Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/18567 
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dc.contributor.authorHeneric, Oliveren
dc.contributor.authorEngel, Dirken
dc.contributor.authorChampenois, Claireen
dc.date.accessioned2009-01-28T15:48:41Z-
dc.date.available2009-01-28T15:48:41Z-
dc.date.issued2004-
dc.identifier.urihttp://hdl.handle.net/10419/18567-
dc.description.abstractWe answer the questions, how many firms acting in the modern German biotechnology industry are funded by venture capital companies (VCC) as well as equity funded by corporate investors. The theory suggests a high relevance of VCC as venturing partner of high-tech projects. In addition we argue that corporate investors are a venturing partner of firms with high-risk projects to a lower extent. Incumbents,however, are confronted with some opportunities in the low-risk area of the biotechnology industry to secure an optimal supply for the current product pipeline.Our empirical results emphasize a crucial importance of venture capital as financial resource for high-risk projects: whereas 42 percent of all healthcare developer in the early stage are venture-backed firms, only a small share of low-risk projects received venture capital. The results for corporate investors are reversible.Fewer high-tech projects and more low-risk projects compared to VCC are equity financed by corporate investors. The econometric analysis suggests that the observed pattern is mainly driven by the level of project risk and hence, supports all our hypotheses.en
dc.language.isoengen
dc.publisher|aRheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI) |cEssenen
dc.relation.ispartofseries|aRWI Discussion Papers |x16en
dc.subject.jelC25en
dc.subject.jelL21en
dc.subject.jelG32en
dc.subject.ddc330en
dc.subject.keywordBiotechnologyen
dc.subject.keywordStart-upsen
dc.subject.keywordVenture Capitalen
dc.subject.keywordDiscrete Choiceen
dc.subject.stwBiotechnische Industrieen
dc.subject.stwUnternehmensgründungen
dc.subject.stwRisikokapitalen
dc.subject.stwSchätzungen
dc.subject.stwDeutschlanden
dc.titleThe Birth of German Biotechnology Industry - Did Venture Capital run the show?-
dc.typeWorking Paperen
dc.identifier.ppn38927108Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:rwidps:16en

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