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Synergizing Ventures

Ufuk Akcigit, Emin Dinlersoz (), Jeremy Greenwood and Veronika Penciakova

No 7860, CESifo Working Paper Series from CESifo Group Munich

Abstract: Venture capital (VC) and growth are examined both empirically and theoretically. Empirically, VC-backed startups have higher early growth rates and initial patent quality than non-VC-backed ones. VC-backing increases a startup’s likelihood of reaching the right tails of the firm size and innovation distributions. Furthermore, outcomes are better for startups matched with more experienced venture capitalists. An endogenous growth model, where venture capitalists provide both expertise and financing for business startups, is constructed to match these facts. The presence of venture capital, the degree of assortative matching between startups and financiers, and the taxation of VC-backed startups matter significantly for growth.

Keywords: venture capital; assortative matching; endogenous growth; IPO; management; mergers and acquisitions; research and development; startups; synergies; taxation; patents (search for similar items in EconPapers)
JEL-codes: G24 N20 O30 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-bec, nep-cfn, nep-ent, nep-fdg and nep-sbm
Date: 2019
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Working Paper: Synergizing Ventures (2019) Downloads
Working Paper: Synergizing Ventures (2019) Downloads
Working Paper: Synergizing Ventures (2019) Downloads
Working Paper: Synergizing Ventures (2019) Downloads
Working Paper: Synergizing Ventures (2019) Downloads
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