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Determinants of Venture Capital in Africa: Cross Section Evidence

Determinants of Venture Capital in Africa: Cross Section Evidence

Paper No. RP_237 | By Jonathan Adongo |  August 2011 | English
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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