Evaluation Of The Profitability Of Companies Financed By Venture Capital (CVC) Listed On The French Market

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Moez Khalfallah
Bruno-Laurent Moschetto
Frederic Teulon


Companies Financed by Venture Capital (CVC), Venture Capital Firms (VCF), Return on Assets (ROA), Corporate Reputation


This paper examines changes in profitability of 146 CVC listed on the French market. The results show disappointing post-IPO profitability. The decline in performance ranges from 9.5% to 32% over a two-year period following the launch on the stock exchange. It also appears that the decline in operating performance is less significant for CVC compared with non CVC over the same period. An analysis of this underperformance shows that CVC supported by reputed VCF manage to limit the decline in operating performance compared to those supported by non-reputed VCF.


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