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Title:Financing high-tech growth : the role of debt or equity PDF Logo
Authors:Audretsch, David B.
Lehmann, Erik E.
Issue Date:2004
Series/Report no.:Papers on entrepreneurship, growth and public policy 1904
Abstract:Using a data set of the firms listed on the Neuer Markt in Germany, this paper demonstrates that venture backed firms differ from firms with other financial resources, especially debt. Thus, the results of this study provide evidence for the hypothesis that small and innovative firms are more likely to be financed by venture capitalists instead of banks. We also provide evidence that the presence of venture capitalists enhance the growth rates of firms positively.
Subjects:Venture Capital
New Economy
Entrepreneurship
Corporate Governance
JEL:L11
G32
M13
Document Type:Working Paper
Appears in Collections:Discussion Papers on Entrepreneurship, Growth and Public Policy, MPI für Ökonomik

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