The impact of economic integration on cross-border venture capital investments: Evidence from the european union

Entrepreneurship: Theory and Practice

Volumn 32, Issue 5, 2008, Pages 897-917

  Alhorr, Hadi S ^a   Moore, Curt B ^b   Payne, G Tyge ^c  

^a SAINT LOUIS UNIVERSITY   (United States)

^b TEXAS CHRISTIAN UNIVERSITY   (United States)

^c TEXAS TECH UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 50649124012     PISSN: 10422587     EISSN: 15406520     Source Type: Journal    
DOI: 10.1111/j.1540-6520.2008.00261.x     Document Type: Article

References (85)

1. Acs, Z.J. & Audretsch, D.B. (2003). Innovation and technological change. In Z.J. Acs & D.B. Audretsch (Eds.), Handbook of entrepreneurship research (pp. 55-79). Boston: Kluwer Academic Publishers.
2. Armour, J. & Cummings, D. (2006). The legislative road to Silicon Valley. Oxford Economic Papers, 58(4), 596-635.
3. Audretsch, D.B. & Feldman, M. (1996). R&D spillovers and the geography of innovation and production. American Economic Review, 86, 630-640.
4. Audretsch, D.B. & Keilbach, M. (2004). Entrepreneurship capital and economic performance. Regional Studies, 38, 949-959.
5. Baldwin, R.E. (1991). On the microeconomics of the European Monetary Union. European Economy, Special Edition No. 1: The Economics of EMU: Background Studies for "One Market One Money," 44, 21-35.
6. Barry, C. (1994). New directions on research in venture capital finance. Financial Management, 23(3), 3-15.
7. Bartholomew, S. (1997). National systems of biotechnology innovation: Complex interdependence in the global system. Journal of Business Studies, 28, 241-266.
8. Beck, N. & Katz, J.N. (1995). What to do (and not to do) with time-series cross-section data. The American Political Science Review, 89(3), 634-647.
9. Bencivenga, V.R. & Smith, B.D. (1991). Financial intermediation and endogenous growth. Review of Economic Studies, 58, 195-209.
10. Bengoa, M. & Sanchez-Robles, B. (2003). Foreign direct investment, economic freedom and growth: New evidence from Latin America. European Journal of Political Economy, 19, 529-545.
11. Black, B. & Gilson, S. (1998). Venture capital and the structure of capital markets: Banks versus stock markets. Journal of Financial Economics, 47, 243-277.
12. Blanchflower, D.G. (2000). Self-employment in OECD countries. Labour Economics, 7, 471-505.
13. Borensztein, E., De Gregorio, J., & Lee, J.W. (1998). How does foreign direct investment affect economic growth? Journal of International Economics, 16, 215-241.
14. Bosma, N., Jones, K., Autio, E., & Levie, J. (2008). Global entrepreneurship monitor: 2007 executive report. Kansas City, MO: Kauffman Center for Entrepreneurial Leadership.
15. Bottazzi, L. & Da Rin, M. (2002). Venture capital in Europe and the financing of innovative companies. Economic Policy, 17(34), 229-270.
16. Bottazzi, L., Da Rin, M., & Hellman, T. (2004). The changing face of the European venture capital industry: Facts and analysis. Journal of Private Equity, 7(2), 26-53.
17. Bruining, H. & Wright, M. (2002). Entrepreneurial orientation in management buyouts and the contribution of venture capital. Venture Capital, 4(2), 147-168.
18. Bruton, G.D., Ahlstrom, D., & Singh, K. (2002). Venture capital in Singapore: Its unique position in Asia, and its future. Venture Capital: An International Journal of Entrepreneurial Finance, 4, 197-218.
19. Bruton, G.D., Fried, V.H., & Manigart, S. (2005). Institutional influences on the worldwide expansion of venture capital. Entrepreneurship Theory and Practice, 29(6), 737-760.
20. Bryk, A.S. & Raudenbush, S.W. (1992). Hierarchical linear models: Applications and data analysis methods. Newberry Park, CA: Sage Publications.
21. Busenitz, L. & Lau, C. (1996). A cross-cultural cognitive model of new venture creation. Entrepreneurship Theory and Practice, 20(4), 25-40.
22. Busenitz, L.W., Gomez, C., & Spencer, J.W. (2000). Country institutional profiles: Unlocking entrepreneurial phenomena. Academy of Management Journal, 43(5), 994-1003.
23. Bygrave, W. & Minniti, M. (2000). The social dynamics of entrepreneurship. Entrepreneurship Theory and Practice, 24, 25-36.
24. Bygrave, W.D., Hay, M., & Reynolds, P.D. (2003). Executive forum: A study of informal investing in 29 nations composing the Global Entrepreneurship Monitor. Venture Capital: An International Journal of Entrepreneurial Finance, 5(2), 101-116.
25. Bygrave, W.D. & Timmons, J. (1999). Venture capital: Predictions and outcomes. Venture capital at the crossroads and realizing investment value revisited. In M. Wright & K. Robbie (Eds.), Management buy-outs and venture capital: Into the next millennium (pp. 38-56). Northampton, MA: Edward Elgar Publishing.
