Is venture capital more than just money?

1. Balboa Ramón, Marina
2. Martí Pellón, José
3. Zieling, Nina

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This paper analyzes whether the superior performance of venture-backed firms is associated with the funding provided and/or to the value added by venture capitalists to their investee firms. Rooted on the agency and the resource-based view theories, both variables are analyzed according to the stage of development of the firm. The hypotheses are tested on a highly representative sample of Spanish venture-backed firms over the period 1993-2005. Our results show that funding is significant regardless of the stage of development of the investee firm at the time of the investment. The value added, however, is significant only for the subsample of firms at the expansion stage.

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