Do Venture Capitalists' Characteristics Affect the Performance of the Firms They Back?

摘要: Previous research has already addressed the issue of impact venture capital (VC) backing on growth patterns investee firms. Based qualitative, hand-collected data, other studies analyzed different tasks performed by capitalists (VCs) to add value their portfolio companies. The aim this paper is provide evidence effect some VCs’ characteristics performance firms over time. tested are: age VCs, size funds under management, number companies per investment manager and specialization strategy. We base our analysis a highly representative, unbiased sample VC-backed in country that ranks third Continental Europe VC market. sources data are two databases, one reporting activity second including financial accounts Additionally, historical observable have been added. findings based panel methodology, analyzing several years results, from year first round financing, for each firm. This approach allows us keep track changes time control money invested added VCs separately. analyze whole three subsets company stage. Our show significant at expansion stage characteristics, such as age, or manager, whereas start-up seems related funding alone.