Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/55951 
Authors: 
Year of Publication: 
2005
Citation: 
[Journal:] Journal of Entrepreneurial Finance, JEF [ISSN:] 1551-9570 [Volume:] 10 [Issue:] 3 [Publisher:] The Academy of Entrepreneurial Finance (AEF) [Place:] Montrose, CA [Year:] 2005 [Pages:] 1-33
Publisher: 
The Academy of Entrepreneurial Finance (AEF), Montrose, CA
Abstract: 
Despite widespread interest in the key role that venture capital plays in financing young, high-tech firms, little is known about the relative performance of venture-backed firms over the long-run. Using data from the U.S. high-tech sector, this paper examines the performance and financing of venture- and non-venture-backed firms during the decade following their IPO. Venture-backed firms survive longer, grow faster, are more R&D intensive, have generally superior operating performance, raise more external equity, and have a greater cumulative impact on the U.S. high-tech sector. These findings suggest that the true legacy of venture capital finance extends well beyond the IPO.
Document Type: 
Article

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