What lures cross-border venture capital inflows?
Publikation: Beiträge in Zeitschriften › Zeitschriftenaufsätze › Forschung › begutachtet
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in: Journal of International Money and Finance, Jahrgang 31, Nr. 6, 10.2012, S. 1777-1799.
Publikation: Beiträge in Zeitschriften › Zeitschriftenaufsätze › Forschung › begutachtet
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TY - JOUR
T1 - What lures cross-border venture capital inflows?
AU - Schertler, Andrea Gisela
AU - Tykvová, Tereza
PY - 2012/10
Y1 - 2012/10
N2 - We investigate if economic factors drive gross and net cross-border venture capital inflows differently. Using a dataset of venture capital investments in European and North American countries from 2000 to 2008, we find that higher expected economic growth goes hand in hand with higher gross as well as net inflows, while higher market capitalization and a more favorable environment for venture capital intermediation entail higher gross inflows, but lower net inflows. The latter two findings may suggest that cross-border venture capital inflows partly compensate for potential limits in domestic venture capital supply. However, the findings may also reflect that venture capitalists’ locational decisions depend on the viability of capital markets.
AB - We investigate if economic factors drive gross and net cross-border venture capital inflows differently. Using a dataset of venture capital investments in European and North American countries from 2000 to 2008, we find that higher expected economic growth goes hand in hand with higher gross as well as net inflows, while higher market capitalization and a more favorable environment for venture capital intermediation entail higher gross inflows, but lower net inflows. The latter two findings may suggest that cross-border venture capital inflows partly compensate for potential limits in domestic venture capital supply. However, the findings may also reflect that venture capitalists’ locational decisions depend on the viability of capital markets.
KW - Entrepreneurship
KW - Economic factors
KW - Gross and net cross-border inflows
KW - Internationalization
KW - Venture capital
KW - Management studies
UR - http://www.scopus.com/inward/record.url?scp=84862009399&partnerID=8YFLogxK
U2 - 10.1016/j.jimonfin.2012.03.012
DO - 10.1016/j.jimonfin.2012.03.012
M3 - Journal articles
VL - 31
SP - 1777
EP - 1799
JO - Journal of International Money and Finance
JF - Journal of International Money and Finance
SN - 0261-5606
IS - 6
ER -