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Central European Management Journal

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Year 2019 
Volume 27 
Issue 1

Venture Capital and Exporting – Some Evidence from EU Countries

Krystian Bigos
Cracow University of Economics

2019 27 (1) Central European Management Journal

DOI 10.7206/jmba.ce.2450-7814.245

Abstract

Purpose: The aim of this article is to present the results of the research on the export of venture capital backed firms in the European Union countries.

Methodology: For the purpose of this article, the author created four linear regression models. He decided for export revenue to be a dependent variable. Then, the author verified the influence of four independent variables on export value.

Findings: The research found that the turnover of venture capital backed firms positively influences their export value. Moreover, the costs of employees also play an important role in export value explanation. Nevertheless, the empirical study did not confirm any strong positive correlation of analyzed firms’ export value with the number of employees and their share of shareholders’ funds in operating income.

Limitations: The analyzed period was limited only to 2016. Second, the study used only one dependent and four independent variables. Further research must include other variables, especially moderating ones, such as entrepreneurship ratio or availability of external financing forms. Third, the regression models were based on data retrieved from Orbis Database and can induce uncertainty regarding its credibility.

Originality: At present, there are still only few research studies that explore the export of venture capital backed firms.

References

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  50. Ćuzović, S., Mladenović, S.S. and Ćuzović, D. (2017). The Impact of Retail Formats on the Development of Food Retailing. Entrepreneurial Business and Economics Review, 5(1): 11–26, https://doi.org/10.15678/EBER.2017.050101 [Google Scholar]
  51. Devigne, D., Vanacker, T., Manigart, S. and Paeleman, I. (2013). The role of domestic and cross-border venture capital investors in the growth of portfolio companies. Small Business Economics, 40(3): 553–573, https://doi.org/10.1007/s11187-011-9383-y [Google Scholar]
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  57. Gompers, P. and Lerner, J. (2001). The Venture Capital Revolution. Journal of Economic Perspectives, 15(2): 145–168, https://doi.org/10.1257/jep.15.2.145 [Google Scholar]
  58. Hall, G. and Tu, C. (2003). Venture capitalists and the decision to invest overseas. Venture Capital, 5(2): 181–190, https://doi.org/10.1080/1369106032000097058 [Google Scholar]
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  60. Hellmann, T. and Puri, M. (2002). Venture Capital and the Professionalization of Start-Up Firms: Empirical Evidence. The Journal of Finance, 57(1): 169–197, https://doi.org/10.1111/1540-6261.00419 [Google Scholar]
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  68. Murray, G. (1994). The European union’s support for new technology-based firms: An assessment of the first three years of the European seed capital fund scheme. European Planning Studies, 2(4): 435–461, https://doi.org/10.1080/09654319408720280 [Google Scholar]
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  72. Schertler, A. and Tykvov’a, T. (2011) Venture capital and internationalization. International Business Review, 20(4): 423–439. [Google Scholar]
