journal of Economics, Finance and Administrative Science, Vol. 23 No. 45, pp. 182-195. https://doi.org/10.1108/JEFAS-01-2018-0016

Download as .RIS

Publisher

:

Emerald Publishing Limited

Copyright © 2018, Christian A. Cancino, Jose M. Merigo, Juan P. Torres and David Diaz.

License

Published in Journal of Economics, Finance and Administrative Science. Published by Emerald Publishing Limited. This article is published under the Creative Commons Attribution (CC BY 4.0) licence. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this licence may be seen at http://creativecommons.org/licenses/by/4.0/legalcode


Introduction

There are different instruments, both public and private, which support the development and growth of new enterprises through the provision of financial resources. Venture capital (VC) is included among these instruments, which not only provides financial support for business growth but also offers business expertise, customer networks and good management practices (Gompers and Lerner, 2006; Gompers et al., 2008; Dushnitsky and Lenox, 2006; Hochberg et al., 2010). According to Cornelius and Persson (2006), venture capitalists are financial intermediaries who collect excess capital from those who have it and provide it to those who require it for the development of a business venture. Although a considerable amount of literature has been published on specific topics about VC in the past ten years (Jääskeläinen, 2012), there are few studies that have analyzed VC research from a bibliometric analysis perspective (Cornelius and Persson, 2006). In this decade, there are no new papers that present the evolution of VC research. This is the aim of our paper.

This work found a practical way to analyze VC research over a period of 25 years by using bibliometric indicators. Bibliometrics is the field that quantitatively studies bibliographic material (Broadus, 1987). Bibliometric studies are becoming very popular in the scientific literature, strongly motivated by the access to bibliographic information. Many authors have developed bibliometric analysis in a wide range of fields including management (Podsakoff et al., 2008), economics (Coupé, 2003), entrepreneurship (Landström et al., 2012), accounting (Merigó and Yang, 2016), pricing research (Leone et al., 2012), health economics (Wagstaff and Culyer, 2012) and innovation (Merigó et al., 2016).

In general, VC research has grown considerably compared to other disciplines. The citation structure identifies the citation level that this field has obtained, being able to see the location of the most cited papers over the past 25 years. Additionally, it shows the number of papers with lower levels of citations including those that have not received any citations yet. The article also develops a journal analysis identifying the leading ones in the field. In particular, this work describes that there are certain specialized journals that publish more in VC research with respect to other journals, for example, Journal of Business Venturing, Entrepreneurship Theory and Practice and Small Business Economics. It also highlights other journals for having a high number of citations, even if they publish a large number of articles in VC research, such as the Journal of Finance, Journal of Financial Economics, Research Policy, Strategic Management Journal, Academy of Management Journal, Administrative Science Quarterly, among others. Moreover, a temporal analysis is developed to see which journals have been the most influential ones throughout time.

This paper continues as follows: Section 2 develops the literature review regarding VC research. Section 3 describes the research method by describing the bibliometric study and its cluster analysis. Section 4 presents the results of our bibliometric analysis. Finally, Section 5 offers a discussion with concluding remarks.

Literature review

Gompers and Lerner (2006) define VC as the process which starts with raising a venture fund; proceeds with investing in, monitoring and adding value to firms; continues as the venture capitalist exits successful deals and returns capital to their investors; and renews itself with the venture capitalist raising additional funds. Hence, VC research explores several processes, which involve the pre-investment phase of VC, the management of VC and the exit strategies of VC. In the pre-investment phase, VC research explores how changes in public market signals affected VC (Gompers et al., 2008) or the conditions to facilitate the creation of greater firm value after receiving VC (Dushnitsky and Lenox, 2006). Research in this stage also analyses the process of creating relationships between venture capitalists and entrepreneurs (Hochberg et al., 2010). Research in the management stage focused its attention on companies when they receive VC. For example, researchers have explored the links between the influence and control of VC firms (Bottazzi et al., 2008) and the management skills and expertise of entrepreneurs and new ventures, such as entrepreneurial orientation (Stam and Elfring, 2008). Finally, research in the exit stage reviews how firms can develop either their initial public offering (IPO) or their buyout. Nahata (2008) suggests that companies backed by more reputable VCs by IPO capitalization share are more likely to exit successfully, access public markets faster and have higher asset productivity at IPOs.

