The Impact of Venture Capital and Private Equity Investments on Innovation in Chosen States in Central-Eastern Europe

Authors

  • Grzegorz Banaś Uniwersytet Ekonomiczny w Krakowie, Studia Doktoranckie Wydziału Ekonomii i Stosunków Międzynarodowych
  • Rafał Bill Uniwersytet Ekonomiczny w Krakowie, Studia Doktoranckie Wydziału Ekonomii i Stosunków Międzynarodowych

DOI:

https://doi.org/10.15678/krem.795

Keywords:

private equity, innovativeness, Central-Eastern Europe, venture capital, innovations, investments, Global Innovation Index, series A

Abstract

The article looks at the level of innovation as measured by the Global Innovation Index and the level of investment through venture capital (VC) and private equity (PE) in Poland, Romania, Bulgaria, Hungary and Czech Republic. To measure the performance of innovation, data was taken from Global Innovation Index reports published by INSEAD; VC and PE were estimated using the accounts of European Private Equity and Venture Capital Association. The research verifies the argument that PE and VC investments have an impact on state innovation if the level of those investments is above the average of other contributors. We tested the correlation for the years 2009-2011, which are considered the peak of the economic crisis.

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References

Eurostat [2011], Dane statystyczne, http://ec.europa.eu/eurostat (dostęp: 25.11.2011).

EVCA [2010], Central and Eastern Europe Statistics 2009, http://www.evca.com (dostęp: 25.11.2011).

EVCA [2011], Central and Eastern Europe Statistics 2010, http://www.evca.com (dostęp: 25.11.2011).

INSEAD [2009], Global Innovation Index 2008-2009, http://www.globalinnovationindex.org/gii/main/previous/2008-09/FullReport_08-09.pdf (dostęp: 25.11.2011).

INSEAD [2010], Global Innovation Index 2009-2010, http://www.globalinnovationindex.org/gii/main/previous/2009-10/FullReport_09-10.pdf (dostęp: 25.11.2011).

INSEAD [2011], Global Innovation Index 2011, http://www.globalinnovationindex.org/gii/main/fullreport/index.html (dostęp: 25.11.2011).

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Published

2015-12-20

Issue

Section

Articles

How to Cite

Banaś, G., & Bill, R. (2015). The Impact of Venture Capital and Private Equity Investments on Innovation in Chosen States in Central-Eastern Europe. Krakow Review of Economics and Management Zeszyty Naukowe Uniwersytetu Ekonomicznego W Krakowie, 907, 5-17. https://doi.org/10.15678/krem.795