- Consulting Editors
- The Capital Flow from Institutional Investors to Entrepreneurs
- Venture Capital and the Financial Crisis: An Empirical Study across Industries and Countries
- Venture Capital Reputation
- Keys to Fundraising Success in Nascent Venture Capital Firms
- Corporate Venture Capital in the Twenty-First Century: an Integral Part of Firms' Innovation Toolkit
- Corporate Venture Capital: From Venturing to Partnering
- Vipe Financing: Venture (Capital) Investments in Public Equity
- Philanthropic Venture Capital From A Global Perspective: Definition and Investment Strategy
- Venture Capital Before The First Dollar: Deal Origination, Screening, and Evaluation
- Capital Structure Determinants In Growth Firms Accessing Venture Funding
- Venture Capital Staging: Domestic Versus Foreign Vc-Led Investments
- Follow-On Financing of Venture Capital–Backed Companies
- Performance Implications of Venture Capital Syndication Networks
- Valuing Common and Preferred Shares in Venture Capital Financing
- Required Rates of Return and Financial Contracting for Entrepreneurial Ventures
- Financial Contracting in U.S. Venture Capital: Overview and Empirical Evidence
- Time-Inconsistent Preferences and Venture Capital Contracting
- Syndication of Vc Investments, Governance, and Contract Design
- Venture Capital in Germany: The Role of Venture Capital Firms' Experience, Ownership Structure, and Agency Problems
- Venture Capital Law Firms: An Analysis of Equity Investments and Networks
- From Ideas to Products: Financing Innovation and Getting Access to Innovation
- The Impact of Venture Capital on Innovation
- What Drives the Top Line?: Determinants of Sales Revenue in Private Venture–Backed Firms
- Value Added by Angel Investors through Postinvestment Involvement: Exploratory Evidence and Ownership Implications
- The Impact of Venture Capital on the Long-Term Performance of IPO Firms: Evidence from Korea
- Regional Impact of Venture Capital
- Spread, Scope, and Scale in Venture Capital Globalization: A Clustered Globalization Model
- The Development of Venture Capital: Macroeconomic, Political, and Legal Determinants
- A Comparative Analysis of Venture Capital Investment In the United States and Europe
- The Role of Geographic Proximity in Venture Capital
- Geography and Venture Capital Investment in the United States, 1995–2009
- The Role of Government, Venture Capital, and Banks in Closing Liquidity Gaps in the SME Sector of an Emerging Market
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.
Marina Balboa is associate professor of finance at the University of Alicante. She holds a PhD in finance from the University of Alicante. She has published in the Journal of Business Venturing, European Financial Management, Journal of Multinational Financial Management, and others. She also serves as a referee for several scientific journals. Her research focuses on corporate finance, venture capital and private equity, financial analysts, and banking.
José Martí is professor of corporate finance at Complutense University of Madrid. He graduated from CUNEF College (UCM) in business administration and earned his PhD in finance at the Complutense University of Madrid. He conducts yearly research on the Spanish private equity and venture capital markets, gathering data from all investors. He has published 21 books and more than 60 articles and book chapters. He has published in Journal of Business Venturing and Small Business Economics, among other journals on entrepreneurial finance.
Álvaro Edmundo Tresierra-Tanaka is associate professor of corporate finance at University of Piura. He graduated from the University of Piura with degrees in engineering, and an MBA and from the University Complutense of Madrid with a master in finance and a PhD in management. His research interests include corporate finance and venture capital.
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