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

doi:10.1016/j.jbusvent.2014.11.001

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

Finance

Research output: Contribution to journal › Article › Academic › peer-review

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
Pages (from-to)	508-525
Number of pages	18
Journal	Journal of Business Venturing
Volume	30
Issue number	4
Early online date	5 Dec 2014
DOIs	https://doi.org/10.1016/j.jbusvent.2014.11.001
Publication status	Published - Jul 2015

Access to Document

10.1016/j.jbusvent.2014.11.001

Cite this

@article{2cb306d9da354a7d98e6d03fcfdab837,

title = "How does governmental versus private venture capital backing affect a firm{\textquoteright}s efficiency? Evidence from Belgium",

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.",

author = "Y. Alperovych and G.M.B.J. H{\"u}bner and F. Lobet",

year = "2015",

month = jul,

doi = "10.1016/j.jbusvent.2014.11.001",

language = "English",

volume = "30",

pages = "508--525",

journal = "Journal of Business Venturing",

issn = "0883-9026",

publisher = "Elsevier Inc.",

number = "4",

}

TY - JOUR

T1 - How does governmental versus private venture capital backing affect a firm’s efficiency? Evidence from Belgium

AU - Alperovych, Y.

AU - Hübner, G.M.B.J.

AU - Lobet, F.

PY - 2015/7

Y1 - 2015/7

N2 - 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.

AB - 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.

U2 - 10.1016/j.jbusvent.2014.11.001

DO - 10.1016/j.jbusvent.2014.11.001

M3 - Article

SN - 0883-9026

VL - 30

SP - 508

EP - 525

JO - Journal of Business Venturing

JF - Journal of Business Venturing

IS - 4

ER -

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

Abstract

Access to Document

Fingerprint

Cite this