  73. Tamowicz, P. (1995). Fundusze inwestycyjne typu venture capital: Narodziny i rozwój, warunki rozwoju venture capital w Polsce. Gdańsk: Instytut Badań nad Gospodarką Rynkową. [Google Scholar]
  74. Tamowicz, P. (2004). Venture capital – kapitał na start. Gdańsk: Polska Agencja Rozwoju Przedsiębiorczości. [Google Scholar]
  75. Wach, K. (2005). Współpraca małych i średnich przedsiębiorstw z ośrodkami naukowo-badawczymi na przykładzie Krakowskiego Parku Technologicznego. Zeszyty Naukowe Akademii Ekonomicznej w Krakowie, 671: 117–133. [Google Scholar]
  76. Westhead, P., Wright, M. and Ucbasaran, D. (2001). The internationalization of new and small firms. Journal of Business Venturing, 16(4): 333–358, https://doi.org/10.1016/S0883-9026(99)00063-4 [Google Scholar]
  77. Wright, M., Lockett, A. and Pruthi, S. (2002). Internationalization of Western Venture Capitalists into Emerging Markets: Risk Assessment and Information in India. Small Business Economics, 19(1): 13–29, https://doi.org/10.1023/A:1015729430581 [Google Scholar]
  78. Wright, M., Pruthi, S. and Lockett, A. (2005). International venture capital research: From cross-country comparisons to crossing borders. International Journal of Management Reviews, 7(3): 1–31. [Google Scholar]
  79. Zaheer, S. (1995). Overcoming the Liability of Foreignness. Academy of Management Journal, 38(2): 439–646. [Google Scholar]
  80. Zahra, S.A., Neubaum, D.O. and Naldi, L. (2007). The Effects of Ownership and Governance on SMEs’ International Knowledge-based Resources. Small Business Economics, 29(3): 309–327, https://doi.org/10.1007/s11187-006-9025-y [Google Scholar]
  81. Aizenman, J. and Kendall, J. (2012). The internationalization of venture capital. Journal of Economic Studies, 39(5): 488–511, https://doi.org/10.1108/01443581211259446 [Google Scholar]
  82. Azarmi, D. (2016). The most influential factors in venture capitals’ exit decision: A qualitative study among Spanish venture capitalists. In: M. Kosała, M. Urbaniec and A. Żur (eds.), Przedsiębiorczość Międzynarodowa, 2(2): 257–268. [Google Scholar]
  83. Bannock, G. and Doran, A. (1991). Venture Capital and the Equity Gap. London: National Westminster Bank. [Google Scholar]
  84. Bergemann, D. and Hege, U. (1998). Venture capital financing, moral hazard, and learning. Journal of Banking & Finance, 22(6–8), https://doi.org/10.1016/S0378-4266(98)00017-X [Google Scholar]
  85. Bilkey, W.J. and Tesar, G. (1977). The Export Behavior of Smaller-Sized Wisconsin Manufacturing Firms. Journal of International Business Studies, 8(1): 93–98, https://doi.org/10.1057/palgrave.jibs.8490783 [Google Scholar]
  86. Bonaccorsi, A. (1992). On the Relationship Between Firm Size and Export Intensity. Journal of International Business Studies, 23(4): 605–635, https://doi.org/10.1057/palgrave.jibs.8490280 [Google Scholar]
  87. Bruton, G.D., Fried, V.H. and Manigart, S. (2005). Institutional influences on the worldwide expansion of venture capital. Entrepreneurship Theory and Practice, 29(6): 737–760, https://doi.org/10.1111/j.1540-6520.2005.00106.x [Google Scholar]
  88. Clercq, D. de and Manigart, S. (2007). The Venture Capital Post-investment Phase: Opening the Black Box of Involvement. W: H. Landström (ed.), Handbook of Research on Venture Capital. Edward Elgar Publishing, https://doi.org/10.4337/9781847208781.00015 [Google Scholar]
  89. Cumming, D.J. and MacIntosh, J.G. (2003). Venture-Capital Exits in Canada and the United States. The University of Toronto Law Journal, 53(2): 101, https://doi.org/10.2307/3650880 [Google Scholar]
  90. Ćuzović, S., Mladenović, S.S. and Ćuzović, D. (2017). The Impact of Retail Formats on the Development of Food Retailing. Entrepreneurial Business and Economics Review, 5(1): 11–26, https://doi.org/10.15678/EBER.2017.050101 [Google Scholar]
