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Venture capitalists and the decision to invest overseas

Author

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  • Graham Hall
  • Ciwen Tu

Abstract

An important strategic decision facing venture capitalists is whether to invest overseas. This paper identifies some of the reasons why some choose this route whilst others do not. The paper is based on data generated from a sample drawn from UK venture capitalists operating in 2000. A qualitative response model is employed to analyse the data. The results suggest that the willingness to invest overseas is directly related to the size of venture capital firms (measured by the funds they have available for investment), the number of offices they operate from, the stage of development of their investee ventures, and is inversely related to the length of time in which the venture capitalist had been in operation. The type of ownership of the venture capitalist does not appear to be an influence on the degree of internationalization.

Suggested Citation

  • Graham Hall & Ciwen Tu, 2003. "Venture capitalists and the decision to invest overseas," Venture Capital, Taylor & Francis Journals, vol. 5(2), pages 181-190, April.
    • Handle: RePEc:taf:veecee:v:5:y:2003:i:2:p:181-190
    DOI: 10.1080/1369106032000097058
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    Cited by:

    1. Patzelt, Holger & zu Knyphausen-Aufseß, Dodo & Fischer, Heiko T., 2009. "Upper echelons and portfolio strategies of venture capital firms," Journal of Business Venturing, Elsevier, vol. 24(6), pages 558-572, November.
    2. Manigart, S. & Collewaert, V. & Wright, M. & Pruthi, S. & Lockett, A. & Bruining, H. & Hommel, U. & Landstrom, H., 2006. "Human capital and the internationalization of venture capital firms," Vlerick Leuven Gent Management School Working Paper Series 2006-01, Vlerick Leuven Gent Management School.
    3. S. De Prijcker & S. Manigart & M. Wright & W. De Maeseneire, 2009. "The influence of international human capital and international network relationships on the cross-border investment behaviour of private equity firms," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 09/597, Ghent University, Faculty of Economics and Business Administration.
    4. Yasuhiro Yamakawa & Mike W. Peng & David L. Deeds, 2008. "What Drives New Ventures to Internationalize from Emerging to Developed Economies?," Entrepreneurship Theory and Practice, , vol. 32(1), pages 59-82, January.
    5. Markus M. Mäkelä & Markku V.J. Maula, 2006. "Interorganizational Commitment in Syndicated Cross–Border Venture Capital Investments," Entrepreneurship Theory and Practice, , vol. 30(2), pages 273-298, March.
    6. Thomas Gstraunthaler & Galina Sagieva, 2011. "The Internationalization of Venture Capital: Challenges and Opportunities," Foresight and STI Governance (Foresight-Russia till No. 3/2015), National Research University Higher School of Economics, vol. 5(4), pages 66-76.
    7. Lu, Qing & Hwang, Peter & Wang, Clement K., 2006. "Agency risk control through reprisal," Journal of Business Venturing, Elsevier, vol. 21(3), pages 369-384, May.
    8. Bigos Krystian, 2019. "Venture Capital and Exporting – Some Evidence from EU Countries," Journal of Management and Business Administration. Central Europe, Sciendo, vol. 27(1), pages 2-16, March.
    9. Qing Lu & Peter Hwang, 2010. "The impact of liability of foreignness on international venture capital firms in Singapore," Asia Pacific Journal of Management, Springer, vol. 27(1), pages 81-97, March.
    10. Lutz, Eva & Bender, Marko & Achleitner, Ann-Kristin & Kaserer, Christoph, 2013. "Importance of spatial proximity between venture capital investors and investees in Germany," Journal of Business Research, Elsevier, vol. 66(11), pages 2346-2354.

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