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 venture-capital investments and explains 30% of cross-country variation. This result is stable across different subsamples, several measures of venture-capital investments, and even holds when using the political system 200 years ago as an instrument for individualism. The quality of formal institutions (rule of law) and entrepreneurial attitudes (uncertainty avoidance) partially mediate the effect of individualism on venture-capital investments, while economic conditions (GDP per capita) moderate this effect.

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个人主义与风险投资：一项跨国研究

我们使用大量的跨国样本研究了个人主义（一种与企业家精神密切相关的文化维度）对风险投资的影响。我们的样本包含1496个国家/地区的年度观察数据，并包含1998年至2014年的88个国家/地区。从经济条件，法律环境和文化各个方面的控制出发，我们发现个人主义与风险资本投资之间存在正相关关系，并与之相关，并解释了30越野变化的百分比。这个结果在不同的子样本，风险投资的几种衡量标准中都是稳定的，甚至在200年前使用政治制度作为个人主义工具时也成立。