Academic journal article Journal of Economics, Finance and Administrative Science

A Bibliometric Analysis of Venture Capital Research

Academic journal article Journal of Economics, Finance and Administrative Science

A Bibliometric Analysis of Venture Capital Research

Article excerpt


There are different instruments, both public and private, which support the development and growth of new enterprises through the provision of financial resources. Venture capital (VC) is included among these instruments, which not only provides financial support for business growth but also offers business expertise, customer networks and good management practices (Gompers and Lerner, 2006; Gompers et al., 2008; Dushnitsky and Lenox, 2006; Hochberg et al., 2010). According to Cornelius and Persson (2006), venture capitalists are financial intermediaries who collect excess capital from those who have it and provide it to those who require it for the development of a business venture. Although a considerable amount of literature has been published on specific topics about VC in the past ten years (Jaaskelainen, 2012), there are few studies that have analyzed VC research from a bibliometric analysis perspective (Cornelius and Persson, 2006). In this decade, there are no new papers that present the evolution of VC research. This is the aim of our paper.

This work found a practical way to analyze VC research over a period of 25 years by using bibliometric indicators. Bibliometrics is the field that quantitatively studies bibliographic material (Broadus, 1987). Bibliometric studies are becoming very popular in the scientific literature, strongly motivated by the access to bibliographic information. Many authors have developed bibliometric analysis in a wide range of fields including management (Podsakoff et al., 2008), economics (Coupe, 2003), entrepreneurship (Landstrom et al., 2012), accounting (Merigo and Yang, 2016), pricing research (Leone et al., 2012), health economics (Wagstaff and Culyer, 2012) and innovation (Merigo et al., 2016).

In general, VC research has grown considerably compared to other disciplines. The citation structure identifies the citation level that this field has obtained, being able to see the location of the most cited papers over the past 25 years. Additionally, it shows the number of papers with lower levels of citations including those that have not received any citations yet. The article also develops a journal analysis identifying the leading ones in the field. In particular, this work describes that there are certain specialized journals that publish more in VC research with respect to other journals, for example, Journal of Business Venturing, Entrepreneurship Theory and Practice and Small Business Economics. It also highlights other journals for having a high number of citations, even if they publish a large number of articles in VC research, such as the Journal of Finance, Journal of Financial Economics, Research Policy, Strategic Management Journal, Academy of Management Journal, Administrative Science Quarterly, among others. Moreover, a temporal analysis is developed to see which journals have been the most influential ones throughout time.

This paper continues as follows: Section 2 develops the literature review regarding VC research. Section 3 describes the research method by describing the bibliometric study and its cluster analysis. Section 4 presents the results of our bibliometric analysis. Finally, Section 5 offers a discussion with concluding remarks.

Literature review

Gompers and Lerner (2006) define VC as the process which starts with raising a venture fund; proceeds with investing in, monitoring and adding value to firms; continues as the venture capitalist exits successful deals and returns capital to their investors; and renews itself with the venture capitalist raising additional funds. Hence, VC research explores several processes, which involve the pre-investment phase of VC, the management of VC and the exit strategies of VC. In the pre-investment phase, VC research explores how changes in public market signals affected VC (Gompers et al., 2008) or the conditions to facilitate the creation of greater firm value after receiving VC (Dushnitsky and Lenox, 2006). …

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