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How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium

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  • Alperovych, Yan
  • Hübner, Georges
  • Lobet, Fabrice

Abstract

We investigate the implications of venture capital (VC) investor type (government or private) on the operating efficiency of a sample of 515 Belgian portfolio firms up to 3years after the investment. We find that the government VC-backed firms display significant reductions in productivity. No significant differences in efficiency are found in firms backed by private VC compared with their non-VC-backed peers. Finally, significant reductions in efficiency exist in targets of government VC compared to their non-VC-backed peers.

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  • Alperovych, Yan & Hübner, Georges & Lobet, Fabrice, 2015. "How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium," Journal of Business Venturing, Elsevier, vol. 30(4), pages 508-525.
  • Handle: RePEc:eee:jbvent:v:30:y:2015:i:4:p:508-525
    DOI: 10.1016/j.jbusvent.2014.11.001
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