https://m2.mtmt.hu/ eng 2026-04-30 00:56 JournalArticle 35616144 APPROVED true 0 false 2026-04-24T13:58:26.054+0000 2026-04-17T06:51:13.355+0000 2024-12-02T10:44:59.841+0000 true 10074464 Szabóné Nagy Éva /api/admin/10074464 Admin true 2026-04-17T06:51:13.731+0000 2026-04-17T06:51:13.731+0000 true false true 24 24 /api/publicationtype/24 PublicationType 1 true 24 JournalArticle true 10000059 Article true 24 24 /api/publicationtype/24 PublicationType 1 true 24 JournalArticle /api/subtype/10000059 Szakcikk SubType 101 true 10000059 true 1 /api/category/1 Category true 1 Fazekas, Balázs Where is the EXIT? - The Exit Characteristics of Venture Capital Through the Case of Hungarian JEREMIE Investments true true /api/journal/10017670 REVIEWED true false 10017670 false 10017670 true 1800-5845 1800-6698 Journal FOREIGN 22 2 43 54 43 12 2026 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. 2024 true true true false true false GOLD 2026-04-24 false http://www.mnje.com/ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8 8 Q3 C nemzetközi false false false false 2025-01-06T14:51:34.814+0000 Pénzügyi Tanszék (DE / GTK / SZamvPuI) 2 7 1 2 0 true Language 10002 /api/language/10002 Angol English true 2 true PersonAuthorship 121981566 /api/authorship/121981566 1 0.5 true false true Author 10045268 /api/author/10045268 Fazekas Balázs true 10045268 true Fazekas Balázs true false false AuthorshipType 1 /api/authorshiptype/1 0 true 0 true false true PersonAuthorship 121981567 /api/authorship/121981567 2 0.5 false true Author 10018271 /api/author/10018271 Becsky-Nagy Patrícia true 10018271 true Becsky-Nagy Patrícia true false false AuthorshipType 1 /api/authorshiptype/1 0 true 0 true false true PublicationIdentifier 28050189 /api/publicationidentifier/28050189 PlainSource 38 /api/publicationsource/38 PublicationSourceType 10007 /api/publicationsourcetype/10007 true true true DEA http://hdl.handle.net/2437/@@@ true true 38 true IDENTICAL 382572 http://hdl.handle.net/2437/382572 false true PublicationIdentifier 31848412 /api/publicationidentifier/31848412 PlainSource 1 /api/publicationsource/1 PublicationSourceType 10003 /api/publicationsourcetype/10003 false true true WoS WoS https://www.webofscience.com/wos/woscc/full-record/@@@ true true 1 true IDENTICAL 001735366600004 https://www.webofscience.com/wos/woscc/full-record/001735366600004 false true PublicationIdentifier 31837240 /api/publicationidentifier/31837240 PlainSource 3 /api/publicationsource/3 PublicationSourceType 10003 /api/publicationsourcetype/10003 false true true Scopus Scopus http://www.scopus.com/record/display.url?origin=inward&eid=2-s2.0-@@@ true true 3 true IDENTICAL 105034985121 http://www.scopus.com/record/display.url?origin=inward&eid=2-s2.0-105034985121 false true Classification 12776 /api/classification/12776 true true Classification 12740 /api/classification/12740 true true Keyword 1144463 /api/keyword/1144463 true 1144463 true Keyword 1373502 /api/keyword/1373502 true 1373502 true Keyword 3090793 /api/keyword/3090793 true true Keyword 3279586 /api/keyword/3279586 true true MtaRating 508793 /api/mtarating/508793 RatingType 10012 /api/ratingtype/10012 GMB Institute 19066 /api/institute/19066 0 false true false Gazdaságtudományi Doktori Minősítő Bizottság Committee on Economics true 19066 true true true C nemzetközi true 8793 true SjrRating 11684159 /api/sjrrating/11684159 327 0.74 journal RatingType 10002 /api/ratingtype/10002 sjr true true ClassificationExternal 2001 /api/classificationexternal/2001 true 2001 true Q3 FROM_LAST_YEAR true true /api/publication/35616144 <div class="JournalArticle Publication