  91. Devigne, D., Vanacker, T., Manigart, S. and Paeleman, I. (2013). The role of domestic and cross-border venture capital investors in the growth of portfolio companies. Small Business Economics, 40(3): 553–573, https://doi.org/10.1007/s11187-011-9383-y [Google Scholar]
  92. EVCA (2007). Guide on Private Equity and Venture Capital for Entrepreneur, https://www.investeurope.eu/media/78722/guide-on-private-equity-and-venture-capital-2007.pdf [Google Scholar]
  93. EVCA (2017). Central and Eastern Europe Private Equity Statistics 2016, https://www.investeurope. eu/media/671537/invest-europe_cee_privateequitystatistics2016_24082017.pdf [Google Scholar]
  94. Fernhaber, S.A. and McDougall-Covin, P.P. (2009). Venture Capitalists as Catalysts to New Venture Internationalization: The Impact of Their Knowledge and Reputation Resources. Entrepreneurship Theory and Practice, 33(1): 277–295, https://doi.org/10.1111/j.1540-6520.2008.00289.x [Google Scholar]
  95. George, G., Wiklund, J., Zahra and S.A. (2005). Ownership and the Internationalization of Small Firms. Journal of Management, 31(2): 210–233, https://doi.org/10.1177/0149206304271760 [Google Scholar]
  96. Gomez-Mejia, L.R. and Palich, L.E. (1997). Cultural diversity and the performance of multinational firms. Journal of International Business Studies, 28(2): 309–335. [Google Scholar]
  97. Gompers, P. and Lerner, J. (2001). The Venture Capital Revolution. Journal of Economic Perspectives, 15(2): 145–168, https://doi.org/10.1257/jep.15.2.145 [Google Scholar]
  98. Hall, G. and Tu, C. (2003). Venture capitalists and the decision to invest overseas. Venture Capital, 5(2): 181–190, https://doi.org/10.1080/1369106032000097058 [Google Scholar]
  99. Hellmann, T. (1998). The allocation of control rights in venture capital contracts. The Rand Journal of Economics, 29(1): 57–76. [Google Scholar]
  100. Hellmann, T. and Puri, M. (2002). Venture Capital and the Professionalization of Start-Up Firms: Empirical Evidence. The Journal of Finance, 57(1): 169–197, https://doi.org/10.1111/1540-6261.00419 [Google Scholar]
  101. Kazlauskaitė, R., Autio, E., Šarapovas, T., Abramavičius, Š. and Gelbūda, M. (2015). The Speed and Extent of New Venture Internationalization in the Emerging Economy Context. Entrepreneurial Business and Economics Review, 3(2): 41–52, https://doi.org/10.15678/EBER.2015.030204 [Google Scholar]
  102. Kilkenny, M. and Partridge, M.D. (2009). Export Sectors and Rural Development. American Journal of Agricultural Economics, 91(4): 910–929, https://doi.org/10.1111/j.1467-8276.2009.01320.x [Google Scholar]
  103. Landström, H. (2007). Pioneers in venture capital research. In: H. Landström (ed.), Handbook of research on venture capital. Cheltenham, UK, Northampton, MA, USA: Edward Elger. [Google Scholar]
  104. Leichenko, R.M. (2000). Exports, Employment, and Production. A Causal Assessment of U.S. States and Regions Economic Geography, 76(4): 303–325, https://doi.org/10.1111/j.1944-8287.2000.tb00146.x [Google Scholar]
  105. Lockett, A., Wright, M., Burrows, A., Scholes, L. and Paton, D. (2008). The export intensity of venture capital backed companies. Small Business Economics, 31(1): 39–58, https://doi.org/10.1007/s11187-008-9109-y [Google Scholar]
  106. McDougall, P.P. and Oviatt, B.M. (1996). New venture internationalization, strategic change, and performance: A follow-up study. Journal of Business Venturing, 11(1): 23–40, https://doi.org/10.1016/0883-9026(95)00081-X [Google Scholar]
