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The present research programme builds on the research studies of Zimmermann and Fischer (2003), Achleitner et al. (2006) and Achleitner et al. (2010). These examinations were carried out on behalf of the KfW to analyse the development of Germany’s PE and VC market between 1999 and 2001 (Zimmermann and Fischer 2003), between 2002 and 2004 (Achleitner et al. 2006) and between 2007 and 2009 (Achleitner et al. 2010). Due to the type of sample frame and the remarkable response rates of approx. 50% in each case, the results could be regarded as representative for the entire PE and VC market in Germany. The first study of Zimmermann and Fischer (2003) considers comparable data from UK’s PE and VC market for comparison purposes. Due to the subsequent studies of Achleitner et al. in 2006 and 2010, it is possible to describe the development of the German PE and VC market within one decade. Market reactions could be evaluated during an economic downturn after the millennium turn, a period of stagnation between 2002 and 2004, and finally a conjuncture downturn between 2007 and 2009 (Destatis 2013). These studies are based on comprehensive structured questionnaires. Hummel (2011b) applies a similar quantitative research design in order to examine the German PE and VC market cross-sectional between 2001 and 2009. Due to the annual implementation of Hummel’s (2011b) studies, it is possible to compare the development of Germany’s PE and VC market from year to year. Even though the content of Hummel’s (2011b) questionnaire differs from the KfW studies in some aspects (Zimmermann and Fischer 2003; Achleitner et al. 2006; Achleitner et al. 2010), Hummel’s (2011b) examination is suitable for validation and expansion purposes. Although exclusively descriptive, each one of these studies is extraordinary

meaningful. The application of descriptive analysis methods preserved the meaningfulness and seems appropriate in relation to the research objectives. Furthermore, Hummel (2011a) was research active regarding innovation and SME financing in Germany. This research examination is also based on a structured questionnaire and concerned with the descriptive analysis of SMEs innovation efforts, financing instruments and financing constraints. These examinations are very good examples regarding the suitability of structured questionnaires to examine larger populations.

On the other hand, several doctoral researchers carried out examinations regarding the relationship of PE investors and their portfolio companies (Brinkrolf 2002; Reißig-Thust 2003; Pankotsch 2005; Kranz 2008; Wexlberger 2011). Thus, their research is much more focused on detailed developments and relationships. Brinkrolf’s (2002) research stands for a systematical analysis of investor’s mentoring measures on the one hand and their profit contribution on the other hand. Therefore, several hypotheses were derived from literature review results and expert interviews. Data was collected on the level of the portfolio companies by structured questionnaires. Responses were then analysed by means of descriptive statistics and correlation analyses. The results were finally validated by expert interviews. Reißig-Thust (2003) analysed the relationship between VC firms and start-up companies during every phase of the investment process. Therefore, several research hypotheses were derived from a comprehensive literature review. Quantitative data was collected by structured questionnaires on the level of the VC firms. The data was analysed quantitatively to determine the performance contribution of each process step and the whole investment process. The application of descriptive and multivariate correlation analyses in this research programme (Reißig-Thust 2003) resulted in meaningful and comprehensive research outcomes. Pankotsch (2005) developed a quite similar research design but was concerned with the examination of investors' support strategies. Therefore, he analysed data from the investors regarding their portfolios. In order to determine the best possible support strategy in relation to investment returns, several hypotheses were tested by means of multivariate statistical analyses (Pankotsch 2005). These cross-sectional studies analysed both primary and in some cases secondary data. The researchers based their data collection process on samples of typical cases and sometimes on dyadic sample structures for comparison purposes. The majority of sample frames were derived from BVK memberships. Each researcher followed a strong quantitative orientation and analysed data by means of descriptive, correlation and multivariate analyses. Nevertheless, and as a result of their research experience, Brinkrolf (2002) and Reißig-Thust (2003) point out that it would be quite difficult to draw serious conclusions

from causal analyses which are based on small sample sizes. Pankotsch (2005), according to his research experience, supplements that cross-sectional research has limitations and would be unsuitable to describe developments. Therefore, he recommends the implementation of longitudinal research studies. Reißig-Thust (2003) additionally remarks that it would be difficult to address research questions in greater detail by the exclusive application of quantitative methods. Hence, she recommends the application of qualitative research designs for exploration purposes. Interestingly enough, none of these researchers applied any kind of text analysis, text interpretation, or any kind of narrative or semi-structured interview during the main study (Brinkrolf 2002; Vater 2002; Reißig-Thust 2003; Pankotsch 2005; Kranz 2008; Wexlberger 2011). In some rare cases, interviews during the main study were carried out to replace surveys and to collect quantitative data (Brinkrolf 2002; Vater 2002; Hoffelner 2010).

