A5072282193- Private Equity and Venture Capital
- Corporate Finance and Governance
- Firm Innovation and Growth
- Business, Education, Mathematics Research
- Capital Investment and Risk Analysis
- Innovation Policy and R&D
- Finance, Taxation, and Governance
- Entrepreneurship Studies and Influences
- Political and Social Dynamics in Chile and Latin America
- Family Business Performance and Succession
- Historical Studies in Latin America
- Cuban History and Society
- Spanish Culture and Identity
- Economic Policies and Impacts
- Latin American and Latino Studies
- Economic Theory and Policy
- Community Development and Social Impact
- Financial Literacy, Pension, Retirement Analysis
- Media, Journalism, and Communication History
- Latin American Literature Studies
- Journalism and Media Studies
- Social Sciences and Policies
- Cinema History and Criticism
- Intellectual Capital and Performance Analysis
- State Capitalism and Financial Governance
Universidad Complutense de Madrid
2010-2024
University of Alicante
2012
We study the reluctance of family firms to accept private equity (PE) investors and impact PE on firms’ performance. analyze productivity growth in a sample 257 PE–backed firms, 143 which were run by founding generation. compare these with both non–PE–backed non firms. find that accessing show lower before initial round, is driven an imbalance between inputs output, especially founder–controlled Our results also confirm positive involvement
One of the pending issues in venture capital (VC) research is analysis economic impact companies that receive funds as part their financing. This paper analyses a sample VC-backed firms to study impact, terms growth employment, sales, gross margin, total assets, net intangible assets and corporate taxes paid. The results are compared control group. Additionally, panel data methodology applied verify significant effect observed over time on variables analysed. evidence suggests have greater...
The VICO project collected a database on young high-tech entrepreneurial companies operating in seven European countries (Belgium, Finland, France, Germany, Italy, Spain, and the United Kingdom). objective of data collection process was to build infrastructure conduct an extensive study about venture capital (VC) activity sectors Europe. dataset includes two strata companies: first is sample VC-backed second control group non-VC backed (but potentially investable) companies. Data were by...
We aim to ascertain what extent the better performance of European venture capital (VC)-backed firms in high-tech industries is due either ‘screening’ or ‘value added’ provided by VC investors. compare portfolio firms’ productivity growth before and after first round, using a matched control group as benchmark. show that not significantly different between non-VC-backed round financing, whereas significant differences are found years investment event. also find value-adding services...
We analyze growth in family and non-family Spanish venture capital-backed firms. When the capital firm (VC) does not hold a majority stake, usual risk aversion attitudes firms may lead to conflicts between management cultures of existing new shareholders, which affect growth. find lower after initial round only when investor holds minority stake. Our results explain under-representation VC portfolios highlight need align objectives managers investors before round.
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This paper contributes to the literature on effect of venture capital (VC) economic development areas in which those specialized investors are active. The work focuses separate consideration two effects that supposed explain superior performance a large sample Spanish VC-backed firms, namely funding and value-added services provided by VC managers their investee firms. results show is significant regardless stage firm. value added, however, only for subsample firms at expansion stage.
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We analyze whether firms that receive venture capital (VC) at a later date face more financial constraints than one-by-one matched sample of did not VC funding (control group). The aim is to check their flexibility explains why they decide seek external equity funding. In contrast with other papers, which focus on the sensitivity investments cash flow, we study this issue by applying dynamic model speed adjustment target debt levels prior receiving first investment. representative 237...
This article analyzes the evolution of Spanish venture capital and private equity markets during last 16 years, making at same time a comparison with that experienced by European markets. The aim is to identify some key ideas could explain shift in investment focus from original concept wider approach equity. Evidence towards mature companies found, difficulties exit processes early-stage investments being main constraint on real activity.