Even though VC research has three stages of analysis, VC research encompasses wide range of academic areas, without a particular discipline leading scientific research in this field. Academics from disciplines such as Finance, General Management, Innovation, Law, Public Policy, Sociology and Economics present a wide range of research on venture capital, which is very valuable because it brings different perspectives to analyze the problem of financing new businesses. For example, from a Finance perspective, Berger and Udell (1998) explain that firms are viewed through a financial growth cycle paradigm in which different capital structures are optimal at different points in the cycle. They show the sources of small business finance, and how capital structure varies with firm size and age. From a psychology perspective, Krueger et al. (2000) argue that promoting entrepreneurial intentions by promoting public perceptions of feasibility and desirability is not just desirable; but also thoroughly feasible. From a sociology perspective, Podolny (2001) draws an analytical distinction between two types of market uncertainty: egocentric, which refers to a focal actor’s uncertainty regarding the best way to convert a set of inputs to an output desired by a potential exchange partner, and altercentric, which denotes the uncertainty confronted by a focal actor’s exchange partners regarding the quality of the output that the focal actor brings to the market. From a public policies perspective, Di Gregorio and Shane (2003) provide insight into why some universities generate more new companies to exploit their intellectual property than do others. The above examples show that the analysis of VC research is varied and can derive from different disciplines. On the one hand, it could be positive to have different perspectives to try to understand the problem. On the other hand, analysis from different disciplines could be negative, especially if we want to know the specific group of authors in VC research who have more influence and productivity.

Research methodology

Bibliometric research is a field that quantitatively studies bibliographic material (Broadus, 1987) providing a general overview of a research field according to a wide range of indicators. There are different ways of ranking material in a bibliometric analysis. The most common approaches use the total number of articles or the total number of citations. Another useful indicator is the h-index (Hirsch, 2005) that combines articles with citations indicating the number of studies X that have received X or more citations. The general assumption is that the number of articles shows the productivity while the total cites reflect the influence of a set of articles. Note that this study follows the methodology developed by Merigó et al. (2015) and Cancino et al. (2017a , 2017b).

To search for articles that have focused on VC research, the study uses the keywords “venture capital*” or “business venturing” or “corporate venturing” in the title, abstract and keywords of any work available in WoS[1] between 1990 and 2014, to capture as many possible combinations of terms related to venture capital. This search finds 2,086 articles that have become 1,820 studies by only considering articles, reviews, letters and notes. The search was developed in October 2015 and January 2016.

Results

This section presents the results of the paper. First, the study analyzes the publication evolution of VC research during the past 25 years. Next, the work analyzes the citation structure indicating the number of articles that reach a specific citation threshold. Finally, the article analyzes the most influential journals in VC research according to WoS (general analysis and by quinquennials).

Evolution of publications in venture capital research

Over the past 25 years, 1,820 articles have been published in VC research. Figure 1 presents the evolution of the number of papers published annually.

In general, the growth of VC research over the past 25 years is higher than the growth of science worldwide. This growth is usually between 5 and 10 per cent, and achieved over 20 per cent in 1991, 1998, 2000 and 2008.

Citation structure in venture capital research

Table I presents the number of articles that reach a certain citation threshold to see the citation level that VC articles obtain. The analysis was developed between 1990 and 2014 and considers the citation thresholds of 200, 100, 50, 20, 10, 5 and 1. The total number of cites obtained by papers published each year is also included.

As we can see, most of the highly cited studies in VC were published in the late 1990s and beginning of the new millennium. The number of articles published in VC increases every year so the number of highly cited works also tends to increase. In general, only 2 per cent of the articles have received more than 200 and more than half of the articles received at least five citations. Only 20 per cent of the work did not receive any citations. Among the most cited papers it is possible to identify the following articles in VC research: Stuart et al. (1999), Zucker et al. (1998), Sahlman (1990), Megginson and Weiss (1991), Powell et al. (2005), Krueger et al. (2000), Berger and Udell (1998), Lee et al. (2001), Sorenson and Stuart (2001), McDougall et al. (1994), Shane and Stuart (2002), Kaplan and Stromberg (2003) and Podolny (2001).

