The impact of GDP and governance on venture capital investments for the period 2010-2019 (after the financial crisis and before the Covid-19 pandemic) Online publication date: Tue, 05-Oct-2021
by Sebastian Schaefer; Felix Ashu; Michael Neubert
International Journal of Teaching and Case Studies (IJTCS), Vol. 12, No. 3, 2021
Abstract: There is a need for politicians, investors, and entrepreneurs to better understand the impact factors on total venture capital investments to facilitate economic growth. Often, it is suggested that developed and well governed countries attract more venture capital investments, but so far, no quantitative study could confirm this statement. Following the call for further research from Grilli et al. (2019), the purpose of this quantitative study is to analyse the impact of the world governance indicators and the gross domestic product on total venture capital investments in 25 developed economies in Europe from 2010 to 2019 using a multiple regression analysis. The findings show mixed results but overall suggest that a certain minimal level of political governance has an impact on venture capital investments. As the results vary from country to country, a generalisation of our findings is difficult to suggest.
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