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Knowledge Capital and Venture Capital Investments: New Evidence from European Panel Data

  • Andrea Schertler

Countries with a high amount of knowledge capital are likely to have higher volumes of venture capital (VC) investments because more researchers come up with innovative business ideas that require venture capital finance. Using panel data techniques, the paper finds evidence that VC investments depend strongly on the countries' knowledge capital measured by the number of patents, or the number of R&D researchers, or gross domestic expenditures on R&D. In addition, the paper analyzes whether government-financed knowledge capital fulfills a special role for VC investments. It finds only weak evidence that VC investments depend, with a delay of several years, on government-financed knowledge capital. Copyright Verein für Socialpolitik and Blackwell Publishing Ltd. 2007.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-0475.2007.00134.x
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Article provided by Verein für Socialpolitik in its journal German Economic Review.

Volume (Year): 8 (2007)
Issue (Month): (01)
Pages: 64-88

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Handle: RePEc:bla:germec:v:8:y:2007:i::p:64-88
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  1. Levin, Andrew & Lin, Chien-Fu & James Chu, Chia-Shang, 2002. "Unit root tests in panel data: asymptotic and finite-sample properties," Journal of Econometrics, Elsevier, vol. 108(1), pages 1-24, May.
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  8. Dirk Engel, 2003. "Höheres Beschäftigungswachstum durch Venture Capital?," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 223(1), pages 1-22.
  9. Andrea Schertler, 2005. "European venture capital markets: fund providers and investment characteristics," Applied Financial Economics, Taylor & Francis Journals, vol. 15(6), pages 367-380.
  10. Repullo, Rafael & Suarez, Javier, 1999. "Venture Capital Finance: A Security Design Approach," CEPR Discussion Papers 2097, C.E.P.R. Discussion Papers.
  11. Black, Bernard S. & Gilson, Ronald J., 1998. "Venture capital and the structure of capital markets: banks versus stock markets," Journal of Financial Economics, Elsevier, vol. 47(3), pages 243-277, March.
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  13. Engel, Dirk, 2002. "The Impact of Venture Capital on Firm Growth: An Empirical Investigation," ZEW Discussion Papers 02-02, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  14. Catherine Casamatta, 2003. "Financing and Advising: Optimal Financial Contracts with Venture Capitalists," Journal of Finance, American Finance Association, vol. 58(5), pages 2059-2086, October.
  15. van Pottelsberghe de la Potterie, Bruno & Romain, Astrid, 2004. "The Determinants of Venture Capital: Additional Evidence," Discussion Paper Series 1: Economic Studies 2004,19, Deutsche Bundesbank, Research Centre.
  16. Audretsch, David B & Lehmann, Erik, 2002. "Debt or Equity? The Role of Venture Capital in Financing the New Economy in Germany," CEPR Discussion Papers 3656, C.E.P.R. Discussion Papers.
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