PT - JOURNAL ARTICLE AU - Hisanori Fujiwara TI - What Shapes Venture Capital Firms’ Expansion across the Globe? <em>Country-Specific Factors and Firm-Specific Factors</em> AID - 10.3905/jpe.2013.17.1.007 DP - 2013 Nov 30 TA - The Journal of Private Equity PG - 7--13 VI - 17 IP - 1 4099 - https://pm-research.com/content/17/1/7.short 4100 - https://pm-research.com/content/17/1/7.full AB - “Globalization” has recently been a prominent theme in the venture capital (VC) industry. According to the Deloitte Touche Tohmatsu 2009 Global Venture Capital Survey, 52% of VCs already invest outside their home countries (Madhavan and Iriyama [2012]). Once exclusive to OECD countries, cross-border VC investment opportunities are now emerging in countries such as China and India (Saxsenian [2006]). Originally, this trend was promoted by Western venture capitalists. For example, Kleiner Perkins Caufield &amp; Byers (KPCB), one of the top-tier venture capital firms in Silicon Valley, has operated satellite offices in Beijing and Shanghai since 2007.TOPICS: Private equity, statistical methods, global, portfolio construction