Keywords: venture capital, dynamics, organisation, contracting model, localisation effect, institutional context
The dynamics of venture capital industry
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.