Arbeitspapier
Firm Level Implications of Early Stage Venture Capital Investment - An Empiri cal Investigation
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.
- Sprache
-
Englisch
- Erschienen in
-
Series: Papers on Entrepreneurship, Growth and Public Policy ; No. 2205
- Klassifikation
-
Wirtschaft
Multiple or Simultaneous Equation Models: Panel Data Models; Spatio-temporal Models
Semiparametric and Nonparametric Methods: General
Firm Behavior: Theory
Business Objectives of the Firm
- Thema
-
Firm Demography
Firm Start-Ups
Firm Growth
Venture Capital
Patented Innovations
Microeconomic Evaluation Methods
Risikokapital
Unternehmensgründung
Innovation
Unternehmenswachstum
Schätzung
Deutschland
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Engel, Dirk
Keilbach, Max
- Ereignis
-
Veröffentlichung
- (wer)
-
Max Planck Institute for Research into Economic Systems
- (wo)
-
Jena
- (wann)
-
2005
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Engel, Dirk
- Keilbach, Max
- Max Planck Institute for Research into Economic Systems
Entstanden
- 2005
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