How do economic crises impact venture capital activity in European countries? : an empirical analysis

Detalhes bibliográficos
Autor(a) principal: Felizardo, Mariana Ferreira
Data de Publicação: 2016
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.14/21055
Resumo: This thesis analyzes the impact of an Economic Crisis on Venture Capital Activity. For the analysis, a panel data was created with information on 20 European countries for the period between 2006 and 2012. Crisis was not found to significantly impact VC Activity (Investment or Fund Raising Levels). However, when accounting for the different Stages of Investment considered – Seed, Start-up and Later Stage – results were different. While Investments in Seed and Start-up Stages proved not to be significantly impacted by the Crisis variable, Later Stage was found to be. These results follow in line with the previous research done on the subject. Furthermore, the results yielded for the same test but using Fund Raising Levels proved to be insignificant for all stages assumed. Possible causes for the main results are theorized in this thesis.
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spelling How do economic crises impact venture capital activity in European countries? : an empirical analysisVenture capitalCrisisInvestment stagesFundraisingSeed investmentsStart-up investmentsLater stage investmentsEarly stage fundsLater stage fundsCapital de riscoCriseEtapas de investimentoAngariação de fundosInvestimentos em seedInvestimentos em start-upInvestimentos em later stageEarly stageLater stageDomínio/Área Científica::Ciências Sociais::Economia e GestãoThis thesis analyzes the impact of an Economic Crisis on Venture Capital Activity. For the analysis, a panel data was created with information on 20 European countries for the period between 2006 and 2012. Crisis was not found to significantly impact VC Activity (Investment or Fund Raising Levels). However, when accounting for the different Stages of Investment considered – Seed, Start-up and Later Stage – results were different. While Investments in Seed and Start-up Stages proved not to be significantly impacted by the Crisis variable, Later Stage was found to be. These results follow in line with the previous research done on the subject. Furthermore, the results yielded for the same test but using Fund Raising Levels proved to be insignificant for all stages assumed. Possible causes for the main results are theorized in this thesis.Esta tese tem como objectivo analisar o impacto de uma crise económica na actividade ao nível do capital de risco. Para a análise foi criado uma panel data com informação relativa a 20 países europeus para o periodo entre 2006 e 2012. Os resultados obtidos indicam que a variável Crise não impacta significativamente o investimento ou a angariação de fundos. No entanto, quando considerando as diferentes etapas de investimento consideradas – Seed, Start-up e Later Stage – os resultados foram distintos. Enquanto os Investimentos em Seed e Start-up não se mostraram significativamente impactados pela variável crise, Investimentos em Later Stage mostraram-se significativos. Os resultados vão de encontro às conclusões obtidas por Block & Sandner (2009). Por seu lado, ao testar a mesma relação, mas substituindo a variável Investimento por Fundos angariados, nenhuma conclusão significativa foi obtida. Possiveis causas para tal resultado são debatidas nesta tese.Di Giuli, AlbertaVeritati - Repositório Institucional da Universidade Católica PortuguesaFelizardo, Mariana Ferreira2016-12-15T14:30:23Z2016-10-1920162016-10-19T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/21055TID:201283581enginfo: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:RCAAP2023-07-12T17:27:05Zoai:repositorio.ucp.pt:10400.14/21055Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:17:29.011224Repositório 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 How do economic crises impact venture capital activity in European countries? : an empirical analysis
title How do economic crises impact venture capital activity in European countries? : an empirical analysis
spellingShingle How do economic crises impact venture capital activity in European countries? : an empirical analysis
Felizardo, Mariana Ferreira
Venture capital
Crisis
Investment stages
Fundraising
Seed investments
Start-up investments
Later stage investments
Early stage funds
Later stage funds
Capital de risco
Crise
Etapas de investimento
Angariação de fundos
Investimentos em seed
Investimentos em start-up
Investimentos em later stage
Early stage
Later stage
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
title_short How do economic crises impact venture capital activity in European countries? : an empirical analysis
title_full How do economic crises impact venture capital activity in European countries? : an empirical analysis
title_fullStr How do economic crises impact venture capital activity in European countries? : an empirical analysis
title_full_unstemmed How do economic crises impact venture capital activity in European countries? : an empirical analysis
title_sort How do economic crises impact venture capital activity in European countries? : an empirical analysis
author Felizardo, Mariana Ferreira
author_facet Felizardo, Mariana Ferreira
author_role author
dc.contributor.none.fl_str_mv Di Giuli, Alberta
Veritati - Repositório Institucional da Universidade Católica Portuguesa
dc.contributor.author.fl_str_mv Felizardo, Mariana Ferreira
dc.subject.por.fl_str_mv Venture capital
Crisis
Investment stages
Fundraising
Seed investments
Start-up investments
Later stage investments
Early stage funds
Later stage funds
Capital de risco
Crise
Etapas de investimento
Angariação de fundos
Investimentos em seed
Investimentos em start-up
Investimentos em later stage
Early stage
Later stage
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
topic Venture capital
Crisis
Investment stages
Fundraising
Seed investments
Start-up investments
Later stage investments
Early stage funds
Later stage funds
Capital de risco
Crise
Etapas de investimento
Angariação de fundos
Investimentos em seed
Investimentos em start-up
Investimentos em later stage
Early stage
Later stage
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
description This thesis analyzes the impact of an Economic Crisis on Venture Capital Activity. For the analysis, a panel data was created with information on 20 European countries for the period between 2006 and 2012. Crisis was not found to significantly impact VC Activity (Investment or Fund Raising Levels). However, when accounting for the different Stages of Investment considered – Seed, Start-up and Later Stage – results were different. While Investments in Seed and Start-up Stages proved not to be significantly impacted by the Crisis variable, Later Stage was found to be. These results follow in line with the previous research done on the subject. Furthermore, the results yielded for the same test but using Fund Raising Levels proved to be insignificant for all stages assumed. Possible causes for the main results are theorized in this thesis.
publishDate 2016
dc.date.none.fl_str_mv 2016-12-15T14:30:23Z
2016-10-19
2016
2016-10-19T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.14/21055
TID:201283581
url http://hdl.handle.net/10400.14/21055
identifier_str_mv TID:201283581
dc.language.iso.fl_str_mv eng
language eng
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.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
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