Finanziamento tramite venture capital e crescita delle giovani imprese high-tech: un'analisi longitudinale sul ruolo della tipologia di investitore

Fabio Bertoni, Massimo G. Colombo and Luca Grilli

Rivista italiana degli economisti, 2010, issue 3, 433

Abstract: The financial literature claims that venture capital (VC) financing spurs the growth of new technology- based firms (NTBFs). Nevertheless, the benefits and costs for portfolio companies may depend upon the type of investor. In this paper we distinguish financial intermediaries (FVC) and non-financial companies (i.e. corporate venture capital, CVC) as a source of VC. The aim of the paper is to test whether a) VC financing has a positive effect on the subsequent growth of employment and sales of portfolio companies, and whether b) the magnitude of this effect differs according to the type of investor (i.e. FVC vs. CVC). We consider a 10 year longitudinal dataset composed of 538 Italian NTBFs, most of which are privately held. The sample includes both "VC-backed" and "non-VC-backed" firms. In order to capture the effects of VC investments on the subsequent growth of firms and to control for their potentially endogenous nature, we estimate an augmented Gibrat-law type dynamic "panel" data model with distributed lags through different GMM-system estimators which differ according to the choice of the set of instruments. The results strongly support the view that VC finance spurs firm growth. Moreover, the impact of FVC investments considerably exceeds that of CVC investments, especially as regards sales growth.

Keywords: venture capital; corporate venture capital; new technology-based firms; firm growth (search for similar items in EconPapers)
Date: 2010
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.rivisteweb.it/download/article/10.1427/33167 (application/pdf)
https://www.rivisteweb.it/doi/10.1427/33167 (text/html)
Access to full text is restricted to subscribers

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mul:jqat1f:doi:10.1427/33167:y:2010:i:3:p:433

Access Statistics for this article

Rivista italiana degli economisti is currently edited by Giuliano Conti

More articles in Rivista italiana degli economisti from Società editrice il Mulino
Bibliographic data for series maintained by ().