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Venture capital and the innovative power of a state : econometric study including Google data

  • This article focuses on venture capital investments and the innovative power of a state defined by its public infrastructure. The economic implications are evaluated by estimating several panel regression models. The novelty is twofold: on the one hand the research approach and on the other hand the new data set. The data ranges from 1995 to 2014 and consists of 10 European countries plus the US and Canada. For the first time we include Google search data on Venture Capital. The results show a significant increase in Venture Capital is mainly determined by economic conditions such as real GDP growth. The impact of the innovative power of a state is not significant. We find that Google data is positively related and significant in respect to Venture Capital investments too. Consequently, we confirm that private business investments cannot be created by government policy alone rather via solid macroeconomic conditions.

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Author of HS ReutlingenHerzog, Bodo
Erschienen in:Journal of statistical and econometric methods
Place of publication:London
Document Type:Journal article
Publication year:2015
Tag:Google data; innovation power of states; panel regression; venture capital
Page Number:17
First Page:47
Last Page:63
DDC classes:330 Wirtschaft
Open access?:Ja
Licence (German):License Logo  Open Access