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.
Alperovych, Y., & Hübner, G. M. B. J. (2011). Explaining returns on venture capital backed companies: Evidence from Belgium. Research in International Business and Finance, 25(3), 277-295. https://doi.org/10.1016/j.ribaf.2011.02.003