  107. Metrick, A. and Yasuda, A. (2011). Venture capital & the finance of innovation (2nd ed.). Hoboken: John Wiley & Sons. [Google Scholar]
  108. Murray, G. (1994). The European union’s support for new technology-based firms: An assessment of the first three years of the European seed capital fund scheme. European Planning Studies, 2(4): 435–461, https://doi.org/10.1080/09654319408720280 [Google Scholar]
  109. Oviatt, B.M. and McDougall, P.P. (1994). Toward a Theory of International New ventures. Journal of International Business Studies, 25(1): 45–64, https://doi.org/10.1057/palgrave.jibs.8490193 [Google Scholar]
  110. Rosa, A. (2008). Venture Capital w Polsce. Zeszyty Naukowe Wydziału Nauk Ekonomicznych Politechniki Koszalińskiej, 12: 133–143. [Google Scholar]
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  153. Tamowicz, P. (1995). Fundusze inwestycyjne typu venture capital: Narodziny i rozwój, warunki rozwoju venture capital w Polsce. Gdańsk: Instytut Badań nad Gospodarką Rynkową. [Google Scholar]
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  157. Wright, M., Lockett, A. and Pruthi, S. (2002). Internationalization of Western Venture Capitalists into Emerging Markets: Risk Assessment and Information in India. Small Business Economics, 19(1): 13–29, https://doi.org/10.1023/A:1015729430581 [Google Scholar]
  158. Wright, M., Pruthi, S. and Lockett, A. (2005). International venture capital research: From cross-country comparisons to crossing borders. International Journal of Management Reviews, 7(3): 1–31. [Google Scholar]
  159. Zaheer, S. (1995). Overcoming the Liability of Foreignness. Academy of Management Journal, 38(2): 439–646. [Google Scholar]
  160. Zahra, S.A., Neubaum, D.O. and Naldi, L. (2007). The Effects of Ownership and Governance on SMEs’ International Knowledge-based Resources. Small Business Economics, 29(3): 309–327, https://doi.org/10.1007/s11187-006-9025-y [Google Scholar]
  161. Aizenman, J. and Kendall, J. (2012). The internationalization of venture capital. Journal of Economic Studies, 39(5): 488–511, https://doi.org/10.1108/01443581211259446 [Google Scholar]
  162. Azarmi, D. (2016). The most influential factors in venture capitals’ exit decision: A qualitative study among Spanish venture capitalists. In: M. Kosała, M. Urbaniec and A. Żur (eds.), Przedsiębiorczość Międzynarodowa, 2(2): 257–268. [Google Scholar]
  163. Bannock, G. and Doran, A. (1991). Venture Capital and the Equity Gap. London: National Westminster Bank. [Google Scholar]
  164. Bergemann, D. and Hege, U. (1998). Venture capital financing, moral hazard, and learning. Journal of Banking & Finance, 22(6–8), https://doi.org/10.1016/S0378-4266(98)00017-X [Google Scholar]
  165. Bilkey, W.J. and Tesar, G. (1977). The Export Behavior of Smaller-Sized Wisconsin Manufacturing Firms. Journal of International Business Studies, 8(1): 93–98, https://doi.org/10.1057/palgrave.jibs.8490783 [Google Scholar]
  166. Bonaccorsi, A. (1992). On the Relationship Between Firm Size and Export Intensity. Journal of International Business Studies, 23(4): 605–635, https://doi.org/10.1057/palgrave.jibs.8490280 [Google Scholar]
  167. Bruton, G.D., Fried, V.H. and Manigart, S. (2005). Institutional influences on the worldwide expansion of venture capital. Entrepreneurship Theory and Practice, 29(6): 737–760, https://doi.org/10.1111/j.1540-6520.2005.00106.x [Google Scholar]
  168. Clercq, D. de and Manigart, S. (2007). The Venture Capital Post-investment Phase: Opening the Black Box of Involvement. W: H. Landström (ed.), Handbook of Research on Venture Capital. Edward Elgar Publishing, https://doi.org/10.4337/9781847208781.00015 [Google Scholar]
