Venture Capital and Internationalization

International Business Review, 20, pp. 423-439

Posted: 19 Sep 2010 Last revised: 3 Jun 2019

See all articles by Andrea Schertler

Andrea Schertler

Leuphana University of Lueneburg

Tereza Tykvova

University of Hohenheim - Faculty of Business, Economics and Social Sciences

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Date Written: 2011

Abstract

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.

Keywords: Venture capital, Internationalization, Macroeconomic factors

JEL Classification: F21, G24

Suggested Citation

Schertler, Andrea and Tykvova, Tereza, Venture Capital and Internationalization (2011). International Business Review, 20, pp. 423-439, Available at SSRN: https://ssrn.com/abstract=1678454

Andrea Schertler

Leuphana University of Lueneburg ( email )

Scharnhorststrasse 1
Lüneburg, 21314
Germany

Tereza Tykvova (Contact Author)

University of Hohenheim - Faculty of Business, Economics and Social Sciences

Germany

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