Do the effects of private equity investments on firm performance persist over time?
Author
Abstract
Suggested Citation
DOI: 10.1080/09603107.2013.872758
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Tykvová, Tereza & Borell, Mariela, 2012.
"Do private equity owners increase risk of financial distress and bankruptcy?,"
Journal of Corporate Finance, Elsevier, vol. 18(1), pages 138-150.
- Tykvová, Tereza & Borell, Mariela, 2011. "Do private equity owners increase risk of financial distress and bankruptcy?," ZEW Discussion Papers 11-076, ZEW - Leibniz Centre for European Economic Research.
- Kelley A. Packalen, 2007. "Complementing Capital: The Role of Status, Demographic Features, and Social Capital in Founding Teams’ Abilities to Obtain Resources," Entrepreneurship Theory and Practice, , vol. 31(6), pages 873-891, November.
- Catherine Casamatta, 2003.
"Financing and Advising: Optimal Financial Contracts with Venture Capitalists,"
Journal of Finance, American Finance Association, vol. 58(5), pages 2059-2085, October.
- Casamatta, Catherine, 2002. "Financing and Advising: Optimal Financial Contracts with Venture Capitalists," CEPR Discussion Papers 3475, C.E.P.R. Discussion Papers.
- Riccardo Ferretti & Antonio Meles, 2010.
"Underpricing, wealth loss for pre-existing shareholders and the cost of going public: the role of private equity backing in Italian IPOs,"
Venture Capital, Taylor & Francis Journals, vol. 13(1), pages 23-47, September.
- Riccardo Ferretti & Antonio Meles, 2011. "Underpricing, wealth loss for pre-existing shareholders and the cost of going public: the role of private equity backing in Italian IPOs," Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance) 0026, Universita di Modena e Reggio Emilia, Dipartimento di Economia "Marco Biagi".
- Brav, Alon & Gompers, Paul A, 1997. "Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies," Journal of Finance, American Finance Association, vol. 52(5), pages 1791-1821, December.
- Mike Wright, 1998. "Venture Capital and Private Equity: A Review and Synthesis," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 25(5&6), pages 521-570.
- Ranko Jelic & Mike Wright, 2011. "Exits, Performance, and Late Stage Private Equity: the Case of UK Management Buy†outs," European Financial Management, European Financial Management Association, vol. 17(3), pages 560-593, June.
- Jain, Bharat A & Kini, Omesh, 1994. "The Post-Issue Operating Performance of IPO Firms," Journal of Finance, American Finance Association, vol. 49(5), pages 1699-1726, December.
- Bertoni, Fabio & Colombo, Massimo G. & Grilli, Luca, 2011.
"Venture capital financing and the growth of high-tech start-ups: Disentangling treatment from selection effects,"
Research Policy, Elsevier, vol. 40(7), pages 1028-1043, September.
- Fabio Bertoni & Massimo G. Colombo & Luca Grilli, 2011. "Venture capital financing and the growth of high-tech start-ups : Disentangling treatment from selection effects," Post-Print hal-02312956, HAL.
- Thomas J. Chemmanur & Karthik Krishnan & Debarshi K. Nandy, 2011.
"How Does Venture Capital Financing Improve Efficiency in Private Firms? A Look Beneath the Surface,"
The Review of Financial Studies, Society for Financial Studies, vol. 24(12), pages 4037-4090.
- Thomas Chemmanur & Karthik Krishnan & Debarshi Nandy, 2008. "How Does Venture Capital Financing Improve Efficiency in Private Firms? A Look Beneath the Surface," Working Papers 08-16, Center for Economic Studies, U.S. Census Bureau.
- Steven N. Kaplan & Per Strömberg, 2003.
"Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 70(2), pages 281-315.
- Steven N. Kaplan & Per Stromberg, 2000. "Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts," NBER Working Papers 7660, National Bureau of Economic Research, Inc.