26. Carree, M. & Thurik, R. (2003). The impact of entrepreneurship on economic growth. In D.B. Audretsch & Z.J. Acs (Eds.), Handbook of entrepreneurship research (pp. 437-471). Boston: Kluwer Academic Publishers.
27. Carree, M., van Stel, A., Thurik, R., & Wennekers, S. (2002). Economic development and business ownership: An analysis using data of 23 OECD countries in the period 1976-1996. Small Business Economics, 19, 271-290.
28. Casson, M. (1990). Enterprise and competitiveness. New York: Oxford University Press.
29. CIA World Factbook. (2007). GDP rank order. Available at https://www.cia.gov/library/publications/the-world-factbook/rankorder/ 2001rank.html, accessed 15 January 2008.
30. De Backer, K. & Sleuwaegen, L. (2003). Does foreign direct investment crowd out domestic entrepreneurship? Review of Industrial Organization, 22, 67-84.
31. Dodd, S.D. (2002). Metaphors and meaning: A grounded cultural model of US entrepreneurship. Journal of Business Venturing, 17(5), 519-536.
32. European Commission. (2002). Benchmarking business angels. Brussels: The Commission of European Communities.
33. Fligstein, N. & Sweet, A.S. (2002). Constructing polities and markets: An institutionalist account of European integration. American Journal of Sociology, 107, 1206-1243.
34. Goldstein, H. (1987). Multi-level models in educational and social research. London: Griffin.
35. Gompers, P. (2005). Venture capital. In B.E. Eckbo (Ed.), Handbook of corporate finance (pp. 502-524). Amsterdam: Elsevier/North Holland
36. Hayek, F.A. (1945). The use of knowledge in society. American Economic Review, 35, 519-530.
37. Henderson, J. (2002). Building the rural economy with high-growth entrepreneurs. Federal Reserve Bank of Kansas City Economic Review, 87(3), 45-70.
38. Higgins, M.C. & Gulati, R. (2006). Stacking the deck: The effects of top management background on investor decisions. Strategic Management Journal, 27(1), 1-25.
39. Hill, C. (2002). International business: Competing in the global market place. New York: McGraw Hill.
40. Hwang, H. & Powell, W.W. (2005). Institutions and entrepreneurship. In S.A. Alvarez, R. Agarwal, & O. Sorenson (Eds.), Handbook of entrepreneurship research: Disciplinary perspectives (pp. 179-210). New York: Springer.
41. Hyder, A.S. & Abraha, D. (2006). Strategic alliances in the Baltic States: A case of Swedish firms. Competitiveness Review, 16(3), 173-196.
42. Hymer, S.H. (1960). International operations of national firms, a study of direct foreign investments. Boston: Massachusetts Institute of Technology.
43. International Monetary Fund, Statistics Department. (2004). Direction of trade statistics yearbook. Washington, DC: Author.
44. Jeng, L. & Wells, P. (2000). The determinants of venture capital funding: Evidence across countries. Journal of Corporate Finance, 6, 241-289.
45. Jensen, N. (2003). Democratic governance and multinational corporations: Political regimes and inflows of foreign direct investment. International Organization, 57(3), 587-616.
46. Johanson, J. & Vahlne, J.E. (1977). The internationalization process of the firm - A model of knowledge development and increasing foreign market commitments. Journal of International Business Studies, 8(1), 23-32.
47. Johnson, R. & Wichern, D. (2002). Applied multivariate statistical analysis. Upper Saddle River, NJ: Prentice Hall.
48. Jones, K. (2006). Globalization and entrepreneurship. In M. Minniti (Ed.), Entrepreneurship and entrepreneurial behavior (Vol. I, pp. 200-222). New York: Praeger.
49. Kirzner, I.M. (1973). Competition and entrepreneurship. Chicago: University of Chicago Press.
50. Kirzner, I.M. (1979). Perception, opportunity, and profit: Studies in the theory of entrepreneurship. Chicago: University of Chicago Press.
51. Kreft, S.F. & Sobel, R.S. (2005). Public policy, entrepreneurship, and economic freedom. Cato Journal, 25(3), 595-616.
52. Krugman, P.R. & Obstfeld, M. (2002). International economics: Theory and policy. Boston: Addison Wesley.
53. Krull, J.L. & MacKinnon, D.P. (2001). Multilevel modeling of individual and group level mediated effects. Multivariate behavioral research, 36(2), 249-277.
54. Leblond, P. (2004). Completing the maastricht contract: Institutional handicraft and the transition to European monetary union. Journal of Common Market Studies, 42(3), 553-572.
55. Leonidou, L.C. & Katsikeas, C.S. (1996). The export development process: An integrative review of empirical models. Journal of International Business Studies, 27 (3), 517-551.
56. Levy, B. (2006). Emerging countries, regionalization, and world trade. Global Economy Journal, 6(4), 1-29.
57. Manalova, T.S., Eunni, R.V., & Gyoshev, B.S. (2008). Institutional environments for entrepreneurship: Evidence from emerging economics in Eastern Europe. Entrepreneurship Theory and Practice, 32(1), 203-218.
