风险投资活动决定因素的元分析

IF 2.6 Q1 ECONOMICS
A. Dalal
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引用次数: 1

摘要

目的:本文的目的是对国家级风险投资(VC)活动的现有文献进行定量系统化,并找到以往研究中差异的来源。研究设计与方法:本文收集了各国风险投资的研究。我检索了30项研究中报告的840个估计值,并使用元分析方法对它们进行了分析。估计平均效应量并校正发表偏倚。然后,我对研究设计和数据的24个方面进行了控制,以找出导致初步结果差异的原因。研究结果表明,研究的VC活性决定因素的平均影响是积极的和显著的。技术机会、宏观经济条件和金融市场发展表现出最大的影响,这证实了之前的研究。数据源的选择对结果有系统的影响,而模型规范对报告的系数没有影响。结果表明,发达国家和发展中国家的风险投资驱动因素没有显著差异,在风险投资的各个阶段也得到了相同的发现。启示与建议:对现有文献的分析描绘了进一步加强风险投资的制度、技术和宏观经济后代的研究议程。研究表明,我国对非正式制度的研究还很少,值得进一步重视。研究结果表明,风险投资在各个投资阶段并不是异质的,这对风险基金的管理很重要。通过仔细研究模型设计和数据样本的不同方面,我为进一步的研究提供了方法上的建议。贡献与增值:据我所知,这是VC决定因素的第一个元分析。该研究方法可以定量总结以往的研究,并发现研究之间的差异。本文收集了最新报道的VC驱动程序的所有系数,而以前的文献综述集中在一些有限的变量集上。本文通过回答有关风险投资异质性的问题,为现有理论做出贡献。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Meta-analysis of determinants of venture capital activity
Objective: The objective of the article is to quantitatively systematise the existing literature on country-level venture capital (VC) activity and find the sources of discrepancy in previous studies. Research Design & Methods: This article collects studies that focus on venture investments across countries. I retrieved 840 estimates reported in 30 studies and analysed them using meta-analysis methods. The average effect sizes were estimated and corrected for publication bias. Then, I controlled for 24 aspects of study design and data in order to find the cause of differences in the primary results. Findings: The findings suggest that the average effect of the studied determinants of VC activity is positive and significant. Technological opportunities, macroeconomic conditions and financial market development show the highest effect which confirms the previous research. The choice of data source influences the results in a systematic way, while model specification does not affect the reported coefficients. The results showed that drivers of VC in developed and developing countries do not differ significantly, the same finding is obtained for various stages of VC. Implications & Recommendations: The analysis of existing literature delineates the research agenda for further enhancing the institutional, technological, and macroeconomic descendants of VC. It revealed that informal institutions have been studied scarcely and deserve more attention in future research. The findings show that VC is not heterogeneous across the stages of investment which is important for venture fund management. By scrutinizing different aspects of model design and data samples I provide methodological recommendations for further research. Contribution & Value Added: To my knowledge, this is the first meta-analysis of VC determinants. The research method allowed to quantitatively summarise previous studies and detect the between-study differences. This article collects all the coefficients of VC drivers that have been reported up to date while previous literature reviews focused on some limited sets of variables. The article contributes to existing theory by answering the questions regarding VC heterogeneity.
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来源期刊
CiteScore
7.20
自引率
7.90%
发文量
15
期刊介绍: Entrepreneurial Business and Economics Review (EBER), as multi-disciplinary and multi-contextual journal, is dedicated to serve as a broad and unified platform for revealing and spreading economics and management research focused on entrepreneurship, individual entrepreneurs as well as particular entrepreneurial aspects of business. It attempts to link theory and practice in different sections of economics and management by publishing various types of articles, including research papers, conceptual papers and literature reviews. Our geographical scope of interests include Central and Eastern Europe and emerging markets, however we also welcome articles beyond this scope. The Journal accept the articles from the following fields: -Entrepreneurship and Business Studies (in particular entrepreneurship and innovation, strategic entrepreneurship, corporate entrepreneurship, entrepreneurship methodology, new trends in HRM and HRD as well as organizational behaviour, entrepreneurial management, entrepreneurial business, management methodology, modern trends in business studies and organization theory, policies promoting entrepreneurship, innovation, R&D and SMEs, education for entrepreneurship), -International Business and Global Entrepreneurship (especially international entrepreneurship, European business, and new trends in international business, IB methodology), -International Economics and Applied Economics (in particular the role of entrepreneurship and the entrepreneur in economics, international economics including the economics of the European Union and emerging markets, as well as Europeanization, new trends in economics, economics methodology).
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