This book is the first study on philanthropic venture capital, a
financing form for social entrepreneurs that unites the principles
characterizing traditional venture capital with social aims. The
provision of capital and non- financial services to social
enterprises are of key importance for the maximizations of social
impact as both elements enable social enterprises to become
sustainable. However, the value proposition of the venture capital
and philanthropic venture capital are different; a key issue is
understanding how the practices used in the former are applied by
the latter. Grounded in asymmetric information and stewardship
theory, I build on and contribute to previous work showing how
adverse selection and moral hazard are able to describe the
philanthropic venture capital investment model. Results indicate
that philanthropic venture capital investments are characterized by
adverse selection. On the contrary, moral hazard tends to be a
marginal issue in the deal structuring and post-investment phased
of the investment, with investors acting as stewards rather than
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