This paper studies the internationalization behaviour of French companies using more than 330,000 observations for three two-year intervals. We analyse the ‘symmetric’ role of productivity and other major firm attributes to characterize companies that enter into and exit from foreign...

Statements emphasizing the major contribution of the small and medium sized enterprises (SMEs) for net job creation are quite frequent. Concerning the current definition of SMEs provided by the European Commission (EC), this paper makes a first attempt to approximate SMEs’ contribution to net...

We answer the questions, how many firms acting in the modern German biotechnology industry are funded by venture capital companies (VCC) as well as equity funded by corporate investors. The theory suggests a high relevance of VCC as venturing partner of high-tech projects. In addition we argue...

The paper analyses the impact of venture capital finance on growth and innovation activities of young German firms. Among other variables, our panel of firm data includes data on venture capital funding and patent applications. With statistical matching procedures we draw an adequate control...

Previous studies argued that low investment-cash flow sensitivities of German firms may be caused by dominance of public banking.The paper addresses this topic and applies a unique accounting dataset of German firms. Results from a dynamic panel data approach show that the dependence of...

This paper studies the internationalization behaviour of French companies, using more than 330.000 observations for three two-year intervals. We analyze the role of productivity, organisational and ownership structure, and of financial characteristics for the decision to enter into and exit from...

The paper analyses the impact of venture capital finance on growth and innovation activities of young German firms. Among other variables, our panel of firm data includes data on venture capital funding and patent applications. With a statistical matching procedure we draw an adequate control...

The goal of this paper is to point out the role played by private equity investors (venture-capital companies and corporate investors) in the emergence of a new biotechnology industry in Germany in the second half of the 90?s. This analysis takes into account the different business models and...

Aufgrund der geringen Eigenkapitalausstattung junger, innovativer und schnell wachsender Unternehmen und erheblicher Unsicherheiten hinsichtlich des Erfolgs der geplanten Investitionen scheidet eine Finanzierung mittels Fremdkapital oftmals aus oder erfolgt nicht in dem Umfang, den die...

Der deutsche Markt für Beteiligungskapital ist ein vergleichsweise junger Markt, so dass nur wenig Wissen bezüglich der Qualität der von den VCG geleisteten Managementunterstützung besteht. Ziel der Studie ist es, den Beitrag der VCG zum Wachstum und Überleben ihrer Portfoliounternehmen...