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How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium

par Alperovych, Yan;Hübner, Georges;Lobet, Fabrice
Référence Journal of business venturing, 30, 4, page (508-525)
Publication Publié, 2015-07

Article révisé par les pairs

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Résumé :

We investigate the implications of venture capital (VC) investor type (government or private) on the operating efficiency of a sample of 515 Belgian portfolio firms up to 3. years after the investment. We find that the government VC-backed firms display significant reductions in productivity. No significant differences in efficiency are found in firms backed by private VC compared with their non-VC-backed peers. Finally, significant reductions in efficiency exist in targets of government VC compared to their non-VC-backed peers.