'Cleantech' Venture Capital Around the World
41 Pages Posted: 10 Sep 2013 Last revised: 10 Dec 2013
Date Written: December 2013
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
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