58. Manigart, S. (1994). The founding rates of venture capital firms in three European countries (1970-1990). Journal of Business Venturing, 9(6), 525-541.
59. Mason, C.M. & Harrison, R.T. (2000). The size of the informal venture capital market in the United Kingdom. Small Business Economics, 15(2), 137-148.
60. Maula, M. & Mäkelä, M. (2003). Cross-border venture capital ? In A. Hyytinen & M. Pajarinen (Eds.), Financial systems and firm performance: Theoretical and empirical perspectives (pp. 269-291). Helsinki: Taloustieto.
61. Megginson, W. (2004). Toward a global model of venture capital? Accenture Journal of Applied Corporate Finance, 16(1), 7-26.
62. Meyer, J. & Shao, J. (1995). International venture capital portfolio diversification and portfolio costs. Multinational Business Review, 3, 53-58.
63. Minniti, M. (1999). Entrepreneurial activity and economic growth. Global Business and Economics Review, 1(1), 31-42.
64. Mitchell, R.K. (2003). A transaction cognition theory of global entrepreneurship. In J.A. Katz & D.A. Shepherd (Eds.), Advances in entrepreneurship, firm emergence and growth: Cognitive approaches to entrepreneurship research (pp. 183-231). Greenwich, CT: JAI Press.
65. Mitchell, R.K., Smith, B., Seawright, K.W., & Morse, E.A. (2000). Cross-cultural cognitions and the venture creation decision. Academy of Management Journal, 43(5), 974-993.
66. Mitchell, R.K., Smith, J.B., Morse, E.A., Seawright, K.W., Peredo, A.M., & McKenzie, B. (2002). Are entrepreneurial cognitions universal? Assessing entrepreneurial cognitions across cultures. Entrepreneurship Theory and Practice, 26(4), 9-32.
67. Nelson, R.R. (1982). Government and technical progress: A cross-industry analysis. New York: Pergamon.
68. Nickell, S.J. (1996). Competition and corporate performance. Journal of Political Economy, 104, 724-746.
69. Reynolds, P.D., Bosma, N., Autio, E., Hunt, S., De Bono, N., Servais, I., etal. (2005). Global entrepreneurship monitor: Data collection design and implementation, 1998-2003. Small Business Economics, 24, 205-231.
70. Reynolds, P.D., Bygrave, W.D., Autio, E., Cox, L.W., & Hay, M. (2002). Global entrepreneurship monitor: 2002 executive report. Kansas City, MO: Kauffman Center for Entrepreneurial Leadership.
71. Reynolds, P.D., Hay, M., & Camp, M. (1999). Global entrepreneurship monitor: 1999 executive report. Kansas City, MO: Kauffman Center for Entrepreneurial Leadership.
72. Rose, A.K. (2000). One money, one market: The effect of common currency on trade. Economic Policy, 30, 8-45.
73. Rose, A.K. & Van Wincoop, E. (2001). National money as a barrier to international trade: The real case for currency union. American Economic Review, 91(2), 386-390.
74. Salvatore, D. (2002). The Euro, the European Central Bank, and the International Monetary System. Annals of the American Academy of Political and Social Science, 579, 153-167.
75. Scharpf, F. (1996). Negative and positive integration in the political economy of European welfare states. In G. Marks, F.W. Scharpf, P.C. Schmitter, & W. Streeck (Eds.). Governance in the European Union (pp. 15-40). London: Sage.
76. Schumpeter, J.A. (1934). The theory of economic development. Cambridge, MA: Harvard University Press.
77. Shane, S. (1992). Why do some countries invent more than others? Journal of Business Venturing, 7, 29-46.
78. Thomas, A. & Mueller, S. (2000). A case of comparative entrepreneurship: Assessing the relevance of culture. Journal of International Business Studies, 31 (2), 287-301.
79. van Stel, A., Carree, M., & Thurik, R. (2005). The effect of entrepreneurial activity on national economic growth. Small Business Economics, 24, 311-321.
80. World Bank. (2005). Global economic prospects: Trade, regionalism and development. Washington, DC: The International Bank for Reconstruction and Development/The World Bank.
81. Wright, M., Pruthi, S., & Lockett, A. (2005). International venture capital research: From cross-country comparisons to crossing borders. International Journal of Management Reviews, 7 (3), 135-165.
82. Wright, M., Robbie, K., Romanet, Y., Thompson, S., Joachimsson, R., Bruining, H., etal. (1993). Harvesting and the longevity of management buyouts and buy-ins: A four country study. Entrepreneurship Theory and Practice, 18(2), 90-109.
83. Yiu, D. & Makino, S. (2002). The choice between joint venture and wholly owned subsidiary: An institutional perspective. Organization Science, 13(6), 667-683.
84. Zacharakis, A.L., Bygrave, W.D., & Shepherd, D.A. (2000). Global entrepreneurship monitor: National entrepreneurship assessment: United States of America. Kansas City, MO: Kauffman Center for Entrepreneurial Leadership.
85. Zacharakis, A.L. & Shepherd, D.A. (2001). The nature of information and overconfidence on venture capitalists' decision making. Journal of Business Venturing, 16 (4), 311-332.