Importance of the non-financial value added of government and independent venture capitalists

Arbeitspapier

This paper compares the post-investment value-added activities performed by governmental venture capital (GVC) and independent venture capital (IVC) for their portfolio companies, and controls for the selection effect that the different investment profiles of these investors might have on the forms of value added. The study uses a unique data set based on a survey addressed to new VC-backed, technology-based firms from seven European countries. The study focused on the importance of the contribution by the first lead investor in a variety of activity areas, as assessed by the investee companies. The study also pays attention to potential adverse effects of the post-investment engagement of the investors on the firm. Using a composite indicator of the extent of the value added, we find no statistically significant difference between the two types of investors. However, the type of value added differs across investor type and, in particular, IVC's contribution proves to be significantly higher than that of GVCs in a number of areas, including the development of the business idea, professionalisation and exit orientation.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: ETLA Discussion Papers ; No. 1257

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies ; Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill ; Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
• Thema: venture capital ; Risikokapital ; Betriebliche Wertschöpfung ; Unternehmenserfolg ; EU-Staaten

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Luukkonen, Terttu ; Deschryvere, Matthias ; Bertoni, Fabio ; Nikulainen, Tuomo
• Ereignis: Veröffentlichung
• (wer): The Research Institute of the Finnish Economy (ETLA)
• (wo): Helsinki
• (wann): 2011

Weitere Informationen

• Handle: http://hdl.handle.net/10419/87749
• Letzte Aktualisierung: 10.03.2025, 11:41 MEZ