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

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Variable definition Age age of the firm (in logarithm) Size log of total firm sales Intangibles ratio of intangible over the sum of intangible and fixed assets Ebitda log of Ebitda Leverage debt over the sum of debt and equity ROE profit over equity High‐tech dummy equal to 1 for companies in high‐tech sectors Capex rate of change of fixed assets Growth rate of change of sales Short debt log of total short‐term debt Total assets log of total assets of the firm Employees log of total number of employees Value added x employee ratio value added over number of employees Trade credit (average of commercial debt over purchases)*360 Financial expenses ratio interest costs over total debt - 32 - Table 3
- 33 -
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 and 28: period of investment and growth. On
Page 29 and 30: An overview of the Sample 50 40 30
Page 31: Variable Number of Obs. - 31 - Tabl
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

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

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