Venture capital investor type and the growth mode of new technology-based firms

Capital structure decisions: old issues, new insights from high-tech small- and medium-sized enterprises

“…According to Bertoni, Colombo, and Grilli (2013), we estimate pseudo-first stage regressions for the variables identified as endogenous, seeking to compare the validity of the instrumental variables used with the GMM system (1998) and GMM difference (1991) estimators. The results indicate that for variables identified endogenous, the statistical significance of the instrumental variables used is considerably greater in the equations at levels, compared to what occurs when the variables are in the first differences.…”

Firm Valuation in Venture Capital Financing Rounds: The Role of Investor Bargaining Power

“…Furthermore, given their strategic interest in their portfolio companies, captive VC firms provide portfolio companies access to the parent company's competencies and complementary assets (Dushnitsky and Lenox, 2005). Bertoni et al (2012) have shown that in the long run, the growth of portfolio companies backed by independent and by captive VC firms is comparable, and the post‐investment value‐creating activities of both types of investors are also comparable. Hence, valuations will be comparable when captive and independent VC investors compete for unrelated investment targets.…”

Do Company Builders Create Jobs? Examining the Rise of Incubation Finance in Germany

“…Both microeconomic effects (Engel 2002;Achleitner and Kloeckner 2005) and macroeconomic effects (Belke, Fehn, and Foster 2006;Feldmann 2010) associated with VC investments have been reported for the German labour market. The investment strategies of different types of VC investors have also been compared (Bertoni, Colombo, and Grilli 2013;Bertoni, Colombo, and Quas 2015). The initial studies dealt with business incubation in a general sense (Grimaldi and Grandi 2005;Stokan, Thompson, and Mahu 2015;Mian 2016, 12-17), whereas the specific type of incubation funding examined here has not (to our knowledge) been investigated in any previous study.…”