Leading journals in venture capital research

There are many journals in the scientific community that publish material related to VC research. Table II presents a list of the 20 journals with the highest h-index in VC research (HV). This article performed the ranking analysis by identifying the rank (R), the total number of publications in VC research (TPV), the total number of citations in VC research (TCV), the total number of citations over the total number of publications in VC research (C/P1), the total number of publication of the journal (TP), the total number of citation of the journal (TC), the global h-index (H), the total number of citations over the total number of publications (C/P2) and the total number of publications in VC research over the total number of publications in any discipline (per cent PV).

It is seen that only the first journal publishes about 20 per cent of its total articles on venture capital, only one publishes about 10 per cent, three publish about 5 per cent and the rest does not publish more than 2 per cent. However, these have high numbers of citations, which explains the results of the h-index. Clearly, scientific analysis on VC comes from many disciplines, and it is not possible to identify a specific group of journals leading the discipline. This is evident if the group of the twenty most cited papers in VC research is analyzed. For this group it is possible to identify 12 different journals: Administrative Science Quarterly, American Economic Review, American Journal of Sociology, Journal of Banking & Finance, Journal of Business Venturing, Journal of Finance, Journal of Financial Economics, Management Science, Rand Journal of Economics, Research Policy, Review of Economic Studies and Strategic Management Journal. Among this group, three journals (Journal of Financial Economics, Journal of Finance and American Journal of Sociology) present three articles each on the list of the 20 most cited papers in VC research.

Leading journals in venture capital by periods of time

In this section, let us focus on the evolution of leading journals in innovation research throughout time. To do this, the study considers five-year periods between 1990 and 2014. In each period, a list with the journals that have published the highest number of articles in VC is presented. The analysis uses similar indicators to Table II. Tables III, IV, V and VI present the results (period 2000-2004 was omitted in this version of the paper).

Journal of Business Venturing and Journal of Financial Economics have been the main leaders during the last twenty-five years. In the 1990s, there were few specialized journals in VC indexed in WoS. Since 2005, journals with the highest proportion of VC items over total publications have appeared.

In the first five-year period analyzed it is possible to see that academic papers in VC research are published mainly in journals of General Management and Finance. In the second quinquennial, in addition to journals of General Management and Finance, several papers were published in specialized journals in Innovation and Entrepreneurship research. In the last quinquennial (Table VI), it is possible to see that there are several journals, from a wide spectrum of disciplines, publishing papers in VC research.

Mapping journals in venture capital research with VOS viewer software

A further interesting issue to consider is mapping the leading journals to visualize their publication and citation structure. To do so, this work uses VOS viewer software (Van Eck and Waltman, 2010). VOS viewer is very useful for collecting bibliographical material providing visualizations of the bibliographic connections of documents, journals, authors and universities by using a wide range of techniques including bibliographic coupling (Kessler, 1963) and co-citation (Small, 1973).

First, this work studied bibliographic coupling between journals in VC research. Recall that bibliographic coupling (Kessler, 1963) occurs when two documents cite the same third document. Figure 2 shows the results. Note that the figure considers journals with at least X documents in VC and the one hundred most representative connections in the bibliographic network.

The Journal of Business Venturing is at the core of the field confirming the results seen in the previous tables. It is worth noting that some leading management and financial journals also have a significant position in the field publishing a significant number of articles.

Next, let us analyze co-citation between journals in venture capital. Recall that co-citation (Small, 1973) occurs when two documents receive a citation from the same third document. Figure 3 presents the map considering a minimum threshold of X citations and the one hundred most representative connections.

The Journal of Business Venturing is the most influential journal, although the Journal of Finance and the Journal of Financial Economics also receive numerous citations. Moreover, several management journals are also very influential in the field including the Strategic Management Journal and the Academy of Management Journal.

Conclusions

This work presents a general overview of the leading journals in VC research between 1990 and 2014. Different analyses were performed, both at a general level for the described period, and also at the quinquennial level.

First, the analysis focused on studying a ranking of 40 leading journals that present a greater h-index in the discipline. In this ranking, it is possible to observe an interesting discussion that reveals that the most productive journals, i.e. those who have a greater quantity of published work, are not necessarily the most influential, i.e. those who have a greater number of citations by the scientific community. Only one case, Journal of Business Venturing which is the most productive, is also the most influential journal. Evidently, this is the only specialized journal in VC research. Interestingly, some cases, such as Journal of Finance, Strategic Management Journal and Journal of Banking & Finance, present an important number of citations (more than 1,000) in less than 25 papers. These three journals, despite not being specialized in VC research, publish very influential papers. The work also develops a graphical visualization of the publication and citation structure between journals by using VOS viewer software with bibliographic coupling and co-citation.

