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date: 19 February 2019

Abstract and Keywords

This article analyzes the determinants of the capital structure of venture capital (VC)-backed firms before the entrance of the VC investors. The analyses are carried out on a large representative sample of Spanish VC-backed firms, which is also free of survivorship bias. The results are compared with those obtained in a matched sample of similar non-VC-backed firms. The article contributes to identifying, if any, the existence of specific economic and financial characteristics of firms in which venture capitalists invest later, prior to the initial investment event.

Keywords: venture capital, venture capitalists, capital structure, Spanish firms

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