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Working paper No. 288: Direct and Indirect Effects of Private- and Government Sponsored Venture Capital

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Abstract

This paper studies the real effects of venture capital on targeted firms. Specifically, using a unique dataset with comprehensive information on private- and governmental venture capital investments, we examine the effects of such investments on firms’ sales, employment and investments in physical capital. The results suggest that both private and public venture capital boost firm sales two to three years after the investment. The sales increase can, in turn, partially be traced to an investment effect, and partially to increased efficiency, whereas no employment effects are found. Finally, our findings suggest that government investors are more prone than private VC firms to make follow-up investments in stagnating non-growing firms.

Engberg, E., Halvarsson, D., & Tingvall, P. (2017). Direct and Indirect Effects of Private- and Government Sponsored Venture Capital. Ratio Working Paper No. 288. Stockholm: Ratio.

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Author
Engberg, E, Halvarsson, D, Tingvall, P
Publication year
2017
Published in

Ratio Working Paper

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  • Bild av Daniel Halvarsson, medarbetare på Ratio
    Ph.D.

    Daniel Halvarsson

    +460760184541daniel.halvarsson@ratio.se

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