" early on, resulting in long-run differences in investment, profits, and firm growth. The value of active investors is …

analyze the relationship between investment and internal cash flows. The results indicate that the investment sensitivity to … VC-backed SME investment. The moderation effect of VC ownership reduces the magnitudes of the positive impact of cash … flows and debt as well as the negative effect of growth opportunities on investment in both smaller and larger VC …

investment. Section 5 employs a latent class cluster analysis to establish a taxonomy of start-up growth profiles, characterised …