The Role of Governmental Venture Capital in the Venture Capital Ecosystem: An Organizational Ecology Perspective

被引：59

作者：

Bertoni, Fabio ^{[1
]}

Colombo, Massimo G. ^{[2
]}

Quas, Anita ^{[1
]}

机构：

[1] Emlyon Business Sch, Dept Econ Finance & Control, 23 Ave Guy de Collongue, F-69134 Ecully, France

[2] Politecn Milan, Dept Management Econ & Ind Engn, Milan, Italy

来源：

ENTREPRENEURSHIP THEORY AND PRACTICE | 2019年 / 43卷 / 03期

关键词：

investment behavior; venture capital; investment; organizational ecology; government policy; regulation; RESEARCH-AND-DEVELOPMENT; PRIVATE EQUITY; INVESTMENT; FUNDS; PERFORMANCE; INNOVATION; EVOLUTION; INDUSTRY; NICHE; FIRMS;

D O I：

10.1177/1042258717735303

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We use the theory of organizational ecology to study how governmental venture capital (GVC) affects the investment behavior of private venture capital (PVC). Because of its objectives and dominant competencies, GVC is a unique organizational species that occupies a different niche than PVC. GVC is conceived to establish mutualistic relations with PVC. Accordingly, the greater the presence of GVC in a venture capital (VC) ecosystem, the more PVC investors should be attracted toward GVC's niche. We consider several relevant niche dimensions at the company (age and size), industry (biotechnology), and regional (competitiveness) levels. Our analysis of 1,239 PVC investments in Europe confirms most of our predictions.

引用

页码：611 / 628

页数：18

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