Direct and Indirect Government Venture Capital Investments in Europe

Economics Bulletin, Vol. 38(2), pages 1219-1230, 2018

Posted: 17 Dec 2018

See all articles by Yan Alperovych

Yan Alperovych

EMLYON Business School

Anita Quas

University of Milan

Thomas Standaert

Ghent University - Univ Lille 2

Date Written: 2018

Abstract

This paper provides evidence of the broad government presence in the European venture capital industry. Two forms of intervention are considered: first, direct stand-alone government venture capital funds and, second, indirect private funds to which governments commit funds as limited partners. The overall government presence seems to be much more important than previously documented, as we find that the government intervenes, on average, in 42.2% of venture capital investments in Europe. We also show that European countries are heterogeneous in their use of these two channels, and we consider possible early explanations for this choice of policy mix. Lastly, we provide some evidence on the consequences of these policies in terms of SME's perceived access to financing.

Suggested Citation

Alperovych, Yan and Quas, Anita and Standaert, Thomas, Direct and Indirect Government Venture Capital Investments in Europe (2018). Economics Bulletin, Vol. 38(2), pages 1219-1230, 2018, Available at SSRN: https://ssrn.com/abstract=3293093

Yan Alperovych (Contact Author)

EMLYON Business School ( email )

23 Avenue Guy de Collongue
Ecully, 69132
France

Anita Quas

University of Milan ( email )

Via Festa del Perdono, 7
Milan, 20122
Italy

Thomas Standaert

Ghent University - Univ Lille 2 ( email )

Sint-Pietersplein 7
Ghent, 9000
Belgium

Here is the Coronavirus
related research on SSRN

Paper statistics

Abstract Views
122
PlumX Metrics