- Steven N. Kaplan & Per Strömberg, 2000. "Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts," CRSP working papers 513, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
- Kaplan, Steven & Strömberg, Per, 2000. "Financial Contracting Theory Meets The Real World: An Empirical Analysis Of Venture Capital Contracts," CEPR Discussion Papers 2421, C.E.P.R. Discussion Papers.
- Stefano Caselli & Stefano Gatti & Francesco Perrini, 2009. "Are Venture Capitalists a Catalyst for Innovation?," European Financial Management, European Financial Management Association, vol. 15(1), pages 92-111, January.
- Thomas Hellmann & Manju Puri, 2002.
"Venture Capital and the Professionalization of Start‐Up Firms: Empirical Evidence,"
Journal of Finance, American Finance Association, vol. 57(1), pages 169-197, February.
- Hellmann, Thomas F. & Puri, Manju, 2000. "Venture Capital and the Professionalization of Start-up Firms: Empirical Evidence," Research Papers 1661, Stanford University, Graduate School of Business.
- David H. Hsu, 2006. "Venture Capitalists and Cooperative Start-up Commercialization Strategy," Management Science, INFORMS, vol. 52(2), pages 204-219, February.
- Bing Guo & Yun Lou & David Pérez‐Castrillo, 2015.
"Investment, Duration, and Exit Strategies for Corporate and Independent Venture Capital‐Backed Start‐Ups,"
Journal of Economics & Management Strategy, Wiley Blackwell, vol. 24(2), pages 415-455, June.
- Bing Guo & Yun Lou & David Pérez-Castrillo, 2012. "Investment, Duration, and Exit Strategies for Corporate and Independent Venture Capital-backed Start-ups," UFAE and IAE Working Papers 895.12, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
- Bing Guo & Yun Lou & David Pérez-Castrillo, 2012. "Investment, Duration, and Exit Strategies for Corporate and Independent Venture Capital-backed Start-ups," Working Papers 602, Barcelona School of Economics.
- Samuel Kortum & Josh Lerner, 2000. "Assessing the Contribution of Venture Capital to Innovation," RAND Journal of Economics, The RAND Corporation, vol. 31(4), pages 674-692, Winter.
- Dushnitsky, Gary & Lenox, Michael J., 2006. "When does corporate venture capital investment create firm value?," Journal of Business Venturing, Elsevier, vol. 21(6), pages 753-772, November.
- Kaplan, Steven, 1989. "The effects of management buyouts on operating performance and value," Journal of Financial Economics, Elsevier, vol. 24(2), pages 217-254.
- Lerner, Josh, 1995. "Venture Capitalists and the Oversight of Private Firms," Journal of Finance, American Finance Association, vol. 50(1), pages 301-318, March.
- Baum, Joel A. C. & Silverman, Brian S., 2004. "Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups," Journal of Business Venturing, Elsevier, vol. 19(3), pages 411-436, May.
- Xuan Tian, 2011. "The Role of Venture Capital Syndication in Value Creation for Entrepreneurial Firms," Review of Finance, European Finance Association, vol. 16(1), pages 245-283.
- Wang, Clement K. & Wang, Kangmao & Lu, Qing, 2003. "Effects of venture capitalists' participation in listed companies," Journal of Banking & Finance, Elsevier, vol. 27(10), pages 2015-2034, October.
- Josh Lerner & Morten Sorensen & Per Stromberg, 2013. "Private Equity and Investment in Innovation: Evidence from Patents," Journal of Applied Corporate Finance, Morgan Stanley, vol. 25(2), pages 95-102, June.
- Colombo, Massimo G. & Grilli, Luca, 2010. "On growth drivers of high-tech start-ups: Exploring the role of founders' human capital and venture capital," Journal of Business Venturing, Elsevier, vol. 25(6), pages 610-626, November.
- repec:bla:jfinan:v:58:y:2003:i:5:p:2059-2086 is not listed on IDEAS
- Sahlman, William A., 1990. "The structure and governance of venture-capital organizations," Journal of Financial Economics, Elsevier, vol. 27(2), pages 473-521, October.
