Publication

This paper analyzes the link between venture capitalists' sources of funds and the specialization pattern of venture capital investments in particular industries and stages of enterprises' development. Based on a panel data set of western European countries, the author shows that such a link exists. She argues that the specialization in the early stage of enterprises' development depends positively on the importance of pension funds and negatively on the importance of banks as sources of funds. Therefore she rejects the assumption that sources of funds and investment patterns are independent.