Capital-risque et performance à court terme de l’entreprise après introduction en bourse (Venture Capital and Post-IPO Short-Term Firm Performance)

14 Pages Posted: 21 Jan 2021

See all articles by Victor Boullenger

Victor Boullenger

affiliation not provided to SSRN

Mikael Petitjean

Catholic University of Lille - IÉSEG School of Management, Lille Campus; Lille Economie & Management (LEM) UMR 9221; Louvain School of Management (UCL); Catholic University of Louvain (UCL) - Louvain Finance (LFIN)

Patrick Daguet

IESEG School of Management

Date Written: November 6, 2017

Abstract

French Abstract. L’objectif de cet article est de mieux comprendre l’impact que le capital-risque peut avoir sur la performance à court terme des entreprises après leur introduction en bourse. Notre échantillon est composé de 601 entreprises ayant été introduites en bourse sur les marchés nord-américains ou européens entre 2010 et 2015. Cet échantillon est composé de 204 firmes ayant bénéficié de fonds provenant de capitaux-risqueurs et de 397 entreprises n’ayant pas reçu ce genre de financement. Cette étude montre, entre autres, que la présence de capital-risque ne conduit pas à une meilleure performance comptable un an après l’introduction en bourse, même si elle s’accompagne d’une plus forte croissance des ventes chez les entreprises aidées par ce type de financement.

English Abstract. The objective of this paper is to better understand the impact that venture capital can have on the short-term performance of companies after their IPO. Our sample is composed of 601 companies that have gone public on North American or European markets between 2010 and 2015. This sample is made up of 204 firms that have received funding from venture capitalists and 397 firms that have not received such funding. This study shows, among other things, that the presence of venture capital does not lead to better accounting performance one year after the IPO, even if it is accompanied by stronger sales growth in the companies funded that way.

Note: Downloadable document is in French.

Keywords: Venture capital, IPO, short-term, performance, firms, US

JEL Classification: G00

Suggested Citation

Boullenger, Victor and Petitjean, Mikael and Daguet, Patrick, Capital-risque et performance à court terme de l’entreprise après introduction en bourse (Venture Capital and Post-IPO Short-Term Firm Performance) (November 6, 2017). Available at SSRN: https://ssrn.com/abstract=3769156 or http://dx.doi.org/10.2139/ssrn.3769156

Victor Boullenger

affiliation not provided to SSRN

Mikael Petitjean (Contact Author)

Catholic University of Lille - IÉSEG School of Management, Lille Campus ( email )

3 rue de la Digue
Lille, 59000
France
0032497301266 (Phone)
59000 (Fax)

Lille Economie & Management (LEM) UMR 9221 ( email )

Lille
France

Louvain School of Management (UCL) ( email )

Belgium

Catholic University of Louvain (UCL) - Louvain Finance (LFIN) ( email )

34 Voie du Roman Pays - L1.03.01
Louvain-la-Neuve, 1348
Belgium

Patrick Daguet

IESEG School of Management ( email )

Socle de la Grande Arche
1 Parvis de la Defense
Puteaux, Paris 92800
France

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