Prior research suggests that market-supporting institutions are attractive to international venture capital (IVC), yet paradoxically VC firms increasingly invest in countries characterized by institutional weaknesses. In this study, we explore the institutional contexts that make countries attractive to IVC investment and favorable to IVC performance, thus illuminating the implied risk-reward tradeoffs in IVC firm location choice and ability to navigate institutional weaknesses. Utilizing fuzzy-set Qualitative Comparative Analysis (fsQCA), we find four distinct configurations of institutions associated with IVC attractiveness. Each configuration allows for some institutional weaknesses, enabling us to elaborate theory on institutional complementarities and substitutions that drive IVC investment. Further, we find that IVC firms have performed well even in countries with pervasive institutional weaknesses, suggesting that IVC firms may uniquely contribute to the success of new ventures in such institutional contexts. We discuss implications for theory and offer policy and managerial recommendations particularly relevant to IVC activity in the Asia-Pacific region.

中文翻译：

---

国际风险投资吸引力和绩效的新配置制度分析：对亚太地区的见解

先前的研究表明，市场支持机构对国际风​​险投资 (IVC) 具有吸引力，但矛盾的是，风险投资公司越来越多地投资于制度薄弱的国家。在本研究中，我们探讨了使国家对 IVC 投资具有吸引力并有利于 IVC 绩效的制度背景，从而阐明了 IVC 公司选址中隐含的风险回报权衡以及应对制度弱点的能力。利用模糊集定性比较分析 (fsQCA)，我们发现了与 IVC 吸引力相关的四种不同的机构配置。每种配置都允许存在一些制度弱点，使我们能够详细阐述推动 IVC 投资的制度互补性和替代性理论。更多，我们发现，即使在普遍存在制度弱点的国家，IVC 公司也表现良好，这表明 IVC 公司可能会在这种制度环境中为新企业的成功做出独特的贡献。我们讨论对理论的影响，并提供与亚太地区 IVC 活动特别相关的政策和管理建议。