Firm Level Implications of Early Stage Venture Capital Investment: An Empirical Investigation

Max Keilbach and Dirk Engel

No 02-82, ZEW Discussion Papers from ZEW - Leibniz Centre for European Economic Research

Abstract: The paper analyses the impact of venture capital finance on growth and innovation activities of young German firms. Among other variables, our panel of firm data includes data on venture capital funding and patent applications. With a statistical matching procedure we draw an adequate control group of non venture funded firms. The analysis gives evidence that innovative firms will be able to close a venture capital deal with higher probability. Once the firms are venture funded, they display higher growth rates but do not differ in their innovative output from otherwise comparable firms. We derive strategic implications.

Keywords: Firm Demography; Firm Start-Ups; Firm Growth; Venture Capital; Patented Inventions; Microeconometric Evaluation Methods (search for similar items in EconPapers)
JEL-codes: C14 C33 D21 D92 L21 (search for similar items in EconPapers)
Date: 2002
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Citations: View citations in EconPapers (22)

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Related works:
Journal Article: Firm-level implications of early stage venture capital investment -- An empirical investigation (2007)
Working Paper: Firm Level Implications of Early Stage Venture Capital Investment - An Empiri cal Investigation
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:zewdip:1336

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