We compare sources of funds and investment activities of venture capital (VC) funds in Germany, Israel, Japan and the UK using a newly constructed data set. The data provide a rare opportunity to evaluate relations between funds' sources of finance and activities. We find that sources of VC...

The paper examines interrelations between corporate governance, competition and performance. Traditional theories emphasise the importance of managerial incentives and disciplining in corporate governance, and how institutional arrangements affect financing. The paper argues that ownership and...