RT Journal Article
T1 What money cannot buy: a new approach to measure venture capital ability to add non-financial resources
A1 Quas, Anita
A1 Martí Pellón, José Pedro
A1 Reverte, Carmelo
AB Grounding our work on the resource-based view of the firm, we study and quantify the impact of non-financial resources added by venture capital (VC) on the growth performance of investee companies. While most of the literature compares VC-backed companies with similar companies that did not receive external financing, our originality stems from the use of a counterfactual of companies that received external quasi-equity financing (in the form of participative loans) but not non-financial resources. We use a difference-in-difference (DD) estimator to disentangle the effect of an injection of financial resources (which can be used by companies to acquire non-financial resources) from the contribution of the unique  nonfinancial resources brought in by VC (which companies cannot otherwise acquire). Our results are based on a large sample of young Spanish SMEs that received either VC (915) or participative loans (1551) between 2005 and 2013 as first type of financing. We find that the contribution of the non-financial resources leads to yearly increases of 12.86% in employment, 38.13% in total assets, and 54.03% in sales. Furthermore, we find that only the most experienced VC firms contribute with valuable non-financial resources.
PB Springer
SN 0921-898X
YR 2020
FD 2020
LK https://hdl.handle.net/20.500.14352/91650
UL https://hdl.handle.net/20.500.14352/91650
LA eng
NO Quas, Anita, Jose Martí, y Carmelo Reverte. «What Money Cannot Buy: A New Approach to Measure Venture Capital Ability to Add Non-Financial Resources». Small Business Economics 57, n.o 3 (octubre de 2021): 1361-82. https://doi.org/10.1007/s11187-020-00352-w.
NO Ministerio de Economía, Comercio y Empresa (España)
DS Docta Complutense
RD 12 abr 2025