IDEAS home Printed from https://ideas.repec.org/a/aic/jopafl/y2014v5p72-83.html
   My bibliography  Save this article

The Attractiveness Of Romania For Venture Capital And Private Equity Investors

Author

Listed:
  • Brindusa � Maria BUZILA

    (Alexandru Ioan Cuza University of Iasi, Romania, Faculty of Economics andBusiness Administration, buzila_brandusa_feaa@yahoo.com, Iasi, Romania)

Abstract

This report examines Romania�s attractiveness for investors in terms of each of the six key drivers suggested by Groh, et al (2010) study: Economic Activity, Depth of Capital Market, Taxation, Investor Protection and Corporate Governance, Human and Social Environment, and Entrepreneurial Culture. The findings indicate that final position in Groh�s - The attractiveness of 27 European countries for Venture Capital and private Equity investors - top is justified. Nevertheless, the Romanian decision-makers managed, through considerable efforts, by means of various programs developed together with several European and international institutions, to create certain opportunities of improvement of the Romanian entrepreneurial environment and stimulation of innovation. This paper has certain limits; therefore the future research in this field might lead to a more thorough analysis of the difficulties that Romania faces in attracting private equity investors. The methods employed have in view the results from the literature in this field regarding the research issue, the US Commercial Service�s recommendations (Doing Business in Romania: 2013) and various statistics. Competent opinions in this field have been analyzed: investors, authorities, organizations, institutions.

Suggested Citation

  • Brindusa � Maria BUZILA, 2014. "The Attractiveness Of Romania For Venture Capital And Private Equity Investors," Journal of Public Administration, Finance and Law, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 5(5), pages 72-83, June.
    • Handle: RePEc:aic:jopafl:y:2014:v:5:p:72-83
    as

    Download full text from publisher

    File URL: http://www.jopafl.com/uploads/issue5/THE_ATTRACTIVENESS_OF_ROMANIA_FOR_VENTURE_CAPITAL_AND_PRIVATE_EQUITY_INVESTORS.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Groh, Alexander Peter & von Liechtenstein, Heinrich & Lieser, Karsten, 2010. "The European Venture Capital and Private Equity country attractiveness indices," Journal of Corporate Finance, Elsevier, vol. 16(2), pages 205-224, April.
    2. Caselli, Stefano, 2009. "Private Equity and Venture Capital in Europe," Elsevier Monographs, Elsevier, edition 1, number 9780123750266.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Bertoni, Fabio & Tykvová, Tereza, 2015. "Does governmental venture capital spur invention and innovation? Evidence from young European biotech companies," Research Policy, Elsevier, vol. 44(4), pages 925-935.
    2. Aldatmaz, Serdar & Brown, Greg W. & Demirgüç-Kunt, Asli, 2023. "Determinants of International Buyout Investments," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 58(2), pages 875-913, March.
    3. Benjamin Hammer & Heiko Hinrichs & Bernhard Schwetzler, 2018. "Does culture affect the performance of private equity buyouts?," Journal of Business Economics, Springer, vol. 88(3), pages 393-469, May.
    4. Achleitner, Ann-Kristin & Engel, Nico & Reiner, Uwe, 2013. "The performance of venture capital investments: Do investors overreact?," Review of Financial Economics, Elsevier, vol. 22(1), pages 20-35.
    5. Karsten Lieser & Alexander Groh, 2014. "The Determinants of International Commercial Real Estate Investment," The Journal of Real Estate Finance and Economics, Springer, vol. 48(4), pages 611-659, May.
    6. Del Gaudio, Belinda L. & Porzio, Claudio & Sampagnaro, Gabriele & Verdoliva, Vincenzo, 2020. "Public policy and venture capital: Pursuing the disclosure goal," Research in International Business and Finance, Elsevier, vol. 51(C).
    7. Talita Greyling & Fiona Tregenna, 2017. "Construction and Analysis of a Composite Quality of Life Index for a Region of South Africa," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 131(3), pages 887-930, April.
    8. Håkanson, Lars & Ambos, Björn & Schuster, Anja & Leicht-Deobald, Ulrich, 2016. "The psychology of psychic distance: Antecedents of asymmetric perceptions," Journal of World Business, Elsevier, vol. 51(2), pages 308-318.
    9. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    10. Tomas Meluzin & Marek Zinecker, 2016. "Trends In Ipos: The Evidence From Cee Capital Markets," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 11(2), pages 327-341, June.
    11. Alexander Peter Groh & Heinrich von Liechtenstein, 2011. "The First Step of the Capital Flow from Institutions to Entrepreneurs: the Criteria for Sorting Venture Capital Funds," European Financial Management, European Financial Management Association, vol. 17(3), pages 532-559, June.
    12. Luca Grilli & Boris Mrkajic & Gresa Latifi, 2018. "Venture capital in Europe: social capital, formal institutions and mediation effects," Small Business Economics, Springer, vol. 51(2), pages 393-410, August.
    13. Musibau Akintunde Ajagbe & Joshua Olusola Olujobi & Anthony Akwawa Uduimoh & Lawrence Uchenna Okoye & Adunola Oluremi Oke, 2016. "Technology Based Entrepreneurship Financing. Lessons for Nigeria," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 6(1), pages 150-163, January.
    14. Wilson, Nick & Wright, Mike & Siegel, Donald S. & Scholes, Louise, 2012. "Private equity portfolio company performance during the global recession," Journal of Corporate Finance, Elsevier, vol. 18(1), pages 193-205.
    15. Daniel Hain & Sofia Johan & Daojuan Wang, 2016. "Determinants of Cross-Border Venture Capital Investments in Emerging and Developed Economies: The Effects of Relational and Institutional Trust," Journal of Business Ethics, Springer, vol. 138(4), pages 743-764, November.
    16. Lucey, Brian M. & Vigne, Samuel A. & Ballester, Laura & Barbopoulos, Leonidas & Brzeszczynski, Janusz & Carchano, Oscar & Dimic, Nebojsa & Fernandez, Viviana & Gogolin, Fabian & González-Urteaga, Ana , 2018. "Future directions in international financial integration research - A crowdsourced perspective," International Review of Financial Analysis, Elsevier, vol. 55(C), pages 35-49.
    17. Antonia Nörthemann, 2023. "Industry-specific specialization in venture capitalists’ internationalization decisions," Journal of Business Economics, Springer, vol. 93(5), pages 891-927, July.
    18. Cumming, Douglas, 2014. "Public economics gone wild: Lessons from venture capital," International Review of Financial Analysis, Elsevier, vol. 36(C), pages 251-260.
    19. Richard T Harrison & Babangida Yohanna & Yannis Pierrakis, 2020. "Internationalisation and localisation: Foreign venture capital investments in the United Kingdom," Local Economy, London South Bank University, vol. 35(3), pages 230-256, May.
    20. Elisabete Félix & Cesaltina Pires & Mohamed Gulamhussen, 2013. "The Determinants of Venture Capital in Europe — Evidence Across Countries," Journal of Financial Services Research, Springer;Western Finance Association, vol. 44(3), pages 259-279, December.

    More about this item

    Keywords

    Private Equity; Venture Capital;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aic:jopafl:y:2014:v:5:p:72-83. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sireteanu Napoleon-Alexandru (email available below). General contact details of provider: https://edirc.repec.org/data/feaicro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.