Small Business Economics

, Volume 31, Issue 1, pp 39–58 | Cite as

The export intensity of venture capital backed companies

  • Andy LockettEmail author
  • Mike Wright
  • Andrew Burrows
  • Louise Scholes
  • Dave Paton


In this study we examine how venture capital (VC) firms influence the export behavior of their investee companies. VC firms perform an important governance function for investee companies by providing monitoring and value-added activities. Drawing on agency theory, the resource-based view of the firm and governance life-cycle theory we hypothesize that the relationship between VC governance resources and investee exporting behavior is moderated by investment stage. Employing a sample of 340 VC-backed firms, our results confirm this hypothesis. Monitoring resources are most effective in promoting export behavior for late-stage ventures and value-added resources in promoting export behavior in early-stage ventures.


Venture capital Export International trade 

JEL Classifications

G24 G28 G31 G32 G35 L26 



Support for this research from EVCA is acknowledged with thanks as is the financial support for CMBOR from Barclays Private Equity and Deloitte. We also thank the editors of the special issue, anonymous reviewers and participants in the Lally Darden Research Retreat at Humbolt 2006 for their insightful comments.


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Copyright information

© Springer Science+Business Media, LLC. 2008

Authors and Affiliations

  • Andy Lockett
    • 1
    Email author
  • Mike Wright
    • 1
  • Andrew Burrows
    • 1
  • Louise Scholes
    • 1
  • Dave Paton
    • 1
  1. 1.Centre for Management Buy-out ResearchNottingham University Business SchoolNottinghamUK

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