Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/128925
Authors: 
Peneder, Michael
Year of Publication: 
2010
Series/Report no.: 
WIFO Working Papers 363
Abstract: 
Proposing a novel research design for firm-level impact studies, I investigate the effects of venture capital financing on corporate performance by applying a two-stage propensity score matching on Austrian micro-data. Controlling for differences in industry, location, legal status, size, age, credit rating, export and innovation behaviour, the findings (i) assert the financing function of venture capital, showing that recipients lacked access to satisfactory alternative sources of capital; (ii) identify selection effects, where venture capital is invested in firms with high performance potential; and finally (iii) confirm the value adding function in terms of a genuine causal impact of venture capital on firm growth, yet not on innovation output.
Subjects: 
venture capital
entrepreneurship
firm growth
propensity score matching
Document Type: 
Working Paper

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