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- handle: 10670/1.3cgooa
- hal: hal-02312726
- doi: 10.1016/j.ribaf.2011.02.003
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info:eu-repo/semantics/altIdentifier/doi/10.1016/j.ribaf.2011.02.003
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Factors Agents, Manufacturers' Manufacturers' representatives Factors Businesses Firms Companies Enterprises Business organizations Organizations, BusinessCiter ce document
Yan Alperovych et al., « Explaining returns on venture capital backed companies : Evidence from Belgium », HAL-SHS : économie et finance, ID : 10.1016/j.ribaf.2011.02.003
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Résumé
Using a unique database of 990 VC-backed Belgian firms, we study whether compatibility between corporate and environmental characteristics matters. We address two questions: (i) Does the interplay of company, industry, and product factors affect the expected returns of the VC-backed firms? (ii) Does the joint compatibility between these factors results in a non-linear increase in performance? Panel data analysis shows a significant influence of factor compatibility on returns. Quantile regression analysis indicates a non-linear relationship between the return and its determinants. Conjoint analysis identifies certain combinations of factors, which collapse into classifiable patterns described in the strategic management literature.