Venture capital and internationalization

International Business Review

Volumn 20, Issue 4, 2011, Pages 423-439

  Schertler, Andrea ^a   Tykvová, Tereza ^b  

^a UNIVERSITY OF GRONINGEN   (Netherlands)

^b CENTRE FOR EUROPEAN ECONOMIC RESEARCH ZEW   (Germany)

Author keywords

Internationalization; Macroeconomic factors; Venture capital

Indexed keywords

EID: 79957801789     PISSN: 09695931     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.ibusrev.2010.07.009     Document Type: Article

References (52)

1. Abdesselam R., Cieply S., Le Nadant A.-L. Are corporate governance systems typologies relevant? Evidence from European transfers of ownership rights. Corporate Ownership & Control 2008, 5(2):87-99.
2. Ai C., Norton E.C. Interaction terms in logit and probit models. Economics Letters 2003, 80:123-129.
3. Aizenman, J., & Kendall, J. (2008). The internationalization of venture capital and private equity. NBER Working Paper 14344.
4. Allen, F., & Song, W. (2005). Venture capital and corporate governance. Wharton University Working Paper.
5. Amit R., Brander J., Zott C. Why do venture capital firms exist? Theory and Canadian evidence. Journal of Business Venturing 1998, 13:441-466.
6. Armour J., Cumming D. The legislative road to Silicon Valley. Oxford Economic Papers 2006, 58:596-635.
7. Bascha A., Walz U. Convertible securities and optimal exit decisions in venture capital finance. Journal of Corporate Finance 2002, 7:285-306.
8. Bengtsson, O., & Ravid, S. A. (2009). The importance of geographical location and distance on venture capital contracts. Available at SSRN: http://ssrn.com/abstract=1331574.
9. Beuselinck, C., Deloof, M., & Manigart, S. (2008). Private Equity Involvement and Earnings Quality, SSRN working paper.
10. Black B.S., Gilson R.J. Venture capital and the structure of capital markets: Banks versus stock markets. Journal of Financial Economics 1998, 47:243-277.
11. Bloom, N., Sadun, R., & Van Reenen, J. (2008). Do private equity owned firms have better management practices? Working paper.
12. Bottazzi L., Da Rin M., Hellmann T. What role of legal systems in financial intermediation? Theory and evidence. Journal of Financial Intermediation 2009, 18:559-598.
13. Brav, A., Brav, O., & Jiang, W. (2009). The choice of going public and going private: Evidence from UK. Working paper.
14. Buch C.M. Information or regulation: What drives the international activities of commercial banks?. Journal of Money, Credit and Banking 2003, 35(6):851-869.
15. Cameron A.C., Trivedi P.K. Regression analysis of count data 1998, Cambridge University Press.
16. Cullen J.B., Gordon R. Taxes and entrepreneurial activity: Theory and evidence for the U.S. Journal of Public Economics 2007, 91:1479-1505.
17. Cumming D. Contracts and exits in venture capital finance. The Review of Financial Studies 2008, 21(5):1947-1982.
18. Cumming D., MacIntosh J.G. Crowding out private equity: Canadian evidence. Journal of Business Venturing 2006, 21:569-609.
19. Cumming D., Schmidt D., Walz U. Legality and venture governance around the world. Journal of Business Venturing 2009, 25(1):54-72.
20. Cumming D., Walz U. Private equity returns and disclosure around the world. Journal of International Business Studies 2010, 41:727-754.
21. Da Rin M., Nicodano G., Sembenelli A. Public policy and the creation of active venture capital markets. Journal of Public Economics 2006, 90(8-9):1699-1723.
22. Dai, N., & Cumming, D. (2008). Local bias in venture capital investments. Available at SSRN: http://ssrn.com/abstract=1034222.
23. Dai, N., Jo, H., & Kassicieh, S. K. (2009). Venture capital ownership type, investment criteria and venture performance. Available at SSRN: http://ssrn.com/abstract=1514829.
24. Gompers P.A. Grandstanding in the venture capital industry. Journal of Financial Economics 1996, 42:133-156.
25. Gompers, P. A., & Lerner, J. (1998). What drives venture capital fundraising? Brookings Papers on Economic Activity. Microeconomics, 149-192.
26. Goossens L., Manigart S., Meuleman M. The change in ownership after a buyout: Impact on performance. Journal of Private Equity 2008, 12(1):31-41.
