Abstract
Jeng and Wells (2000) initialized the examination of venture capital (VC) determinants across countries. Meanwhile, we enlarge their scope using aggregated VC funding in 118 countries, 78 being considered emerging markets, using panel data from 2000 to 2013. We show that M&A activity, legal rights and investor protection, innovation, IP protection, corruption and also corporate taxes and unemployment have impact. We reveal the economic magnitude and direction of impact of the determinants to be different for the two country categories for several parameters, enhancing previous research by emphasizing that VC investment drivers can be different for developed and developing countries.