[en] Using a unique database of 990 VC-backed Belgian firms, we study whether compatibility between corporate and environmental characteristics matters. We address two questions: (i) Does the interplay of company, industry, and product factors affect the expected returns of the VC-backed firms? (ii) Does the joint compatibility between these factors results in a non-linear increase in performance? Panel data analysis shows a significant influence of factor compatibility on returns. Quantile regression analysis indicates a non-linear relationship between the return and its determinants. Conjoint analysis identifies certain combinations of factors, which collapse into classifiable patterns described in the strategic management literature.
Disciplines :
Finance
Author, co-author :
Alperovych, Yan ; Université de Liège - ULiège > HEC-Ecole de gestion : UER > Gestion financière
Hübner, Georges ; Université de Liège - ULiège > HEC-Ecole de gestion : UER > Gestion financière
Language :
English
Title :
Explaining Returns on Venture Capital-Backed Companies: Evidence from Belgium
Publication date :
2011
Journal title :
Research in International Business and Finance
ISSN :
0275-5319
Publisher :
Elsevier
Volume :
25
Issue :
3
Pages :
277-295
Peer reviewed :
Peer Reviewed verified by ORBi
Funders :
FRFC - Fonds de la Recherche Fondamentale Collective
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