Determinants and effects of Venture Capital and Private Equity ...

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egional agencies and the role of Universities as incubators. Although we did not include them in our survey, we perceive their contribution as a fundamental support to start‐up a new business. - 28 -
An overview of the Sample 50 40 30 20 10 0 Source: Rapporto PEM© 2006 2006 vs 2005: % Distribution by target company sales (€ Mln) 300 Others 28% DG 5% 2005 2006 % Distribution by Sector of activity DJ 7% DA 8% - 29 - G 9% K 18% DK 12% DL 13% Figure 1 Figure 2 Following ATECO 2002 classification K : Hiring services, IT solutions, Research e Services for firms; DL : Electric, Electronic and Optic Machineries and Equipments; DK : Mechanical Machineries and Equipments; G: Wholesale and retail trade; DA: Food and Tobacco; DJ: Metallurgy; DG: Chemistry. Source: Our analysis _____________________________________________________________________________ Geographical distribution Source: Our analysis Characteristics of backed companies North Center South 101 52 7 63% 33% 4% Stage of financing Early stage Expansion Late stage 13 62 85 8% 39% 53% tot 160 100% tot 160 100% Table 1
Page 1 and 2: Determinants and effects of Venture
Page 3 and 4: serve larger established companies
Page 5 and 6: 2. SMEs challenging the financial i
Page 7 and 8: after a merger operation, the porti
Page 9 and 10: that when size of projects becomes
Page 11 and 12: contact between the lead investor a
Page 13 and 14: asymmetric information. On this top
Page 15 and 16: These first arguments already provi
Page 17 and 18: case of turn‐around or buy‐out
Page 19 and 20: described in section 4.1. Finally,
Page 21 and 22: sufficient financial data in the da
Page 23 and 24: equity is 9 per cent; the median ad
Page 25 and 26: Finally, we find Short Debt being n
Page 27: period of investment and growth. On
Page 31 and 32: Variable Number of Obs. - 31 - Tabl
Page 33 and 34: - 33 -
Page 35 and 36: Variable Age Size Age 1.000 Size 0.
Page 37 and 38: References Aghion P., Bolton P., (1
Page 39 and 40: Gompers P.A., (1995). Optimal stagi
Page 41: Stein J.C., (2002). Information pro

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