The Impact of Venture Capital on Firm Growth: An Empirical Investigation


Engel, Dirk


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URL: http://ub-madoc.bib.uni-mannheim.de/442
URN: urn:nbn:de:bsz:180-madoc-4426
Document Type: Working paper
Year of publication: 2002
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: L21 D92 C35 ,
Subject headings (SWD): Risikokapital , Beschäftigung , Unternehmensgründung , Wirtschaftswachstum
Abstract: The financial and non-financial involvement of venture capitalists is supposed to be positively correlated with firm performance. This paper deals with the evaluation of the impact of venture capitalists on employment growth of new founded firms. Differences between high-tech and low-tech industries as well as the impact of other investors are analyzed. The estimation results show that surviving venture-backed firms realize higher growth rates compared to surviving non-venture-backed firms. Moreover, venture capitalists are more able to push the firms to a faster and higher employment growth than other investors.
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Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Engel, Dirk (2002) The Impact of Venture Capital on Firm Growth: An Empirical Investigation. Open Access [Working paper]
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