Driving Forces of Venture Capital Investments in Europe: A Dynamic Panel Data Analysis

Arbeitspapier

Using dynamic panel estimations, this paper identifies driving forces of venture capital activity for Western European countries. Driving forces might be the liquidity of stock markets, human capital endowment, and labour market rigidities. The paper shows that these factors do not affect expansion stage investments used as a broader definition of venture capital, while they positively affect early stage investments used as a narrow definition. Thus, the results suggest not only that liquid stock markets play an important role for the development of venture capital markets but also that they are not the only factor that drives venture capital activity.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Kiel Working Paper ; No. 1172

Classification and Topics

• Classification: Wirtschaft ; Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill ; Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies
• Subject: venture capital investments ; Europe ; dynamic panel ; Risikokapital ; Investition ; Kapitalanlage ; Humankapital ; Börsenumsatz ; Arbeitsmarktflexibilisierung ; Schätzung ; EU-Staaten ; Westeuropa

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Schertler, Andrea
• Event: Veröffentlichung
• (who): Kiel Institute for World Economics (IfW)
• (where): Kiel
• (when): 2003

Further information

• Handle: http://hdl.handle.net/10419/17695
• Last update: 10.03.2025, 11:46 AM CET