Entrepreneurship and Financing: Empirical Characterization of New Catalan Companies and the Influence of Belonging to a Business Group

Abstract

This paper studies behavior of funders' agents in Catalonia, with the aim of determine if there are differences between traditional (bank) or alternative (venture) capital in financing entrepreneurship's projects, considering the relationship with business group and other carhacteristics. The study is based on quantitative analysis of financing in 300 new Catalan companies created in Catalonia from 2006 to 2011. The results indicate a tendency in firms belonging to business groups to have more funding from banks and greater perception of public aids. There are also differences regarding export activity and complexity, which are higher in companies belonging to business groups.