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What Lures Cross-Border Venture Capital Inflows?
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What Lures Cross-Border Venture Capital Inflows?
Journal
Journal of International Money and Finance
Type
journal article
Date Issued
2012
Author(s)
Schertler, A.
Tykvova, Tereza
DOI
10.1016/j.jimonfin.2012.03.012
Abstract
© 2012 Elsevier Ltd. We investigate if economic factors drive gross and net cross-border venture capital inflows differently. Using a dataset of venture capital investments in European and North American countries from 2000 to 2008, we find that higher expected economic growth goes hand in hand with higher gross as well as net inflows, while higher market capitalization and a more favorable environment for venture capital intermediation entail higher gross inflows, but lower net inflows. The latter two findings may suggest that cross-border venture capital inflows partly compensate for potential limits in domestic venture capital supply. However, the findings may also reflect that venture capitalists' locational decisions depend on the viability of capital markets.
Language
English
HSG Classification
contribution to scientific community
HSG Profile Area
SOF - System-wide Risk in the Financial System
Refereed
Yes
Volume
31(6)
Start page
1777
End page
1799
Pages
22
Official URL
https://www.sciencedirect.com/science/article/pii/S0261560612000770?via%3Dihub
URL
https://www.alexandria.unisg.ch/handle/20.500.14171/92854
Subject(s)
economics
business studies
finance
Division(s)
s/bf - Swiss Institut...
Eprints ID
259430
File(s)
1-s2.0-S0261560612000770-main.pdf (335.03 KB)