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L’influence des stratégies des sociétés de capital-risque sur la performance de leurs investissements en Europe - The impact of venture capitalists’ investment strategies on their investments’ performance in Europe

Author

Listed:
  • Sophie Pommet

    () (Université de Nice-Sophia Antipolis GREDEG)

  • Jean-François Sattin

    () (Université Paris 1 Pantheon-Sorbonne PRISM)

Abstract

(VF)Cet article étudie la profitabilité des stratégies de financement adoptées par des capital-risqueurs localisés en France, en Allemagne et en Grande-Bretagne. À partir de l'analyse de 3474 entreprises financées provenant de la base Thomson Private Equity, nous examinons l’impact de la spécialisation (par secteur et stade de développement) et de la syndication sur la performance des start-up (mesurée par leur mode de sortie). Nous montrons que ces différentes stratégies adoptées par les capital-risqueurs ont un impact différencié sur la performance des start-up. Nos résultats suggèrent en outre que l'environnement national a une influence sur le mode de sortie des entreprises.(VA)This article examines the profitability of venture capitalists’ investment strategies located in France, Germany and the United-Kingdom. We study 3474 financed firms extracted from the database Thomson Private Equity, and gain insight into the impact of specialization (by industry and by development stage) and syndication on the performance of start-ups (measured by their mode of exit). We show that the different strategies used by venture capitalists have a differentiated impact on the mode of exit. Our results also show that the institutional environment exerts a certain influence.

Suggested Citation

  • Sophie Pommet & Jean-François Sattin, 2012. "L’influence des stratégies des sociétés de capital-risque sur la performance de leurs investissements en Europe - The impact of venture capitalists’ investment strategies on their investments’ perform," Revue Finance Contrôle Stratégie, revues.org, vol. 15(3), pages 27-47, September.
  • Handle: RePEc:dij:revfcs:v:15:y:2012:i:3:p:27-47.
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    More about this item

    Keywords

    innovation; capital-risque; performance; entrepreneuriat; venture capital; entrepreneurship.;

    JEL classification:

    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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