Central European Management Journal

Venture Capital and Exporting – Some Evidence from EU Countries

Bigos, Krystian

Cracow University of Economics

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Purpose: The aim of this article is to present the results of the research on the export of venture capital backed firms in the European Union countries.

Methodology: For the purpose of this article, the author created four linear regression models. He decided for export revenue to be a dependent variable. Then, the author verified the influence of four independent variables on export value.

Findings: The research found that the turnover of venture capital backed firms positively influences their export value. Moreover, the costs of employees also play an important role in export value explanation. Nevertheless, the empirical study did not confirm any strong positive correlation of analyzed firms’ export value with the number of employees and their share of shareholders’ funds in operating income.

Limitations: The analyzed period was limited only to 2016. Second, the study used only one dependent and four independent variables. Further research must include other variables, especially moderating ones, such as entrepreneurship ratio or availability of external financing forms. Third, the regression models were based on data retrieved from Orbis Database and can induce uncertainty regarding its credibility.

Originality: At present, there are still only few research studies that explore the export of venture capital backed firms.


Journal Central European Management Journal 
Volume 27 
Issue 1 
Issue date 2019 
Type Article 
Language en
Pagination 2-16
DOI 10.7206/jmba.ce.2450-7814.245
ORCID Bigos, K.: 0000-0001-6030-4119
ISSN 2658-0845
eISSN 2658-2430