On the other hand, literature review results showed that several researchers carried out case study based qualitative examinations (Kollmann and Kuckertz 2004; Petty and Gruber 2011; Leece et al. 2012). In that respect, Kollmann and Kuckertz (2004) were research active with regard to the decision making process of VC firms. These researchers based their examination on semi- structured interviews which were carried out both on the level of the investors and the portfolio companies. Kollmann and Kuckertz (2004, p. 51) argue: “It is hardly feasible to cover the whole complexity of a venture capitalists decision making with merely quantitative methods”. This assumption was confirmed during the present thesis, as one sample member denied to participate due to the application of a structured questionnaire. This sample member pointed out that it would not be possible to capture the investment behaviour, the investment strategy and the decision making process of PE and VC investors on the basis of structured questionnaires. This sample member argued:

“It’s simply a quite complicated subject and driven by very individual motivations and environmental conditions”.

The interview results from Kollmann and Kuckertz (2004) were taped and afterwards transcribed. This research study delivered new insights regarding the investment decision process of VC firms as a result of the economic downturn after the millennium change. Petty and Gruber (2011) on the other hand criticise the limitations of both post-hoc research and experiments. They point out that post-hoc research might have its limitations due to recall biases, whereas experiments are oversimplifying the process of investment decisions. In addition, they

criticise the application of cross-sectional research studies which overall result in rather similar research findings. Petty and Gruber (2011, p. 174) argue that: “For example, respondents tend to report criteria which are believed to be desirable and also tend to overstate the number of criteria actually considered in the evaluation process”. This assumption is underlined by research findings from Brettel (2002), who also analysed the decision making process of venture capitalists. Brettel’s (2002) research resulted in 103 different decision criteria which are regarded as important in the decision making process. According to their considerations, Petty and Gruber (2011) carried out a longitudinal study which is based on the lifecycle of two funds from one European investor. This examination is concerned with a period of 11 years. In terms of examining the criteria at the moment of decision making, Petty and Gruber (2011) examined archival data from 3,631 deal proposals and 35 investments. The archival data was analysed by means of qualitative text interpretation to address the research question. This research programme, even though based on one investor, resulted in both interesting findings and conclusions for practice. The case study from Leece et al. (2012) on the other hand is concerned with the investment decision making process and the key characteristics of the post-investment phase. Leece et al. (2012) argue that the choice of a case study seems appropriate in order to receive a holistic picture. This case study is based on unstructured interviews both on the level of the investor and their portfolio companies. In order to support the interpretation of the results, secondary data from published reports, internal investment records of the investor and comparable data were also processed (Leece et al. 2012). The data interpretation in that research study is solely qualitative. Although small in sample size and focused on a particular region, these case studies clearly show that alternative procedures are suitable to deliver new and deeper insights.

In the context of research methodologies, Suman et al. (2012) mention the dominance of empirical-quantitative data on the one hand and a gap in multi-method approaches, survey-based, action and case study research on the other hand. They also see the risk of meaningless data sources and point out that the majority of research is based on secondary data. Obviously, Suman et al. (2012, p. 37) see some misdirection when they state that: “If academicians today do not expand their approaches to research, managers will continue to perceive them as irrelevant academicians who address fictitious problems and are not interested in the real world”. Therefore, they recommend the enlargement of research methodologies in order to contribute for both research and practice.

As a result, it is surely not advisable to prefer or to disregard a particular procedure. The application of a research approach should be critically selected in the context of the specific research subject and the research aim. Nevertheless, it is surely difficult to receive an all- encompassing description of reality by the implementation of unstructured questionnaires or interviews. In that case, extensive surveys are required which are best practised by the application of structured questionnaires, for instance the ones applied by Hummel (2011a) and Hummel (2011b), Zimmermann and Fischer (2003), and Achleitner et al. (2006 and 2010). On the other hand, such a research design with an exclusively quantitative analysis might narrow the research perspective where thorough and detailed understanding is required (see also appendix J.1). Hence, case study research, which in the normal case is associated with smaller sample sizes, surely contributes to the knowledge base due to the in-depth orientation.