We analyze growth in family and non-family Spanish venture capital-backed firms. When the venture capital firm (VC) does not hold a majority stake, the usual risk aversion attitudes in family firms may lead to conflicts between the management cultures of the existing and new shareholders, which...

We study the employment growth for entrepreneurial ventures that received a government-sponsored participative loan (PL), a hybrid form of financing between debt and equity. We use propensity-score matching (PSM) and instrumental variable analysis (2SLS) to study a sample of 512 entrepreneurial...