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

被引：60
|
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
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