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dc.contributor.authorGomes Santana Félix, Elisabete
dc.contributor.authorPacheco Pires, Cesaltina
dc.contributor.authorGulamhussen, Azzim
dc.date.accessioned2017-12-02T14:53:22Z
dc.date.available2017-12-02T14:53:22Z
dc.date.issued2012
dc.identifier.doi10.1007/s10693-012-0146-y
dc.identifier.urihttp://hdl.handle.net/20.500.12127/5270
dc.description.abstractThis 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.
dc.language.isoen
dc.publisherSpringer
dc.subjectVenture Capital
dc.subjectEurope
dc.subjectVenture Capital Determinants
dc.subjectIPO
dc.subjectMergers & Acquisitions
dc.subjectUnemployment Rate
dc.titleThe determinants of venture capital across Europe - Evidence across countries
dc.identifier.journalJournal of Financial Services Research
dc.source.volume44
dc.source.issue3
dc.source.beginpage259
dc.source.endpage279
vlerick.knowledgedomainAccounting & Finance
vlerick.knowledgedomainSpecial Industries : Financial Services Management
vlerick.typearticleJournal article
dc.identifier.vperid192789
dc.identifier.vperid179935
dc.identifier.vperid192790
dc.identifier.vpubid6521


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