Determinants of Venture Capital in Africa: Cross Section Evidence

Jonathan Adongo

Working Papers from African Economic Research Consortium

Abstract: This paper identifies the determinants of venture capital activity using a cross-sectional data set covering 36 African countries in a semi-logarithmic model. It finds that rule of law, R&D expenditure as a percentage of GDP and better information between investors and potential investees are positively and significantly related to venture capital activity in Africa. It also finds that capital gains tax rates are negatively and significantly related to venture capital activity on the continent.

Date: 2011-08
Note: African Economic Research Consortium
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