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001-es BibID:	BIBFORM125849
Első szerző:	Fazekas Balázs (közgazdász)
Cím:	Where is the EXIT? - The Exit Characteristics of Venture Capital Through the Case of Hungarian JEREMIE Investments / Balázs Fazekas, Patrícia Becsky-Nagy
Dátum:	2025
ISSN:	1800-5845 1800-6698
Megjegyzések:	For developing markets, including those in the Central and Eastern European region, the available data on the venture capital sector at the investment level are rather limited. While surveys on investment activity and capital outflows are becoming more comprehensive, the study of firm-level effects, in particular exits, is considered a major research gap. Using one of the most active venture capital markets` example in the region, this paper examines the exit characteristics of firms in the region by exit type, as well as the main financial characteristics that influence each exit method. Our analysis is based on a unique hand collected dataset covering the entire population of the Hungarian JEREMIE investments including the data from 340 companies that received funding between 2010 and 2016. The approach includes a detailed assessment of key financial metrics, such as revenue growth, to understand their impact on exit events. Firms are classified into three categories based on exit mode, which are sale to 3rd party, manager buy-back and failed exit. Logit models were used to examine the factors influencing each exit mode. Our results show that among the financial characteristics, rapid revenue growth is considered to be the most important success factor, while financial characteristics can explain exit types only to a small extent. Due to the significant regional state involvement, the characteristics of exit types do not necessarily coincide with the exit patterns of traditional market-based investments despite of the hybrid investment strategy. The study addresses a significant research gap concerning firm-level effects, particularly exits, in the venture capital sector of the Central and Eastern European region. Due to significant state involvement, the characteristics of exit types do not necessarily align with those of traditional market-based investments. This discrepancy underscores the differences inherent in hybrid investment strategies and emphasizes the unique economic context of the region.
Tárgyszavak:	Társadalomtudományok Közgazdaságtudományok idegen nyelvű folyóiratközlemény külföldi lapban folyóiratcikk Venture capital exit government support developing markets
Megjelenés:	Montenegrin Journal of Economics. - 22 : 2 (2025), p. 45-56. -
További szerzők:	Becsky-Nagy Patrícia (1977-) (közgazdász)
Internet cím:	Intézményi repozitóriumban (DEA) tárolt változat
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