@techreport{Engel2005Firm, 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 non\-venture 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.}, author = {Dirk Engel and Max
Keilbach}, copyright = {http://www.econsto