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.
Grilli, L., Murtinu, S., New technology-based firms in Europe: market penetration, public venture capital, and timing of investment, <<INDUSTRIAL AND CORPORATE CHANGE>>, 2015; 24 (5): 1109-1148. [doi:10.1093/icc/dtu025] [http://hdl.handle.net/10807/69301]
New technology-based firms in Europe: market penetration, public venture capital, and timing of investment
Grilli, Luca;Murtinu, Samuele
2015
Abstract
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.
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