- Yacine Belghitar & Rob Dixon, 2012. "Do venture capitalists reduce underpricing and underperformance of IPOs?," Applied Financial Economics, Taylor & Francis Journals, vol. 22(1), pages 33-44, January.
- Riccardo Ferretti & Antonio Meles, 2010.
"Underpricing, wealth loss for pre-existing shareholders and the cost of going public: the role of private equity backing in Italian IPOs,"
Venture Capital,
Taylor & Francis Journals, vol. 13(1), pages 23-47, September.
- Riccardo Ferretti & Antonio Meles, 2011. "Underpricing, wealth loss for pre-existing shareholders and the cost of going public: the role of private equity backing in Italian IPOs," Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance) 11041, Universita di Modena e Reggio Emilia, Dipartimento di Economia "Marco Biagi".
- Smith, Abbie J., 1990. "Corporate ownership structure and performance *1: The case of management buyouts," Journal of Financial Economics, Elsevier, vol. 27(1), pages 143-164, September.
- Engel, Dirk, 2002. "The Impact of Venture Capital on Firm Growth: An Empirical Investigation," ZEW Discussion Papers 02-02, ZEW - Leibniz Centre for European Economic Research.
- Shourun Guo & Edith S. Hotchkiss & Weihong Song, 2011. "Do Buyouts (Still) Create Value?," Journal of Finance, American Finance Association, vol. 66(2), pages 479-517, April.
- Antonio Meles, 2011. "Do Private Equity Investors Create Value for Italian Initial Public Offerings?," International Review of Finance, International Review of Finance Ltd., vol. 11(3), pages 391-416, September.
- Megginson, William L & Weiss, Kathleen A, 1991. "Venture Capitalist Certification in Initial Public Offerings," Journal of Finance, American Finance Association, vol. 46(3), pages 879-903, July.
- Paul Gompers & Josh Lerner, 2001. "The Venture Capital Revolution," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 145-168, Spring.
- Roger Kelly, 2012. "Drivers of private equity investment activity: are buyout and venture investors really so different?," Venture Capital, Taylor & Francis Journals, vol. 14(4), pages 309-330, October.
- Mario Levis, 2011. "The Performance of Private Equity‐Backed IPOs," Financial Management, Financial Management Association International, vol. 40(1), pages 253-277, March.
- Caselli, Stefano & Garcia-Appendini, Emilia & Ippolito, Filippo, 2013. "Contracts and returns in private equity investments," Journal of Financial Intermediation, Elsevier, vol. 22(2), pages 201-217.
- Barringer, Bruce R. & Jones, Foard F. & Neubaum, Donald O., 2005. "A quantitative content analysis of the characteristics of rapid-growth firms and their founders," Journal of Business Venturing, Elsevier, vol. 20(5), pages 663-687, September.
- Laura Lindsey, 2008. "Blurring Firm Boundaries: The Role of Venture Capital in Strategic Alliances," Journal of Finance, American Finance Association, vol. 63(3), pages 1137-1168, June.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Pavlova, Elitsa & Signore, Simone, 2021. "The European venture capital landscape: An EIF perspective. Volume VI: The impact of VC on the exit and innovation outcomes of EIF-backed start-ups," EIF Working Paper Series 2021/70, European Investment Fund (EIF).
- Konstantinos Poulis & Gregorios C. Galanakis & Gregory T. Triantafillou & Efthimios Poulis, 2020. "Value migration: digitalization of shipping as a mechanism of industry dethronement," Journal of Shipping and Trade, Springer, vol. 5(1), pages 1-18, December.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Croce, Annalisa & Martí, José & Murtinu, Samuele, 2013. "The impact of venture capital on the productivity growth of European entrepreneurial firms: ‘Screening’ or ‘value added’ effect?," Journal of Business Venturing, Elsevier, vol. 28(4), pages 489-510.
