Venture capital internationalization: Synthesis and future research directions
Publication type
Journal article with impact factorPublication Year
2018Journal
Journal of Economic SurveysPublication Volume
32Publication Issue
5Publication Begin page
1414Publication End page
1445
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Show full item recordAbstract
Research on venture capital (VC) internationalization has expanded rapidly over the last decade. This paper reviews the extant literature on VC internationalization and highlights gaps in our knowledge. We identify three major research streams within this literature, which revolve around the following questions: (1) which VC firms invest across borders and what countries do they target; (2) how do VC firms address liabilities of foreign investing; and (3) what are the real effects of international VC investments? We provide an overview of the contributions in these research streams, discuss the role of public policy, and suggest avenues for future research. Specifically, we call for a deeper understanding of: (1) the functioning and impact of VC firms’ modes of internationalization; (2) micro-level processes such as the functioning and decision making of international investment committees, or the development of international human and social capital; (3) the role of country institutions in VC internationalization and its real effects; and (4) the interplay of international VC with alternative financing sources.Keyword
Cross-Border Investments, Entrepreneurial Finance, Foreign Direct Investment, Internationalization, Review, Venture Capitalae974a485f413a2113503eed53cd6c53
10.1111/joes.12276