Abstract
Despite the scientific evidence on the positive effect of venture capital (VC) on portfolio firm performance, such evidence badly pulls up alongside the non-negligible number of entrepreneurial firms that receive an offer by a VC fund and choose to refuse it. We investigate the microeconomic determinants behind the missed realizations of VC investor-investee dyads by focusing on the Italian VC market, that represents an ideal test bed for our identification strategy. We investigate firm characteristics that lead entrepreneurs to refuse VC, which motivations are behind this choice and which is the impact on firm growth.
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