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Driving Forces of Venture Capital Investments in Europe: A Dynamic Panel Data Analysis
Using dynamic panel estimations, the paper identifies driving forces of venture capital activity for Western European countries. The paper shows that these factors do not affect expansion stage investments used as a broader definition of venture capital, while they positively affect early stage investments used as a narrow definition.
Link
http://www.uni-kiel.de/ifw/pub/kap/2003/kap1172.pdf