Public versus private venture capital: seeding or crowding out? A pan-European analysis

By B. Leleux, B. Surlemont. 2003

338 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/b20a175e422def5648eea4f067e45a15550542de

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Citations in the corpus

The value added by government venture capital funds compared with independent venture capital funds (2013, background): “the development of a young industry or supporting that industry by providing a credible signal to private investors or supporting regional development and job creation by setting up regional funds (Leleux and Surlemont, 2003).”
The patterns of venture capital investment in Europe (2015, background): “…Gupta and Sapienza 1992; Mayer et al. 2005; Fritsch and Schilder 2008), we find that GVC investors more frequently select local investment targets, which is consistent with the fact that GVC programs have often been created to implement regional development objectives (Leleux and Surlemont 2003).”
Profit distribution and compensation structures in publicly and privately funded hybrid venture capital funds (2007, background): “Similarly, direct involvement in new venture investment by government agencies carries a material risk of market disruption through the potential misallocation of capital and the consequent ‘crowding out’ of private investors (Armour and Cumming, 2006; Cumming and MacIntosh, 2006; Leleux and Surlemo”
Government, Venture Capital and the Growth of European High-Tech Entrepreneurial Firms (2014, background): “If it is arduous on a priori ground to establish the direction of such differences, public officers are reputed to be less likely to match the quality level of consultancy services that specialized IVCs provide to portfolio firms (Leleux and Surlemont, 2003).”
Does governmental venture capital spur invention and innovation? Evidence from young European biotech companies (2015, background): “First, in general IVCs possess better skills and resources compared to their governmental counterparts in supporting companies’ resource base building (Leleux and Surlemont, 2003; Lerner, 2002; Luukkonen and Maunula, 2007; Luukkonen et al., 2013).”
Governmental venture capital in Europe: Screening and certification (2016, background): “A significant concern regarding this type of intervention is that direct government investments will be counterproductive if they substitute for (i.e., crowd out) private investment (Gilson 2003; Leleux and Surlemont 2003).”
Comparative International Entrepreneurship (2016, background): “We identify one study of industry-level outcomes: Leleux and Surlemont (2003) examine the development of the VC industry across 15 European countries, finding that public involvement serves as a signal to the market and leads to greater investment amounts.”
Governmental and independent venture capital investments in Europe: a firm-level performance analysis (2017, background): “…also led to the emergence of a peculiar feature in the EU context: a higher presence of governmental VC (GVC, henceforth) funds than in the US (Leleux and Surlemont, 2003), i.e. VC funds set-up and managed by a company entirely traditional financial institutions (Berger and Udell, 1998;…”
How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium (2015, background): “…UK and Germany (Bascha and Walz, 2006; Cumming, 2003; Heger et al., 2005; Sunley et al., 2005), Australia (Cumming, 2007; Cumming and Johan, 2009, forthcoming; Lerner and Watson, 2008), Finland (Maula et al., 2007), and on a pan-European basis (Da Rin et al., 2006; Leleux and Surlemont, 2003).”
Assessing the impact of public venture capital programmes in the United Kingdom: : Do regional characteristics matter? (2015, neutral): “At the country level, the work of Leleux and Surlemont (2003) investigates the effects of publicly sponsored or managed venture capital funds in the development of national venture capital markets in 15 European countries.”
Financing technology-based small firms in Europe: what do we know? (2012, background): “34 This positive impact of public funding is confirmed by Leleux and Surlemont (2003), who reject the public VC crowding-out hypothesis.”