Determinants of Cross-Border Venture Capital Investments in Emerging and Developed Economies: The Effects of Relational and Institutional Trust

Hain, Daniel S.; Johan, Sofia; Wang, Daojuan

doi:10.1007/s10551-015-2772-4

Cited by 96 publications

(97 citation statements)

References 128 publications

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“…Given that there is no single measure of 'cultural' similarities/differences we first proxy such differences using data from the World Value Survey as used by Ahern et al (2015), and secondly we use the commonly used Hofsted cultural indices (Datta and Puia, 2015;and Hain et al, 2015). In both analyses we find that our previously discussed results are robust to the inclusion of the additional controls.…”

Section: 3common Auditors In Cross-country Deals and Cultural Diffmentioning

confidence: 89%

Common auditors and cross-country M&A transactions

Chircop

Johan

Tarsalewska

2018

Journal of International Financial Markets, Institutions and Mo

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Using a comprehensive sample of cross-country mergers and acquisitions for the period 2000 to 2014 we examine the effect of common auditors on the efficiency of cross-country M&A transactions. We predict that the use of common auditors reduces uncertainty, resulting in higher M&A efficiency. We find that this common-auditor effect results in a positive market reaction to the M&A announcement, lower premium and greater increase in return on assets following the M&A transaction. Further, we find that these effects are more pronounced the greater the M&A transaction uncertainty and when the accounting standards of the transacting parties differ.

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Section: 3common Auditors In Cross-country Deals and Cultural Diffmentioning

confidence: 89%

Common auditors and cross-country M&A transactions

Chircop

Johan

Tarsalewska

2018

Journal of International Financial Markets, Institutions and Mo

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“…Organization studies believed trust as an attribute for collective action to achieve organization goal (Misztal 1996). Trust mollifies the adverse effects of the cultural differences and expedites institutional trust in developing economies (Hain et al 2015). Trust has been discussed from the standpoint of human group performance, i.e.…”

Section: Introductionmentioning

confidence: 99%

Trust, Social Capital, and Intermediation Roles in Microfinance and Microenterprise Development

Panda

2016

Voluntas

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This study examines the role of trust and intermediation functions in microfinance and microenterprise development. Fifteen Self-help Groups (SHGs) were selected from three different locations in India for Focus Group Discussions (FGDs) and in-depth personal discussions. The peer trust was found higher than the intermediation trust during the microfinance group formation as well as group operations. The level of intermediation trust was higher than the peer trust during microenterprise development. The entry level trust was cognitive in nature, and transformed to 'affective peer trust' and 'affective intermediation trust' at the operational level. Trust was found to be the causality of social capital in SHGs. Intermediation trust was higher for early adopters of entrepreneurship than that of the late adopters. In case of microentrepreneur, the cognitive intermediation trust was transformed to affective intermediation trust with the passage of time.Résumé Cette étude examine le rôle de la confiance et des fonctions d'intermédiation dans le développement du microfinancement et des microentreprises. Quinze groupes d'entraide ont été sélectionnés dans trois endroits différents d'Inde pour des discussions de groupe ciblées et des discussions personnelles approfondies. Il a été constaté que la confiance entre homologues était supérieure à la confiance d'intermédiation au cours de la formation du groupe de microfinance et les opérations de groupe. Le niveau de la confiance d'intermédiation était supérieur à la confiance entre homologues au cours du développement des microentreprises. La confiance de départ était de nature cognitive et était transformée en « confiance affective entre homologues » et en « confiance d'intermédiation affective » au niveau opérationnel. Il a été constaté que la confiance était la causalité du capital social dans les groupes d'entraide. La confiance d'intermédiation était supérieure pour les adopteurs précoces de l'entrepreneuriat à celle des adopteurs tardifs. Dans le cas du microentrepreneur, la confiance d'intermédiation cognitive était transformée en confiance d'intermédiation affective avec le temps.Zusammenfassung Diese Studie untersucht die Rolle von Vertrauens-und Vermittlungsfunktionen bei der Entwicklung der Mikrofinanzierung und von Mikrounternehmen. Es wurden 15 Selbsthilfegruppen aus drei verschiedenen Orten in Indien für Fokusgruppendiskussionen und ausführliche persönliche Gespräche ausgewählt. Man stellte fest, dass das Peer-Vertrauen bei der Gründung der Mikrofinanzgruppe sowie den Gruppentätigkeiten größer war als das Vermittlungsvertrauen. Während der Entwicklung des Mikrounternehmens war das Vermittlungsvertrauen größer als das Peer-Vertrauen. Das Vertrauen auf der Einstiegsstufe war kognitiver Art und wandelte sich auf der betrieblichen Ebene in ,,affektives Peer-Vertrauen''und ,,affektives Vermittlungsvertrauen''. In den Selbsthilfegruppen erwies sich das Vertrauen als die Kausalität des sozialen Kapitals. Das Vermittlungsvertrauen war bei frühen Teilnehmern der Unterneh...

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“…Uncertainty avoidance was also found by Hain et al . () as a relevant determinant of cross‐border VC investments. Similar conclusions are reached by Aggarwal and Goodell () and Cumming et al .…”

Section: Formal and Informal Institutions As Determinants Of Vcmentioning

confidence: 99%

“…See other examples that control for the legal environment: Hain et al . (); Jeng and Wells (); Leleux and Surlemont ().…”

mentioning

confidence: 99%

Institutional Determinants of Venture Capital Activity: An Empirically Driven Literature Review and a Research Agenda

Grilli

Latifi

Mrkajic

2019

Journal of Economic Surveys

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Venture Capital (VC) was born and has flourished in the United States, yet it has only modestly developed in other geographical areas. A vast body of research has been carried out to investigate the factors which are conducive to VC activity, and that may better explain the differences in the degree of development and performance of VC industry across different geographical contexts. However, there has only been a limited effort in the literature to systematize what we know (and what we do not know) about the institutional factors that spur VC activity. This paper tries to close that gap, through a systematic survey of the existing literature on the institutional and related determinants of VC activity. Grounding on the seminal work of North (1990), we consider formal (e.g. laws and formal rules) and informal (e.g. cultural norms and tacit codes of behaviour) institutions which are found in the extant empirical economics and management literature to affect the development of the VC industry. Building on this careful review, our paper aims to propose interesting avenues for future research in this domain.

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Determinants of Cross-Border Venture Capital Investments in Emerging and Developed Economies: The Effects of Relational and Institutional Trust

Cited by 96 publications

References 128 publications

Common auditors and cross-country M&A transactions

Common auditors and cross-country M&A transactions

Trust, Social Capital, and Intermediation Roles in Microfinance and Microenterprise Development

Institutional Determinants of Venture Capital Activity: An Empirically Driven Literature Review and a Research Agenda

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