Explaining returns on venture capital backed companies: Evidence from Belgium

Yan Alperovych () and Georges Hübner
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Yan Alperovych: HEC Liège

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Abstract: Using a unique database of 990 VC-backed Belgian firms, we study whether compatibility between corporate and environmental characteristics matters. We address two questions: (i) Does the interplay of company, industry, and product factors affect the expected returns of the VC-backed firms? (ii) Does the joint compatibility between these factors results in a non-linear increase in performance? Panel data analysis shows a significant influence of factor compatibility on returns. Quantile regression analysis indicates a non-linear relationship between the return and its determinants. Conjoint analysis identifies certain combinations of factors, which collapse into classifiable patterns described in the strategic management literature.

Date: 2011-09
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Published in RIBAF, Research in International Business and Finance, 2011, 25 (3), 277-295 p. ⟨10.1016/j.ribaf.2011.02.003⟩

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Journal Article: Explaining returns on venture capital backed companies: Evidence from Belgium (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02312726

DOI: 10.1016/j.ribaf.2011.02.003

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