New technology-based firms in Europe: market penetration, public venture capital, and timing of investment

被引：66
作者：
Grilli, Luca [1 ]
Murtinu, Samuele [1 ]
机构：
[1] Politecn Milan, Dept Management Econ & Ind Engn, I-20133 Milan, Italy
来源：
INDUSTRIAL AND CORPORATE CHANGE | 2015年 / 24卷 / 05期
关键词：
START-UP FIRMS; PRIVATE EQUITY; GROWTH; INNOVATION; PERFORMANCE; CONTRACTS; POLICY; ENTREPRENEURS; PRODUCTIVITY; SYNDICATION;
D O I：
10.1093/icc/dtu025
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
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.
引用
收藏
页码：1109 / 1148
页数：40
相关论文
共 101 条
[1]   Why do venture capital firms exist? Theory and Canadian evidence [J].
Amit, R ;
Brander, J ;
Zott, C .
JOURNAL OF BUSINESS VENTURING, 1998, 13 (06) :441-466
[2]  
[Anonymous], 1977, NEW TECHNOLOGY BASED
[3]  
[Anonymous], 2012, The Economist
[4]   The legislative road to silicon valley [J].
Armour, John ;
Cumming, Douglas .
OXFORD ECONOMIC PAPERS-NEW SERIES, 2006, 58 (04) :596-635
[5]  
Arthur WB, 1996, HARVARD BUS REV, V74, P100
[6]   Innovation, growth and survival [J].
Audretsch, DB .
INTERNATIONAL JOURNAL OF INDUSTRIAL ORGANIZATION, 1995, 13 (04) :441-457
[7]  
Balboa M, 2007, VENTURE CAPITAL EURO, P115
[8]   New venture teams' assessment of learning assistance from venture capital firms [J].
Barney, JB ;
Busenitz, LW ;
Fiet, JO ;
Moesel, DD .
JOURNAL OF BUSINESS VENTURING, 1996, 11 (04) :257-272
[9]   THE ROLE OF VENTURE CAPITAL IN THE CREATION OF PUBLIC COMPANIES - EVIDENCE FROM THE GOING-PUBLIC PROCESS [J].
BARRY, CB ;
MUSCARELLA, CJ ;
PEAVY, JW ;
VETSUYPENS, MR .
JOURNAL OF FINANCIAL ECONOMICS, 1990, 27 (02) :447-471
[10]   Foreign ownership and productivity: Is the direction of causality so obvious? [J].
Benfratello, Luigi ;
Sembenelli, Alessandro .
INTERNATIONAL JOURNAL OF INDUSTRIAL ORGANIZATION, 2006, 24 (04) :733-751
12345678910