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

Y. Alperovych*, G.M.B.J. Hübner, F. Lobet

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review


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 3 years 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.
Original languageEnglish
Pages (from-to)508-525
JournalJournal of Business Venturing
Issue number4
Early online date5 Dec 2014
Publication statusPublished - Jul 2015

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