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 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 language | English |
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Pages (from-to) | 508-525 |
Journal | Journal of Business Venturing |
Volume | 30 |
Issue number | 4 |
Early online date | 5 Dec 2014 |
DOIs | |
Publication status | Published - Jul 2015 |