Venture Capital Internationalization: Synthesis and Future Research Directions

Abstract

Venture capital (VC) is a subset of private equity and refers to investments made for the launch, early growth or expansion of companies. VC firms are financial market intermediaries, specializing in the management of information asymmetries and high levels of uncertainty. This chapter reviews three major research streams that are identified in the international VC investment literature. A first research stream assesses the country-level and firm-level determinants of international VC investments and the characteristics of favored target countries. A second stream of research focuses on the strategies international VC investors adopt to mitigate liabilities of foreignness. A third research stream examines the outcomes of international VC investments. The chapter discusses the role of public policy and government VC for VC internationalization. It also discusses several general areas for future research on VC internationalization and specific areas for future research.

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