Individualism and Venture Capital: A Cross-Country Study

We investigate the effect of individualism—a dimension of culture that is strongly associated with entrepreneurship—on venture-capital investments using a large cross-country sample. Our sample consists of 1496 country-year observations and includes 88 countries from 1998 to 2014. Controlling for economic conditions, the legal environment, and different aspects of culture, we find that individualism is positively and significantly related to...