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Public venture capital in Germany: task force or forced task?

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  • Schilder, Dirk

Abstract

This paper deals with the question of whether public venture capital (VC) is performing its task properly, taking a look at how public VC companies' selection process, investment behavior, and consulting services reflect goals that differ from those of private VC firms. The results present evidence that public VC firms deliver a different market segment than their private counterparts; for example, their selection process and syndication behavior reveal their predominant goal of promoting the local economy. Although the results indicate that public VC firms are doing what is expected of them, the analyses provide evidence that public intervention should be reconsidered. --

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Bibliographic Info

Paper provided by TU Bergakademie Freiberg, Faculty of Economics and Business Administration in its series Freiberg Working Papers with number 2006,12.

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Date of creation: 2006
Date of revision:
Handle: RePEc:zbw:tufwps:200612

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Related research

Keywords: Venture Capital; start-up financing; public intervention;

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References

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  1. Keuschnigg, Christian & Nielsen, Soren Bo, 2002. "Start-ups, Venture Capitalists and the Capital Gains Tax," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3263, C.E.P.R. Discussion Papers.
  2. Schäfer, Dorothea & Schilder, Dirk, 2006. "Informed capital in a hostile environment: the case of relational investors in Germany," Freiberg Working Papers 2006,03, TU Bergakademie Freiberg, Faculty of Economics and Business Administration.
  3. Sapienza, Harry J. & Manigart, Sophie & Vermeir, Wim, 1996. "Venture capitalist governance and value added in four countries," Journal of Business Venturing, Elsevier, vol. 11(6), pages 439-469, November.
  4. Da Rin, Marco & Nicodano, Giovanna & Sembenelli, Alessandro, 2006. "Public policy and the creation of active venture capital markets," Journal of Public Economics, Elsevier, Elsevier, vol. 90(8-9), pages 1699-1723, September.
  5. Bottazzi, L. & Da Rin, M. & Hellmann, T., 2004. "The changing face of the European venture capital industry: Facts and analysis," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3106559, Tilburg University.
  6. Bascha, Andreas & Walz, Uwe, 2002. "Financing practices in the German venture capital industry: An empirical assessment," CFS Working Paper Series 2002/08, Center for Financial Studies (CFS).
  7. James A. Brander & Raphael Amit & Werner Antweiler, 2002. "Venture-Capital Syndication: Improved Venture Selection vs. The Value-Added Hypothesis," Journal of Economics & Management Strategy, Wiley Blackwell, Wiley Blackwell, vol. 11(3), pages 423-452, 09.
  8. Tykvová, Tereza, 2004. "Who Are the True Venture Capitalists in Germany?," ZEW Discussion Papers, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research 04-16, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  9. Michael Fritsch & Dirk Schilder, 2006. "Does Venture Capital Investment Really Require Spatial Proximity? An Empirical Investigation," Papers on Entrepreneurship, Growth and Public Policy, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group 2006-14, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group.
  10. Fritsch, Michael & Schilder, Dirk, 2006. "Is venture capital a regional business? The role of syndication," Freiberg Working Papers 2006,09, TU Bergakademie Freiberg, Faculty of Economics and Business Administration.
  11. Cumming, Douglas J. & MacIntosh, Jeffrey G., 2006. "Crowding out private equity: Canadian evidence," Journal of Business Venturing, Elsevier, vol. 21(5), pages 569-609, September.
  12. Leleux, Benoit & Surlemont, Bernard, 2003. "Public versus private venture capital: seeding or crowding out? A pan-European analysis," Journal of Business Venturing, Elsevier, vol. 18(1), pages 81-104, January.
  13. Rebecca Harding, 2000. "Venture capital and regional development: Towards a venture capital 'system'," Venture Capital, Taylor & Francis Journals, Taylor & Francis Journals, vol. 2(4), pages 287-311, October.
  14. David Mcglue, 2002. "The funding of venture capital in Europe: Issues for public policy," Venture Capital, Taylor & Francis Journals, Taylor & Francis Journals, vol. 4(1), pages 45-58, January.
  15. Paul Gompers & Josh Lerner, 2001. "The Venture Capital Revolution," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 15(2), pages 145-168, Spring.
  16. Josh Lerner, 2002. "When Bureaucrats Meet Entrepreneurs: The Design of Effective "Public Venture Capital" Programmes," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 112(477), pages F73-F84, February.
  17. Robin Boadway & Jean-François Tremblay, 2003. "Public Economics and Startup Entrepreneurs," CESifo Working Paper Series 877, CESifo Group Munich.
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Citations

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Cited by:
  1. Achleitner, Ann-Kristin & Braun, Reiner & Bender, Marko & Geidner, Annabell, 2008. "Community development venture capital: concept and status quo in Germany," CEFS Working Paper Series 2008-03, Center for Entrepreneurial and Financial Studies (CEFS), Technische Universität München.
  2. Luukkonen, Terttu, 2007. "Understanding Strategies of the Venture Capital Investors in Helping Their Portfolio Firms to Become International," Discussion Papers, The Research Institute of the Finnish Economy 1099, The Research Institute of the Finnish Economy.
  3. Schilder, Dirk, 2007. "Venture capital syndicate networks: the determinants of interconnectedness," Freiberg Working Papers 2007,03, TU Bergakademie Freiberg, Faculty of Economics and Business Administration.
  4. Michael Fritsch & Dirk Schilder, 2006. "Is Venture Capital a regional business? – The role of syndication," Papers on Entrepreneurship, Growth and Public Policy, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group 2006-25, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group.
  5. Terttu Luukkonen, & Mari Maunula,, 2006. "Coaching Small Biotech Companies into Success: The Value-adding Function of VC," Discussion Papers, The Research Institute of the Finnish Economy 1032, The Research Institute of the Finnish Economy.
  6. Luukkonen, Terttu & Maunula, Mari, 2007. "Non-financial Value-added of Venture Capital: A Comparative Study of Different Venture Capital Investors," Discussion Papers, The Research Institute of the Finnish Economy 1067, The Research Institute of the Finnish Economy.
  7. Luukkonen, Terttu & Deschryvere, Matthias & Bertoni, Fabio & Nikulainen, Tuomo, 2011. "Importance of the Non-financial Value Added of Government and Independent Venture Capitalists," Discussion Papers, The Research Institute of the Finnish Economy 1257, The Research Institute of the Finnish Economy.
  8. Luukkonen, Terttu, 2008. "Different Types of Venture Capital Investors and Value-added to High-Tech Portfolio Firms," Discussion Papers, The Research Institute of the Finnish Economy 1149, The Research Institute of the Finnish Economy.
  9. Dorothea Schaefer & Dirk Schilder, 2007. "Smart capital in German start-ups - an empirical analysis," Jena Economic Research Papers, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics 2007-015, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.

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