Firm-level implications of early stage venture capital investment — An empirical investigation
Cite
14 Journal of Empirical Finance 150
Year
2007
Bluebook cite
Dirk Engel & Max Keilbach, Firm-level implications of early stage venture capital investment — An empirical investigation, 14 Journal of Empirical Finance 150 (Mar. 2007)
Empirical study of the innovative output and the growth (i.e. commercialization) of German startups (done using a sample of 21,541 German firms of which 0.66% are venture-funded) in light of their access to VC funds. The study finds that startups have a higher amount of patent activity PRIOR to the involvement of a venture capitalist. However, after the VC is involved "there is only very weak evidence that the patenting behavior of venture-funded firms differs from the behavior of non-venture-funded ones"