Financing High-Tech Growth: The Role of Debt or Equity

Using a data set of the firms listed on the Neuer Markt in Germany, this paper demonstrates that venture backed firms differ from firms with other financial resources, especially debt. Thus, the results of this study provide evidence for the hypothesis that small and innovative firms are more likely to be financed by venture capitalists instead of banks. We also provide evidence that the presence of venture capitalists enhance the growth rates of firms positively...

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Year of publication:	2004-05-21
Authors:	Audretsch, David B. ; Lehmann, Erik
Institutions:	Max-Planck-Institut für Ökonomik <Jena>
Subject:	Management \| Risikokapital \| risk capital \| Entrepreneurship \| Marktstruktur \| Kapitalstruktur \| capital structure

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Extent:	474112 bytes 29 p. application/pdf
Series:	Max-Planck-Institut für Ökonomik - Abteilung Entrepreneurship, Growth and Public Policy Discussion Papers on Entrepreneurship, Growth and Public Policy ; 1904
Type of publication:	Book / Working Paper
Language:	English
Classification:	G32 - Financing Policy; Capital and Ownership Structure ; L11 - Production, Pricing, and Market Structure Size; Size Distribution of Firms ; M13 - Entrepreneurship ; Capital budgeting, budgetary planning and budgetary control ; Individual Working Papers, Preprints ; GERMANY
Source:	USB Cologne (business full texts)

Persistent link: https://www.econbiz.de/10005865242