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The Attractiveness of Central Eastern European Countries for Venture Capital and Private Equity Investors

Groh, Alexander P. and Liechtenstein, Heinrich and Lieser, Karsten (2008):
The Attractiveness of Central Eastern European Countries for Venture Capital and Private Equity Investors.
In: University of Navarra, IESE Business School (Hrsg.), IESE Business School Working Paper No. D/677, Barcelona, [Report]

Abstract

We address the attractiveness of Central Eastern European countries for VC/PE investors by the construction of a composite index. For the index's composition we refer to the results of numerous prior research papers that investigate relevant parameters determining entrepreneurial activity and/or the engagements of institutional investors. We aggregate the index via five different methods and receive country rankings that vary only slightly, signaling a robust index calculation. We clearly identify six tier groups of attractiveness for all of our sample countries. We compare our index with the actual fundraising activities in the individual countries and reveal a reasonable correlation of both figures. The results highlight the strengths and weaknesses of the particular economies and provide guidelines for policy improvements and institutional investors' country allocations.

Item Type: Report
Erschienen: 2008
Creators: Groh, Alexander P. and Liechtenstein, Heinrich and Lieser, Karsten
Title: The Attractiveness of Central Eastern European Countries for Venture Capital and Private Equity Investors
Language: English
Abstract:

We address the attractiveness of Central Eastern European countries for VC/PE investors by the construction of a composite index. For the index's composition we refer to the results of numerous prior research papers that investigate relevant parameters determining entrepreneurial activity and/or the engagements of institutional investors. We aggregate the index via five different methods and receive country rankings that vary only slightly, signaling a robust index calculation. We clearly identify six tier groups of attractiveness for all of our sample countries. We compare our index with the actual fundraising activities in the individual countries and reveal a reasonable correlation of both figures. The results highlight the strengths and weaknesses of the particular economies and provide guidelines for policy improvements and institutional investors' country allocations.

Series Name: University of Navarra, IESE Business School (Hrsg.), IESE Business School Working Paper No. D/677
Place of Publication: Barcelona
Uncontrolled Keywords: Venture Capital, Private Equity, Central Eastern Europe, Economic Transition
Divisions: 01 Department of Law and Economics > Betriebswirtschaftliche Fachgebiete > Fachgebiet Immobilienwirtschaft und Baubetriebswirtschaftslehre
01 Department of Law and Economics
01 Department of Law and Economics > Betriebswirtschaftliche Fachgebiete
Date Deposited: 14 Sep 2009 08:15
Additional Information:

EFA 2008 Athens Meetings Paper; Available at http://ssrn.com/abstract=960505

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