Venture capitalists and the decision to invest overseas

Graham Hall and Ciwen Tu

Venture Capital, 2003, vol. 5, issue 2, 181-190

Abstract: An important strategic decision facing venture capitalists is whether to invest overseas. This paper identifies some of the reasons why some choose this route whilst others do not. The paper is based on data generated from a sample drawn from UK venture capitalists operating in 2000. A qualitative response model is employed to analyse the data. The results suggest that the willingness to invest overseas is directly related to the size of venture capital firms (measured by the funds they have available for investment), the number of offices they operate from, the stage of development of their investee ventures, and is inversely related to the length of time in which the venture capitalist had been in operation. The type of ownership of the venture capitalist does not appear to be an influence on the degree of internationalization.

Date: 2003
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DOI: 10.1080/1369106032000097058

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