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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/20012| Title: | Firm level implications of early stage venture capital investment : an empirical investigation |
| Keywords: | C33 C14 D92 D21 L21 ddc:330 Firm Demography Firm Start-Ups Firm Growth Venture Capital Patented Innovations Microeconomic Evaluation Methods Risikokapital Unternehmensgründung Innovation Unternehmenswachstum Schätzung Deutschland |
| Issue Date: | 16-Oct-2013 |
| Publisher: | |
| Description: | 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 statistical matching procedures we draw an adequate control group of nonventure funded but otherwise comparable firms. The analysis confirms other findings that venture funded firms in Germany have higher number of patent applications than those in the control group. However, they do so already before the venture capitalists engagement. After this engagement, the number of patent applications does not differ significantly from that of the control group, however the venture funded firms display significantly larger growthrates. We conclude that the higher innovation output of venture funded firms is mainly driven by the selection process made by the venture capitalist. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/20012 |
| Other Identifiers: | http://hdl.handle.net/10419/20012 ppn:494686936 |
| Appears in Collections: | EconStor |
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