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

页码：508 / 525

页数：18

共 103 条

[71] VENTURE CAPITALISTS AND THE OVERSIGHT OF PRIVATE FIRMS [J].