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

被引：94

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

[61] JENSEN MC, 1986, AM ECON REV, V76, P323
[62] SELECTION AND THE EVOLUTION OF INDUSTRY
JOVANOVIC, B
[J]. ECONOMETRICA, 1982, 50 (03) : 649 - 670
[63] Public policy for venture capital
Keuschnigg, C
Nielsen, SB
[J]. INTERNATIONAL TAX AND PUBLIC FINANCE, 2001, 8 (04) : 557 - 572
[64] Do human capital and fund characteristics drive follow-up behaviour of early stage high-tech VCs?
Knockaert, M
Lockett, A
Clarysse, B
Wright, M
[J]. INTERNATIONAL JOURNAL OF TECHNOLOGY MANAGEMENT, 2006, 34 (1-2) : 7 - 27
[65] Risk and Return Characteristics of Venture Capital-Backed Entrepreneurial Companies
Korteweg, Arthur
Sorensen, Morten
[J]. REVIEW OF FINANCIAL STUDIES, 2010, 23 (10) : 3738 - 3772
[66] Assessing the contribution of venture capital to innovation
Kortum, S
Lerner, J
[J]. RAND JOURNAL OF ECONOMICS, 2000, 31 (04) : 674 - 692
[67] Public versus private venture capital: seeding or crowding out? A pan-European analysis
Leleux, B
Surlemont, B
[J]. JOURNAL OF BUSINESS VENTURING, 2003, 18 (01) : 81 - 104
[68] When bureaucrats meet entrepreneurs: The design of effective 'public venture capital' programmes
Lerner, J
[J]. ECONOMIC JOURNAL, 2002, 112 (477) : F73 - F84
[69] The government as venture capitalist: The long-run impact of the SBIR program
Lerner, J
[J]. JOURNAL OF BUSINESS, 1999, 72 (03) : 285 - 318
[70] THE SYNDICATION OF VENTURE CAPITAL INVESTMENTS
LERNER, J
[J]. FINANCIAL MANAGEMENT, 1994, 23 (03) : 16 - 27

← 2 3 4 5 6 7 8 9 10 11 →