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EN
This paper deals with private equity determinants within the European Union, based on data covering 11 years and 20 countries. We investigate driving forces of private equity activity in terms of the level of country maturity. The cluster analysis using Ward’s method is performed suggesting three different clusters of countries with similar properties, to provide better country assessment than geographical distribution. We use panel data techniques to study 26 possible determinants of private equity activity. The study reveals the macroeconomic factors, labour market, and business environment have a significant impact on investment activity in countries, but the expected positive effect of the stock market was not confirmed. Furthermore, the differences between private equity determinants in individual clusters have been observed. While the positive impact of innovation prevails in the more developed countries, there is also a negative effect of the interest rate. The less developed countries tend to be more endangered by the crowding-out effect of government expenditures and strong property rights protection rather than socio-political stability and tax burden.
EN
The paper deals with the findings of a survey conducted in the Czech private equity and venture capital market. The major issue considered by the project included: How the venture capital investors can contribute to the success of investee companies in ways other than financing, i.e. via non-financial value-added inputs? The nature of this study is explorative. It relies on primary data that were collected using semi-structured questionnaires. The questionnaire-collected data was treated by descriptive statistical methods reflecting its nature and quantity and by content analysis. This empirical survey has been the first descriptive analyses of non-financial value-added inputs in the Czech venture capital market.
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