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The article examines the impact of information and communication technologies (ICT), innovation, and formal and informal institutions on venture capital (VC) investment. The analysis is based on 28-year data spanning 1990-2017 from 19 European and 13 Asia-Pacific countries using generalized two-stage least square instrumental variable technique. After controlling for endogeneity, the results show that ICT, innovation, and informal institutions hold a strong impact on VC investment. ICT and innovation exert a positive and significant influence on VC investment whereas formal institutions exert a positive yet insignificant effect on VC investment. Among the informal institutions, power distance and individualism exert significant and positive influence whereas uncertainty avoidance has significant and negative influence on VC investment. The interaction analysis demonstrates that the association between ICT and VC is strong when institutional quality is high. Moreover, the impact of innovation on VC is pronounced in highly digitized and highly uncertainty-tolerant environments. Explanation of VC capital investment also vary with geography as the effects of trend, ICT and uncertainty avoidance on VC investment are noticeable in the Asia-Pacific region whereas power distance is prominent in the European region. The article makes important contributions to the literature of VC by revealing novel interactions between formal and informal institutions, ICT and innovation depicted in a conceptual model. The study also brings in important highlights to the policy debate on VC development by showing how exactly VC investments are tangled with the different dimensions of institutional and technological environment.

This paper proposes a Cooperative-Relay Neighboring-Based Energy-Efficient Routing (CR-NBEER) protocol with advanced relay optimization for MUSN. The utilization of the relay nodes, among all other sensor nodes, makes it possible to achieve node-to-node deployment. The proposed method focuses only on cooperation and relay optimization schemes. Both schemes have previously been implemented, and thus the proposed method represents the extended version of the Neighboring-Based Energy-Efficient Routing (NBEER) protocol. Path loss, end-to-end delay, packet delivery ratio, and energy consumption parameters were considered as part of the performance evaluation. The average performance was revealed based on simulations, where the overall average EED of Co-UWSN was measured to be 35.5 ms, CEER was measured to be 26.7 ms, NBEER was measured to be 27.6 ms, and CR-NBEER was measured to be 19.3 ms. Similarly, the overall EC of Co-UWSN was measured to be 10.759 j, CEER was measured to be 8.694 j, NBEER was measured to be 8.309 j, and CR-NBEER was measured to be 7.644 j. The overall average PDR of Co-UWSN was calculated to be 79.227%, CEER was calculated to be 66.73.464%, NBEER was calculated to be 85.82%, and CR-NBEER was calculated to be 94.831%. The overall average PL of Co-UWSN was calculated at 137.5 dB, CEER was calculated at 230 dB, NBEER was calculated at 173.8 dB, and CR-NBEER was calculated at 79.9 dB. Based on the simulations and evaluations, it was observed that the cooperation and relay optimization scheme outperformed previous schemes.