TY - JOUR T1 - What Shapes Venture Capital Firms’ Expansion across the Globe? <em>Country-Specific Factors and Firm-Specific Factors</em> JF - The Journal of Private Equity SP - 7 LP - 13 DO - 10.3905/jpe.2013.17.1.007 VL - 17 IS - 1 AU - Hisanori Fujiwara Y1 - 2013/11/30 UR - https://pm-research.com/content/17/1/7.abstract N2 - “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 ER -