2008/23 | LEM Working Paper Series | |
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Financing Technology-Based Small Firms in Europe: A review of the empirical evidence. |
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Valerie Revest, Sandro Sapio |
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Keywords | ||
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Technology-based small firms, capital structure, venture capital, high-tech stock markets, public support.
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JEL Classifications | ||
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G24, G28, G32, M13
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Abstract | ||
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This paper reviews the empirical evidence of the financial sources
used by technology-based small firms (TBSFs) in Europe. We shed light
on cross-country differences and similarities in the capital
structures of TBSFs, in the organization and dynamics of the venture
capital industries and high-tech stock markets, as well as in
policy-making. We focus on the main European economies, i.e. France,
Germany, Italy and the UK. The evidence of a pecking order among
capital sources, the rather conservative investment behaviors of
venture capital funds in all countries, and the differential
performances of hi-tech stock markets cannot be accounted for by the
market-based vs. bank-based taxonomy widely used in the research on
financial systems.
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