The purpose of this research is to disentangle the complex causal patterns of factors for explaining venture capital activity. Based on data from 62 countries, this study analyzes net and combinatory effects of three major sets of antecedent conditions of venture capital activity. Findings inform managers and policy makers.

• Uwe Messer(University of Bamberg, Germany)
• Alexander Leischnig(University of Bamberg, Germany)
• Sabrina Thornton(University of Huddersfield, United Kingdom)