Venture capital is assumed to play an important role for the commercialization of innovative ideas and the development of high-technology industries in a region. This paper deals with the regional distribution of venture capital and its explanation. Venture-backed firms are mostly located in...

The paper deals with the analysis of causal effects of venture capital finance for start-ups founded between 1991 and 1998 in Germany. The number of venture-backed firms is based on the identification of involvements of venture capitalists in firms. All venture capital companies are considered,...