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Financing High-Tech Growth: The Role Of Banks And Venture Capitalists

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Author Info
David B. Audretsch
Erik E. Lehmann

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Abstract

Using a data set of the firms listed on the Neuer Markt in Germany, we demonstrate that venture-backed firms differ from firms with other financial resources, especially debt. Thus, the results of this study support the hypothesis that small and innovative firms are more likely to be financed by venture capitalists rather than banks. We also provide evidence that the presence of venture capitalists enhance the growth rates of firms positively.

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Publisher Info
Article provided by LMU Munich School of Management in its journal Schmalenbach Business Review.

Volume (Year): 56 (2004)
Issue (Month): 4 (October)
Pages: 340–357
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Handle: RePEc:sbr:abstra:v:56:y:2004:i:4:340-357

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Related research
Keywords: Corporate Governance; Entrepreneurship; New Economy; Venture Capital.;

Find related papers by JEL classification:
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
M13 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - New Firms; Startups

Cited by:
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  1. Massimo Colombo & Luca Grilli, 2007. "Funding Gaps? Access To Bank Loans By High-Tech Start-Ups," Small Business Economics, Springer, vol. 29(1), pages 25-46, June. [Downloadable!] (restricted)
  2. Tereza Tykvová, 2006. "How do investment patterns of independent and captive private equity funds differ? Evidence from Germany," Financial Markets and Portfolio Management, Springer, vol. 20(4), pages 399-418, December. [Downloadable!] (restricted)
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This page was last updated on 2009-12-6.

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