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Venture Capital Internationalization: Synthesis And Future Research Directions

Author

Listed:
  • David Devigne
  • Sophie Manigart
  • Tom Vanacker
  • Klaas Mulier

Abstract

Research on venture capital (VC) internationalization has expanded rapidly over the last decade. This paper reviews the extant literature on VC internationalization and highlights gaps in our knowledge. We identify three major research streams within this literature, which revolve around the following questions: (1) which VC firms invest across borders and what countries do they target; (2) how do VC firms address liabilities of foreign investing; and (3) what are the real effects of international VC investments? We provide an overview of the contributions in these research streams, discuss the role of public policy, and suggest avenues for future research. Specifically, we call for a deeper understanding of: (1) the functioning and impact of VC firms’ modes of internationalization; (2) micro‐level processes such as the functioning and decision making of international investment committees, or the development of international human and social capital; (3) the role of country institutions in VC internationalization and its real effects; and (4) the interplay of international VC with alternative financing sources.

Suggested Citation

  • David Devigne & Sophie Manigart & Tom Vanacker & Klaas Mulier, 2018. "Venture Capital Internationalization: Synthesis And Future Research Directions," Journal of Economic Surveys, Wiley Blackwell, vol. 32(5), pages 1414-1445, December.
    • Handle: RePEc:bla:jecsur:v:32:y:2018:i:5:p:1414-1445
    DOI: 10.1111/joes.12276
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    Cited by:

    1. Andrea Bellucci & Alexander Borisov & Gianluca Gucciardi & Alberto Zazzaro, 2024. "The Staying Power Of Face-To-Face In The Global Venture Capital Market," Mo.Fi.R. Working Papers 185, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    2. Zhang, Jing & Zhang, Wei & Schwab, Andreas, 2024. "Interorganizational triads for foreign-market entry: Partnerships among Western, bridge-economy, and local VCs in Mainland China," Journal of Business Venturing, Elsevier, vol. 39(1).
    3. Cumming, Douglas & Deloof, Marc & Manigart, Sophie & Wright, Mike, 2019. "New directions in entrepreneurial finance," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 252-260.
    4. Bellucci, Andrea & Borisov, Alexander & Gucciardi, Gianluca & Zazzaro, Alberto, 2023. "The reallocation effects of COVID-19: Evidence from venture capital investments around the world," Journal of Banking & Finance, Elsevier, vol. 147(C).
    5. Harrison, Richard T., 2022. "“Pennies from heaven”? Market failure, circuits of capital and policy support for business angels: The case of cross-border angel investment," Journal of Business Venturing Insights, Elsevier, vol. 17(C).
    6. Sheeba Kapil & Vrinda Rawal, 2023. "Systematic Literature Review of Private Equity Determinants: Status, Evidence and Open Issues," Vision, , vol. 27(5), pages 567-581, November.
    7. Hechem Ajmi & Salina Kassim & Hassanuddeen Abdul Aziz & Walid Mansour, 2019. "A Literature Review of Financial Contracting Theory from the Islamic and Conventional Overviews: Contributions, Gaps, and Perspectives استعراض أدبيات نظرية التعاقد المالي من المنظور الإسلامي والتقليدي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(2), pages 25-42, January.
    8. Mustafa Raza Rabbani & Abu Bashar & Iqbal Thonse Hawaldar & Muneer Shaik & Mohammed Selim, 2022. "What Do We Know about Crowdfunding and P2P Lending Research? A Bibliometric Review and Meta-Analysis," JRFM, MDPI, vol. 15(10), pages 1-23, October.
    9. Sarath Balachandran & Exequiel Hernandez, 2021. "Mi Casa Es Tu Casa: Immigrant Entrepreneurs as Pathways to Foreign Venture Capital Investments," Strategic Management Journal, Wiley Blackwell, vol. 42(11), pages 2047-2083, November.
    10. Richard T Harrison & Babangida Yohanna & Yannis Pierrakis, 2020. "Internationalisation and localisation: Foreign venture capital investments in the United Kingdom," Local Economy, London South Bank University, vol. 35(3), pages 230-256, May.
    11. Antonia Nörthemann, 2023. "Industry-specific specialization in venture capitalists’ internationalization decisions," Journal of Business Economics, Springer, vol. 93(5), pages 891-927, July.
    12. Gu, Jing & Zhang, Fujuan & Xu, Xun & Xue, Chaokai, 2023. "Stay or switch? The impact of venture capitalists' movement across network communities on enterprises’ innovation performance," Technovation, Elsevier, vol. 125(C).
    13. Hoppmann, Joern & Vermeer, Ben, 2020. "The double impact of institutions: Institutional spillovers and entrepreneurial activity in the solar photovoltaic industry," Journal of Business Venturing, Elsevier, vol. 35(3).
    14. Yan Alperovych & Xavier Mouchette, 2020. "Industry Concentration and Venture Capital Flows around the World," Post-Print hal-02567433, HAL.
    15. Liu, Yu & Maula, Markku, 2021. "Contextual status effects: The performance effects of host-country network status and regulatory institutions in cross-border venture capital," Research Policy, Elsevier, vol. 50(5).
    16. Wendy A. Bradley & Gilles Duruflé & Thomas F. Hellmann & Karen E. Wilson, 2019. "Cross-Border Venture Capital Investments: What Is the Role of Public Policy?," JRFM, MDPI, vol. 12(3), pages 1-22, July.
    17. Hellmann, Thomas & Montag, Alexander & Tåg, Joacim, 2024. "Tolerating Losses for Growth: J-Curves in Venture Capital Investing," Working Paper Series 1500, Research Institute of Industrial Economics.

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