The influence of national culture on venture capital activity

dc.contributorAalto Universityen
dc.contributorAalto-yliopistofi
dc.contributor.advisorSpickers, Theresa
dc.contributor.authorSarajuuri, Tea
dc.contributor.departmentRahoituksen laitosfi
dc.contributor.schoolKauppakorkeakoulufi
dc.contributor.schoolSchool of Businessen
dc.date.accessioned2019-02-17T17:06:33Z
dc.date.available2019-02-17T17:06:33Z
dc.date.issued2018
dc.description.abstractThis study provides new evidence on the impact of national culture on venture capital activity. The previous literature examining the relationship between national culture and domestic VC activity is very limited. However, national culture has been found to influence economic and management behaviors (Hofstede, 1980, 2001). Therefore, it is presumable, that culture influences the two major determinants of venture capital activity; entrepreneurial activity and access to venture capital financing. I examine the effect of Hofstede’s six cultural dimensions, power distance, individualism, masculinity, uncertainty avoidance, long-term orientation and indulgence. I find that feminine culture is associated with higher level of VC activity. Consistent with Li and Zahra (2012) I also find, that uncertainty avoidance and collectivism are negatively associated with VC activity. Furthermore, I build a framework (Figure 9) through which further research could be executed by exploiting the framework and path analysis technique.fi
dc.format.extent25 + 2
dc.format.mimetypeapplication/pdfen
dc.identifier.urihttps://aaltodoc.aalto.fi/handle/123456789/36524
dc.identifier.urnURN:NBN:fi:aalto-201902171686
dc.language.isofien
dc.programmeRahoitusen
dc.subject.keywordculturefi
dc.subject.keywordventure capitalfi
dc.subject.keywordcapitalfi
dc.subject.keywordnationalfi
dc.subject.keywordculturalfi
dc.subject.keyworddimensionsfi
dc.subject.keywordinvestmentfi
dc.subject.keywordcomparativefi
dc.titleThe influence of national culture on venture capital activityfi
dc.titleA comparative analysis of 67 countries and six cultural dimensions
dc.typeG1 Kandidaatintyöfi
dc.type.ontasotBachelor's thesisen
dc.type.ontasotKandidaatintyöfi
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