Economic freedom and cross-border venture capital performance

doi:10.1016/j.jempfin.2011.10.002

CORC > 上海财经大学 > 上海财经大学

	Economic freedom and cross-border venture capital performance
	Wang, Lanfang 1; Wang, Susheng 2
刊名	JOURNAL OF EMPIRICAL FINANCE
	2012-01
卷号	19 期号:1 页码:26-50
关键词	Cross-border VC Economic freedom Legality Entrepreneurial activity
ISSN号	0927-5398
DOI	10.1016/j.jempfin.2011.10.002
英文摘要	We investigate the determinants of cross-border venture capital (VC) performance using a large sample of 10,205 cross-border VC investments by 1906 foreign VC firms (VCs) in 6535 domestic portfolio companies. We focus on the impact of a domestic country's economic freedom on the performance of both VC investments and portfolio companies using a probit model and the Cox hazard model. After controlling for other related factors of domestic countries, portfolio companies. VCs and the global VC market, as well as year and industry fixed effects, we find that a domestic country's economic freedom is crucial to cross-border VC performance. In particular, in a more economically free country, as measured by the raw values of, quartiles of or the ranking in the index of economic freedom (IEF), a foreign VC-backed portfolio company is more likely to pull off a successful exit through an IPO (initial public offering) or an M&A (merger and acquisition), and a foreign VC firm is likely to spend a shorter investment duration in the portfolio company. We also identify interesting evidence on the impact of many other level factors of domestic countries, portfolio companies. VCs and the global VC market on cross-border VC performance. (C) 2011 Elsevier B.V. All rights reserved.
WOS研究方向	Business & Economics
语种	英语
出版者	ELSEVIER SCIENCE BV
WOS记录号	WOS:000300073500002
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/2207]
专题	上海财经大学
通讯作者	Wang, Lanfang
作者单位	1.Shanghai Univ Finance & Econ, Inst Accounting & Finance, Shanghai, Peoples R China; 2.Hong Kong Univ Sci & Technol, Hong Kong, Hong Kong, Peoples R China
推荐引用方式 GB/T 7714	Wang, Lanfang,Wang, Susheng. Economic freedom and cross-border venture capital performance[J]. JOURNAL OF EMPIRICAL FINANCE,2012,19(1):26-50.
APA	Wang, Lanfang,&Wang, Susheng.(2012).Economic freedom and cross-border venture capital performance.JOURNAL OF EMPIRICAL FINANCE,19(1),26-50.
MLA	Wang, Lanfang,et al."Economic freedom and cross-border venture capital performance".JOURNAL OF EMPIRICAL FINANCE 19.1(2012):26-50.