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Explaining returns on venture capital backed companies : Evidence from Belgium

Author

Listed:
  • Yan Alperovych

    (HEC Liège)

  • Georges Hübner

    (HEC Liège, Maastricht University [Maastricht])

Abstract

Using a unique database of 990 VC-backed Belgian firms, we study whether compatibility between corporate and environmental characteristics matters. We address two questions: (i) Does the interplay of company, industry, and product factors affect the expected returns of the VC-backed firms? (ii) Does the joint compatibility between these factors results in a non-linear increase in performance? Panel data analysis shows a significant influence of factor compatibility on returns. Quantile regression analysis indicates a non-linear relationship between the return and its determinants. Conjoint analysis identifies certain combinations of factors, which collapse into classifiable patterns described in the strategic management literature.

Suggested Citation

  • Yan Alperovych & Georges Hübner, 2011. "Explaining returns on venture capital backed companies : Evidence from Belgium," Post-Print hal-02312726, HAL.
    • Handle: RePEc:hal:journl:hal-02312726
    DOI: 10.1016/j.ribaf.2011.02.003
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    2. Yan Alperovych & Georges Hübner, 2013. "Incremental impact of venture capital financing," Small Business Economics, Springer, vol. 41(3), pages 651-666, October.

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