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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Detalles Bibliográficos
Autor: Ferrer, María Alejandra
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
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oai_identifier_str oai:docta.ucm.es:20.500.14352/47809
network_acronym_str ES
network_name_str España
repository_id_str
spelling Effects of venture capital and private equity on investment-cash flow sesitivity of Spanish firmsFerrer, María Alejandra336(043.2)Capital RiesgoRestricción financieraFlujos de cajaVenture capitalInvestment to cash flowCash flowFinancial marketFinanzasAdministración de empresas5311 Organización y Dirección de EmpresasThe 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.Universidad Complutense de Madrid, Servicio de PublicacionesMartí Pellón, JoséBertoni, FabioUniversidad Complutense de Madrid20112011-09-1420112011-09-14doctoral thesishttp://purl.org/coar/resource_type/c_db06info:eu-repo/semantics/doctoralThesisapplication/pdfhttps://hdl.handle.net/20.500.14352/47809reponame:Docta Complutenseinstname:Universidad Complutense de Madrid (UCM)Inglésengopen accesshttp://purl.org/coar/access_right/c_abf2info:eu-repo/semantics/openAccessoai:docta.ucm.es:20.500.14352/478092026-06-02T12:44:21Z
dc.title.none.fl_str_mv Effects of venture capital and private equity on investment-cash flow sesitivity of Spanish firms
title Effects of venture capital and private equity on investment-cash flow sesitivity of Spanish firms
spellingShingle Effects of venture capital and private equity on investment-cash flow sesitivity of Spanish firms
Ferrer, María Alejandra
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
title_short Effects of venture capital and private equity on investment-cash flow sesitivity of Spanish firms
title_full Effects of venture capital and private equity on investment-cash flow sesitivity of Spanish firms
title_fullStr Effects of venture capital and private equity on investment-cash flow sesitivity of Spanish firms
title_full_unstemmed Effects of venture capital and private equity on investment-cash flow sesitivity of Spanish firms
title_sort Effects of venture capital and private equity on investment-cash flow sesitivity of Spanish firms
dc.creator.none.fl_str_mv Ferrer, María Alejandra
author Ferrer, María Alejandra
author_facet Ferrer, María Alejandra
author_role author
dc.contributor.none.fl_str_mv Martí Pellón, José
Bertoni, Fabio
Universidad Complutense de Madrid
dc.subject.none.fl_str_mv 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
topic 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
description 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.
publishDate 2011
dc.date.none.fl_str_mv 2011
2011-09-14
2011
2011-09-14
dc.type.none.fl_str_mv doctoral thesis
http://purl.org/coar/resource_type/c_db06
dc.type.openaire.fl_str_mv info:eu-repo/semantics/doctoralThesis
format doctoralThesis
dc.identifier.none.fl_str_mv https://hdl.handle.net/20.500.14352/47809
url https://hdl.handle.net/20.500.14352/47809
dc.language.none.fl_str_mv Inglés
eng
language_invalid_str_mv Inglés
language eng
dc.rights.none.fl_str_mv open access
http://purl.org/coar/access_right/c_abf2
dc.rights.openaire.fl_str_mv info:eu-repo/semantics/openAccess
rights_invalid_str_mv open access
http://purl.org/coar/access_right/c_abf2
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidad Complutense de Madrid, Servicio de Publicaciones
publisher.none.fl_str_mv Universidad Complutense de Madrid, Servicio de Publicaciones
dc.source.none.fl_str_mv reponame:Docta Complutense
instname:Universidad Complutense de Madrid (UCM)
instname_str Universidad Complutense de Madrid (UCM)
reponame_str Docta Complutense
collection Docta Complutense
repository.name.fl_str_mv
repository.mail.fl_str_mv
_version_ 1869405909135917056
score 15,301629

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