- Megginson, William L. & Meles, Antonio & Sampagnaro, Gabriele & Verdoliva, Vincenzo, 2019. "Financial distress risk in initial public offerings: How much do venture capitalists matter?," Journal of Corporate Finance, Elsevier, vol. 59(C), pages 10-30.
- Rin, Marco Da & Hellmann, Thomas & Puri, Manju, 2013.
"A Survey of Venture Capital Research,"
Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, volume 2, chapter 0, pages 573-648,
Elsevier.
- Da Rin, M. & Hellmann, T. & Puri, M.L., 2011. "A Survey of Venture Capital Research," Other publications TiSEM eb956105-daa7-4a03-8392-6, Tilburg University, School of Economics and Management.
- Marco Da Rin & Thomas F. Hellmann & Manju Puri, 2011. "A survey of venture capital research," NBER Working Papers 17523, National Bureau of Economic Research, Inc.
- Da Rin, M. & Hellmann, T. & Puri, M.L., 2011. "A Survey of Venture Capital Research," Discussion Paper 2011-111, Tilburg University, Center for Economic Research.
- Andrew Metrick & Ayako Yasuda, 2011.
"Venture Capital and Other Private Equity: a Survey,"
European Financial Management, European Financial Management Association, vol. 17(4), pages 619-654, September.
- Andrew Metrick & Ayako Yasuda, 2010. "Venture Capital and Other Private Equity: A Survey," NBER Working Papers 16652, National Bureau of Economic Research, Inc.
- Metrick, Andrew & Yasuda, Ayako, 2010. "Venture Capital and Other Private Equity: A Survey," Working Papers 11-06, University of Pennsylvania, Wharton School, Weiss Center.
- Fabio Bertoni & Annalisa Croce & Diego D'Adda, 2009.
"Venture capital investments and patenting activity of high-tech start-ups: a micro-econometric firm-level analysis,"
Venture Capital, Taylor & Francis Journals, vol. 12(4), pages 307-326, November.
- Fabio Bertoni & Annalisa Croce & Diego d'Adda, 2010. "Venture capital investments and patenting activity of high-tech start-ups : a micro-econometric firm-level analysis," Post-Print hal-02312960, HAL.
- Fabio Bertoni & María Ferrer & José Martí, 2013.
"The different roles played by venture capital and private equity investors on the investment activity of their portfolio firms,"
Small Business Economics, Springer, vol. 40(3), pages 607-633, April.
- Fabio Bertoni & Maria Alejandra Ferrer & Pellon José Marti, 2013. "The different roles played by venture capital and private equity investors on the investment activity of their portfolio firms," Post-Print hal-02312955, HAL.
- Anita Quas & Jose Martí & Carmelo Reverte, 2021. "What money cannot buy: a new approach to measure venture capital ability to add non-financial resources," Small Business Economics, Springer, vol. 57(3), pages 1361-1382, October.
- Bertoni, Fabio & Colombo, Massimo G. & Grilli, Luca, 2011.
"Venture capital financing and the growth of high-tech start-ups: Disentangling treatment from selection effects,"
Research Policy, Elsevier, vol. 40(7), pages 1028-1043, September.
- Fabio Bertoni & Massimo G. Colombo & Luca Grilli, 2011. "Venture capital financing and the growth of high-tech start-ups : Disentangling treatment from selection effects," Post-Print hal-02312956, HAL.
- Tereza Tykvová, 2018. "Venture capital and private equity financing: an overview of recent literature and an agenda for future research," Journal of Business Economics, Springer, vol. 88(3), pages 325-362, May.
- Fabio Bertoni & Diego D’Adda & Luca Grilli, 2016.
"Cherry-picking or frog-kissing? A theoretical analysis of how investors select entrepreneurial ventures in thin venture capital markets,"
Small Business Economics, Springer, vol. 46(3), pages 391-405, March.
