Financing High-Tech Growth: The Role of Debt or Equity
David Audretsch () and
Erik Lehmann ()
Papers on Entrepreneurship, Growth and Public Policy from Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group
Using a data set of the firms listed on the Neuer Markt in Germany, this paper demonstrates that venture backed firms differ from firms with other financial resources, especially debt. Thus, the results of this study provide evidence for the hypothesis that small and innovative firms are more likely to be financed by venture capitalists instead of banks. We also provide evidence that the presence of venture capitalists enhance the growth rates of firms positively.
Keywords: Venture Capital; New Economy; Entrepreneurship; Corporate Governance (search for similar items in EconPapers)
JEL-codes: G32 L11 M13 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cfn, nep-eec, nep-ent, nep-fin and nep-ino
References: View references in EconPapers View complete reference list from CitEc
Citations View citations in EconPapers (8) Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: http://EconPapers.repec.org/RePEc:esi:egpdis:2004-19
Ordering information: This working paper can be ordered from
http://www.econ.mpg. ... arch/EGP/discuss.php
Access Statistics for this paper
More papers in Papers on Entrepreneurship, Growth and Public Policy from Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group Contact information at EDIRC.
Series data maintained by Kerstin SchÃ¼ck ().