Numerous studies have discussed that even if fundamental for innovation and economic growth, SMEs are often financially more constrained than large firms. Therefore, venture capitalists are often the only available sources of financing to small and young companies. Through the analysis of a...

In this paper we aim at shedding light on the possible role played by BAs in influencing the effects of bank debt on the performances of the funded ventures. We assume that BAs might significantly reduce the agency costs of bank debt and foster a positive effect of debt on venture performance by...