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The Performance of Venture-Backed Firms: The Effect of Venture Capital Company Characteristics

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  • Dirk Engel

Abstract

This paper deals with the empirical investigation of the question as to which type of venture capital (VC) companies determines the growth and survival of istics of VC companies as additional factors that explain the high variation of the employment growth rate of portfolio firms and their probability of surviving. Surprisingly, venture- backed firms financed by independent VC companies are not among the most successful firms. Independent VC companies are some of those with the greatest profit orientation and hence, a high quality of the value chain process is to be expected. Significantly higher employment growth rates are evident for firms financed by locally active VCs. Changes in the board of directors do not have a positive effect on firms' performance. Syndicated investment strategy seems to be a successful strategy.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/1366271042000265401
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Industry and Innovation.

Volume (Year): 11 (2004)
Issue (Month): 3 ()
Pages: 249-263

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Handle: RePEc:taf:indinn:v:11:y:2004:i:3:p:249-263

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Cited by:
  1. Gavin C. Reid & Julia A. Smith, 2005. "Realities of Long-Term Post Investment Performance for Venture-Backed Enterprises," CRIEFF Discussion Papers 0503, Centre for Research into Industry, Enterprise, Finance and the Firm.
  2. Pere Arqué Castells, 2010. "Venture capital and innovation at the firm level," Working Papers 2010/12, Institut d'Economia de Barcelona (IEB).

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