Determinants and effects of Venture Capital and Private Equity ...
Determinants and effects of Venture Capital and Private Equity ...
Determinants and effects of Venture Capital and Private Equity ...
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Variable definition<br />
Age age <strong>of</strong> the firm (in logarithm)<br />
Size log <strong>of</strong> total firm sales<br />
Intangibles ratio <strong>of</strong> intangible over the sum <strong>of</strong> intangible <strong>and</strong> fixed assets<br />
Ebitda log <strong>of</strong> Ebitda<br />
Leverage debt over the sum <strong>of</strong> debt <strong>and</strong> equity<br />
ROE pr<strong>of</strong>it over equity<br />
High‐tech dummy equal to 1 for companies in high‐tech sectors<br />
Capex rate <strong>of</strong> change <strong>of</strong> fixed assets<br />
Growth rate <strong>of</strong> change <strong>of</strong> sales<br />
Short debt log <strong>of</strong> total short‐term debt<br />
Total assets log <strong>of</strong> total assets <strong>of</strong> the firm<br />
Employees log <strong>of</strong> total number <strong>of</strong> employees<br />
Value added x employee ratio value added over number <strong>of</strong> employees<br />
Trade credit (average <strong>of</strong> commercial debt over purchases)*360<br />
Financial expenses ratio interest costs over total debt<br />
- 32 -<br />
Table 3
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