Venture capital investor type and the growth mode of new technology-based firms

被引：73

作者：

Bertoni, Fabio ^{[1
]}

Colombo, Massimo G. ^{[1
]}

Grilli, Luca ^{[1
]}

机构：

[1] Politecn Milan, Dept Management Econ & Ind Engn, I-20133 Milan, Italy

来源：

SMALL BUSINESS ECONOMICS | 2013年 / 40卷 / 03期

关键词：

Venture capital; Corporate venture capital; High-tech start-ups; Firm growth; Grandstanding; RESEARCH-AND-DEVELOPMENT; PANEL-DATA; SELECTION; PERFORMANCE; SPECIFICATION; INNOVATION;

D O I：

10.1007/s11187-011-9385-9

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Independent venture capital (IVC) investors have more powerful incentives than corporate venture capital (CVC) investors to take actions that signal their capabilities (i.e. to "grandstand"). We argue that this should engender differences in the treatment effect of IVC and CVC on the mode of growth of portfolio companies. Short-term sales growth of IVC-backed firms in the period that immediately follows the VC investment should outpace that of CVC-backed firms, while we expect no difference in employment growth. We find support for these theoretical predictions on a sample of 531 Italian new technology-based firms, using several panel estimators to control for endogeneity of IVC and CVC.

引用

页码：527 / 552

页数：26

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