Pembiayaan Modal Teroka: Kesan Maklumat Asimetri ke Atas Prestasi Usaha Niaga (Venture Capital Financing: Impact of Asymmetric Information on Venture Performance)

This study examines and presents empirical evidence on the impact of asymmetric information on the performance of investee companies (ICs). The asymmetric information of concern is one that arises between ICs as the fund recipients and their respective financial providers (venture capital firms, VCFs). A survey method is adopted on 43 VFCs and 49 ICs in Malaysia. The paired sample t-test and MANOVA techniques are used to test the hypothesis. The result shows that asymmetric information gives an impact on the venture performance, whereby high asymmetric information contributes to the venture failure, while low asymmetric information contributes to the venture success. Asymmetric information contributes up to 52% towards the failure of business ventures but only up to 45% in the case of successful business ventures. It is hoped that the finding of the study could provide some insights and suggestions to the government, as the policy-maker, to prepare the procedure, guidelines and standardized transparent contract mechanism in order to reduce asymmetric information between VCFs and ICs and subsequently increase the success rate of of this industry.