Foreign Investment, Institutional Quality, Public Expenditure, and Activity of Venture Capital Funds in Emerging Market Countries

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dc.citation.epage162
dc.citation.issue2
dc.citation.journalTitleGlobal Economy Journaleng
dc.citation.spage127
dc.citation.volume14
dc.contributor.affiliationDepartment of Finance, Economics and Finance School, EAFIT University, Carrera 49 No 7 Sur – 50, Medellin, Antioquia, Colombiaspa
dc.contributor.affiliationDepartment of Management and International Business, College of Business, Florida International University, 11200 SW 8th Street, RB 309, Miami, FL 33199, USAspa
dc.contributor.affiliationInterdisciplinary Center for the Study of Development, Los Andes University Calle 18A No. 0-03 Este, Bogotá, Colombiaspa
dc.contributor.authorHerrera-Echeverri, Hernánspa
dc.contributor.authorHaar, Jerryspa
dc.contributor.authorEstevez-Bretón, Juan Benavidesspa
dc.contributor.departmentEconomía y Finanzasspa
dc.contributor.departmentFinanzasspa
dc.contributor.programGrupo de Investigación Finanzas y Bancaspa
dc.date2014
dc.date.accessioned2015-11-06T21:15:36Z
dc.date.available2015-11-06T21:15:36Z
dc.date.issued2014
dc.description.abstractThis paper empirically analyzes the effects of foreign direct investment (FDI), institutional quality, and the size of a government on venture capital (VC) activity. We conclude that institutional quality, FDI, and public spending have definitive importance as elements for the development of a public policy that increases the quantity and quality of VC fund (VCF) investment. Higher institutional quality, greater FDI, and lower public spending allow the volume of VCF investment to grow. FDI shows a higher level of significance in promoting investment in high-tech companies, and institutional quality increases the productivity of FDI investment in the generation of VCF. Government spending dramatically and (counter-intuitively) adversely affects the activities of VCF. Notably, the higher the institutional quality of a country, the less state intervention is required to promote investment of VCF. The results are consistent with the hypothesis of the FDI spillover and crowding out by public spending.eng
dc.identifier.doi10.1515/gej-2013-0068
dc.identifier.issn1553-5304
dc.identifier.urihttp://hdl.handle.net/10784/7622
dc.language.isoengeng
dc.publisherWalter de Gruyter GmbHeng
dc.relation.ispartofGlobal Economy Journal. Vol. 14, (2), 2014, pp.127-162spa
dc.relation.isversionofhttp://www.degruyter.com/view/j/gej.2014.14.issue-2/gej-2013-0068/gej-2013-0068.xml
dc.relation.urihttp://www.degruyter.com/view/j/gej.2014.14.issue-2/gej-2013-0068/gej-2013-0068.xml
dc.rightsrestrictedAccesseng
dc.rightsCopyright © 2011–2015 by Walter de Gruyter GmbHspa
dc.rights.accessrightsinfo:eu-repo/semantics/restrictedAccesseng
dc.rights.localAcceso restringidospa
dc.sourceGlobal Economy Journal. Vol. 14, (2), 2014, pp.127-162spa
dc.subject.keywordforeign investmenteng
dc.subject.keywordventure capital fundseng
dc.subject.keywordemerging marketseng
dc.subject.keywordinstitutionseng
dc.titleForeign Investment, Institutional Quality, Public Expenditure, and Activity of Venture Capital Funds in Emerging Market Countrieseng
dc.typearticleeng
dc.typeinfo:eu-repo/semantics/articleeng
dc.typeinfo:eu-repo/semantics/publishedVersioneng
dc.type.hasVersionpublishedVersioneng
dc.type.localArtículospa

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