Stakeholder perspective on valuation of a start-up company: Empirical case study examining approaches of different stakeholders to a start-up company valuation

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dc.contributorAalto-yliopistofi
dc.contributorAalto Universityen
dc.contributor.authorRaininko, Miikka
dc.contributor.departmentLaskentatoimen laitosfi
dc.contributor.departmentDepartment of Accountingen
dc.contributor.schoolKauppakorkeakoulufi
dc.contributor.schoolSchool of Businessen
dc.date.accessioned2014-12-11T09:14:59Z
dc.date.available2014-12-11T09:14:59Z
dc.date.dateaccepted2014-05-21
dc.date.issued2014
dc.description.abstractThis study examines how different stakeholders e.g. entrepreneurs, angel investors, venture capital firm and public institution funder perform valuation and constitute their understanding of the value of a start-up company. Further, this study also examines the factors and considerations of each stakeholder within the research perimeter regarding investment or funding decision-making. The study is qualitative case study by nature. The research setting of this study comprises of case start-up company and its stakeholders team of entrepreneurs, two angel investors, early-stage venture capital firm and public institution funder Tekes. In this research setting, all of the stakeholders view the same start-up company, and the considerations of the valuation and decision- making factors are regarding the case start-up company. The fieldwork was conducted via semi-structured interviews with each of the stakeholders. The results show that the considerations regarding applicability of quantitative valuation methods vary between the stakeholders within the transaction perimeter. Additionally, the results show that qualitative factors and considerations are significantly important in the valuation and decision-making. Further, the results suggest that actually the value of a start-up company is in line with the collective faith of the stakeholders concerning the other stakeholders of the start-up company. In addition, it seems that public institution funding has its place in start-up company funding by providing funding and also contributing as a stakeholder to the collective faith in the company.en
dc.ethesisid13773
dc.format.extent73
dc.identifier.urihttps://aaltodoc.aalto.fi/handle/123456789/14610
dc.identifier.urnURN:NBN:fi:aalto-201412113158
dc.language.isoenen
dc.locationP1 I
dc.programme.majorAccountingen
dc.programme.majorLaskentatoimifi
dc.subject.heleconlaskentatoimi
dc.subject.heleconaccounting
dc.subject.heleconsijoitukset
dc.subject.heleconinvestments
dc.subject.heleconpäätöksenteko
dc.subject.helecondecision making
dc.subject.heleconriskirahoitus
dc.subject.heleconventure capital
dc.subject.heleconyritykset
dc.subject.heleconcompanies
dc.subject.heleconkasvu
dc.subject.helecongrowth
dc.subject.keywordvaluation
dc.subject.keywordinvestment decision-making
dc.subject.keywordstart-up company
dc.subject.keywordentrepreneur
dc.subject.keywordangel investor
dc.subject.keywordventure capital
dc.subject.keywordpublic institution funding
dc.titleStakeholder perspective on valuation of a start-up company: Empirical case study examining approaches of different stakeholders to a start-up company valuationen
dc.typeG2 Pro gradu, diplomityöfi
dc.type.dcmitypetexten
dc.type.ontasotMaster's thesisen
dc.type.ontasotPro gradu tutkielmafi
local.aalto.idthes13773
local.aalto.openaccessno
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