A quinquennial analysis, five periods of five years each, allowed us to recognize the transition among journals which focus on VC research. Specifically, in the first quinquennials analyzed, less than 15 journals published papers on venture capital, and the journals that accepted these articles come from a Finance and General Management perspective. Currently, this situation is very different. The last quinquennials analyzed show that more than 40 journals normally accept and publish papers on venture capital. This group of journals does not come from a few disciplines; in fact, a wide range of perspectives that include psychology, law, innovation and sociology, among others, represents it.

Clearly, VC research will continue growing, and it is necessary to deepen the analysis of the authors, countries and universities that lead research in this discipline, who are not only the most productive players but also the most influential actors.

Figures

Annual number of studies in venture capital

Figure 1.

Annual number of studies in venture capital

Bibliographic coupling of journals

Figure 2.

Bibliographic coupling of journals

Co-citation of journals in venture capital

Figure 3.

Co-citation of journals in venture capital

Citation structure of venture capital

Year ≥200 ≥100 ≥50 ≥20 ≥10 ≥5 ≥1 TC TP
1990 2 2 3 5 7 7 7 1,041 12
1991 1 1 1 5 7 7 11 718 18
1992 0 1 7 12 12 14 16 782 19
1993 0 1 4 6 7 9 15 439 21
1994 3 7 10 16 18 19 23 1,926 25
1995 2 2 7 13 14 17 20 1,118 26
1996 1 6 7 10 14 17 24 1,146 29
1997 0 1 7 15 20 21 25 860 30
1998 4 10 15 22 27 31 41 3,281 44
1999 3 5 10 17 17 21 26 2,104 47
2000 3 7 13 20 23 29 41 2,362 61
2001 4 7 14 27 32 36 46 3,005 66
2002 4 7 18 31 37 44 54 3,010 69
2003 5 13 30 42 51 56 69 4,320 71
2004 2 11 21 35 42 50 56 2,951 80
2005 1 7 17 49 58 63 73 3,095 81
2006 0 2 17 38 55 63 78 2,223 85
2007 1 4 11 47 70 89 103 2,712 92
2008 0 0 15 31 47 64 75 1,929 112
2009 0 0 7 31 59 79 106 1,818 118
2010 0 0 5 26 48 78 106 1,546 119
2011 0 1 2 22 49 73 110 1,397 133
2012 0 1 2 9 35 61 107 1,063 134
2013 0 0 0 2 13 45 119 575 160
2014 0 0 1 3 10 19 99 414 168
Total 36 96 244 534 772 1,012 1,450 45,835 1,820
% 2 5 13 29 42 56 80

