{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,28]],"date-time":"2026-03-28T05:04:25Z","timestamp":1774674265105,"version":"3.50.1"},"reference-count":33,"publisher":"Springer Science and Business Media LLC","issue":"3","license":[{"start":{"date-parts":[[2012,9,16]],"date-time":"2012-09-16T00:00:00Z","timestamp":1347753600000},"content-version":"tdm","delay-in-days":0,"URL":"http:\/\/www.springer.com\/tdm"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["J Financ Serv Res"],"published-print":{"date-parts":[[2013,12]]},"DOI":"10.1007\/s10693-012-0146-y","type":"journal-article","created":{"date-parts":[[2012,9,15]],"date-time":"2012-09-15T08:23:22Z","timestamp":1347697402000},"page":"259-279","source":"Crossref","is-referenced-by-count":53,"title":["The Determinants of Venture Capital in Europe \u2014 Evidence Across Countries"],"prefix":"10.1007","volume":"44","author":[{"given":"Elisabete Gomes Santana","family":"F\u00e9lix","sequence":"first","affiliation":[]},{"given":"Cesaltina Pacheco","family":"Pires","sequence":"additional","affiliation":[]},{"given":"Mohamed Azzim","family":"Gulamhussen","sequence":"additional","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2012,9,16]]},"reference":[{"issue":"6","key":"146_CR1","doi-asserted-by":"crossref","first-page":"439","DOI":"10.1007\/BF01064858","volume":"6","author":"ZJ Acs","year":"1994","unstructured":"Acs ZJ, Audretsch DB (1994) New-firms startups, technology and macroeconomic fluctuations. Small Bus Econ 6(6):439\u2013449","journal-title":"Small Bus Econ"},{"key":"146_CR2","doi-asserted-by":"crossref","unstructured":"Armour J, Cumming D (2006) The legislative road to Silicon Valley. Oxf. Economic Papers","DOI":"10.1093\/oep\/gpl007"},{"issue":"2","key":"146_CR3","doi-asserted-by":"crossref","first-page":"447","DOI":"10.1016\/0304-405X(90)90064-7","volume":"27","author":"CB Barry","year":"1990","unstructured":"Barry CB, Muscarella CJ, Peavy JW, Vetsuypens MR (1990) The role of venture capital in the creation of public companies: evidence from the going public process. J Financ Econ 27(2):447\u2013471","journal-title":"J Financ Econ"},{"issue":"3","key":"146_CR4","doi-asserted-by":"crossref","first-page":"243","DOI":"10.1016\/S0304-405X(97)00045-7","volume":"47","author":"BS Black","year":"1998","unstructured":"Black BS, Gilson RJ (1998) Venture capital and the structure of capital markets: banks versus stock markets. J Financ Econ 47(3):243\u2013277","journal-title":"J Financ Econ"},{"issue":"5","key":"146_CR5","doi-asserted-by":"crossref","first-page":"1791","DOI":"10.1111\/j.1540-6261.1997.tb02742.x","volume":"52","author":"A Brav","year":"1997","unstructured":"Brav A, Gompers PA (1997) Myth or reality? The long-run underperformance of initial public offerings: evidence from venture and nonventure capital-backed companies. J Financ 52(5):1791\u20131821","journal-title":"J Financ"},{"issue":"1","key":"146_CR6","first-page":"95","volume":"13","author":"DJ Cumming","year":"2010","unstructured":"Cumming DJ (2010) A reply to Douglas Cumming\u2019s review essay: public policy and the creation of active venture capital markets. Ventur Cap: Int J Entrep Financ 13(1):95\u201398","journal-title":"Ventur Cap: Int J Entrep Financ"},{"issue":"1","key":"146_CR7","first-page":"71","volume":"13","author":"DJ Cumming","year":"2011","unstructured":"Cumming DJ (2011) Public policy and the creation of active venture capital markets. Ventur Cap: Int J Entrep Financ 13(1):71\u201394","journal-title":"Ventur Cap: Int J Entrep Financ"},{"issue":"3","key":"146_CR8","doi-asserted-by":"crossref","first-page":"511","DOI":"10.1016\/S0378-4266(02)00389-8","volume":"27","author":"DJ Cumming","year":"2003","unstructured":"Cumming DJ, MacIntosh JG (2003) A cross-country comparison of full and partial venture capital exits strategies. J Bank Financ 27(3):511\u2013548","journal-title":"J Bank Financ"},{"key":"146_CR9","doi-asserted-by":"crossref","first-page":"1699","DOI":"10.1016\/j.jpubeco.2005.09.013","volume":"90","author":"M Rin Da","year":"2006","unstructured":"Da