Abstract
We investigate the effect of public (PUVC) and private (PRVC) venture capital funds on the sales growth of 6513 European New Technology-Based Firms (NTBFs) during the period from 1992 to 2009. Our results show that PUVC-backed NTBFs underperform with respect to PRVC-backed ones and do not grow more than non–venture capital-backed companies. The impact of PUVC is still not statistically significant (even though it is positive) when PUVC funds target young NTBFs. The only notable exception suggesting a positive and statistically significant impact for PUVCs is when PUVC funds cofinance with PRVC funds, and both target young firms.
| Lingua originale | English |
|---|---|
| pagine (da-a) | 1109-1148 |
| Numero di pagine | 40 |
| Rivista | Industrial and Corporate Change |
| Volume | 24 |
| DOI | |
| Stato di pubblicazione | Pubblicato - 2015 |
| Pubblicato esternamente | Sì |
Keywords
- Entrepreneurial firms
- Europe
- Innovation policy
- R&D
- Syndication
- entrepreneurial finance
- entrepreneurship
- firm growth
- investment
- new technology-based firms
- public venture capital
- venture capital