Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/87749 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
ETLA Discussion Papers No. 1257
Verlag: 
The Research Institute of the Finnish Economy (ETLA), Helsinki
Zusammenfassung: 
This paper compares the post-investment value-added activities performed by governmental venture capital (GVC) and independent venture capital (IVC) for their portfolio companies, and controls for the selection effect that the different investment profiles of these investors might have on the forms of value added. The study uses a unique data set based on a survey addressed to new VC-backed, technology-based firms from seven European countries. The study focused on the importance of the contribution by the first lead investor in a variety of activity areas, as assessed by the investee companies. The study also pays attention to potential adverse effects of the post-investment engagement of the investors on the firm. Using a composite indicator of the extent of the value added, we find no statistically significant difference between the two types of investors. However, the type of value added differs across investor type and, in particular, IVC's contribution proves to be significantly higher than that of GVCs in a number of areas, including the development of the business idea, professionalisation and exit orientation.
Schlagwörter: 
venture capital
JEL: 
G24
G32
O16
Dokumentart: 
Working Paper

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