Access to venture capital in Africa: the role of public institutions and corporate governance

Benali, Mimoun; Ghalfiki, Jawad El

doi:10.1504/ijbpm.2021.116418

Cited by 4 publications

(1 citation statement)

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“…In providing such insightful evidence, we perform a multi-faceted analysis, which enables us to disentangle and present the specific institutional variables that matter for development of venture capital market in the region. Second, we make a specific contribution to the study of Benali and Ghalfiki (2021). In particular, they employed a cross sectional regression and examined the roles of strength of auditing and accounting standards, trade freedom, business freedom, fiscal health, shareholder governance and judicial effectiveness on venture capital availability in 2019.…”

Section: Introductionmentioning

confidence: 99%

Institutions and venture capital market development in sub‐Saharan Africa

Boateng,

Owusu Junior,

Gatsi

et al. 2023

J of Intl Development

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We investigate the critical interplay between economic institutions and political institutions and assess their influence on venture capital market development in sub‐Saharan Africa (SSA). To address endogeneity concern in our model specification, the two‐step system generalised method of moments was employed on a sample of 34 SSA countries from 2007 to 2018. The findings reveal that strengthening disaggregated measures of economic institutions, comprising legal system and property rights, size of government, sound money, regulations, and freedom to trade internationally spur venture capital market development in SSA. Finally, the evidence indicates that political institutions condition the influence of economic institutions on venture capital market development. The implications for policy are further discussed.

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Section: Introductionmentioning

confidence: 99%