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Venture capital and internationalization

  • Schertler, Andrea
  • Tykvová, Tereza

Cross-border investments represent a substantial share of venture capital activities. We use a new and comprehensive dataset on worldwide investments to analyze the internationalization of venture capital financing. Our results from the perspectives of (i) venture capitalists, (ii) portfolio companies, (iii) portfolio companies' countries and (iv) pairs of venture capitalists' and portfolio companies' countries suggest that some factors, such as viable stock markets, boost investments by domestic as well as by foreign venture capitalists. Therefore, our results are of interest not only to academics but also to policy makers who want to foster the growth of the local venture capital industry and local companies.

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File URL: http://econstor.eu/bitstream/10419/28246/1/609867008.PDF
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Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number 09-055.

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Date of creation: 2009
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Handle: RePEc:zbw:zewdip:09055
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  8. 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.
  9. 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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  22. Wooldridge, Jeffrey M., 1999. "Distribution-free estimation of some nonlinear panel data models," Journal of Econometrics, Elsevier, vol. 90(1), pages 77-97, May.
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