Explaining Returns on Venture Capital-Backed Companies: Evidence from Belgium

Alperovych, Yan; Hübner, Georges

doi:10.1016/j.ribaf.2011.02.003

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Explaining Returns on Venture Capital-Backed Companies: Evidence from Belgium

Alperovych, Yan; Hübner, Georges

2011 • In Research in International Business and Finance, 25 (3), p. 277-295

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https://hdl.handle.net/2268/85251

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10.1016/j.ribaf.2011.02.003

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Keywords :

Venture capital; Return; Entrepreneurship

Abstract :

[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 :

Issue :

Pages :

277-295

Peer reviewed :

Peer Reviewed verified by ORBi

Funders :

FRFC - Fonds de la Recherche Fondamentale Collective

Available on ORBi :

since 18 February 2011

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