Article


Explaining returns on venture capital backed companies : Evidence from Belgium


in Research in International Business and Finance, 25 (3)

ISSN : 0275-5319

par Alperovych, Yan ; Hübner, Georges

2011 - 277-295 P. | En anglais

Using a unique database of 990 VC-backed Belgian firms, we study whether compatibility between corporate and environmental characteristics matters. We address two questions: (i) Does the interplay of company, industry, and product factors affect the expected returns of the VC-backed firms? (ii) Does the joint compatibility between these factors results in a non-linear increase in performance? Panel data analysis shows a significant influence of factor compatibility on returns. Quantile regression analysis indicates a non-linear relationship between the return and its determinants. Conjoint analysis identifies certain combinations of factors, which collapse into classifiable patterns described in the strategic management literature.

Voir la revue «RIBAF, Research in International Business and Finance»



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