VENTURE CAPITAL INVESTMENTS IN EMERGING ECONOMIES: AN EMPIRICAL ANALYSIS

Medhi Salehizadeh ()
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Medhi Salehizadeh: Department of Finance, College of Business Administration, San Diego State University, San Diego, CA 92182-8236, USA

Journal of Developmental Entrepreneurship (JDE), 2005, vol. 10, issue 03, 253-269

Abstract: In the international arena an increasing number of entrepreneurs and venture capitalists have succeeded, yielding both micro-level financial rewards and macro-level prosperity and improved economic conditions for many industrialized countries. The next logical "group," with a potential to reap such benefits, is expected to be the emerging economies. This study tabulates and analyzes an emerging market VC-investment dataset, and then identifying and testing a number of independent economic and financial factors that explain such investments for a selected group of emerging countries. Based on 1990-2003 data covering 19 nations, the regression results show four of the five proposed variables, namely GDP per capita, long-term capital inflows, stock market listings, and a measure of stock market correlations, to be significant in explaining VC investments.

Keywords: Emerging economies; venture capital; listed stocks; capital flows (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (4)

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DOI: 10.1142/S1084946705000203

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