Corporate Relocation in Venture Capital Finance

被引：38

作者：

Cumming, Douglas ^{[1
]}

Fleming, Grant ^{[2
,3
]}

Schwienbacher, Armin ^{[4
,5
]}

机构：

[1] York Univ, Schulich Sch Business, Toronto, ON M3J 1P3, Canada

[2] Wilshire Private Markets Grp, Canberra, ACT 2601, Australia

[3] Australian Natl Univ, Sch Finance & Appl Stat, Canberra, ACT, Australia

[4] LSM Univ Catholique Louvain, Louvain Sch Management, Louvain, Belgium

[5] Univ Amsterdam, NL-1018 WB Amsterdam, Netherlands

来源：

ENTREPRENEURSHIP THEORY AND PRACTICE | 2009年 / 33卷 / 05期

关键词：

SAMPLE SELECTION; TAX POLICY; FIRMS; INTERNATIONALIZATION; DETERMINANTS; PORTFOLIO; DECISION; IMPACT; GAINS; CAPABILITIES;

D O I：

10.1111/j.1540-6520.2009.00337.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper introduces an analysis of international relocation decisions of venture capital (VC)-backed companies. Relocations to the United States are motivated by economic conditions as well as an improvement in the laws of the country in which the entrepreneurial firm is based. Relocations to the United States yield much greater returns to Asia-Pacific VCs than investing in companies already based in the United States at the time of VC investment. Further, more experienced Asia-Pacific VCs have greater success with their investee relocations to the United States, and these relocations yield higher returns relative to staying in their country of origin.

引用

页码：1121 / 1155

页数：35

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