Kiel Working Papers, Kiel Institute for World Economics
No 1200:
Sources of Funds and Specialization Patterns of European Venture Capital Investments
Andrea Schertler
Abstract: This paper analyses the link between venture capitalists’
sources of funds, such as banks and pension funds, and the specialization
pattern of venture capital investments in particular industries and
particular stages of enterprises’ development. Based on a panel data set of
Western European countries, the results of the analysis show that sources
of funds and investment specialization patterns are linked. For example,
the specialization in the early stage of enterprises’ development depends
positively on the importance of pension funds and negatively on the
importance of banks as sources of funds. These results reject models that
assume independence of sources of funds and investment patterns.
Keywords: sources of funds, venture capital, Europe, panel data; (follow links to similar papers)
JEL-Codes: G24,; G32; (follow links to similar papers)
35 pages, February 2004
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