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Title:Driving Forces of Venture Capital Investments in Europe : A Dynamic Panel Data Analysis PDF Logo
Authors:Schertler, Andrea
Issue Date:2003
Series/Report no.:Kieler Arbeitspapiere 1172
Abstract: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.
Subjects:venture capital investments
Europe
dynamic panel
JEL:G32
G24
Document Type:Working Paper
Appears in Collections:Publikationen von Forscherinnen und Forschern des IfW
Kieler Arbeitspapiere, IfW

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