Success in Global Venture Capital Investing: Do Institutional and Cultural Differences Matter?
分析了制度和文化差异对全球风险投资成功的影响，发现法律权利、股票市场发展以及文化距离均能提升投资绩效，本地风投参与在发达经济体中能缓解外来劣势。
Abstract We analyze the impact of institutional and cultural differences on success in global venture capital (VC) investing. In both developed and emerging economies, superior legal rights (and enforcement) and better developed stock markets significantly enhance VC performance. Remarkably, cultural distance between countries of the portfolio company and its lead investor positively affects VC success. Further analysis reveals that cultural differences create incentives for rigorous ex ante screening, improving VC performance. Finally, local VC participation enhances success and mitigates foreign VCs’ “liability of foreignness,” albeit only in developed economies. Our findings follow from analyzing VC investments in nearly 10,000 companies across 30 countries.