Source: Own elaboration

Most influential journals in venture capital

R Journal Venture capital Global
TPV TCV HV C/P1 TP TC H C/P2 %PV
1 Journal of Business Venturing 164 6,976 48 42,5 836 36,562 98 43,7 19.6
2 Journal of Finance 23 2,923 21 127,1 1,972 1,70,112 199 86,3 1.2
3 Journal of Financial Economics 35 2,884 21 82,4 1,791 1,06,449 153 59,4 2.0
4 Entrepreneurship Theory and Practice 49 1,070 21 21,8 515 15,361 62 29,8 9.5
5 Research Policy 37 1,609 20 43,5 2,059 87,374 141 42,4 1.8
6 Small Business Economics 67 833 16 12,4 1,252 21,557 63 17,2 5.4
7 Strategic Management Journal 25 1,477 15 59,1 1,726 1,79,035 202 103,7 1.4
8 Journal of Management Studies 23 624 14 27,1 1,252 47,442 101 37,9 1.8
9 Journal of Banking Finance 25 1,024 13 41,0 3,561 49,728 78 14,0 0.7
10 Journal of Corporate Finance 35 569 13 16,3 723 8,678 43 12,0 4.8
11 Technovation 30 396 13 13,2 1,538 24,024 59 15,6 2.0
12 Academy of Management Journal 19 916 11 48,2 1,490 1,80,389 218 121,1 1.3
13 Review of Financial Studies 26 763 10 29,3 1,377 60,715 116 44,1 1.9
14 Harvard Business Review 26 634 10 24,4 4,847 65,716 113 13,6 0.5
15 Management Science 14 966 9 69,0 3,247 1,51,121 166 46,5 0.4
16 Entrepreneurship and Regional Development 18 300 9 16,7 381 5,525 35 14,5 4.7
17 Administrative Science Quarterly 8 1,050 8 131,3 512 1,02,142 168 199,5 1.6
18 Organization Science 16 613 8 38,3 1,301 1,13,095 154 86,9 1.2
19 Financial Management 14 494 8 35,3 832 10,680 47 12,8 1.7
20 Journal of International Business Studies 11 260 8 23,6 1,162 61,441 121 52,9 0.9
21 R D Management 13 231 8 17,8 781 13,961 54 17,9 1.7
22 Journal of Financial Intermediation 13 185 8 14,2 395 7,486 43 19,0 3.3
23 Journal of Small Business Management 17 184 8 10,8 622 10,391 47 16,7 2.7
24 Regional Studies 10 311 7 31,1 1,805 29,878 68 16,6 0.6
25 Journal of Financial and Quantitative Analysis 11 182 7 16,5 958 22,384 73 23,4 1.1
26 European Planning Studies 16 148 7 9,3 1,174 8,769 36 7,5 1.4
27 European Financial Management 10 104 7 10,4 340 2,706 24 8,0 2.9
28 California Management Review 10 260 6 26,0 730 30,914 86 42,3 1.4
29 Journal of Business Finance Accounting 12 135 6 11,3 533 3,446 24 6,5 2.3
30 International Journal of Technology Management 32 131 6 4,1 1,810 9,342 33 5,2 1.8
31 Strategic Entrepreneurship Journal 17 126 6 7,4 155 2,502 26 16,1 11.0
32 Journal of Technology Transfer 13 118 6 9,1 322 2,295 22 7,1 4.0
33 Journal of Business Research 14 99 6 7,1 3,214 53,711 87 16,7 0.4
34 Industrial and Corporate Change 10 95 6 9,5 598 12,070 53 20,2 1.7
35 Health Affairs 8 56 6 7,0 5,495 92,245 108 16,8 0.1
36 Journal of Management 7 484 5 69,1 1,100 80,900 135 73,5 0.6
37 Journal of Economics Management Strategy 13 200 5 15,4 672 10,496 51 15,6 1.9
38 Accounting Review 6 150 5 25,0 1,167 34,321 82 29,4 0.5
39 International Small Business Journal 12 119 5 9,9 371 4,090 28 11,0 3.2
40 Corporate Governance an International Review 11 62 5 5,6 606 6,798 34 11,2 1.8

