Venture Capital and Industry Structure: Evidence from Local US Markets

Alexander A. Popov

16 citations0/0 files storedEuropean Finance Review

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Private Equity and Venture Capital Corporate Finance and Governance Firm Innovation and Growth

Abstract

Abstract I use a panel of US manufacturing industries to test how venture capital (VC) affects the size distribution of business firms. The estimates suggest that an increase in the supply of VC affects positively mean firm size by increasing the relative share of medium-sized and larger firms. These results are robust to specifications that address the endogeneity in the supply of VC. The empirical evidence is consistent with the idea that VC promotes the “elitization” of firm entry.

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1996Financial Dependence and Growth 1988Financing Constraints and Corporate Investment 1987Financing Constraints and Corporate Investment 1993Finance, entrepreneurship and growth 1989An Estimated Model of Entrepreneurial Choice under Liquidity Constraints 1990The structure and governance of venture-capital organizations 2002Venture Capital and the Professionalization of Start‐Up Firms: Empirical Evidence 1996Entry, Exit, Growth, and Innovation over the Product Life Cycle

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