How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium

被引：110
作者：
Alperovych, Yan [1 ]
Huebner, Georges [2 ,3 ,4 ]
Lobet, Fabrice [5 ]
机构：
[1] EMLYON Business Sch, Ecully, France
[2] Univ Liege, HEC Management Sch, B-4000 Liege, Belgium
[3] Maastricht Univ, NL-6200 MD Maastricht, Netherlands
[4] Gambit Financial Solut, Liege, Belgium
[5] Free Univ Brussels, B-1050 Brussels, Belgium
来源：
JOURNAL OF BUSINESS VENTURING | 2015年 / 30卷 / 04期
关键词：
Venture capital; Efficiency; Data envelopment analysis; Fund type; Public investor; DATA ENVELOPMENT ANALYSIS; PUBLIC-POLICY; MANAGEMENT BUYOUTS; HYPOTHESIS TESTS; INVESTMENT; EQUITY; IMPACT; PERFORMANCE; PRODUCTIVITY; SYNDICATION;
D O I：
10.1016/j.jbusvent.2014.11.001
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We investigate the implications of venture capital (VC) investor type (government or private) on the operating efficiency of a sample of 515 Belgian portfolio firms up to 3 years after the investment We find that the government VC-backed firms display significant reductions in productivity. No significant differences in efficiency are found in firms backed by private VC compared with their non-VC-backed peers. Finally, significant reductions in efficiency exist in targets of government VC compared to their non-VC-backed peers. (C) 2014 Elsevier Inc All rights reserved.
引用
收藏
页码：508 / 525
页数：18
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