  169. Cumming, D.J. and MacIntosh, J.G. (2003). Venture-Capital Exits in Canada and the United States. The University of Toronto Law Journal, 53(2): 101, https://doi.org/10.2307/3650880 [Google Scholar]
  170. Ćuzović, S., Mladenović, S.S. and Ćuzović, D. (2017). The Impact of Retail Formats on the Development of Food Retailing. Entrepreneurial Business and Economics Review, 5(1): 11–26, https://doi.org/10.15678/EBER.2017.050101 [Google Scholar]
  171. Devigne, D., Vanacker, T., Manigart, S. and Paeleman, I. (2013). The role of domestic and cross-border venture capital investors in the growth of portfolio companies. Small Business Economics, 40(3): 553–573, https://doi.org/10.1007/s11187-011-9383-y [Google Scholar]
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  174. Fernhaber, S.A. and McDougall-Covin, P.P. (2009). Venture Capitalists as Catalysts to New Venture Internationalization: The Impact of Their Knowledge and Reputation Resources. Entrepreneurship Theory and Practice, 33(1): 277–295, https://doi.org/10.1111/j.1540-6520.2008.00289.x [Google Scholar]
  175. George, G., Wiklund, J., Zahra and S.A. (2005). Ownership and the Internationalization of Small Firms. Journal of Management, 31(2): 210–233, https://doi.org/10.1177/0149206304271760 [Google Scholar]
  176. Gomez-Mejia, L.R. and Palich, L.E. (1997). Cultural diversity and the performance of multinational firms. Journal of International Business Studies, 28(2): 309–335. [Google Scholar]
  177. Gompers, P. and Lerner, J. (2001). The Venture Capital Revolution. Journal of Economic Perspectives, 15(2): 145–168, https://doi.org/10.1257/jep.15.2.145 [Google Scholar]
  178. Hall, G. and Tu, C. (2003). Venture capitalists and the decision to invest overseas. Venture Capital, 5(2): 181–190, https://doi.org/10.1080/1369106032000097058 [Google Scholar]
  179. Hellmann, T. (1998). The allocation of control rights in venture capital contracts. The Rand Journal of Economics, 29(1): 57–76. [Google Scholar]
  180. Hellmann, T. and Puri, M. (2002). Venture Capital and the Professionalization of Start-Up Firms: Empirical Evidence. The Journal of Finance, 57(1): 169–197, https://doi.org/10.1111/1540-6261.00419 [Google Scholar]
  181. Kazlauskaitė, R., Autio, E., Šarapovas, T., Abramavičius, Š. and Gelbūda, M. (2015). The Speed and Extent of New Venture Internationalization in the Emerging Economy Context. Entrepreneurial Business and Economics Review, 3(2): 41–52, https://doi.org/10.15678/EBER.2015.030204 [Google Scholar]
  182. Kilkenny, M. and Partridge, M.D. (2009). Export Sectors and Rural Development. American Journal of Agricultural Economics, 91(4): 910–929, https://doi.org/10.1111/j.1467-8276.2009.01320.x [Google Scholar]
  183. Landström, H. (2007). Pioneers in venture capital research. In: H. Landström (ed.), Handbook of research on venture capital. Cheltenham, UK, Northampton, MA, USA: Edward Elger. [Google Scholar]
  184. Leichenko, R.M. (2000). Exports, Employment, and Production. A Causal Assessment of U.S. States and Regions Economic Geography, 76(4): 303–325, https://doi.org/10.1111/j.1944-8287.2000.tb00146.x [Google Scholar]
  185. Lockett, A., Wright, M., Burrows, A., Scholes, L. and Paton, D. (2008). The export intensity of venture capital backed companies. Small Business Economics, 31(1): 39–58, https://doi.org/10.1007/s11187-008-9109-y [Google Scholar]
  186. McDougall, P.P. and Oviatt, B.M. (1996). New venture internationalization, strategic change, and performance: A follow-up study. Journal of Business Venturing, 11(1): 23–40, https://doi.org/10.1016/0883-9026(95)00081-X [Google Scholar]
