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Small Business Economics

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04.09.2021

COVID-19 and the global venture capital landscape

verfasst von: Cristiano Bellavitis, Christian Fisch, Rod B. McNaughton

Erschienen in: Small Business Economics | Ausgabe 3/2022

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Abstract

We assess the effect of the COVID-19 pandemic on venture capital (VC) investments, documenting a significant decline in investments using a dataset of 39,527 funding rounds occurring before and during the pandemic in 130 countries. In line with our theoretical considerations, we show that this decline is more pronounced for investments characterized by higher uncertainty, namely investments in seed-stage ventures, industries affected more heavily by the COVID-19 crisis, international investments, and non-syndicated investments. Investor prominence partially moderates these effects.

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Our main models only include data from 2020. This period includes 7045 funding rounds. We include 2019 data in our robustness tests. Further, the number of observations may vary in different models due to missing observations related to certain variables.

For more information, see https://coronavirus.jhu.edu. Last accessed in September 2020.

For more information, see https://www.bsg.ox.ac.uk/research/research-projects/coronavirus-government-response-tracker.

For more information, see https://www.google.com/covid19/mobility/.

For more details on the classification of each funding round see here: https://support.crunchbase.com/hc/en-us/articles/115010458467-Glossary-of-Funding-Types.

However, when we use the industry of the venture as control, we include two separate dummy variables to isolate their respective impact. The first variable takes a value of 1 if the venture is in the biotech industries, and 0 otherwise. The second variable takes value of 1 if the venture is in the travel industries, and 0 otherwise.

We report the coding used by the Coronavirus Government Response Tracker (e.g. E1, H1) to facilitate replication studies.

For details on each component see: https://github.com/OxCGRT/covid-policy-tracker/blob/master/documentation/codebook.md#economic-policies.

We report the coding used by the Coronavirus Government Response Tracker (e.g. E1, H1) to facilitate replication studies.

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Titel: COVID-19 and the global venture capital landscape
verfasst von: Cristiano Bellavitis
Christian Fisch
Rod B. McNaughton
Publikationsdatum: 04.09.2021
Verlag: Springer US
Erschienen in: Small Business Economics / Ausgabe 3/2022
Print ISSN: 0921-898X
Elektronische ISSN: 1573-0913
DOI: https://doi.org/10.1007/s11187-021-00547-9

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