Governmental venture capital in Europe: screening and certification

Massimiliano Guerini and Anita Quas
Additional contact information
Massimiliano Guerini: POLIMI - Politecnico di Milano [Milan]

Post-Print from HAL

Abstract: This paper investigates the screening and certification abilities of government-managed venture capital (GVC) firms in Europe. Using a sample of European high-tech entrepreneurial companies, we show that GVC funding increases the likelihood that companies will receive private venture capital (PVC). Moreover, GVC-funded companies that have received a first round of PVC are at least as likely as other PVC-backed companies to receive a second round of PVC or to be listed or acquired. After ruling out alternative explanations, we interpret these results as positive evidence of GVC firms' abilities in selecting promising companies and certifying them to PVC investors.

Keywords: Venture capital; Governmental venture capital; High-tech entrepreneurial ventures; Screening; Certification (search for similar items in EconPapers)
Date: 2016-03-01
References: Add references at CitEc
Citations: View citations in EconPapers (52)

Published in Journal of Business Venturing, 2016, 31 (2), 175-195 p

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Journal Article: Governmental venture capital in Europe: Screening and certification (2016)
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:hal:journl:hal-02313309

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().