Rin M, Nicodamo G, Sembenelli A (2006) Public policy and the creation of active venture capital markets. J Pub Econ 90:1699\u20131723","journal-title":"J Pub Econ"},{"key":"146_CR10","unstructured":"EVCA (2002) Survey of the economic and social impact of venture capital in Europe. Res. Pap. from EVCA"},{"issue":"2\u20133","key":"146_CR11","doi-asserted-by":"crossref","first-page":"99","DOI":"10.1023\/A:1011134715911","volume":"19","author":"BB Francis","year":"2001","unstructured":"Francis BB, Hasan I (2001) The underpricing of venture and nonventure capital IPOs: an empirical investigation. J Financ Serv Res 19(2\u20133):99\u2013113","journal-title":"J Financ Serv Res"},{"issue":"5","key":"146_CR12","doi-asserted-by":"crossref","first-page":"1461","DOI":"10.1111\/j.1540-6261.1995.tb05185.x","volume":"50","author":"PA Gompers","year":"1995","unstructured":"Gompers PA (1995) Optimal investment, monitoring, and the staging of venture capital. J Financ 50(5):1461\u20131489","journal-title":"J Financ"},{"issue":"1","key":"146_CR13","doi-asserted-by":"crossref","first-page":"133","DOI":"10.1016\/0304-405X(96)00874-4","volume":"42","author":"PA Gompers","year":"1996","unstructured":"Gompers PA (1996) Grandstanding in the venture capital industry. J Financ Econ 42(1):133\u2013156","journal-title":"J Financ Econ"},{"issue":"6\u20138","key":"146_CR14","doi-asserted-by":"crossref","first-page":"1089","DOI":"10.1016\/S0378-4266(98)00041-7","volume":"22","author":"PA Gompers","year":"1998","unstructured":"Gompers PA (1998) Venture capital growing pains: should the market diet? J Bank Financ 22(6\u20138):1089\u20131104","journal-title":"J Bank Financ"},{"issue":"6","key":"146_CR15","doi-asserted-by":"crossref","first-page":"2161","DOI":"10.1111\/0022-1082.00086","volume":"53","author":"PA Gompers","year":"1998","unstructured":"Gompers PA, Lerner J (1998a) Venture capital distributions: short-run and long-run reactions. J Financ 53(6):2161\u20132183","journal-title":"J Financ"},{"key":"146_CR16","doi-asserted-by":"crossref","unstructured":"Gompers PA, Lerner J (1998b) What drives venture capital fundraising? NBER Working Pap. N\u00ba 6906, Harvard University, Cambridge, MA","DOI":"10.2139\/ssrn.57935"},{"key":"146_CR17","volume-title":"The venture capital cycle","author":"PA Gompers","year":"1999","unstructured":"Gompers PA, Lerner J (1999a) The venture capital cycle. MIT Press, Cambridge"},{"issue":"1","key":"146_CR18","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1086\/467416","volume":"42","author":"PA Gompers","year":"1999","unstructured":"Gompers PA, Lerner J (1999b) Conflict of interest in the issuance of public securities: evidence from venture capital. J Law Econ 42(1):1\u201328","journal-title":"J Law Econ"},{"key":"146_CR19","volume-title":"The money of invention: how venture capital creates new wealth","author":"PA Gompers","year":"2001","unstructured":"Gompers PA, Lerner J (2001) The money of invention: how venture capital creates new wealth. Harvard Business School Press, Boston"},{"key":"146_CR20","doi-asserted-by":"crossref","first-page":"205","DOI":"10.1016\/j.jcorpfin.2009.09.003","volume":"16","author":"AP Groh","year":"2010","unstructured":"Groh AP, Von Liechtenstein H, Lieser K (2010) The European venture capital and private equity country attractiveness indices. J Corp Financ 16:205\u2013224","journal-title":"J Corp Financ"},{"key":"146_CR21","unstructured":"Hellmann T (1998) Discussion of: what drives venture capital fundraising? In: Baily M, Reiss e P, Wiston C (eds). Brooking papers on economic activity: microeconomics, pp 197\u2013203"},{"issue":"3","key":"146_CR22","doi-asserted-by":"crossref","first-page":"241","DOI":"10.1023\/A:1024623729622","volume":"23","author":"A Hyytinen","year":"2003","unstructured":"Hyytinen A, Toivanen O (2003) Asymmetric information and the market structure of the V.C. industry. J Financ Serv Res 23(3):241\u2013249","journal-title":"J Financ Serv Res"},{"issue":"3","key":"146_CR23","doi-asserted-by":"crossref","first-page":"241","DOI":"10.1016\/S0929-1199(00)00003-1","volume":"6","author":"LA