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Are Venture Capital SMEs more likely to start exporting?

Author

Listed:
  • Stefania P.S. Rossi

    (University of Trieste)

  • Graziella Bonanno

    (University of Trieste)

  • Marco Giansoldati

    (University of Trieste)

  • Tullio Gregori

    (University of Trieste)

Abstract

This paper examines the effect that venture capital ownership exerts on the probability of SMEs to become newly exporting companies. We employ firm-level data and statements provided by the ECB SAFE for the years 2014-2016. By exploiting the panel dimension of our dataset, we show that being owned by venture capitalists or business angels increases by 9% the likelihood to become an exporter. This effect holds after controlling for firms' innovation and performance, as well as for the regulatory environment. Results turn to be robust to different specifications and endogeneity concerns.

Suggested Citation

  • Stefania P.S. Rossi & Graziella Bonanno & Marco Giansoldati & Tullio Gregori, 2018. "Are Venture Capital SMEs more likely to start exporting?," Economics Bulletin, AccessEcon, vol. 38(3), pages 1613-1622.
    • Handle: RePEc:ebl:ecbull:eb-18-00112
    as

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    File URL: http://www.accessecon.com/Pubs/EB/2018/Volume38/EB-18-V38-I3-P152.pdf
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    References listed on IDEAS

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    Cited by:

    1. Rossi, Stefania Patrizia Sonia & Bonanno, Graziella & Giansoldati, Marco & Gregori, Tullio, 2021. "Export starters and exiters: Do innovation and finance matter?," Structural Change and Economic Dynamics, Elsevier, vol. 56(C), pages 280-297.

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    More about this item

    Keywords

    Export starters; SMEs; Venture capitalists and business angels; Innovation; Firm performance;
    All these keywords.

    JEL classification:

    • F1 - International Economics - - Trade
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior

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