The influence of institutional environment on venture capital development in emerging economies: the example of Nigeria
Ekanem, Ignatius U. 
ORCID: https://orcid.org/0000-0001-5678-3954, Owen, Robyn ORCID: https://orcid.org/0000-0003-4241-3367 and Cardoso, Antonio
(2019)
The influence of institutional environment on venture capital development in emerging economies: the example of Nigeria.
Strategic Change, 28
(1)
.
pp. 95-107.
ISSN 1086-1718
[Article]
(doi:10.1002/jsc.2249)
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Abstract
The aim of the study is to investigate the development of venture capital (VC) in an emerging economy lacking the fully-developed legal and financial institutions necessary to support private-equity financing. This study, undertaken in Nigeria, included extended interviews with venture capitalists (VCs), entrepreneurs who were able to secure VC funding and those who were not, a government minister and their key policy staff. The findings suggest that VCs require stable trusted institutional frameworks, regulations and tax regimes, alongside clear exit strategies. They also suggest that informal institution such as networking is important for VC development. These findings have major implications for VC policy and for the development of technology-based industrial start-ups. The paper contributes to the literature on the impact of institutions on VC development processes in emerging economies.
| Item Type: | Article |
|---|---|
| Additional Information: | Special Issue: Blockchain and Other Innovations in Entrepreneurial Finance: Implications for Future Policy |
| Research Areas: | A. > Business School |
| Item ID: | 25721 |
| Notes on copyright: | This is the peer reviewed version of the following article: Ekanem I, Owen R, Cardoso A. The influence of institutional environment on venture capital development in emerging economies: The example of Nigeria. Strategic Change. 2019;28:95–107, which has been published in final form at https://doi.org/10.1002/jsc.2249. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving. |
| Useful Links: | |
| Depositing User: | Ignatius Ekanem |
| Date Deposited: | 27 Nov 2018 17:57 |
| Last Modified: | 29 Nov 2022 19:20 |
| URI: | https://eprints.mdx.ac.uk/id/eprint/25721 |
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