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Title:Determinants of venture capital in Africa: cross section evidence
Author:Adongo, Jonathan
Year:2011
Issue:237
Pages:26
Language:English
Series:AERC research paper
City:Nairobi
Publisher:African Economic Research Consortium
ISBN:9789966023094
Geographic term:Africa
Subject:investment policy
Link:https://aercafrica.org/wp-content/uploads/2018/07/RP237.pdf
Abstract:This paper identifies the determinants of venture capital activity using a cross-sectional data set covering 36 African countries in a semi-logarithmic model. It finds that rule of law, R&D expenditure as a percentage of GDP and better information between investors and potential investees are positively and significantly related to venture capital activity in Africa. It also finds that capital gains tax rates are negatively and significantly related to venture capital activity on the continent.
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