How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium
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1 juillet 2015
- handle: 10670/1.qbfamn
- hal: hal-02313248
- doi: 10.1016/j.jbusvent.2014.11.001
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info:eu-repo/semantics/altIdentifier/doi/10.1016/j.jbusvent.2014.11.001
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Yan Alperovych et al., « How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium », HAL-SHS : économie et finance, ID : 10.1016/j.jbusvent.2014.11.001
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Résumé
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.