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Determinants of Venture Capital in Africa: Cross Section Evidence

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  • Jonathan Adongo

    (Namibian Economic Policy Research Unit, Windhoek, Namibia)

Abstract

This paper identifies the determinants of venture capital activity using a cross-sectional data set covering 36 African countries in a semi-logarithmic model. It finds that rule of law, R&D expenditure as a percentage of GDP and better information between investors and potential investees are positively and significantly related to venture capital activity in Africa. It also finds that capital gains tax rates are negatively and significantly related to venture capital activity on the continent.

Suggested Citation

  • Jonathan Adongo, 2011. "Determinants of Venture Capital in Africa: Cross Section Evidence," Working Papers 237, African Economic Research Consortium, Research Department.
    • Handle: RePEc:aer:wpaper:237
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    File URL: ftp://41.215.20.26/RePEc/aer/wpaper/RP237.pdf
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    Cited by:

    1. Pradhan, Rudra P. & Arvin, Mak B. & Nair, Mahendhiran & Bennett, Sara E. & Bahmani, Sahar, 2019. "Short-term and long-term dynamics of venture capital and economic growth in a digital economy: A study of European countries," Technology in Society, Elsevier, vol. 57(C), pages 125-134.
    2. Osborn, Tom L, 2019. "Africa joins the growth capital revolution: Examining the growth of venture capital in the continent," AfricArxiv 78smp, Center for Open Science.
    3. Fadel Jaoui & Omolola Amoussou & Francis H. Kemeze, 2022. "“Catch me if you can” on drivers of venture capital investment in Africa," African Development Review, African Development Bank, vol. 34(S1), pages 117-140, July.
    4. Olabanji Oni, 2017. "Determinants of Venture Capital Supply in Sub-Saharan Africa," Journal of Economics and Behavioral Studies, AMH International, vol. 9(4), pages 87-97.
    5. Fadel Jaoui & Omolola Amoussou & Francis H. Kemeze, 2022. "Working Paper 364 - ‘Catch Me if You Can’ On Drivers of Venture Capital Investment in Africa," Working Paper Series 2490, African Development Bank.

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