Source: Own elaboration

Leading journals in VC between 1990-1994

R Journal TPV TCV HV C/P1 TP TC H C/P2
1 Journal of Business Venturing 29 1.543 20 53,2 149 8.551 55 57,4
2 Journal of Financial Economics 3 1.091 3 363,7 154 18.034 65 117,1
3 Financial Management 3 418 3 139,3 254 3.661 30 14,4
4 Harvard Business Review 3 72 2 24,0 900 19.538 63 21,7
5 Technovation 3 30 2 10,0 180 1.400 19 7,8
6 Journal of Finance 2 703 2 351,5 417 42.723 104 102,5
7 Academy of Management Journal 2 286 2 143,0 268 42.520 119 158,7
8 Strategic Management Journal 2 162 2 81,0 300 45.300 114 151,0
9 Long Range Planning 2 42 1 21,0 397 3.295 29 8,3
10 Organization Science 1 96 1 96,0 141 31.823 70 225,7
11 Management Science 1 45 1 45,0 575 35.956 99 62,5
12 Journal of Management Studies 1 19 1 19,0 175 8.395 49 48,0
13 California Management Review 1 15 1 15,0 152 6.339 38 41,7
14 Health Affairs 1 4 1 4,0 549 6.947 37 12,7
15 Journal of Portfolio Management 1 0 0 0,0 259 1.940 19 7,5
16 Administrative Science Quarterly 0 0 0 0,0 113 40.473 90 358,2
17 Journal of Management 0 0 0 0,0 196 23.883 85 121,9
18 Review of Financial Studies 0 0 0 0,0 142 14.424 67 101,6
19 Journal of International Business Studies 0 0 0 0,0 167 12.182 62 72,9
20 Research Policy 0 0 0 0,0 174 8.379 46 48,2
21 Accounting Review 0 0 0 0,0 235 6.256 46 26,6
22 Journal of Product Innovation Management 0 0 0 0,0 120 6.059 45 50,5
23 Journal of Financial and Quantitative Analysis 0 0 0 0,0 177 5.155 42 29,1
24 Journal of Law & Economics 0 0 0 0,0 121 5.081 39 42,0
25 Journal of Business Research 0 0 0 0,0 257 5.535 38 21,5
26 Journal of Banking Finance 0 0 0 0,0 315 5.533 38 17,6
27 Regional Studies 0 0 0 0,0 276 4.650 34 16,8
28 Chimia 0 0 0 0,0 450 3.406 28 7,6
29 Ieee Transactions on Engineering Management 0 0 0 0,0 197 2.688 26 13,6
30 R D Management 0 0 0 0,0 126 2.312 26 18,3
31 Small Business Economics 0 0 0 0,0 90 1.417 20 15,7
32 Journal of Economics Management Strategy 0 0 0 0,0 68 1.200 17 17,6
33 Research Technology Management 0 0 0 0,0 238 1.155 17 4,9
34 International Journal of Technology Management 0 0 0 0,0 56 306 9 5,5
35 Technology Analysis Strategic Management 0 0 0 0,0 30 160 6 5,3
36 Journal of Technology Transfer 0 0 0 0,0 6 2 1 0,3
37 Entrepreneurship Theory and Practice 0 0 0 0,0 0 0 0 0,0
38 Journal of Corporate Finance 0 0 0 0,0 0 0 0 0,0
39 Entrepreneurship and Regional Development 0 0 0 0,0 0 0 0 0,0
40 Journal of Financial Intermediation 0 0 0 0,0 0 0 0 0,0

Source: Own elaboration

Leading journals in VC between 1995-1999

R Journal TPV TCV HV C/P1 TP TC H C/P2
1 Journal of Business Venturing 24 1.481 20 61,7 131 8.107 51 61,9
2 Small Business Economics 10 228 8 22,8 215 5.116 36 23,8
3 Journal of Banking Finance 8 752 6 94,0 391 9.011 48 23,0
4 Journal of Management Studies 6 139 5 23,2 188 6.691 47 35,6
5 Technovation 6 109 5 18,2 256 3.643 41 14,2
6 Harvard Business Review 5 253 5 50,6 688 20.775 70 30,2
7 Journal of Financial Economics 3 653 3 217,7 249 26.749 90 107,4
8 Journal of Finance 3 568 3 189,3 371 49.983 122 134,7
9 Journal of Law & Economics 2 168 2 84,0 120 4.075 39 34,0
10 Research Policy 2 61 2 30,5 279 16.886 70 60,5
11 International Journal of Technology Management 4 4 1 1,0 530 3.183 23 6,0
12 Long Range Planning 2 9 1 4,5 368 4.881 32 13,3
13 Administrative Science Quarterly 1 730 1 730,0 124 35.632 91 287,4
14 Academy of Management Journal 1 133 1 133,0 279 53.250 126 190,9
15 Management Science 1 130 1 130,0 656 39.825 102 60,7
16 Review of Financial Studies 1 117 1 117,0 175 11.199 59 64,0
17 R D Management 1 113 1 113,0 132 2.293 26 17,4
18 California Management Review 1 72 1 72,0 155 13.695 57 88,4
19 Regional Studies 1 37 1 37,0 341 6.884 40 20,2
20 Health Affairs 1 18 1 18,0 708 14.189 57 20,0
21 Journal of Business Research 1 10 1 10,0 341 9.294 92 27,3
22 Journal of Small Business Management 1 2 1 2,0 171 3.128 33 18,3
23 Advances in Strategic Management A Research Annual 1 2 1 2,0 23 212 9 9,2
24 Journal of Portfolio Management 1 1 1 1,0 235 1.702 20 7,2
25 Strategic Management Journal 0 0 0 0,0 310 55.319 116 178,4
26 Organization Science 0 0 0 0,0 218 28.238 93 129,5
27 Journal of International Business Studies 0 0 0 0,0 195 14.909 71 76,5
28 Journal of Management 0 0 0 0,0 189 15.815 70 83,7
29 Journal of Product Innovation Management 0 0 0 0,0 141 8.608 52 61,0
30 Journal of Financial and Quantitative Analysis 0 0 0 0,0 135 5.385 43 39,9
31 Accounting Review 0 0 0 0,0 130 7.589 39 58,4
32 Ieee Transactions on Engineering Management 0 0 0 0,0 187 3.997 35 21,4
33 Chimia 0 0 0 0,0 504 4.550 32 9,0
34 Journal of Economics Management Strategy 0 0 0 0,0 120 2.903 30 24,2
35 Financial Management 0 0 0 0,0 150 2.137 27 14,2
36 Technology Analysis Strategic Management 0 0 0 0,0 141 2.596 25 18,4
37 Journal of Financial Intermediation 0 0 0 0,0 70 1.744 24 24,9
38 Research Technology Management 0 0 0 0,0 210 1.957 22 9,3
39 Economic Development Quarterly 0 0 0 0,0 145 1.423 20 9,8
40 Entrepreneurship Theory and Practice 0 0 0 0,0 0 0 0 0,0

