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on Corporate Finance |
| By: | Enrique Yacuzzi |
| Abstract: | This paper is a primer on corporate performance, corporate governance, and their interrelationships and measurement systems, with particular focus on Small and Medium- Sized Enterprises (SMEs). This is the first report of a larger on going research project. In the domain of performance measurement the paper describes the trend from financial to non-financial measures, as well as a taxonomy of measures and the impact of the TQM movement on measurement practices. In the domain of governance, governance as a general concept is presented, followed by the more specific concept of corporate governance. Four theories of corporate governance are explained, along with literature findings on the relationship between corporate governance and corporate performance, with reference to both works on large firms and works on SMEs. |
| Keywords: | Corporate governance, corporate performance, measurement, small and medium-sized enterprises (SMEs) |
| JEL: | G30 G34 L25 M11 |
| Date: | 2005–06 |
| URL: | http://d.repec.org/n?u=RePEc:cem:doctra:293&r=cfn |
| By: | Max Keilbach; Dirk Engel |
| Abstract: | The paper analyses the impact of venture capital finance on growth and innovation activities of young German firms. Among other variables, our panel of firm data includes data on venture capital funding and patent applications. With statistical matching procedures we draw an adequate control group of nonventure funded but otherwise comparable firms. The analysis confirms other findings that venture funded firms in Germany have higher number of patent applications than those in the control group. However, they do so already before the venture capitalists engagement. After this engagement, the number of patent applications does not differ significantly from that of the control group, however the venture funded firms display significantly larger growthrates. We conclude that the higher innovation output of venture funded firms is mainly driven by the selection process made by the venture capitalist. |
| Keywords: | Firm Demography, Firm StartUps, Firm Growth, Venture Capital, Patented Inventions, Microeconometric Evaluation Methods |
| JEL: | L21 D21 D92 C14 C33 |
| URL: | http://d.repec.org/n?u=RePEc:esi:egpdis:2005-22&r=cfn |