'Cleantech' Venture Capital Around the World

41 Pages Posted: 10 Sep 2013 Last revised: 10 Dec 2013

See all articles by Douglas J. Cumming

Douglas J. Cumming

Florida Atlantic University

Irene Henriques

York University - Schulich School of Business

Perry Sadorsky

York University - Schulich School of Business

Date Written: December 2013

Abstract

This paper provides a cross-country analysis of the determinants of cleantech venture capital investment with a unique worldwide dataset of 31 countries spanning 1996-2010. The data show consistent evidence of a pronounced role for oil prices in driving cleantech venture capital deals, which is more important than other economic, legal or institutional variables. Cleantech media coverage is likewise a statistically significant determinant of cleantech venture capital investment, and as economically significant as other country level legal, governance, and cultural variables. Uncertainty avoidance has a negative impact on cleantech venture capital investment, as well as a moderating effect on other variables.

Keywords: venture capital, cleantech, governance, law and finance, uncertainty avoidance

JEL Classification: G24, G28

Suggested Citation

Cumming, Douglas J. and Henriques, Irene and Sadorsky, Perry, 'Cleantech' Venture Capital Around the World (December 2013). Available at SSRN: https://ssrn.com/abstract=2323589 or http://dx.doi.org/10.2139/ssrn.2323589

Douglas J. Cumming

Florida Atlantic University ( email )

777 Glades Rd
Boca Raton, FL 33431
United States

HOME PAGE: http://booksite.elsevier.com/9780124095373/

Irene Henriques

York University - Schulich School of Business ( email )

4700 Keele Street
Toronto, Ontario M3J 1P3
Canada

Perry Sadorsky (Contact Author)

York University - Schulich School of Business ( email )

4700 Keele Street
Toronto, Ontario M3J 1P3
Canada

Register to save articles to
your library

Register

Paper statistics

Downloads
163
rank
178,249
Abstract Views
952
PlumX Metrics