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Firm Level Implications of Early Stage Venture Capital Investment : An Empirical Investigation Author info | Abstract | Publisher info | Download info | Related research | Statistics Keilbach, Max
Engel, Dirk
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The paper analyses the impact of venture capital finance on growth and innovation activities of young German firms. Among other variables, our panel of firm data includes data on venture capital funding and patent applications. With a statistical matching procedure we draw an adequate control group of non venture funded firms. The analysis gives evidence that innovative firms will be able to close a venture capital deal with higher probability. Once the firms are venture funded, they display higher growth rates but do not differ in their innovative output from otherwise comparable firms. We derive strategic implications. --
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Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number
02-82.
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Date of creation: 2002Date of revision:
Handle: RePEc:zbw:zewdip:1336Contact details of provider: Postal: L 7,1; D - 68161 Mannheim Phone: +49/621/1235-01 Fax: +49/621/1235-224 Email: Web page: http://www.zew.de/ More information through EDIRC
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Keywords: Firm Demography ; Firm Start-Ups ; Firm Growth ; Venture Capital ; Patented Inventions ; Microeconometric Evaluation Methods ; Other versions of this item:
Find related papers by JEL classification: L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm D21 - Microeconomics - - Production and Organizations - - - Firm Behavior C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data D92 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Firm Choice and Growth, Investment, or Financing C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Semiparametric and Nonparametric Methods
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.:
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
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Dorothea Schäfer & Axel Werwatz & Volker Zimmermann, 2003.
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Mohnen, Pierre & Palm, Franz & Schim van der Loeff, Sybrand & Tiwari, Amaresh, 2008.
"Financial Constraints and Other Obstacles: Are they a Threat to Innovation Activity? ,"
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Other versions: Christian Schröder, 2009.
"Financial System and Innovations-Determinants of Early Stage Venture Capital in Europe ,"
Schumpeter Discussion Papers
sdp09004, Universitätsbibliothek Wuppertal, University Library.
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Dirk Engel & Claire Champenois & Oliver Heneric, 2004.
"The Birth of German Biotechnology Industry – Did Venture Capital run the show? ,"
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0016, Rheinisch-Westfälisches Institut für Wirtschaftsforschung.
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Alexander Popov & Peter Roosenboom, 2009.
"Does Private Equity Investment Spur Innovation? Evidence from Europe ,"
Working Paper Series
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Audretsch, David B & Bönte, Werner & Mahagaonkar, Prashanth, 2009.
"Financial Signalling by Innovative Nascent Entrepreneurs ,"
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7165, C.E.P.R. Discussion Papers.
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Other versions: Cécile Carpentier & Jean-François L'Her & Jean-Marc Suret, 2008.
"Stock Exchange Markets for New Ventures ,"
CIRANO Working Papers
2008s-12, CIRANO.
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Hirukawa, Masayuki & Ueda, Masako, 2008.
"Venture Capital and Innovation: Which is First? ,"
CEPR Discussion Papers
7090, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Fabrizi, Simona & Lippert, Steffen & Norback, Pehr-Johan & Persson, Lars, 2007.
"Venture Capitalists, Asymmetric Information and Ownership in the Innovation Process ,"
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Other versions: Dirk Engel & Joel Stiebale, 2009.
"Private Equity, Investment and Financial Constraints – Firm-Level Evidence for France and the United Kingdom ,"
Ruhr Economic Papers
0126, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
[Downloadable!]
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