International Venture Capital Research: From Cross-Country Comparisons to Crossing Borders

31 Pages Posted: 3 Feb 2006

See all articles by Mike Wright

Mike Wright

Nottingham University Business School

Sarika Pruthi

University of Nottingham - Centre for Management Buyout Research (CMBOR)

Andy Lockett

Nottingham University Business School (NUBS)

Abstract

Venture capital (VC) has become an international phenomenon, and VC firms are a specific kind of service firm whose characteristics have distinctive implications for international behaviour. There is now a disparate body of research on international aspects of VC across a number of disciplines comprising finance, economics, strategy, entrepreneurship, international business and economic geography. A novel aspect of this paper is that we review and synthesize this disparate literature. A number of research gaps and limitations in the theoretical and methodological approaches involved in previous studies are identified and suggestions made for further research. We show that the vast majority of the literature relates to cross-country comparisons; that is, macro-level comparisons of VC industries across different countries and micro-level comparisons of VC behaviour across countries. From our review of the literature, we argue that an under-researched area concerns the influence of institutional contexts, especially the role of social networks and cultures. Furthermore, our review of the literature indicates that there is a major research gap in relation to work dealing with the crossing of country borders by VC firms. We suggest that resource-based, capabilities, institutional and network theories may be offer insights to further our understanding of the behaviour of VC firms in this area.

Suggested Citation

Wright, Mike and Pruthi, Sarika and Lockett, Andy, International Venture Capital Research: From Cross-Country Comparisons to Crossing Borders. International Journal of Management Reviews, Vol. 7, No. 3, pp. 135-165, September 2005. Available at SSRN: https://ssrn.com/abstract=869089 or http://dx.doi.org/10.1111/j.1468-2370.2005.00113.x

Mike Wright (Contact Author)

Nottingham University Business School ( email )

Jubilee Campus
Wollaton Road
Nottingham, NG8 1BB
United Kingdom
+44 115 951 5257 (Phone)
+44 115 951 5204 (Fax)

Sarika Pruthi

University of Nottingham - Centre for Management Buyout Research (CMBOR) ( email )

Nottingham, England NG8 1BB
United Kingdom

Andy Lockett

Nottingham University Business School (NUBS) ( email )

Jubilee Campus
Wollaton Road
Nottingham, NG8 1BB
United Kingdom

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