How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium

Yan Alperovych (), Georges Hübner and Fabrice Lobet
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Yan Alperovych: EM - EMLyon Business School
Fabrice Lobet: ULB - Université libre de Bruxelles

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Abstract: We investigate the implications of venture capital (VC) investor type (government or private) on the operating efficiency of a sample of 515 Belgian portfolio firms up to 3 years after the investment. We find that the government VC-backed firms display significant reductions in productivity. No significant differences in efficiency are found in firms backed by private VC compared with their non-VC-backed peers. Finally, significant reductions in efficiency exist in targets of government VC compared to their non-VC-backed peers.

Keywords: Venture capital; Efficiency; Data envelopment analysis; Fund type; Public investor (search for similar items in EconPapers)
Date: 2015-07-01
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Citations: View citations in EconPapers (28)

Published in Journal of business venturing, 2015, 30 (4), 508-525 p. ⟨10.1016/j.jbusvent.2014.11.001⟩

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Journal Article: How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02313248

DOI: 10.1016/j.jbusvent.2014.11.001

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