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The Determinants of Venture Capital: A Study of the Nordic Countries
Jönköping University, Jönköping International Business School, JIBS, Business Administration.
Jönköping University, Jönköping International Business School, JIBS, Business Administration.
2016 (English)Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

This thesis analyzes the determinants of venture capital in the Nordic countries. Historically, venture capital markets have gone through several boom and bust cycles, providing external capital to what has become some of the world’s largest corporations. In recent years, the Nordic venture capital market has gained an increasing amount of attention globally and established itself in the top of the global VC community. The purpose of this study is to find and examine the drivers of venture capital over time, providing an understanding of the fluctuations in the market. We analyze different stages of venture capital investments from 1989 to 2014. This thesis considers the exit environment, economic growth, the development of the stock market and interest rate levels to be important drivers of venture capital. The theoretical framework of supply and demand in the venture capital market serves as a base for the empirical study, where panel data techniques with fixed effects have been used to estimate the impact of the determinants. We find evidence that there is a clear connection between the stock market and the venture capital industry, since initial public offerings and Nordic stock market indices are found to have a positive impact on venture capital investments. Furthermore, we find that different stages of VC investments have different sensitivities to some determinants.

Place, publisher, year, edition, pages
2016. , 59 p.
Keyword [en]
Venture capital, The Nordic countries, Venture capital determinants, IPOs
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hj:diva-30166ISRN: JU-IHH-FÖA-2-20160198OAI: oai:DiVA.org:hj-30166DiVA: diva2:932725
Subject / course
IHH, Business Administration
Supervisors
Available from: 2016-06-16 Created: 2016-06-02 Last updated: 2016-06-16Bibliographically approved

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