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Financing High-Tech Growth: The Role Of Banks And Venture Capitalists

David Audretsch () and Erik Lehmann ()

Schmalenbach Business Review (sbr), 2004, vol. 56, issue 4, 340–357

Abstract: Using a data set of the firms listed on the Neuer Markt in Germany, we demonstrate that venture-backed firms differ from firms with other financial resources, especially debt. Thus, the results of this study support the hypothesis that small and innovative firms are more likely to be financed by venture capitalists rather than banks. We also provide evidence that the presence of venture capitalists enhance the growth rates of firms positively.

Keywords: Corporate Governance; Entrepreneurship; New Economy; Venture Capital. (search for similar items in EconPapers)
JEL-codes: G32 L11 M13 (search for similar items in EconPapers)
Date: 2004
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