European Business Schools Librarian's Group

IESE Research Papers,
IESE Business School

No D/677: The attractiveness of central eastern European countries for venture capital and private equity investors

Alexander P. Groh (), Heinrich Liechtenstein and Karsten Lieser
Additional contact information
Alexander P. Groh: IESE Business School, Postal: Research Division, Av Pearson 21, 08034 Barcelona, SPAIN
Heinrich Liechtenstein: IESE Business School, Postal: Research Division, Av Pearson 21, 08034 Barcelona, SPAIN
Karsten Lieser: Strategic Capital Management

Abstract: We address the attractiveness of Central Eastern European countries for VC/PE investors by the construction of a composite index. For the index composition we refer to the results of numerous prior research papers that investigate relevant parameters determining entrepreneurial activity and/or the engagements of institutional investors. We aggregate the index via five different methods and receive country rankings that vary only slightly, signaling a robust index calculation. We clearly identify six tier groups of attractiveness for all of our sample countries. We compare our index with the actual fundraising activities in the particular countries and reveal a reasonable correlation of both figures. The results highlight the strengths and weaknesses of the particular economies and provide guidelines for political improvements and institutional investors' country allocations.

Keywords: Venture capital; Private equity; Central Eastern Europe; Economic transition

JEL-codes: G23; G24; M13; O16; P34; P52

64 pages, February 19, 2007

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