Source: Own elaboration

Leading journals in VC between 2005-2009

R Journal TPV TCV HV C/P1 TP TC H C/P2
1 Journal of Business Venturing 44 1.530 25 34,8 185 7.896 51 42,7
2 Entrepreneurship Theory and Practice 32 973 20 30,4 234 10.276 55 43,9
3 Research Policy 14 753 13 53,8 550 23.611 78 42,9
4 Journal of Financial Economics 12 535 10 44,6 458 24.741 83 54,0
5 Small Business Economics 17 210 9 12,4 282 6.773 44 24,0
6 Journal of Corporate Finance 11 286 8 26,0 211 4.345 35 20,6
7 Technovation 12 174 7 14,5 458 10.467 50 22,9
8 Journal of Financial Intermediation 7 162 7 23,1 112 1.755 23 15,7
9 Entrepreneurship and Regional Development 7 157 6 22,4 122 2.186 26 17,9
10 Journal of Business Finance Accounting 7 121 6 17,3 297 2.756 23 9,3
11 Strategic Management Journal 6 326 6 54,3 336 23.028 85 68,5
12 Journal of Management Studies 6 262 6 43,7 313 13.248 64 42,3
13 Journal of Banking Finance 6 141 6 23,5 913 16.012 50 17,5
14 Journal of Technology Transfer 6 107 6 17,8 107 1.279 19 12,0
15 European Planning Studies 11 78 5 7,1 369 3.686 27 10,0
16 Journal of Finance 5 523 5 104,6 332 21.160 83 63,7
17 Academy of Management Journal 5 370 5 74,0 298 28.004 95 94,0
18 Organization Science 5 206 5 41,2 265 16.307 78 61,5
19 Review of Financial Studies 5 165 5 33,0 366 16.744 68 45,7
20 Accounting Review 5 151 5 30,2 255 7.684 46 30,1
21 Management Science 5 133 5 26,6 700 25.463 74 36,4
22 Strategic Entrepreneurship Journal 5 92 5 18,4 56 1.792 25 32,0
23 International Journal of Technology Management 13 69 4 5,3 439 2.127 19 4,8
24 Journal of Small Business Management 5 47 4 9,4 145 3.075 33 21,2
25 Administrative Science Quarterly 4 227 4 56,8 89 7.371 49 82,8
26 Journal of International Business Studies 4 139 4 34,8 313 15.442 66 49,3
27 Financial Management 4 57 4 14,3 132 1.590 17 12,0
28 Management Decision 6 21 3 3,5 276 2.228 21 8,1
29 Research Technology Management 5 14 3 2,8 175 1.080 15 6,2
30 R D Management 4 53 3 13,3 175 4.173 34 23,8
31 Advances in Strategic Management A Research Annual 4 26 3 6,5 88 428 10 4,9
32 Health Affairs 4 21 3 5,3 1431 29.033 76 20,3
33 Journal of Economics Management Strategy 3 58 3 19,3 180 2.871 26 16,0
34 European Financial Management 3 47 3 15,7 162 2.092 22 12,9
35 Journal of Business Research 4 51 2 12,8 789 17.616 59 22,3
36 Harvard Business Review 3 86 2 28,7 1072 9.235 45 8,6
37 Industrial and Corporate Change 3 61 2 20,3 200 4.479 34 22,4
38 Long Range Planning 3 12 2 4,0 128 2.153 26 16,8
39 Journal of Management 2 119 2 59,5 214 13.710 62 64,1
40 Ieee Transactions on Engineering Management 2 31 2 15,5 227 4.068 33 17,9

