Financing Unquoted High-Growth Companies: From Extending

2.3. Theory and Hypotheses..............................................................................................67
2.4. Method and Descriptive Statistics ..............................................................................74
2.4.1. Identifying High-Growth Companies ................................................................................. 75
2.4.2. Dependent Variables: Finance Events ................................................................................ 78
2.4.3. Independent Variables ........................................................................................................ 80
2.5. Empirical Results.......................................................................................................82
2.5.1. Independent Variables by Issue Type................................................................................. 82
2.5.2. Multivariate Analyses......................................................................................................... 83
2.5.3. Robustness Checks ............................................................................................................. 89
2.6. Discussion and Conclusions.......................................................................................90
References........................................................................................................................93
Chapter 3: Seeking Experienced or Legitimate Partners? A
Longitudinal Study on the Impact of Venture Capital Firm
Heterogeneity on Portfolio Company Growth ........................... 100
3.1. Abstract ...................................................................................................................101
3.2. Introduction .............................................................................................................101
3.3. Theory and Hypotheses............................................................................................104
3.3.1. Venture Capital Firm Experience and Portfolio Company Growth.................................. 105
3.3.2. Venture Capital Firm Legitimacy and Portfolio Company Growth ................................. 107
3.4. Data and Method......................................................................................................108
3.4.1. Sample .............................................................................................................................. 108
3.4.2. Measures........................................................................................................................... 109
3.4.3. Analysis ............................................................................................................................ 113
3.5. Results.....................................................................................................................116
3.5.1. Modeling Unconditional Change in Venture Capital Backed Companies ....................... 117
3.5.2. Modeling Conditional Change in Venture Capital Backed Companies ........................... 119
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