How attractive is central Eastern Europe for risk capital investors?

Alexander Groh () and Heinrich Von Liechtenstein
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Alexander Groh: Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School, UPNA - Universidad Pública de Navarra [Espagne] = Public University of Navarra
Heinrich Von Liechtenstein: UPNA - Universidad Pública de Navarra [Espagne] = Public University of Navarra

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Abstract: This paper addresses the attractiveness of Central Eastern European countries for risk capital investors by the construction of a tailored composite measure. Based on a survey among institutional investors, we define six key drivers that determine an emerging country's attractiveness for this type of investment. Using 42 socio-economic data series as proxies for these six key drivers, we benchmark the Central Eastern European countries with EU-15, Norway, and Switzerland and identify six tier groups of country attractiveness. We highlight socio-economic strengths and weaknesses of Central Eastern Europe and provide guidelines for policy improvements to attract more risk capital funding to spur innovation, entrepreneurship, employment, competitiveness and growth in the emerging region.

Keywords: Central Eastern Europe; Economic transition; Emerging markets; Venture Capital; Private Equity (search for similar items in EconPapers)
Date: 2009-06-01
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Citations: View citations in EconPapers (20)

Published in Journal of International Money and Finance, 2009, 28 (4), 625-647 p. ⟨10.1016/j.jimonfin.2009.01.006⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02312824

DOI: 10.1016/j.jimonfin.2009.01.006

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