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

Author

Listed:
  • Yan Alperovych

    (EM - EMLyon Business School)

  • Georges Hübner

    (HEC Liège, Maastricht University [Maastricht])

  • Fabrice Lobet

    (ULB - Université libre de Bruxelles)

Abstract
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.

Suggested Citation

  • Yan Alperovych & Georges Hübner & Fabrice Lobet, 2015. "How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium," Post-Print hal-02313248, HAL.
    • Handle: RePEc:hal:journl:hal-02313248
    DOI: 10.1016/j.jbusvent.2014.11.001
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