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Corporate Relocation in Venture Capital FinanceDouglas CummingYork University - Schulich School of Business Grant FlemingContinuity Capital Partners Armin SchwienbacherUniv. Lille Nord de France - SKEMA Business School September 24, 2007 Entrepreneurship Theory & Practice, forthcoming EFA 2005 Moscow Meetings Abstract: This paper introduces an analysis of international relocation decisions of venture capital (VC) - backed companies. Relocations to the US are motivated by economic conditions as well as an improvement in the laws of the country in which the entrepreneurial firm is based. Relocations to the US yield much greater returns to Asia-Pacific VCs than investing in companies already based in the US at the time of VC investment. Further, more experienced Asia-Pacific VCs have greater success with their investee relocations to the US, and these relocations yield higher returns relative to staying in their country of origin.
Number of Pages in PDF File: 40 Keywords: International Venture Capital, Entrepreneurship, International Corporate Relocation JEL Classification: F36, F21, F02, G24 working papers seriesDate posted: March 10, 2005 ; Last revised: January 18, 2009Suggested CitationContact Information
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