David Devigne

David Devigne

Brussels Metropolitan Area
4K followers 500+ connections

Join to view profile

Activity

Join now to see all activity

Experience

  • PANTERA Graphic

    PANTERA

    Mol, Flemish Region, Belgium

  • -

    Brussels, Brussels Region, Belgium

  • -

    Halle, Vlaanderen, België

  • -

    Ghent

  • -

    Gent Area, Belgium

  • -

    Ghent, Flemish Region, Belgium

  • -

    Leiden

  • -

    San Francisco Bay Area

  • -

    Leuven, Flemish Region, Belgium

  • -

    Ghent, Flemish Region, Belgium

  • -

    Ghent, Flemish Region, Belgium

  • -

    Ghent, Flemish Region, Belgium

  • -

    Leiden, South Holland, Netherlands

  • -

    Leuven area, Belgium

  • -

    Brussels Metropolitan Area

  • -

    Brussels, Brussels Region, Belgium

  • -

    Ghent

  • -

    Leuven

  • -

    Antwerp, Flemish Region, Belgium

  • -

    Brussels, Brussels Region, Belgium

  • -

    Gent Area, Belgium

  • -

    Gent Area, Belgium

  • -

    Leuven Area, Belgium

  • -

    Brussels, Brussels Region, Belgium

  • -

    Brussels, Brussels Region, Belgium

  • -

    Ghent

  • -

  • -

  • -

Education

  • Ghent University Graphic

    Universiteit Gent

    -

    PhD dissertation on the relationship between international venture capital investors and their portfolio companies in Europe.

    See: https://biblio.ugent.be/publication/4172943/file/4172971

    Several International Publications in Peer Reviewed Academic Journals including Journal of Business Venturing (Financial Times Ranked), Journal of Small Business Economics and Journal of Economic Surveys.

  • -

    Master Thesis: “The influence of competition and legislation on pharmaceutical distribution” - Magna cum laude

  • -

    Activities and Societies: Member of the student club

    Master Thesis: “Degrading dextran hydrogels to obtain pulsed drug delivery” - Magna cum laude

  • -

  • -

  • -

  • -

  • -

  • -

    Faculty: prof. M.A. Rosellon, prof. J.P.M. Suijs.

  • -

Publications

  • Venture Capital Internationalization: Synthesis and Future Research Directions

    Journal Of Economic Surveys

    Research on venture capital (VC) internationalization has expanded rapidly over the last decade. This paper reviews the extant literature on VC internationalization and highlights gaps in our knowledge. We identify three major research streams within this literature, which revolve around the following questions: (1) which VC firms invest across borders and what countries do they target; (2) how do VC firms address liabilities of foreign investing; and (3) what are the real effects of…

    Research on venture capital (VC) internationalization has expanded rapidly over the last decade. This paper reviews the extant literature on VC internationalization and highlights gaps in our knowledge. We identify three major research streams within this literature, which revolve around the following questions: (1) which VC firms invest across borders and what countries do they target; (2) how do VC firms address liabilities of foreign investing; and (3) what are the real effects of international VC investments? We provide an overview of the contributions in these research streams, discuss the role of public policy, and suggest avenues for future research. Specifically, we call for a deeper understanding of: (1) the functioning and impact of VC firms’ modes of internationalization; (2) micro‐level processes such as the functioning and decision making of international investment committees, or the development of international human and social capital; (3) the role of country institutions in VC internationalization and its real effects; and (4) the interplay of international VC with alternative financing sources.

    Other authors
    See publication

  • Cross-border venture capitalists are less patient with under-performers

    LSE Business Review

    Other authors
    See publication

  • Escalation of commitment in venture capital decision making: Differentiating between domestic and international investors

    Journal of Business Venturing

    Drawing upon an escalation of commitment framework, this study investigates how differences between cross-border and domestic venture capital investors in emotional, social, and institutional factors affect their decision to terminate an unsuccessful investment. We track the exit outcome of 1060 venture capital investments in 684 European technology companies. Results show that domestic investors have a high tendency to escalate their commitment to a failing course of action, while cross-border…

    Drawing upon an escalation of commitment framework, this study investigates how differences between cross-border and domestic venture capital investors in emotional, social, and institutional factors affect their decision to terminate an unsuccessful investment. We track the exit outcome of 1060 venture capital investments in 684 European technology companies. Results show that domestic investors have a high tendency to escalate their commitment to a failing course of action, while cross-border investors terminate their investments efficiently, even when investing through a local branch. This is explained by cross-border investors having a lower social and emotional involvement with the project and a lower embeddedness in the local economic and social environment, decreasing individual decision biases. Further, they are affected to a lower extent by normative pressures to further invest from their co-investment network. Local branches of cross-border investors are also shielded from escalation of commitment. We conjecture that their international investment committee acts as an organizational safeguard against individual decision biases. Domestic investors may hence benefit from mimicking the behavior of cross-border investors.

