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Article Dans Une Revue RIBAF, Research in International Business and Finance Année : 2011

Explaining returns on venture capital backed companies : Evidence from Belgium

Yan Alperovych

Résumé

Using a unique database of 990 VC-backed Belgian firms, we study whether compatibility between corporate and environmental characteristics matters. We address two questions: (i) Does the interplay of company, industry, and product factors affect the expected returns of the VC-backed firms? (ii) Does the joint compatibility between these factors results in a non-linear increase in performance? Panel data analysis shows a significant influence of factor compatibility on returns. Quantile regression analysis indicates a non-linear relationship between the return and its determinants. Conjoint analysis identifies certain combinations of factors, which collapse into classifiable patterns described in the strategic management literature.

Dates et versions

hal-02312726 , version 1 (13-03-2020)

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Yan Alperovych, Georges Hübner. Explaining returns on venture capital backed companies : Evidence from Belgium. RIBAF, Research in International Business and Finance, 2011, 25 (3), 277-295 p. ⟨10.1016/j.ribaf.2011.02.003⟩. ⟨hal-02312726⟩
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