Formal institutions, culture, and venture capital activity: A cross-country analysis

By Yong Li, Shaker A. Zahra. 2012

461 citations recorded by the source corpus.

Subfields: Accounting, Management of Technology and Innovation

View Paper: https://www.semanticscholar.org/paper/81920d52c4dd2fc779270a2a7e82065dc8ec1e78

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In Management of Technology and Innovation

Citations in the corpus

Equity Crowdfunding and Governance: Toward an Integrative Model and Research Agenda (2019, unknown): “Ultimately, formal institutions and informal national cultural constraints can even influence the development of venture capital markets as a whole (Li and Zahra, 2012). related to equity crowdfunding markets, especially the laws that regulate access to equity crowdfunding for firms and…”
Uncertainty, Knowledge Problems, and Entrepreneurial Action (2018, background): “When uncertainty is objective and exogenous, uncertainty avoidance reduces the aggregate rate of startup activity and funding patterns across different institutional environments (Li & Zahra, 2012).”
Effects of culture on firm risk-taking: a cross-country and cross-industry analysis (2012, unknown): “2011) or through GLS methods (Li and Zahra 2012), we make full use of a more recently developed modeling technique, hierarchical linear mixed models (HLM), which can process multilevel data where observations are not independent.”
National Culture and Corporate Cash Holdings around the World (2015, background): “For instance, Li and Zahra (2012) state that low uncertaintyavoidance managers are comfortable with the unpredictability and ambiguity inherent in innovative projects whereas high uncertainty-avoidance managers are anxious in the presence of uncertainty and thus will avoid innovative projects or…”
Entrepreneurs for a low carbon world: How environmental knowledge and policy shape the creation and financing of green start-ups (2020, unknown): “The recent literature on venture capital investing suggests that formal institutions are an important determinant of the variation of VC financing across countries and regions, but moderated by the cultural setting (Jeng and Wells, 2000; Li and Zahra, 2012).”
A Review and Road Map of Entrepreneurial Equity Financing Research: Venture Capital, Corporate Venture Capital, Angel Investment, Crowdfunding, and Accelerators (2017, background): “…utilize contractual covenants to try to control behaviors (Bengtsson, 2011); still, the enforceability of these contracts is contingent upon either the investor’s reprisal abilities (Lu, Hwang, & Wang, 2006) or the institutional environment in which the investor is operating (Li & Zahra, 2012).”
The formation and interplay of social capital in crowdfunded social ventures (2014, background): “The empirical differences in reception, however, are not based upon geography but based upon the values inferred from public discourse in media (Li and Zahra 2012).”
Formal Institutions and Opportunity Entrepreneurship. The Contingent Role of Informal Institutions (2019, background): “As a consequence, more developed formal institutions promote, for example, the investment of venture capital (Sobel, 2008; Li and Zahra, 2012), an especially relevant alternative for financing projects in contexts of high uncertainty but high potential growth (Bowen and De Clercq, 2008).”
Social trust and angel investors' decisions: a multilevel analysis across nations (2015, background): “To conclude, institutions are found to intersect with entrepreneurship in informal investment in addition to venture capital (Li and Zahra, 2012).”
How Does Culture Influence Corporate Risk-Taking? (2012, unknown): “By contrast, collectivist societies emphasize strong informal ties among in-groups and rely on informal networks and relationships rather than formal institutions to protect against opportunism (Li and Zahra (2012)).”