David Devigne


David Devigne is a research fellow at Vlerick Business School. He obtained a master degree in Pharmaceutical Sciences (2005), a master degree in Economics and Business Administration (2006), and a PhD degree in Applied Economics (2013) from Ghent University. He worked as a researcher at the Department of Corporate Finance at Ghent University in 2007, and at Vlerick Business School from 2008 to early 2014. David currently works as an investment manager at PMV (ParticipatieMaatschappij Vlaanderen). His doctoral research focused on private equity and entrepreneurial ventures in Europe, which is the topic he continues to investigate in his current research.

Below you can find a selection of publications from David Devigne.


Job Title : Research Fellow

Management Domain
Accounting & Finance

Expert in
Corporate Finance
Mergers and acquisitions
Venture Capital
Private Equity
Small and Medium-sized Enterprise financing


Articles in refereed journals with impact

  • Devigne D. Manigart S. Wright M.  2016. Escalation of commitment in venture capital decision making: Differentiating between domestic and international investors. Journal of Business Venturing, 31(3): 253-271.

  • Devigne D. Vanacker T. Manigart S.  2013. The role of domestic and cross-border venture capital investors in the growth of portfolio companies. Small Business Economics, 40(3): 553-573.

Book Chapters

  • Manigart S. Heughebaert A. Devigne D. Vanacker T.  2011. Financiering van ondernemerschap: een vergelijkende studie van het financieringsgedrag in Belgische en Europese ondernemingen. In: Clarysse B. Ondernemen tussen wetenschap en beleid in Vlaanderen: inzichten van vijf jaar Steunpunt Ondernemen en Internationaal Ondernemen (pp. 210-232). Steunpunt STOIO.

  • Devigne D. Manigart S.  2007. Kiezen tussen een buy-out en een overname. In: Manigart S. Leroy H. Bedrijf te koop - Overlaten en stopzetten in Vlaanderen (pp. 152-162).

Conference Presentations

  • Devigne D. Manigart S.  2013. Cross-border strategies of venture capital investors. Paper presented at Annual Meeting of the Academy of Management, August 12-14, Orlando, United States.

Conference Proceedings

  • Devigne D. Manigart S.  2013. Investment strategies of cross-border venture capital investors. In: Frontiers of Entrepreneurship 2013 Lyon:

  • Vanacker T. Devigne D.  2010. A longitudinal study on the impact of cross-border venture capital on portfolio company growth. Lausanne:

Doctoral dissertation

  • Devigne D.  2013. International venture capital investors and their portfolio companies in Europe. Ghent University (Promotor: Manigart S.).

Research reports

Vlerick cases

  • Devigne D. Van Daele E. De Maeseneire W.  2012. Autoparts: analysis and valuation of a distressed buy-out by a private equity investor - Case. ECCH Case Study. Reference no. 113-003-1 (C) + 113-003-8 (TN).

Vlerick working papers