27. Gordon R. Can high personal tax rates encourage entrepreneurial activity?. IMF Staff Papers 1998, 45:49-80.
28. Groh A.P., von Liechtenstein H. How attractive is central Eastern Europe for risk capital investors?. Journal of International Money and Finance 2009, 28:625-647.
29. Guler I., Guillén M. Home-country networks and foreign expansion: Evidence from the venture capital industry. The Academy of Management Journal 2010, 53(2):390-410.
30. Guler I., Guillén M. Knowledge, institutions and organizational growth: The internationalization of U.S. venture capital firms. Journal of International Business Studies 2010, 41:185-205.
31. Hilbe Joseph M. Logistic regression models 2009, Chapman & Hall/CRC Press.
32. Huber P.J. The behavior of maximum likelihood estimates under nonstandard conditions. Proceedings of the Fifth Berkeley symposium on mathematical statistics and probability, Vol. 1 1967, 221-233. University of California Press, Berkeley, CA.
33. Jeng L.A., Wells P.C. The determinants of venture capital funding: Evidence across countries. Journal of Corporate Finance 2000, 6:241-289.
34. Kaplan S., Martel F., Strömberg P. How do legal differences and experience affect financial contracts. Journal of Financial Intermediation 2007, 16(3):273-311.
35. Kortum S., Lerner J. Assessing the contribution of venture capital to innovation. The Rand Journal of Economics 2000, 31:674-692.
36. La Porta R., Lopez-de-Silanes F., Shleifer A., Vishny R. Legal determinants of external finance. Journal of Finance 1997, 52:1131-1150.
37. La Porta R., Lopez-de-Silanes F., Shleifer A., Vishny R. Law and finance. Journal of Political Economy 1998, 106:1113-1155.
38. Leleux B., Surlemont B. Public versus private venture capital: Seeding or crowding out? A pan-European analysis. Journal of Business Venturing 2003, 18:81-104.
39. Lerner, J., & Schoar, A. (2004). Transaction structures in the developing world: Evidence from private equity. MIT Sloan Working Paper No. 4468-04.
40. Lerner J., Schoar A. Does legal enforcement affect financial transactions? The contractual channel in private equity. Quarterly Journal of Economics 2005, 120:223-246.
41. Lerner, J., Sorensen, M., & Strömberg, P. (2009). What drives private equity activity and success globally? World Economic Forum, Globalization of Alternative Investments Working Papers Volume 2. The Global Economic Impact of Private Equity Report 2009.
42. Lockett A., Wright M. The syndication of venture capital investments. OMEGA: The International Journal of Management Science 2001, 29(2):375-390.
43. Manigart S., Lockett A., Meuleman M., Wright M., Bruining H., Landström H., et al. Venture capitalists' decision to syndicate. Entrepreneurship Theory and Practice 2006, 30(2):131-153.
44. Nickell S. Biases in dynamic models with fixed effects. Econometrica 1981, 49:1417-1426.
45. Prijcker, S. De, Manigart, S., Wright, M., & De Maeseneire, W. (2009). The influence of international human capital and international network relationships on the cross-border investment behaviour of private equity firms. Ghent University Working Paper 2009/597.
46. Romain, A., & van Pottelsberghe, B. (2004). The determinants of venture capital: Additional evidence. Discussion Paper Series 1: Studies of the Economic Research Centre 19, Deutsche Bundesbank.
47. Schertler A. Knowledge capital and venture capital investments: New evidence from European panel data. German Economic Review 2007, 8(1):64-88.
48. Trostel P.A. The effect of taxation on human capital. The Journal of Political Economy 1993, 101(2):327-350.
49. Ueda, M., Hirukawa, M. (2008). Venture capital and innovation: Which is first? Available at SSRN: http://ssrn.com/abstract=1242698.
50. White H. A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica 1980, 48(4):817-838.
51. Wooldridge J.M. Distribution-free estimation of some nonlinear panel data models. Journal of Econometrics 1999, 90:77-97.
52. Wright M., Pruthi S., Lockett A. International venture capital research: From cross country comparisons to crossing countries. International Journal of Management Reviews 2005, 7(3):135-165.