New technology-based firms in Europe: market penetration, public venture capital, and timing of investment

Luca Grilli and Samuele Murtinu

Industrial and Corporate Change, 2015, vol. 24, issue 5, 1109-1148

Abstract: We investigate the effect of public (PUVC) and private (PRVC) venture capital funds on the sales growth of 6513 European New Technology-Based Firms (NTBFs) during the period from 1992 to 2009. Our results show that PUVC-backed NTBFs underperform with respect to PRVC-backed ones and do not grow more than non–venture capital-backed companies. The impact of PUVC is still not statistically significant (even though it is positive) when PUVC funds target young NTBFs. The only notable exception suggesting a positive and statistically significant impact for PUVCs is when PUVC funds cofinance with PRVC funds, and both target young firms.

Date: 2015
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