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Publication
O impacto dos venture capitalists na performance financeira das startup ibéricas
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Abstract(s)
O presente estudo visa analisar o impacto da dimensão dos VCs na performance
financeira das startup ibéricas que foram apoiadas por venture capitalists.
O estudo recorreu ao estimador dinâmico GMM system para analisar os dados de uma
amostra de 180 startup ibéricas apoiadas por VCs de grande dimensão (27 startup) e
VCs de pequena dimensão (153 startup), durante o período entre 2015 e 2022. Os
resultados sugerem que os VCs de menor dimensão têm um impacto superior aos VCs de
maior dimensão na performance financeira das startup ibéricas apoioadas por VCs, bem
como na sua persistência ao longo do tempo. Verificou-se que, à medida que as startup
aumentam a sua dimensão, conseguem obter melhor performance financeira. Por fim,
os resultados evidenciam que, na presença de oportunidades de crescimento, as startup
focam-se no aproveitamento dessas oportunidades, mesmo que prejudique a
performance financeira.
This study aims to analyse the impact of VCs size in the financial performance of Iberian startups that have been supported by venture capitalists. The study used the dynamic estimator GMM system to analyse data from a sample of 180 Iberian startups supported by large VCs (27 startups) and small VCs (153 startups) during the period from 2015 to 2022. The results suggest that smaller VCs have a greater impact in the financial performance of the Iberian startups they support, as well as on their persistence over time, compared to larger VCs. It was found that as startups increase in size, they achieve better financial performance. Finally, the results indicate that, in the presence of growth opportunities, startups focus on capitalising on those opportunities even if it adversely harms their financial performance.
This study aims to analyse the impact of VCs size in the financial performance of Iberian startups that have been supported by venture capitalists. The study used the dynamic estimator GMM system to analyse data from a sample of 180 Iberian startups supported by large VCs (27 startups) and small VCs (153 startups) during the period from 2015 to 2022. The results suggest that smaller VCs have a greater impact in the financial performance of the Iberian startups they support, as well as on their persistence over time, compared to larger VCs. It was found that as startups increase in size, they achieve better financial performance. Finally, the results indicate that, in the presence of growth opportunities, startups focus on capitalising on those opportunities even if it adversely harms their financial performance.
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Keywords
Performance Financeira Startup Venture Capitalists