Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/30016 
Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
ZEW Discussion Papers No. 10-001
Verlag: 
Zentrum für Europäische Wirtschaftsforschung (ZEW), Mannheim
Zusammenfassung: 
The change in the business model of venture capitalists from investing locally towards investing across borders started to intensify in the late 1990s. According to a dataset of European and North-American countries, we find that countries with higher expected growth and higher lagged stock market returns receive larger net cross-border venture capital inflows. Thus, portfolio companies located in high-growth and high-return countries receive more venture capital from foreign venture capitalists than these countries’ venture capitalists invest in foreign portfolio companies. Also, countries with lower stock market capitalizations as well as those with poor tax and legal environments for venture capital intermediation exhibit larger net cross-border inflows. These findings offer important insights for policy makers since cross-border venture capital inflows partly compensate for potential limits in the domestic venture capital supply.
Schlagwörter: 
Venture Capital
Internationalization
Net Cross-Border Inflows
Economic Determinants
JEL: 
F21
G24
Dokumentart: 
Working Paper

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