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Driving Forces of Venture Capital Investments in Europe: A Dynamic Panel Data Analysis

  • Andrea Schertler

Using dynamic panel estimations, this paper identifies driving forces of venture capital activity for Western European countries. Driving forces might be the liquidity of stock markets, human capital endowment, and labour market rigidities. The paper shows that these factors do not affect expansion stage investments used as a broader definition of venture capital, while they positively affect early stage investments used as a narrow definition. Thus, the results suggest not only that liquid stock markets play an important role for the development of venture capital markets but also that they are not the only factor that drives venture capital activity. This paper is part of the project European Integration, Financial Systems and Corporate Performance (EIFC) carried out within the European Commission’s specific programme “Improving the Human Research Potential and the Socio-Economic Knowledge Base”. Financial support from the European Union, DG Research (Contract No. HPSE—CT—1999—00039), is gratefully acknowledged. The project homepage is maintained by Dr. Anthony Bartzokas at www.intech.unu.edu/whoswho/index.htm

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File URL: https://www.ifw-members.ifw-kiel.de/publications/driving-forces-of-venture-capital-investments-in-europe-a-dynamic-panel-data-analysis/kap1172.pdf
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Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1172.

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Length: 33 pages
Date of creation: Jun 2003
Date of revision:
Handle: RePEc:kie:kieliw:1172
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  1. La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert, 2000. "Investor protection and corporate governance," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 3-27.
  2. James M. Poterba, 1988. "Venture Capital and Capital Gains Taxation," Working papers 508, Massachusetts Institute of Technology (MIT), Department of Economics.
  3. 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.
  4. 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.
  5. Laura Bottazzi & Marco Da Rin, . "Europe’s ‘New’ Stock Markets," Working Papers 218, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  6. Judson, Ruth A. & Owen, Ann L., 1999. "Estimating dynamic panel data models: a guide for macroeconomists," Economics Letters, Elsevier, vol. 65(1), pages 9-15, October.
  7. Jeng, Leslie A. & Wells, Philippe C., 2000. "The determinants of venture capital funding: evidence across countries," Journal of Corporate Finance, Elsevier, vol. 6(3), pages 241-289, September.
  8. Amit, Raphael & Brander, James & Zott, Christoph, 1998. "Why do venture capital firms exist? theory and canadian evidence," Journal of Business Venturing, Elsevier, vol. 13(6), pages 441-466, November.
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