RT Journal Article SR Electronic T1 Impacts of Institutions on Venture Capital Investment Activities: Evidence from China, India, Japan, and Hong Kong JF The Journal of Investing FD Institutional Investor Journals SP 39 OP 52 DO 10.3905/joi.2013.22.3.039 VO 22 IS 3 A1 Anson Wong Lai Kuen YR 2013 UL https://pm-research.com/content/22/3/39.abstract AB The study is to investigate the importance of institutional forces to shape the venture capitalists’ (VC) investment activities of VC firms in China, India, Japan and Hong Kong and has reached a few of interesting findings. Firstly, in China and India, the venture capital funding is focused on early-stage ventures and the government support is an important factor that results in high number of VC deals at early stage in both China and India even though their legal systems to protect investors are not strong. Secondly, in Japan and Hong Kong, most VC funding is provided at expansionary and later stages of development of ventures because of their well-established stock market. Thirdly, availability of government financial incentives for establishment of high-tech ventures is not the most critical driver to increase the possibility of young ventures getting VC funding. Finally, the article discovers a substitution effect of social networks and legal systems in Asian venture capital markets. Entrepreneurs with good social networks with venture capitalist are highly likely to get venture capital financing to support their businesses, as the relationship is one of the most important selection criteria to investment decisions.TOPICS: Real assets/alternative investments/private equity, emerging