  187. Metrick, A. and Yasuda, A. (2011). Venture capital & the finance of innovation (2nd ed.). Hoboken: John Wiley & Sons. [Google Scholar]
  188. Murray, G. (1994). The European union’s support for new technology-based firms: An assessment of the first three years of the European seed capital fund scheme. European Planning Studies, 2(4): 435–461, https://doi.org/10.1080/09654319408720280 [Google Scholar]
  189. Oviatt, B.M. and McDougall, P.P. (1994). Toward a Theory of International New ventures. Journal of International Business Studies, 25(1): 45–64, https://doi.org/10.1057/palgrave.jibs.8490193 [Google Scholar]
  190. Rosa, A. (2008). Venture Capital w Polsce. Zeszyty Naukowe Wydziału Nauk Ekonomicznych Politechniki Koszalińskiej, 12: 133–143. [Google Scholar]
  191. Ruigrok, W. and Wagner, H. (2003). Internationalization and Performance: An Organizational Learning Perspective. Management International Review, 43(1): 63–83. [Google Scholar]
  192. Schertler, A. and Tykvov’a, T. (2011) Venture capital and internationalization. International Business Review, 20(4): 423–439. [Google Scholar]
  193. Tamowicz, P. (1995). Fundusze inwestycyjne typu venture capital: Narodziny i rozwój, warunki rozwoju venture capital w Polsce. Gdańsk: Instytut Badań nad Gospodarką Rynkową. [Google Scholar]
  194. Tamowicz, P. (2004). Venture capital – kapitał na start. Gdańsk: Polska Agencja Rozwoju Przedsiębiorczości. [Google Scholar]
  195. Wach, K. (2005). Współpraca małych i średnich przedsiębiorstw z ośrodkami naukowo-badawczymi na przykładzie Krakowskiego Parku Technologicznego. Zeszyty Naukowe Akademii Ekonomicznej w Krakowie, 671: 117–133. [Google Scholar]
  196. Westhead, P., Wright, M. and Ucbasaran, D. (2001). The internationalization of new and small firms. Journal of Business Venturing, 16(4): 333–358, https://doi.org/10.1016/S0883-9026(99)00063-4 [Google Scholar]
  197. Wright, M., Lockett, A. and Pruthi, S. (2002). Internationalization of Western Venture Capitalists into Emerging Markets: Risk Assessment and Information in India. Small Business Economics, 19(1): 13–29, https://doi.org/10.1023/A:1015729430581 [Google Scholar]
  198. Wright, M., Pruthi, S. and Lockett, A. (2005). International venture capital research: From cross-country comparisons to crossing borders. International Journal of Management Reviews, 7(3): 1–31. [Google Scholar]
  199. Zaheer, S. (1995). Overcoming the Liability of Foreignness. Academy of Management Journal, 38(2): 439–646. [Google Scholar]
  200. Zahra, S.A., Neubaum, D.O. and Naldi, L. (2007). The Effects of Ownership and Governance on SMEs’ International Knowledge-based Resources. Small Business Economics, 29(3): 309–327, https://doi.org/10.1007/s11187-006-9025-y [Google Scholar]

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Venture Capital and Exporting – Some Evidence from EU Countries. (2019). Venture Capital and Exporting – Some Evidence from EU Countries. Central European Management Journal, 27(1), 2-16. https://doi.org/10.7206/jmba.ce.2450-7814.245 (Original work published 2019)

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“Venture Capital And Exporting – Some Evidence From Eu Countries”. 2019. Central European Management Journal, vol. 27, no. 1, 2019, pp. 2-16.

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“Venture Capital And Exporting – Some Evidence From Eu Countries”. Central European Management Journal, Central European Management Journal, 27, no. 1 (2019): 2-16. doi:10.7206/jmba.ce.2450-7814.245.