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    The determinants of venture capital across Europe - Evidence across countries

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    Publication type
    Journal article
    Author
    Gomes Santana Félix, Elisabete
    Pacheco Pires, Cesaltina
    Gulamhussen, Azzim
    Publication Year
    2012
    Journal
    Journal of Financial Services Research
    Publication Volume
    44
    Publication Issue
    3
    Publication Begin page
    259
    Publication End page
    279
    
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    Abstract
    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.
    Keyword
    Venture Capital, Europe, Venture Capital Determinants, IPO, Mergers & Acquisitions, Unemployment Rate
    Knowledge Domain/Industry
    Accounting & Finance
    Special Industries : Financial Services Management
    DOI
    10.1007/s10693-012-0146-y
    URI
    http://hdl.handle.net/20.500.12127/5270
    ae974a485f413a2113503eed53cd6c53
    10.1007/s10693-012-0146-y
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