Kiel Working Papers, Kiel Institute for World Economics
No 1172:
Driving Forces of Venture Capital Investments in Europe: A Dynamic Panel Data Analysis
Andrea Schertler
Abstract: Using dynamic panel estimations, this paper identifies
driving forces of venture capital activity for Western European countries.
Driving forces might be the liquidity of stock markets, human capital
endowment, and labour market rigidities. The paper shows that these factors
do not affect expansion stage investments used as a broader definition of
venture capital, while they positively affect early stage investments used
as a narrow definition. Thus, the results suggest not only that liquid
stock markets play an important role for the development of venture capital
markets but also that they are not the only factor that drives venture
capital activity.
This paper is part of the project European
Integration, Financial Systems and Corporate Performance (EIFC) carried out
within the European Commission’s specific programme “Improving the Human
Research Potential and the Socio-Economic Knowledge Base”. Financial
support from the European Union, DG Research (Contract No.
HPSE—CT—1999—00039), is gratefully acknowledged. The project homepage is
maintained by Dr. Anthony Bartzokas at
www.intech.unu.edu/whoswho/index.htm
Keywords: venture capital investments, Europe, dynamic panel; (follow links to similar papers)
JEL-Codes: G24,; G32; (follow links to similar papers)
33 pages, June 2003
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