Venture capital investment in Latin America: The role of experience, distances, and network features

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2024-05-03 DOI:10.1016/j.ememar.2024.101145

Marcelo Guzella , Felipe Buchbinder , Verônica Santana

引用次数: 0

Abstract

We investigate the determinants of Venture Capital (VC) firms' activity in Latin America. Using more than 10 thousand funding rounds from 2002 to 2020, we found that the status of the firm determines more frequent and larger deals. Non-redundant connections increase the odds of investing, but redundant ones explain larger amounts. Younger firms participate in more deals, but mature firms invest larger amounts. Geographic proximity explains more investments, but institutional differences (regulatory quality and rule of law) explain larger rounds. We show that forecasting models with those features are useful for asset allocation and investment promotion.

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拉丁美洲的风险资本投资：经验、距离和网络特征的作用

我们研究了拉丁美洲风险投资（VC）公司活动的决定因素。通过使用 2002 年至 2020 年的 1 万多轮融资，我们发现，公司的地位决定了交易的频率和规模。非冗余关系增加了投资的几率，但冗余关系解释了更大的投资额。年轻企业参与的交易更多，但成熟企业的投资额更大。地理上的邻近可以解释更多的投资，但制度上的差异（监管质量和法治）可以解释更多的投资。我们表明，具有这些特征的预测模型有助于资产配置和投资促进。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.