How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium

Yan Alperovych, Georges Hübner and Fabrice Lobet

Journal of Business Venturing, 2015, vol. 30, issue 4, 508-525

Abstract: We investigate the implications of venture capital (VC) investor type (government or private) on the operating efficiency of a sample of 515 Belgian portfolio firms up to 3years after the investment. We find that the government VC-backed firms display significant reductions in productivity. No significant differences in efficiency are found in firms backed by private VC compared with their non-VC-backed peers. Finally, significant reductions in efficiency exist in targets of government VC compared to their non-VC-backed peers.

Keywords: Venture capital; Efficiency; Data envelopment analysis; Fund type; Public investor (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (49)

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Working Paper: How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jbvent:v:30:y:2015:i:4:p:508-525

DOI: 10.1016/j.jbusvent.2014.11.001

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