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Title:Firm Level Implications of Early Stage Venture Capital Investment: An Empirical Investigation PDF Logo
Authors:Keilbach, Max
Engel, Dirk
Issue Date:2002
Series/Report no.:ZEW Discussion Papers 02-82
Abstract:The paper analyses the impact of venture capital finance on growth and innovation activities of young German firms. Among other variables, our panel of firm data includes data on venture capital funding and patent applications. With a statistical matching procedure we draw an adequate control group of non venture funded firms. The analysis gives evidence that innovative firms will be able to close a venture capital deal with higher probability. Once the firms are venture funded, they display higher growth rates but do not differ in their innovative output from otherwise comparable firms. We derive strategic implications.
Subjects:Firm Demography
Firm Start-Ups
Firm Growth
Venture Capital
Patented Inventions
Microeconometric Evaluation Methods
JEL:L21
D21
C33
D92
C14
Document Type:Working Paper
Appears in Collections:ZEW Discussion Papers
Publikationen von Forscherinnen und Forschern des ZEW

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