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Governmental and Independent Venture Capital Investments in Europe

2017
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Release : 2017
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Book Synopsis Governmental and Independent Venture Capital Investments in Europe by : Douglas J. Cumming

Download or read book Governmental and Independent Venture Capital Investments in Europe written by Douglas J. Cumming. This book was released on 2017. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of government versus private independent venture capital (VC) backing on the exit performance of entrepreneurial firms. Our analyses are based on the VICO dataset, which avoids the coding problems of VC type in the Thompson Financial SDC dataset. The data indicate that private independent VC-backed companies have better exit performance than government-backed companies. Mixed-syndicates of private-independent and governmental VC investors give rise to a higher (but not statistically different) likelihood of positive exits than that of IVC-backing. Our findings are not influenced by the composition of the syndicate in terms of size and institutional heterogeneity. Our results remain stable after controlling for endogeneity concerns, selection bias, omitted variables bias, legal and institutional differences across countries and over time through several econometric techniques. Moreover, our results are not driven by: i) the holding period of the different types of VC investors; ii) the potential signaling effect of GVC towards IVC investors; iii) the firm's financial structure and net cash-flow ratio; iv) the investment stage; v) the distance between the VC investor and the target company.

Government, Venture Capital and the Growth of European High-Tech Entrepreneurial Firms

2014
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Release : 2014
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Book Synopsis Government, Venture Capital and the Growth of European High-Tech Entrepreneurial Firms by : Luca Grilli

Download or read book Government, Venture Capital and the Growth of European High-Tech Entrepreneurial Firms written by Luca Grilli. This book was released on 2014. Available in PDF, EPUB and Kindle. Book excerpt: Using a new European Union-sponsored firm-level longitudinal dataset, we assess the impact of government-managed (GVC) and independent venture capital (IVC) funds on the sales and employee growth of European high-tech entrepreneurial firms. Our results show that the main statistically robust and economically relevant positive effect is exerted by IVC investors on firm sales growth. Conversely, the impact of GVC alone appears to be negligible. We also find a positive and statistically significant impact of syndicated investments by both types of investors on firm sales growth, but only when led by IVC investors. Our results remain stable after controlling for endogeneity, survivorship bias, reverse causality, anticipation effects, legal and institutional differences across countries and over time and are stable with respect to potential non-linear effects of age and size of entrepreneurial firms. Overall, our analysis casts doubt on the ability of governments to support high-tech entrepreneurial firms through a direct and active involvement in VC markets.

Venture Capital in Europe

2011-04-01 Business & Economics
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Release : 2011-04-01
Genre : Business & Economics
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Book Rating : 079/5 ( reviews)

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Book Synopsis Venture Capital in Europe by : Greg N. Gregoriou

Download or read book Venture Capital in Europe written by Greg N. Gregoriou. This book was released on 2011-04-01. Available in PDF, EPUB and Kindle. Book excerpt: Until recently, only the United States had an active venture capital market. This is changing rapidly, as many other countries have experienced rapid growth in venture capital financing over the past five years. This book contains new scientific articles showcasing the latest research on venture capital in Europe. Venture capital investment remains a hot topic with portfolio managers, individual investors, academics worldwide. This book examines in detail all the major issues regarding venture capital investment: contracting, financing, regulation, valuation, etc. and identifies new trends in the venture capital arena. Features a foreword by Josh Lerner. *The only book in which academics from around the world present the latest research on venture capital in Europe *Covers all of Europe as well as including overview papers about venture capital industry, public and private venture capital, valuation, financing, contracting, structuring, regulation, etc. *Comprehensive, authoritative coverage

Venture Capital Investments in Europe and Firm Productivity

2014
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Release : 2014
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Book Synopsis Venture Capital Investments in Europe and Firm Productivity by : Massimo G. Colombo

Download or read book Venture Capital Investments in Europe and Firm Productivity written by Massimo G. Colombo. This book was released on 2014. Available in PDF, EPUB and Kindle. Book excerpt: Using a new European Commission-sponsored longitudinal dataset - the VICO dataset - we assess the impact of independent (IVC) and corporate venture capital (CVC) investments on the total factor productivity (TFP) of European high-tech entrepreneurial firms during the period 1992-2010. After controlling for potential sources of endogeneity and selection bias, our results indicate that both IVC and CVC investments boost TFP, whereas investments syndicated by both IVC and CVC investors do not. These effects are mostly due to an increase in sales value. Moreover, the dynamics of the impact of VC investments on TFP and its components - sales value, fixed assets, and payroll expenses - differs depending on the type of investor.

Europe's Entry Into the Venture Capital Business

2004 Venture capital
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Release : 2004
Genre : Venture capital
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Book Synopsis Europe's Entry Into the Venture Capital Business by : Michael Stolpe

Download or read book Europe's Entry Into the Venture Capital Business written by Michael Stolpe. This book was released on 2004. Available in PDF, EPUB and Kindle. Book excerpt:

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