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Venture Capital and Firm Performance Over the Long-Run:  Evidence from High-Tech IPOs in the United States

Venture Capital and Firm Performance Over the Long-Run: Evidence from High-Tech IPOs in the United States

Despite widespread interest in the key role that venture capital plays in financing young, high-tech firms, little is known about the relative performance of venture-backed firms over the long-run. Using data from the U.S. high-tech sector, this paper examines the performance and financing of venture- and non-venture-backed firms during the decade following their IPO. Venture-backed firms survive longer, grow faster, are more R&D intensive,...

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