Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/18567
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dc.contributor.authorHeneric, Oliveren_US
dc.contributor.authorEngel, Dirken_US
dc.contributor.authorChampenois, Claireen_US
dc.date.accessioned2009-01-28T15:48:41Z-
dc.date.available2009-01-28T15:48:41Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/18567-
dc.description.abstractWe answer the questions, how many firms acting in the modern German biotechnologyindustry are funded by venture capital companies (VCC) as well asequity funded by corporate investors. The theory suggests a high relevance ofVCC as venturing partner of high-tech projects. In addition we argue that corporateinvestors are a venturing partner of firms with high-risk projects to alower extent. Incumbents,however, are confronted with some opportunities inthe low-risk area of the biotechnology industry to secure an optimal supply forthe current product pipeline.Our empirical results emphasize a crucial importanceof venture capital as financial resource for high-risk projects: whereas 42percent of all healthcare developer in the early stage are venture-backedfirms, only a small share of low-risk projects received venture capital. The resultsfor corporate investors are reversible.Fewer high-tech projects and morelow-risk projects compared to VCC are equity financed by corporate investors.The econometric analysis suggests that the observed pattern is mainlydriven by the level of project risk and hence, supports all our hypotheses.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseries|aRWI Discussion Papers |x16en_US
dc.subject.jelC25en_US
dc.subject.jelL21en_US
dc.subject.jelG32en_US
dc.subject.ddc330en_US
dc.subject.keywordBiotechnologyen_US
dc.subject.keywordStart-upsen_US
dc.subject.keywordVenture Capitalen_US
dc.subject.keywordDiscrete Choiceen_US
dc.subject.stwBiotechnische Industrieen_US
dc.subject.stwUnternehmensgründungen_US
dc.subject.stwRisikokapitalen_US
dc.subject.stwSchätzungen_US
dc.subject.stwDeutschlanden_US
dc.titleThe Birth of German Biotechnology Industry - Did Venture Capital run the show?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn38927108Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:rwidps:16-

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