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The role of culture as an informal institution in cross-border venture capital investment

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dc.contributor.authorMahn, Daniel
dc.contributor.authorPoblete, Carlos
dc.contributor.authorWang, Cong
dc.contributor.authorHeaton, Chris
dc.date.accessioned2025-03-05T20:38:20Z
dc.date.available2025-03-05T20:38:20Z
dc.date.issued2024
dc.description.abstractGrounded in Hofstede cultural dimensions theory, we examine how informal institutional factors shape cross-country venture capital (VC) flows. Separating VC activity into flows, our method studies how an increment in inflows supports ventures, and an increment in outflows more investing activity. Results suggest that (1) uncertainty avoidance negatively affects investors and ventures (the last with a larger effect), (2) individualistic attitudes equally support both investors and ventures, and (3) a higher level of power distance contributes to a larger private investors sector, an effect that is greater under strong for mal institutions (FIs). Effects of masculinity, long-term orientation, and indulgence are inconclusive. Results are robust to various specifications, use of instruments, and endogeneity treatments. The implication is that the optimal characteristics of informal institutions for fostering VC activity differ depending on the level of FIs, as both institutions interact to affect both investors and ventures.
dc.description.versionVersión publicada
dc.format.extent18 p.
dc.identifier.citationMahn, D., Poblete, C., Wang, C., & Heaton, C. (2024). The role of culture as an informal institution in cross-border venture capital investments. Journal of Institutional Economics, 20, e42. doi:10.1017/S174417424000171
dc.identifier.doihttps://doi.org/10.1017/S1744137424000171
dc.identifier.urihttps://hdl.handle.net/11447/9898
dc.language.isoen
dc.subjectCulture
dc.subjectEntrepreneurship
dc.subjectHofstede
dc.subjectInstitutions
dc.subjectVenture capital
dc.titleThe role of culture as an informal institution in cross-border venture capital investment
dc.typeArticle
dcterms.accessRightsAcceso abierto
dcterms.sourceJournal of Institutional Economics
dspace.entity.typePublication
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relation.isAuthorOfPublicationeacc25e9-a10d-4fa4-a988-8da3113b8dac
relation.isAuthorOfPublication.latestForDiscovery740773e8-d160-4ceb-98c3-4a78464d04d3

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