Financing Technology-Based Small Firms in Europe: a review of the empirical evidence

Valérie Revest and Sandro Sapio ()

LEM Papers Series from Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy

Abstract: This paper reviews the empirical evidence of the financial sources used by technology-based small firms (TBSFs) in Europe. We shed light on cross-country differences and similarities in the capital structures of TBSFs, in the organization and dynamics of the venture capital industries and high-tech stock markets, as well as in policy-making. We focus on the main European economies, i.e. France, Germany, Italy and the UK. The evidence of a pecking order among capital sources, the rather conservative investment behaviors of venture capital funds in all countries, and the differential performances of hi-tech stock markets cannot be accounted for by the market-based vs. bank-based taxonomy widely used in the research on financial systems.

Keywords: Technology-based small firms; capital structure; venture capital; high-tech stock markets; public support. (search for similar items in EconPapers)
JEL-codes: G24 G28 G32 M13 (search for similar items in EconPapers)
Date: 2008-11-07
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:ssa:lemwps:2008/23

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