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The Evolution of the Venture Capital Industry in Transition Economies: The Case of Poland

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  • Darek Klonowski
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    Abstract

    This article focuses on the evolution of the venture capital industry in emerging markets by examining the Polish experience between 1990 and 2003. Evidence is provided to demonstrate that the venture capital industry developed in three distinct phases (development, expansion and correction) and broadly followed a normal Western-type venture capital cycle. These stages differ from each other in terms of the amount of capital raised, the nature of investments (deal size, sectors of interest and stages of investment) and divestments. The study also concludes that there is no one typical venture capital firm operating in Poland, but rather different types; the study points to three different groups. Other conclusions are that there are strong advantages for early entrants into the industry, that venture capital funds with a strong local presence seem to achieve higher returns, and that venture capital firms become more specialised once the industry matures. The research is based on a survey of 78 venture capitalists (the response rate was 64%).

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/14631370500204313
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    Bibliographic Info

    Article provided by Taylor and Francis Journals in its journal Post-Communist Economies.

    Volume (Year): 17 (2005)
    Issue (Month): 3 ()
    Pages: 331-348

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    Handle: RePEc:taf:pocoec:v:17:y:2005:i:3:p:331-348

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    Web page: http://taylorandfrancis.metapress.com/link.asp?target=journal&id=102230

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    1. Timotej Jagric, 2003. "Business Cycles in Central and East European Countries," Eastern European Economics, M.E. Sharpe, Inc., vol. 41(5), pages 6-23, January.
    2. Gompers, Paul & Lerner, Josh, 2000. "Money chasing deals? The impact of fund inflows on private equity valuation," Journal of Financial Economics, Elsevier, vol. 55(2), pages 281-325, February.
    3. Gibb, Allan A., 1993. "Small business development in Central and Eastern Europe--Opportunity for a rethink?," Journal of Business Venturing, Elsevier, vol. 8(6), pages 461-486, November.
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    Cited by:
    1. Nhu Tuyên Lê & Marc De Bourmont & Olivier Vidal, 2011. "La perception des changements comptables par les acteurs : le cas du Viêt-Nam," Grenoble Ecole de Management (Post-Print) hal-00650545, HAL.
    2. Judit Karsai, 2012. "Development of the Hungarian Venture Capital and Private Equity Industry over the Past Two Decades," IEHAS Discussion Papers 1201, Institute of Economics, Hungarian Academy of Sciences.

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