Key determinants of venture capital dynamics.

Summary This thesis focuses on the fundamental determinants of venture capital dynamism. The main objective of our research is to identify the factors that led to the phenomenal development of this activity in the United States and that could explain the delay of Europe in venture capital. Several conclusions can be drawn from this work. On the one hand, the existence of a national financial market dedicated to technology stocks cannot be considered the main factor explaining the comparative advantage of the United States in terms of venture capital. On the other hand, demand and expected performance are the foundations and specificity of US venture capital. Their weakness in European countries may explain the latter's lag. We have also highlighted the importance of the scientific and technological environment for the dynamism of venture capital. On the one hand, this result may explain the lag of European countries, which suffer from insufficient R&D spending. On the other hand, it can explain the success of two venture capital models based on R&D strategy, namely Sweden and Israel.