How Brexit reshaped venture capitals market: An analysis of UK and EU investments

IF 7.5 1区管理学 Q1 MANAGEMENT

Research Policy Pub Date : 2025-06-25 DOI:10.1016/j.respol.2025.105289

Andrea Odille Bosio , Vicenzo Butticè , Andrea Crisanti , Annalisa Croce , Simone Signore

引用次数: 0

Abstract

This study examines the distinct impacts of Brexit's announcement and enforcement on cross-region VC investments between the UK and the EU. The findings reveal contrasting trends for VC hubs in these regions. Following the Brexit announcement, UK VC hubs immediately reduced their investments in the EU, with no further changes after enforcement. Conversely, EU VC hubs did not alter their investment behavior toward the UK at the announcement but significantly increased their activity after Brexit enforcement. These results align with the hypothesis that UK and EU VC investors faced asymmetric uncertainty, with the EU being less equipped to anticipate how Brexit would reshape European VC markets. Our analysis is the first to offer a picture following Brexit enforcement, showing that, overall, UK VC hubs reduced their incidence on the EU market as well as in the domestic market.

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英国脱欧如何重塑风险资本市场：英国和欧盟投资分析

本研究考察了英国脱欧的宣布和执行对英国和欧盟之间跨地区风险投资的不同影响。研究结果揭示了这些地区风险投资中心的不同趋势。在英国宣布脱欧后，英国风险投资中心立即减少了在欧盟的投资，在执行后没有进一步的变化。相反，欧盟风险投资中心在英国脱欧宣布后并没有改变对英国的投资行为，但在英国脱欧强制执行后，它们的活动显著增加。这些结果与英国和欧盟风险投资者面临不对称不确定性的假设相一致，欧盟不太能够预测英国脱欧将如何重塑欧洲风险投资市场。我们的分析首次提供了英国脱欧执法后的情况，表明总体而言，英国风险投资中心在欧盟市场和国内市场的发生率都有所下降。

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

Research Policy MANAGEMENT-

CiteScore

12.80

自引率

6.90%

发文量

182

期刊介绍： Research Policy (RP) articles explore the interaction between innovation, technology, or research, and economic, social, political, and organizational processes, both empirically and theoretically. All RP papers are expected to provide insights with implications for policy or management. Research Policy (RP) is a multidisciplinary journal focused on analyzing, understanding, and effectively addressing the challenges posed by innovation, technology, R&D, and science. This includes activities related to knowledge creation, diffusion, acquisition, and exploitation in the form of new or improved products, processes, or services, across economic, policy, management, organizational, and environmental dimensions.