How do economic crises impact venture capital activity in European countries?

: an empirical analysis

Abstract

This thesis analyzes the impact of an Economic Crisis on Venture Capital Activity. For the analysis, a panel data was created with information on 20 European countries for the period between 2006 and 2012. Crisis was not found to significantly impact VC Activity (Investment or Fund Raising Levels). However, when accounting for the different Stages of Investment considered – Seed, Start-up and Later Stage – results were different. While Investments in Seed and Start-up Stages proved not to be significantly impacted by the Crisis variable, Later Stage was found to be. These results follow in line with the previous research done on the subject. Furthermore, the results yielded for the same test but using Fund Raising Levels proved to be insignificant for all stages assumed. Possible causes for the main results are theorized in this thesis.

Date of Award	19 Oct 2016
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Alberta Di Giuli (Supervisor)