This paper investigates the difference between governmental venture capital firms (GVCs) and private venture capital firms (PVCs) from the perspective of a VC life cycle. Compared to PVC, GVCs put in less effort over the whole cycle due to the lack of a link between current performance and...

Background: This study tries to investigate how firms adjust their leverage policy across the firm’s life cycle. For this purpose the study uses an extensive set of data of 867 A listed Chinese non-financial firms over a nineteen years period (1996-2014). Methods: The study employs...