How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium |
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| Institution: | 1. EMLYON Business School;2. HEC Management School, University of Liège;3. Maastricht University;4. Gambit Financial Solutions;5. Free University of Brussels;1. Department of Economics, Lund University, Sweden;2. Wharton School, University of Pennsylvania, United States;1. School of Management, State University of New York at Buffalo, 326 Jacobs Management Center, Amherst, NY 14260, USA;2. Sauder School of Business, The University of British Columbia, 2053 Main Mall, Vancouver, BC V6T 1Z2, Canada;3. Beedie School of Business, Simon Fraser University, 8888 University Drive, Burnaby, BC V5A 1S6, Canada |
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| 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. |
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