The patterns of venture capital investment in Europe

被引：0
作者：
Fabio Bertoni
Massimo G. Colombo
Anita Quas
机构：
[1] EMLYON Business School,Department of Economics, Finance and Control
[2] Politecnico di Milano,Department of Management, Economics and Industrial Engineering
来源：
Small Business Economics | 2015年 / 45卷
关键词：
Venture capital; Europe; Relative specialization index; Young high-tech companies; G24; G32; L26;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
We study the investment patterns of different types of venture capital (VC) investors in Europe: independent VC, corporate VC, bank-affiliated VC and governmental VC. We rely on a unique dataset that covers 1663 first VC investments made by 846 investors in 737 young high-tech entrepreneurial ventures in seven European countries. We compare the relative specialization indices of the different VC investor types across several dimensions that characterize investee companies: industry, age, size, stage of development, distance from the investor and country. Our findings indicate that VC investor types in Europe differ substantially in their investment patterns when compared to one another and that, in terms of investment patterns, governmental VC investors appear to be the most distinct type of VC investor. The investment patterns of different VC investors are stable over time and similar across different European countries. Finally, the investment patterns of the different VC investor types in Europe are significantly different from those observed in the USA.
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页码：543 / 560
页数：17
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