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Human capital and the internationalization of venture capital firms

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  • S. MANIGART

    ()

  • V. COLLEWAERT

    ()

  • M. WRIGHT
  • S. PRUTHI
  • A. LOCKETT
  • H. BRUINING
  • U. HOMMEL
  • H. LANDSTROM

Abstract

We examine the neglected area of internationalisation by VCs. Using a representative sample of 195 VCs, we show that the decision of a European VC firm to invest internationally is driven by its human resources. Having more VC executives in general and more VC executives with previous international experience in specific, results in a higher probability of investing internationally. In contrast, more VC executives with experience in the VC industry or with an engineering background lead to a higher probability of remaining domestic.

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File URL: http://www.feb.ugent.be/nl/Ondz/wp/Papers/wp_06_363.pdf
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Bibliographic Info

Paper provided by Ghent University, Faculty of Economics and Business Administration in its series Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium with number 06/363.

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Length: 25 pages
Date of creation: Jan 2006
Date of revision:
Handle: RePEc:rug:rugwps:06/363

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  1. Bottazzi, L. & Da Rin, M. & Hellmann, T., 2004. "The changing face of the European venture capital industry: Facts and analysis," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3106559, Tilburg University.
  2. Westhead, Paul & Wright, Mike & Ucbasaran, Deniz, 2001. "The internationalization of new and small firms: A resource-based view," Journal of Business Venturing, Elsevier, vol. 16(4), pages 333-358, July.
  3. Lockett, Andy & Murray, Gordon & Wright, Mike, 2002. "Do UK venture capitalists still have a bias against investment in new technology firms," Research Policy, Elsevier, vol. 31(6), pages 1009-1030, August.
  4. Sapienza, Harry J. & Manigart, Sophie & Vermeir, Wim, 1996. "Venture capitalist governance and value added in four countries," Journal of Business Venturing, Elsevier, vol. 11(6), pages 439-469, November.
  5. Andersson, Svante, 2004. "Internationalization in different industrial contexts," Journal of Business Venturing, Elsevier, vol. 19(6), pages 851-875, November.
  6. 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.
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Cited by:
  1. Douglas Cumming & Sofia Johan, 2009. "Pre-seed government venture capital funds," Journal of International Entrepreneurship, Springer, vol. 7(1), pages 26-56, March.
  2. Itxaso del-Palacio & Xiaotian Zhang & Francesc Sole, 2012. "The capital gap for small technology companies: public venture capital to the rescue?," Small Business Economics, Springer, vol. 38(3), pages 283-301, April.
  3. Joaquín Guzmán-Cuevas & Rafael Cáceres-Carrasco & Domingo Soriano, 2009. "Functional dependence and productive dependence of SMEs," Small Business Economics, Springer, vol. 32(3), pages 317-330, March.

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