Source: Own elaboration

Leading journals in VC between 2010-2014

R Journal TPV TCV HV C/P1 TP TC H C/P2
1 Journal of Business Venturing 38 578 14 15,2 217 3.088 31 14,2
2 Small Business Economics 30 153 8 5,1 421 2.126 20 5,0
3 Strategic Management Journal 12 170 8 14,2 436 5.480 36 12,6
4 Review of Financial Studies 17 212 7 12,5 498 6.124 67 12,3
5 Entrepreneurship Theory and Practice 16 102 7 6,38 254 3.038 27 12,0
6 Research Policy 14 143 7 10,2 628 6.986 34 11,1
7 Journal of Financial Economics 10 144 6 14,4 615 7.989 39 13,0
8 International Entrepreneurship and Management Journal 13 69 5 5,31 165 1.003 18 6,1
9 Strategic Entrepreneurship Journal 12 58 5 4,83 99 710 16 7,2
10 Academy of Management Journal 10 85 5 8,5 323 6.947 45 21,5
11 Journal of Financial and Quantitative Analysis 8 87 5 10,9 284 1.699 21 6,0
12 Journal of Management Studies 8 76 5 9,5 293 4.456 32 15,2
13 Journal of International Business Studies 7 147 5 21 288 3.772 29 13,1
14 Industrial and Corporate Change 7 43 5 6,14 276 1.636 18 5,9
15 Journal of Corporate Finance 19 72 4 3,79 413 1.648 18 4,0
16 Review of Finance 9 40 4 4,44 191 813 14 4,3
17 Corporate Governance an International Review 8 39 4 4,88 156 887 12 5,7
18 Journal of Banking Finance 8 30 4 3,75 1.450 7.019 27 4,8
19 European Financial Management 7 73 4 10,4 178 614 12 3,4
20 Organization Science 7 45 4 6,43 455 6.255 37 13,7
21 Journal of Financial Intermediation 6 38 4 6,33 139 1.275 17 9,2
22 Asia Pacific Journal of Management 6 32 4 5,33 227 1.374 16 6,1
23 Journal of Finance 5 117 4 23,4 332 5.508 35 16,6
24 International Small Business Journal 9 27 3 3 200 995 13 5,0
25 Journal of Business Research 8 25 3 3,13 1.305 5.952 25 4,6
26 Journal of Economics Management Strategy 8 16 3 2 189 610 11 3,2
27 Financial Management 7 39 3 5,57 194 713 11 3,7
28 Entrepreneurship and Regional Development 6 33 3 5,5 177 973 15 5,5
29 Harvard Business Review 6 11 3 1,83 1.363 2.030 17 1,5
30 California Management Review 5 27 3 5,4 135 760 14 5,6
31 Journal of Business Finance Accounting 5 23 3 4,6 236 690 11 2,9
32 Journal of Product Innovation Management 5 20 3 4 430 2.699 22 6,3
33 Technovation 5 16 3 3,2 283 2.573 24 9,1
34 Regional Studies 4 25 3 6,25 479 2.357 19 4,9
35 R D Management 4 23 3 5,75 164 994 15 6,1
36 Journal of Technology Transfer 7 26 2 3,71 209 1.014 16 4,9
37 International Review of Financial Analysis 6 13 2 2,17 315 475 8 1,5
38 Management Science 5 30 2 6 747 5.678 28 7,6
39 Journal of Small Business Management 4 21 2 5,25 167 904 15 5,4
40 Journal of Management 3 19 2 6,33 297 6.286 41 21,2

Source: Own elaboration

Note

1.

Web of Science (WoS) is one of the most popular databases for classifying scientific research worldwide. The assumption is that it only includes those journals that are evaluated with the highest quality.

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Corresponding author

Christian A. Cancino can be contacted at: cancino@fen.uchile.cl