Explaining returns on venture capital backed companies: Evidence from Belgium

Yan Alperovych and Georges Hübner

Research in International Business and Finance, 2011, vol. 25, issue 3, 277-295

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.

Keywords: Venture; capital; Return; Strategy; Entrepreneurship; Life; cycle; Compatibility (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:25:y:2011:i:3:p:277-295

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