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China’s venture capital (VC) market features significant government ownership of VCs. We examine the impact of government-owned VCs on the exit success of entrepreneurial firms. We distinguish between types of government VC according to the degree of government ownership (whole versus partial)...
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certain capabilities for innovation. The tacit alliance mitigates uncertainty, making it possible for firms to incrementally … long-term R&D risks, thus limiting potential for novel-product innovation …
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