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Sources of Funds and Specialization Patterns of European Venture Capital Investments

  • Andrea Schertler

This paper analyses the link between venture capitalists’ sources of funds, such as banks and pension funds, and the specialization pattern of venture capital investments in particular industries and particular stages of enterprises’ development. Based on a panel data set of Western European countries, the results of the analysis show that sources of funds and investment specialization patterns are linked. For example, the specialization in the early stage of enterprises’ development depends positively on the importance of pension funds and negatively on the importance of banks as sources of funds. These results reject models that assume independence of sources of funds and investment patterns.

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File URL: https://www.ifw-members.ifw-kiel.de/publications/sources-of-funds-and-specialization-patterns-of-european-venture-capital-investments/kap1200.pdf
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Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1200.

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Length: 35 pages
Date of creation: Feb 2004
Date of revision:
Handle: RePEc:kie:kieliw:1200
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  1. Kanniainen, V. & Keuschnigg, C., 2000. "The Optimal Portfolio of Start-up Firms in Venture Capital Finance," University of Helsinki, Department of Economics 486, Department of Economics.
  2. Kaplan, Steven & Strömberg, Per Johan, 2000. "Financial Contracting Theory Meets The Real World: An Empirical Analysis Of Venture Capital Contracts," CEPR Discussion Papers 2421, C.E.P.R. Discussion Papers.
  3. Manigart, Sophie & De Waele, Koen & Wright, Mike & Robbie, Ken & Desbrieres, Philippe & Sapienza, Harry J. & Beekman, Amy, 2002. "Determinants of required return in venture capital investments: a five-country study," Journal of Business Venturing, Elsevier, vol. 17(4), pages 291-312, July.
  4. Gompers, Paul & Lerner, Josh, 1996. "The Use of Covenants: An Empirical Analysis of Venture Partnership Agreements," Journal of Law and Economics, University of Chicago Press, vol. 39(2), pages 463-98, October.
  5. Paul A. Gompers & Josh Lerner, 1998. "The Determinants of Corporate Venture Capital Successes: Organizational Structure, Incentives, and Complementarities," NBER Working Papers 6725, National Bureau of Economic Research, Inc.
  6. Yohanes E. Riyanto & Armin Schwienbacher, 2001. "On the Strategic Use of Corporate Venture Financing for Securing Demand," Departmental Working Papers wp0109, National University of Singapore, Department of Economics.
  7. Egeln, Jurgen & Licht, Georg & Steil, Fabian, 1997. " Firm Foundations and the Role of Financial Constraints," Small Business Economics, Springer, vol. 9(2), pages 137-50, April.
  8. Douglas Cumming, 2008. "Contracts and Exits in Venture Capital Finance," Review of Financial Studies, Society for Financial Studies, vol. 21(5), pages 1947-1982, September.
  9. Ruhnka, John C. & Young, John E., 1991. "Some hypotheses about risk in venture capital investing," Journal of Business Venturing, Elsevier, vol. 6(2), pages 115-133, March.
  10. Rajan, Raghuram G, 1992. " Insiders and Outsiders: The Choice between Informed and Arm's-Length Debt," Journal of Finance, American Finance Association, vol. 47(4), pages 1367-400, September.
  11. Dietmar Harhoff, 1997. "Are There Financing Constraints for R&D and Investment in German Manufacturing Firms?," CIG Working Papers FS IV 97-45, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).
  12. 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.
  13. Colin Mayer & Koen Schoors & Yishay Yafeh, 2003. "Sources of Funds and Investment Activities of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK," NBER Working Papers 9645, National Bureau of Economic Research, Inc.
  14. Gompers, Paul A., 1998. "Venture capital growing pains: Should the market diet?," Journal of Banking & Finance, Elsevier, vol. 22(6-8), pages 1089-1104, August.
  15. Ruhnka, John C. & Young, John E., 1987. "A venture capital model of the development process for new ventures," Journal of Business Venturing, Elsevier, vol. 2(2), pages 167-184.
  16. Riyanto, Yohanes E. & Schwienbacher, Armin, 2006. "The strategic use of corporate venture financing for securing demand," Journal of Banking & Finance, Elsevier, vol. 30(10), pages 2809-2833, October.
  17. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
  18. Brouwer, Maria & Hendrix, Bart, 1998. " Two Worlds of Venture Capital: What Happened to U.S. and Dutch Early Stage Investment?," Small Business Economics, Springer, vol. 10(4), pages 333-48, June.
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