Venturing Abroad: The liability of foreignness on European venture capital investment returns
This study aims to investigate whether cultural, institutional, and geographic distances between European lead investors and startups affect returns to Venture Capital (VC) investments. A cross-sectional analysis of 332 European VC investments initiated in 2015 and 2016 within the European Union (EU), European Economic Area (EEA) and European Free Trade Association (EFTA) was conducted. Four diffe
