![]() Journal of Financial Intermediation, advance online publication 8 August. What is the role of legal systems in financial intermediation? Theory and evidence. Journal of Private Equity, 7 (2): 26–53.īottazzi, L., Da Rin, M., & Hellmann, T. The changing face of European venture capital industry: Facts and analysis. American Journal of Sociology, 92 (5): 1170–1182.īottazzi, L., Da Rin, M., & Hellmann, T. Power and centrality: A family of measures. Journal of Financial Economics, 47 (3): 243–277.īonacich, P. Venture capital and the structure of capital markets: Banks versus stock markets. Kanniainen (Eds.), Venture Capital Entrepreneurship and Public Policy. ![]() The genesis of venture capital: Lessons from the German experience. Washington: The Heritage Foundation.īecker, R., & Hellmann, T. O'Grady (Eds), 2006 Index of Economic Freedom: 55–76. ![]() Explaining the factors in the index of economic freedom. Journal of Financial Economics, 27 (2): 447–471.īeach, W. The role of venture capital in the creation of public companies: Evidence from the going-public process. Foreign entry, cultural barriers, and learning. University spillovers and new firm location. Localization of knowledge and the mobility of engineers in regional networks. Cary, NC: SAS Institute, Inc.Īlmeida, P., & Kogut, B. Survival analysis using the SAS system: A practical guide. Location strategies and knowledge spillovers. Bounding the effects of R&D: An investigation using matched establishment-firm data. We also find that as firms gain more international experience, they are more likely to overcome constraints related to these institutions.Īdams, J. We find that venture capital firms invest in host countries characterized by technological, legal, financial, and political institutions that create innovative opportunities, protect investors’ rights, facilitate exit, and guarantee regulatory stability, respectively. We report results on 216 American venture capital firms potentially investing in 95 countries during the 1990–2002 period. This paper contributes to international business research by examining the features of the institutional environment that influence venture capital firms’ foreign market entry decisions, and how their effect changes as firms acquire experience. Given the specific nature of venture capital investing, a new theoretical perspective is needed to understand foreign venture capital investments. ![]() The cross-border expansion of venture capital firms presents an interesting case of internationalization, because they are at variance with both conventional portfolio and direct investment models. Even before that, it invested in Chinese e-commerce giant Alibaba, and subsequently backed TikTok parent ByteDance and ride-hailing company Didi.In recent years, venture capital firms have increasingly turned to foreign countries in search of investment opportunities. GGV has $9.2 billion in assets under management, and established operations on the ground in China in 2005. The letter identified 43 different investments in Chinese AI companies from 2015 to 2021, more than any other identified by independent researchers at Georgetown’s Center for Security and Emerging Technology. The firm with the most potentially problematic investments, according to the letter, is GGV Capital, which has offices in Silicon Valley, San Francisco, Shanghai, Beijing and Singapore. Qualcomm was one of Denglin’s earliest backers, according to PitchBook, and invested in an additional 2022 funding round. ![]() Qualcomm’s investment in Denglin Technology, an apparent competitor, also faces Congressional scrutiny. One investment was in SenseTime, which a New York Times report linked to Chinese tracking and profiling of the Uyghurs. companies from 2015 to 2021, according to the letter. Qualcomm Ventures, for example, made 13 investments in Chinese A.I. ![]()
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