- Fabio Bertoni & Diego d'Adda & Luca Grilli, 2016. "Cherry-picking or frog-kissing? A theoretical analysis of how investors select entrepreneurial ventures in thin venture capital markets," Post-Print hal-02313340, HAL.
- Valérie Revest & Alessandro Sapio, 2012.
"Financing technology-based small firms in Europe: what do we know?,"
Small Business Economics, Springer, vol. 39(1), pages 179-205, July.
- Valérie Revest & Alessandro Sapio, 2012. "Financing technology-based small firms in Europe: what do we know?," Post-Print halshs-00606802, HAL.
- Colombo, Massimo G. & D’Adda, Diego & Pirelli, Lorenzo H., 2016. "The participation of new technology-based firms in EU-funded R&D partnerships: The role of venture capital," Research Policy, Elsevier, vol. 45(2), pages 361-375.
- Lohwasser, Todor S., 2020. "Meta-analyzing the relative performance of venture capital-backed firms," Discussion Papers of the Institute for Organisational Economics 4/2020, University of Münster, Institute for Organisational Economics.
- Ting-Kai Chou & Jia-Chi Cheng & Chin-Chen Chien, 2013. "How useful is venture capital prestige? Evidence from IPO survivability," Small Business Economics, Springer, vol. 40(4), pages 843-863, May.
- Grilli, Luca & Murtinu, Samuele, 2014. "Government, venture capital and the growth of European high-tech entrepreneurial firms," Research Policy, Elsevier, vol. 43(9), pages 1523-1543.
- Rosenbusch, Nina & Brinckmann, Jan & Müller, Verena, 2013. "Does acquiring venture capital pay off for the funded firms? A meta-analysis on the relationship between venture capital investment and funded firm financial performance," Journal of Business Venturing, Elsevier, vol. 28(3), pages 335-353.
- Zhang, Yeqing & Zhang, Xueyong, 2020. "Patent growth and the long-run performance of VC-backed IPOs," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 33-47.
- Marco Da Rin & María Fabiana Penas, 2017.
"Venture capital and innovation strategies,"
Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 26(5), pages 781-800.
- Da Rin, M. & Penas, M.F., 2015. "Venture Capital and Innovation Strategies," Other publications TiSEM 12c9c009-13c2-4579-aa87-4, Tilburg University, School of Economics and Management.
- Da Rin, Marco & Penas, Maria, 2015. "Venture Capital and Innovation Strategies," Other publications TiSEM 6aaa2b8c-d388-4a92-9835-e, Tilburg University, School of Economics and Management.
- Da Rin, M. & Penas, M.F., 2015. "Venture Capital and Innovation Strategies," Discussion Paper 2015-009, Tilburg University, Tilburg Law and Economic Center.
- Da Rin, M. & Penas, M.F., 2015. "Venture Capital and Innovation Strategies," Discussion Paper 2015-028, Tilburg University, Center for Economic Research.
- Da Rin, M. & Penas, M.F., 2015. "Venture Capital and Innovation Strategies," Other publications TiSEM b1fa60be-4744-45a8-8b43-8, Tilburg University, School of Economics and Management.
- Da Rin, Marco & Penas, Maria, 2015. "Venture Capital and Innovation Strategies," Discussion Paper 2015-009, Tilburg University, Tilburg Law and Economic Center.
- Lahr, Henry & Mina, Andrea, 2016. "Venture capital investments and the technological performance of portfolio firms," Research Policy, Elsevier, vol. 45(1), pages 303-318.
- Fabio Bertoni & Massimo Colombo & Luca Grilli, 2013.
"Venture capital investor type and the growth mode of new technology-based firms,"
Small Business Economics, Springer, vol. 40(3), pages 527-552, April.
- Fabio Bertoni & Massimo G. Colombo & Luca Grilli, 2013. "Venture capital investor type and the growth mode of new technology-based firms," Post-Print hal-02312954, HAL.
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:apfiec:v:24:y:2014:i:3:p:203-218. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/RAFE20 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.