Effects of venture capital and private equity on investment-cash flow sesitivity of Spanish firms
The main aim of this research is to fill the gap in the literature about the role played by venture capitalists in the reduction of the natural dependency of SMEs on internally generated funds to finance their growth opportunities. Most of the studies about VC financing on SMEs focus on the determin...
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| Tipo de recurso: | tesis doctoral |
| Fecha de publicación: | 2011 |
| País: | España |
| Institución: | Universidad Complutense de Madrid (UCM) |
| Repositorio: | Docta Complutense |
| Idioma: | inglés |
| OAI Identifier: | oai:docta.ucm.es:20.500.14352/47809 |
| Acceso en línea: | https://hdl.handle.net/20.500.14352/47809 |
| Access Level: | acceso abierto |
| Palabra clave: | 336(043.2) Capital Riesgo Restricción financiera Flujos de caja Venture capital Investment to cash flow Cash flow Financial market Finanzas Administración de empresas 5311 Organización y Dirección de Empresas |
| Sumario: | The main aim of this research is to fill the gap in the literature about the role played by venture capitalists in the reduction of the natural dependency of SMEs on internally generated funds to finance their growth opportunities. Most of the studies about VC financing on SMEs focus on the determinants of the firm’s access to the financial resources provided for these investors as well as on the facts that determine the entry of venture capitalists. More recently, few papers focus on the investment sensitivity to cash flow in VC-backed firms and they obtain mixed results concerning the impact of VC funding due to methodological and sample selection issues. We conduct our analysis on a representative sample of unlisted Spanish SMEs that were subject to a VC deal. Even though we will also consider mature firms, the main focus of attention will be firms at the expansion stage, for which growth is an important variable and data on both the pre and postinvestment period are available. |
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