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Venture Capital Financing In Emerging Economies

Listed author(s):
  • Valentina Diana RUSU

    ()

    (Researcher, Department of Interdisciplinary Research – Human and Social, Alexandru Ioan Cuza University of Iasi Romania)

  • Carmen TODERASCU

    ()

    (Assistant professor, Faculty of Economics and Business Administration, Alexandru Ioan Cuza University of Iasi, Romania)

The problem of how financing through venture capital functions in environments that significantly differ from mature and developed markets, begins to be an important issue for researchers. In this article we aim to analyze the venture capital practice in the emerging markets. Obtaining venture capital is different from applying for a loan, because venture capitalists are usually very selective in deciding where to invest. We analyze the venture capital financing process, and what the conditions are for a firm to be able to benefit from this type of financing in the emerging economies of the Central and Eastern European countries. The results obtained have implications also for the entrepreneurs and entrepreneurial ventures that seek venture capital financing in emerging economies.

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File URL: http://www.ceswp.uaic.ro/articles/CESWP2016_VIII1_RUU.pdf
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Article provided by Centre for European Studies, Alexandru Ioan Cuza University in its journal CES Working Papers.

Volume (Year): 8(1) (2016)
Issue (Month): 1 (March)
Pages: 148-162

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Handle: RePEc:jes:wpaper:y:2016:v:8:i:1:p:148-162
Contact details of provider: Web page: http://cse.uaic.ro

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  1. Engel, Dirk & Keilbach, Max, 2007. "Firm-level implications of early stage venture capital investment -- An empirical investigation," Journal of Empirical Finance, Elsevier, vol. 14(2), pages 150-167, March.
  2. Sampsa Samila & Olav Sorenson, 2011. "Venture Capital, Entrepreneurship, and Economic Growth," The Review of Economics and Statistics, MIT Press, vol. 93(1), pages 338-349, February.
  3. Hirukawa, Masayuki & Ueda, Masako, 2008. "Venture Capital and Industrial ''Innovation''," CEPR Discussion Papers 7089, C.E.P.R. Discussion Papers.
  4. Masako Ueda, 2004. "Banks versus Venture Capital: Project Evaluation, Screening, and Expropriation," Journal of Finance, American Finance Association, vol. 59(2), pages 601-621, 04.
  5. Manju Puri & Rebecca Zarutskie, 2012. "On the Life Cycle Dynamics of Venture-Capital- and Non-Venture-Capital-Financed Firms," Journal of Finance, American Finance Association, vol. 67(6), pages 2247-2293, December.
  6. Thomas Hellmann & Manju Puri, 2002. "Venture Capital and the Professionalization of Start-Up Firms: Empirical Evidence," Journal of Finance, American Finance Association, vol. 57(1), pages 169-197, 02.
  7. Samuel Kortum & Josh Lerner, 2000. "Assessing the Contribution of Venture Capital to Innovation," RAND Journal of Economics, The RAND Corporation, vol. 31(4), pages 674-692, Winter.
  8. Davila, Antonio & Foster, George & Gupta, Mahendra, 2003. "Venture capital financing and the growth of startup firms," Journal of Business Venturing, Elsevier, vol. 18(6), pages 689-708, November.
  9. Laura Lindsey, 2008. "Blurring Firm Boundaries: The Role of Venture Capital in Strategic Alliances," Journal of Finance, American Finance Association, vol. 63(3), pages 1137-1168, 06.
  10. Winton, Andrew & Yerramilli, Vijay, 2008. "Entrepreneurial finance: Banks versus venture capital," Journal of Financial Economics, Elsevier, vol. 88(1), pages 51-79, April.
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