Resum
Venture capital (VC) has attracted a great amount of interest among researchers and practitioners. Yet, it remains unclear whether, how and under which conditions VC investments facilitate the development of funded firms. Theoretical propositions suggest conflicting signaling and substantive effects. In order to address the controversy and shed light on the true relationship between VC and firm performance we conduct a meta-analysis. Our results show that a small positive performance effect of VC investment on funded firm performance exists. However, the effect vanishes if researchers control for industry selection effects. Moreover, a large part of the variance in empirical results can be attributed to context-related variables. Our findings indicate the importance of context dependent signaling effects. We discuss our findings with respect to theoretical and practical implications.
Idioma original | Anglès |
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Estat de la publicació | Publicada - 8 de juny 2010 |
Esdeveniment | 2010 Babson College Entrepreneurship Research Conference (2010 BCERC) - Durada: 8 de juny 2010 → 12 de juny 2010 |
Conferència
Conferència | 2010 Babson College Entrepreneurship Research Conference (2010 BCERC) |
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Període | 8/06/10 → 12/06/10 |