long-list"> <div class="authors"> <img title="Forrásközlemény" style="float: left" src="/frontend/resources/grid/publication-core-icon.png"> <img title="Idézőközlemény" style="float: left" src="/frontend/resources/grid/publication-citation-icon.png"> <div class="autype autype0"> <span class="author-name" mtid="10045268"><a href="/gui2/?type=authors&mode=browse&sel=10045268" target="_blank">Fazekas Balázs ✉ (<span class="authorship-author-name">Fazekas Balázs</span> <span class="authorAux-mtmt"> közgazdaságtudományok</span>) </a> </span> <span class="author-affil"><span title="University of Debrecen">UD</span>/<span title="Gazdaságtudományi Kar">GTK</span>/<span title="Institute of Accounting and Finance">IAF</span>/Pénzügyi Tanszék</span> ;&nbsp;&nbsp;&nbsp; <span class="author-name" mtid="10018271"><a href="/gui2/?type=authors&mode=browse&sel=10018271" target="_blank">Becsky-Nagy Patrícia (<span class="authorship-author-name">Becsky-Nagy Patrícia</span> <span class="authorAux-mtmt"> Közgazdaságtudományok, Gazdálkodás- és szervezé...</span>) </a> </span> <span class="author-affil"><span title="University of Debrecen">UD</span>/<span title="Gazdaságtudományi Kar">GTK</span>/<span title="Institute of Accounting and Finance">IAF</span>/Pénzügyi Tanszék</span> </div> </div> <div class="title"><a href="/gui2/?mode=browse&params=publication;35616144" target="_blank">Where is the EXIT? - The Exit Characteristics of Venture Capital Through the Case of Hungarian JEREMIE Investments</a></div> <div> <span class="journal-title">MONTENEGRIN JOURNAL OF ECONOMICS</span> <span class="journal-issn">(<a target="_blank" href="https://portal.issn.org/resource/ISSN/1800-5845">1800-5845</a> <a target="_blank" href="https://portal.issn.org/resource/ISSN/1800-6698">1800-6698</a>)</span>: <span class="journal-volume">22</span> <span class="journal-issue">2</span> <span class="page"> pp 43-54 </span> <span class="year">(2026)</span> </div> <div class="pub-footer"> <span class="language" xmlns="http://www.w3.org/1999/html">Language: English | </span> <span class="identifiers"> <span class="id identifier oa_none" title="none"> <a style="color:blue" title="382572" target="_blank" href="http://hdl.handle.net/2437/382572"> DEA </a> </span> <span class="id identifier oa_none" title="none"> <a style="color:blue" title="001735366600004" target="_blank" href="https://www.webofscience.com/wos/woscc/full-record/001735366600004"> WoS </a> </span> <span class="id identifier oa_none" title="none"> <a style="color:blue" title="105034985121" target="_blank" href="http://www.scopus.com/record/display.url?origin=inward&eid=2-s2.0-105034985121"> Scopus </a> </span> </span> <OnlyViewableByAuthor><div class="ratings"> <div class="journal-subject">Journal subject: Scopus - Economics, Econometrics and Finance (miscellaneous)&nbsp;&nbsp;&nbsp;Rank:&nbsp;Q3</div> <div class="journal-subject">Committee on Economics HASSELIX GMB [1901-]&nbsp;&nbsp;&nbsp;C nemzetközi</div> </div></OnlyViewableByAuthor> <div class="publication-citation"> <a target="_blank" href="/api/publication?cond=citations.related;eq;35616144&sort=publishedYear,desc&sort=title"> Number of cited publications: 8 </a> </div> <div class="mtid"><span class="long-pub-mtid">Publication: 35616144</span> | <span class="status-data status-APPROVED"> Published </span> Core Citing | <span class="type-subtype">Journal Article ( Article ) </span> | <span class="pub-category">Scientific</span> | <span class="publication-sourceOfData">kézi felvitel</span> </div> <div class="lastModified">Last Modified: 2026.04.17. 08:51 Enikő Pergéné Szabó (admin) </div> </div></div>