Venture Capital and Internationalization
International Business Review, 20, pp. 423-439
Posted: 19 Sep 2010 Last revised: 3 Jun 2019
Date Written: 2011
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: Suggested Citation