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

in Journal of Business Venturing, 30 (4)

ISSN : 0883-9026

par Alperovych, Yan ; Hübner, Georges ; Lobet, Fabrice

2015 - 508-525 P. | En anglais

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.

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