%0 Journal Article
%T L¡¯influence des strat¨¦gies des soci¨¦t¨¦s de capital-risque sur la performance de leurs investissements en Europe The impact of venture capitalists¡¯ investment strategies on their investments¡¯ performance in Europe
%A Sophie Pommet
%A Jean-Fran£¿ois Sattin
%J Finance Contr£¿le Strat¨¦gie
%D 2012
%I Association FCS
%X Cet article ¨¦tudie la profitabilit¨¦ des strat¨¦gies de financement adopt¨¦es par des capital-risqueurs localis¨¦s en France, en Allemagne et en Grande-Bretagne. ¨¤ partir de l'analyse de 3474 entreprises financ¨¦es provenant de la base Thomson Private Equity, nous examinons l¡¯impact de la sp¨¦cialisation (par secteur et stade de d¨¦veloppement) et de la syndication sur la performance des start-up (mesur¨¦e par leur mode de sortie). Nous montrons que ces diff¨¦rentes strat¨¦gies adopt¨¦es par les capital-risqueurs ont un impact diff¨¦renci¨¦ sur la performance des start-up. Nos r¨¦sultats sugg¨¨rent en outre que l'environnement national a une influence sur le mode de sortie des entreprises. This article examines the profitability of venture capitalists¡¯ investment strategies located in France, Germany and the United-Kingdom. We study 3474 financed firms extracted from the database Thomson Private Equity, and gain insight into the impact of specialization (by industry and by development stage) and syndication on the performance of start-ups (measured by their mode of exit). We show that the different strategies used by venture capitalists have a differentiated impact on the mode of exit. Our results also show that the institutional environment exerts a certain influence.
%K innovation
%K venture capital
%K performance
%K entrepreneurship.
%K G24 - Investment Banking
%K Venture Capital
%K Brokerage
%K L25 - Firm Performance: Size
%K Age
%K Profit
%K and Sales
%K O32 - Management of Technological Innovation and R&D
%K L26 - Entrepreneurship
%K innovation
%K capital-risque
%K performance
%K entrepreneuriat.
%U http://fcs.revues.org/1160