    Other authors
    See publication

  • Revue de la littérature relative au financement des jeunes entreprises innovantes

    IWEPS

    Other authors

  • International venture capital investors and their portfolio companies in Europe

    Ghent University - Doctoral dissertation

    Promotor: Sophie Manigart

    See publication

  • Investment strategies of cross-border venture capital investors

    Frontiers of Entrepreneurship

    Venture capital (VC) firms investing abroad use several strategies to mitigate liabilities of foreignness (LOF). Analyzing 1770 VC investments in young technology based companies, of which 20% by cross-border VC firms and 7% by their local branches, we confirm that cross-border VC firms invest in companies with lower information asymmetries. This effect disappears when controlling for co-investor characteristics. Cross-border VC firms have a higher probability to invest with local investors…

    Venture capital (VC) firms investing abroad use several strategies to mitigate liabilities of foreignness (LOF). Analyzing 1770 VC investments in young technology based companies, of which 20% by cross-border VC firms and 7% by their local branches, we confirm that cross-border VC firms invest in companies with lower information asymmetries. This effect disappears when controlling for co-investor characteristics. Cross-border VC firms have a higher probability to invest with local investors, larger investment syndicates and more experienced investors. When investing through a local branch, investors exhibit the same investment behavior as domestic VC firms. We thereby
    show that local co-investors or establishing a local presence mitigate LOF and enable cross-border investors to invest in the same companies as domestic VC firms.

    Other authors
    See publication

  • The Role of Domestic and Cross-border Venture Capital Investors in the Growth of Portfolio Companies

    Springer: Small Business Economics

    This paper studies how the presence of cross-border as opposed to domestic venture capital investors is associated with the growth of portfolio companies. For this purpose, we use a longitudinal research design and track sales, total assets and payroll expenses in 761 European technology companies from the year of initial venture capital investment up to seven years thereafter. Findings demonstrate how companies initially backed by domestic venture capital investors exhibit higher growth in the…

    This paper studies how the presence of cross-border as opposed to domestic venture capital investors is associated with the growth of portfolio companies. For this purpose, we use a longitudinal research design and track sales, total assets and payroll expenses in 761 European technology companies from the year of initial venture capital investment up to seven years thereafter. Findings demonstrate how companies initially backed by domestic venture capital investors exhibit higher growth in the short term compared to companies backed by cross-border investors. In the medium term, companies initially backed by cross-border venture capital investors exhibit higher growth compared to companies backed by domestic investors. Finally, companies that are initially funded by a syndicate comprising both domestic and cross-border venture capital investors exhibit the highest growth. Overall, this study provides a more fine-grained understanding of the role that domestic and cross-border venture capital investors can play as their portfolio companies grow and thereby require different resources or capabilities over time.

    Other authors
    See publication

  • Analysis and valuation of a distressed buy-out by a private equity investor

    ECCH Case & Teaching note

    At the end of 2008, Dutch automotive component supplier AutoParts was on the verge of bankruptcy, due to high leverage levels combined with lower revenues as a consequence of the worldwide economic crisis. When looking for a solution, AutoParts’ management had identified a syndicate of two private equity investors, Gimv and Investco. Gimv is the main provider of private equity in Belgium and a leading player in the European investment market. Investco is a regional investor which offers a…

    At the end of 2008, Dutch automotive component supplier AutoParts was on the verge of bankruptcy, due to high leverage levels combined with lower revenues as a consequence of the worldwide economic crisis. When looking for a solution, AutoParts’ management had identified a syndicate of two private equity investors, Gimv and Investco. Gimv is the main provider of private equity in Belgium and a leading player in the European investment market. Investco is a regional investor which offers a unique combination of private equity, project financing and real estate to businesses. Both the limited investment required to acquire a majority stake as well as an expected return between 25% and 35% make the investment attractive to Gimv. Moreover, a combination of potential operating and financing improvements was possible at AutoParts. However, the proposed transaction also entailed substantial risks. The business activity is cyclical and was suffering heavily from the economic downturn. In addition, the firm has to deal with limited customer diversification. Another threat was the company’s overleveraged financial structure caused by two previous buy-outs. The deal with Gimv and Investco created a more solid financial structure via deleveraging to normal levels. This case discusses a private equity investment in a distressed company undergoing operational and financial restructuring. It strongly focuses on the valuation of a troubled company.

    Other authors
    See publication

  • Financiering van ondernemerschap: een vergelijkende studie van het financieringsgedrag in Belgische en Europese ondernemingen.

    Steunpunt STOIO

    In: Clarysse B. Ondernemen tussen wetenschap en beleid in Vlaanderen: inzichten van vijf jaar Steunpunt Ondernemen en Internationaal Ondernemen (pp. 210-232).

    Other authors

  • Kiezen tussen een buy-out en een overname

    Steunpunt STOIO

    In: Manigart S. Leroy H. Bedrijf te koop - Overlaten en stopzetten in Vlaanderen (pp. 152-162).

    Other authors

Languages

  • English

    Full professional proficiency

  • French

    Professional working proficiency

  • Dutch

    Native or bilingual proficiency

  • German

    Elementary proficiency

More activity by David

View David’s full profile

  • See who you know in common
  • Get introduced
  • Contact David directly
Join to view full profile

Other similar profiles

Explore more posts

Explore collaborative articles

We’re unlocking community knowledge in a new way. Experts add insights directly into each article, started with the help of AI.

Explore More

Others named David Devigne

6 others named David Devigne are on LinkedIn

See others named David Devigne

Add new skills with these courses

See all courses