Firm Level Implications of Early Stage Venture Capital Investment – An Empirical Investigation –


Engel, Dirk ; Keilbach, Max


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URL: http://ub-madoc.bib.uni-mannheim.de/364
URN: urn:nbn:de:bsz:180-madoc-3648
Document Type: Working paper
Year of publication: 2002
The title of a journal, publication series: None
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: C14 C33 D21 D92 L21 ,
Subject headings (SWD): Deutschland , Risikokapital , Innovation , Unternehmenswachstum
Abstract: The paper analyses the impact of venture capital finance on growth and innovation activities of young German firms. Among other variables, our panel of firm data includes data on venture capital funding and patent applications. With a statistical matching procedure we draw an adequate control group of non venture funded firms. The analysis gives evidence that innovative firms will be able to close a venture capital deal with higher probability. Once the firms are venture funded, they display higher growth rates but do not differ in their innovative output from otherwise comparable firms. We derive strategic implications.
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