Resource title

Financing high-tech growth : the role of debt or equity

Resource image

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Resource description

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.

Resource author

David B. Audretsch, Erik E. Lehmann

Resource publisher

Resource publish date

Resource language

eng

Resource content type

text/html

Resource resource URL

http://hdl.handle.net/10419/19964

Resource license

Adapt according to the presented license agreement and reference the original author.