The institutional development of countries is an important determinant of venture capital (VC) investments (Guler & Guillen, 2010b; Khoury, Junkunc & Mingo, 2015). VC firms are more likely to invest in countries that provide certainty regarding the appropriability of economic returns on investments. The attention to the impact of the macro-environment on VC activity is a relatively recent phenomenon. In this study, we analyze the change in VC investments after a major institutional change. In particular, we look at the effect of the introduction of a common currency in Europe, the Euro, on the venture capital investments of VC firms based in Europe.
Morales, Francisco and Mingo, Santiago
"INSTITUTIONAL CHANGE AND VENTURE CAPITAL INVESTMENTS (SUMMARY),"
Frontiers of Entrepreneurship Research: Vol. 35
, Article 16.
Available at: http://digitalknowledge.babson.edu/fer/vol35/iss11/16