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

Andrea Schertler ()

No 1172, Kiel Working Papers from Kiel Institute for the World Economy (IfW)

Abstract: 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.

Keywords: venture capital investments; Europe; dynamic panel (search for similar items in EconPapers)
JEL-codes: G32 G24 (search for similar items in EconPapers)
Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifwkwp:1172

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