Title: The dynamics of venture capital industry

Authors: Bernard Guilhon, Sandra Montchaud

Addresses: Centre d’Economie et de Finances Internationales (CEFI), Universite de la Mediterranee, Chateau La Farge, Route des Milles, 13290 Les Milles, France. ' Centre d’Economie et de Finances Internationales (CEFI), Universite de la Mediterranee, Chateau La Farge, Route des Milles, 13290 Les Milles, France

Abstract: Born in the USA, the Venture Capital (VC) industry has spread throughout Europe. This new principle of organisation financing innovation requires institutional arrangements which cater both to the specifics of different national frameworks and to the trend towards homogenisation. We elaborate an econometric model which takes account of economic variables, institutional factors and the specific elements of the VC activity to appreciate the dynamics of the VC industry.

Keywords: venture capital; dynamics; organisation; contracting model; localisation effect; institutional context.

DOI: 10.1504/IJTM.2006.009452

International Journal of Technology Management, 2006 Vol.34 No.1/2, pp.146 - 160

Published online: 03 Apr 2006 *

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