The determinants of venture capital across Europe: evidence across countries

Detalhes bibliográficos
Autor(a) principal: Félix, E. G. S.
Data de Publicação: 2013
Outros Autores: Pires, C. P., Gulamhussen, M. A.
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10071/9815
Resumo: This article analyses the determinants of European venture capital activity. The main novelty of our work is in accounting for the idiosyncrasies of the European venture capital market. In particular, we investigate whether the size of the merger and acquisition market (M&A) is important in explaining venture capital. Moreover, our work is the first that analyses the impact of the degree of information asymmetry at the macro level, the direct impact of the level of entrepreneurial activity and the impact of the unemployment rate on venture capital activity. We use aggregate data from 23 European countries for the period 1998-2003 to estimate panel data models with fixed and random effects. Our results reveal that the size of the M&A market and the market-to-book ratio have a positive impact on venture capital activity whereas the unemployment rate influences the venture capital market negatively. These results highlight the importance of the exit environment and of the degree of asymmetric information for the venture capital market.
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spelling The determinants of venture capital across Europe: evidence across countriesVenture capitalEuropeVenture capital determinantsIPOM&AUnemployment rateThis article analyses the determinants of European venture capital activity. The main novelty of our work is in accounting for the idiosyncrasies of the European venture capital market. In particular, we investigate whether the size of the merger and acquisition market (M&A) is important in explaining venture capital. Moreover, our work is the first that analyses the impact of the degree of information asymmetry at the macro level, the direct impact of the level of entrepreneurial activity and the impact of the unemployment rate on venture capital activity. We use aggregate data from 23 European countries for the period 1998-2003 to estimate panel data models with fixed and random effects. Our results reveal that the size of the M&A market and the market-to-book ratio have a positive impact on venture capital activity whereas the unemployment rate influences the venture capital market negatively. These results highlight the importance of the exit environment and of the degree of asymmetric information for the venture capital market.Springer Verlag2015-09-18T13:52:22Z2013-01-01T00:00:00Z20132019-03-26T17:13:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10071/9815eng0920-855010.1007/s10693-012-0146-yFélix, E. G. S.Pires, C. P.Gulamhussen, M. A.info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-07-07T02:33:32Zoai:repositorio.iscte-iul.pt:10071/9815Portal AgregadorONGhttps://www.rcaap.pt/oai/openairemluisa.alvim@gmail.comopendoar:71602024-07-07T02:33:32Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv The determinants of venture capital across Europe: evidence across countries
title The determinants of venture capital across Europe: evidence across countries
spellingShingle The determinants of venture capital across Europe: evidence across countries
Félix, E. G. S.
Venture capital
Europe
Venture capital determinants
IPO
M&
A
Unemployment rate
title_short The determinants of venture capital across Europe: evidence across countries
title_full The determinants of venture capital across Europe: evidence across countries
title_fullStr The determinants of venture capital across Europe: evidence across countries
title_full_unstemmed The determinants of venture capital across Europe: evidence across countries
title_sort The determinants of venture capital across Europe: evidence across countries
author Félix, E. G. S.
author_facet Félix, E. G. S.
Pires, C. P.
Gulamhussen, M. A.
author_role author
author2 Pires, C. P.
Gulamhussen, M. A.
author2_role author
author
dc.contributor.author.fl_str_mv Félix, E. G. S.
Pires, C. P.
Gulamhussen, M. A.
dc.subject.por.fl_str_mv Venture capital
Europe
Venture capital determinants
IPO
M&
A
Unemployment rate
topic Venture capital
Europe
Venture capital determinants
IPO
M&
A
Unemployment rate
description This article analyses the determinants of European venture capital activity. The main novelty of our work is in accounting for the idiosyncrasies of the European venture capital market. In particular, we investigate whether the size of the merger and acquisition market (M&A) is important in explaining venture capital. Moreover, our work is the first that analyses the impact of the degree of information asymmetry at the macro level, the direct impact of the level of entrepreneurial activity and the impact of the unemployment rate on venture capital activity. We use aggregate data from 23 European countries for the period 1998-2003 to estimate panel data models with fixed and random effects. Our results reveal that the size of the M&A market and the market-to-book ratio have a positive impact on venture capital activity whereas the unemployment rate influences the venture capital market negatively. These results highlight the importance of the exit environment and of the degree of asymmetric information for the venture capital market.
publishDate 2013
dc.date.none.fl_str_mv 2013-01-01T00:00:00Z
2013
2015-09-18T13:52:22Z
2019-03-26T17:13:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10071/9815
url http://hdl.handle.net/10071/9815
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 0920-8550
10.1007/s10693-012-0146-y
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Springer Verlag
publisher.none.fl_str_mv Springer Verlag
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv mluisa.alvim@gmail.com
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