000			01444nab a22001697a 4500
008			160615b2014 xxu||||| |||| 00| 0 eng d
100			_aHaro-de-Rosario, Arturo
245			_aEfficiency of venture capital firms: evidence from Spain _cHaro-de-Rosario, Arturo.
260			_c2014
300			_a229-243
520			_aIn recent years the venture capital (VC) sector has played an increasingly important role in financial systems. In general, this type of specialised financial activity is conducted by two types of operators, VC firms and VC management companies, each with its specific characteristics. The main objective of this paper is to evaluate the operating efficiency of these financial intermediaries in Spain, using data envelopment analysis, and to carry out an exploratory study of the variables that affect their level of efficiency, using a truncated regression model, and taking into consideration the nature of the operator (an approach not previously undertaken). Our analysis reveals, first, differences in the levels of efficiency achieved by VC firms and VC management companies and, second, that the most efficient organisations are those with more diversified ownership structures and which have a portfolio of companies active in the most innovative sectors.
650			_aSpain
650			_aData Envelopment Analysis
650			_aVenture Capital
650			_aEfficiency
773			_aSmall Business Economics _dJune
999			_c41578 _d41578