Jeng","year":"2000","unstructured":"Jeng LA, Wells PC (2000) The determinants of venture capital funding: evidence across countries. J Corp Financ 6(3):241\u2013289","journal-title":"J Corp Financ"},{"key":"146_CR24","doi-asserted-by":"crossref","unstructured":"Marti J, Balboa M (2001) The determinants of private equity fundraising in western Europe, Working pap","DOI":"10.2139\/ssrn.269789"},{"issue":"3","key":"146_CR25","doi-asserted-by":"crossref","first-page":"879","DOI":"10.1111\/j.1540-6261.1991.tb03770.x","volume":"46","author":"WL Megginson","year":"1991","unstructured":"Megginson WL, Weiss KA (1991) Venture capitalist certification in initial public offerings. J Financ 46(3):879\u2013903","journal-title":"J Financ"},{"key":"146_CR26","volume-title":"Venture capital and the finance of innovation","author":"A Metrick","year":"2010","unstructured":"Metrick A, Yasuda A (2010) Venture capital and the finance of innovation. Wiley, Hoboken"},{"key":"146_CR27","doi-asserted-by":"crossref","unstructured":"Poterba JM (1989) Venture capital and capital gains taxation. NBER working pap. ser., Working Pap. N\u00ba 2832, NBER, Cambridge","DOI":"10.3386\/w2832"},{"key":"146_CR28","unstructured":"Romain A, de La Potterie BVP (2004) The determinants of venture capital: a panel data analysis of 16 OECD countries. Centre Emile Bernheim, Research Institute in Management Science, Working Pap. N\u00ba 04\/015"},{"key":"146_CR29","unstructured":"Schertler A (2003) Driving forces of venture capital investments in Europe: a dynamic panel data analysis. Kiel Institute for World Economics, Kiel Working Pap. No. 1172, Germany"},{"key":"146_CR30","doi-asserted-by":"crossref","first-page":"367","DOI":"10.1080\/09603100500056601","volume":"15","author":"A Schertler","year":"2005","unstructured":"Schertler A (2005) European venture capital markets: fund providers and investment characteristics. J Appl Financ Econ 15:367\u2013380","journal-title":"J Appl Financ Econ"},{"key":"146_CR31","doi-asserted-by":"crossref","unstructured":"Schwienbacher A (2005) An empirical analysis of venture capital exits in Europe and in the United States. EFA 2002 Berlin Meetings Discussion Paper","DOI":"10.2139\/ssrn.302001"},{"key":"146_CR32","doi-asserted-by":"crossref","unstructured":"Smith R, Pedace R, Sathe V (2010) Venture capital fund performance: The effects of exits, abandonment, persistence, experience and reputation. (November 23, 2010). Available at SSRN: http:\/\/ssrn.com\/abstract=1432858 or http:\/\/dx.doi.org\/10.2139\/ssrn.1432858","DOI":"10.2139\/ssrn.1432858"},{"issue":"2","key":"146_CR33","doi-asserted-by":"crossref","first-page":"315","DOI":"10.2307\/2666998","volume":"44","author":"TE Stuart","year":"1999","unstructured":"Stuart TE, Hoang H, Hybels R (1999) Interorganizational endorsements and the performance of entrepreneurial ventures. Adm Sci Q 44(2):315\u2013349","journal-title":"Adm Sci Q"}],"container-title":["Journal of Financial Services Research"],"original-title":[],"language":"en","link":[{"URL":"http:\/\/link.springer.com\/content\/pdf\/10.1007\/s10693-012-0146-y.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"http:\/\/link.springer.com\/article\/10.1007\/s10693-012-0146-y\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"http:\/\/link.springer.com\/content\/pdf\/10.1007\/s10693-012-0146-y","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2019,7,3]],"date-time":"2019-07-03T20:00:33Z","timestamp":1562184033000},"score":1,"resource":{"primary":{"URL":"http:\/\/link.springer.com\/10.1007\/s10693-012-0146-y"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2012,9,16]]},"references-count":33,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2013,12]]}},"alternative-id":["146"],"URL":"https:\/\/doi.org\/10.1007\/s10693-012-0146-y","relation":{},"ISSN":["0920-8550","1573-0735"],"issn-type":[{"value":"0920-8550","type":"print"},{"value":"1573-0735","type":"electronic"}],"subject":[],"published":{"date-parts":[[2012,9,16]]}}}