Institucijų sistemos poveikio rizikos kapitalo investicijoms vertinimo modelis
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This dissertation is an attempt to provide answers to the following questions: what system of institutions exerts an influence upon the venture capital investments and in what ways it influences these investments. The fact that the development level of institutions conditions venture capital investments has been substantiated theoretically. Respectively, it has been proven that institutions conditioning venture capital investments exist in the system and affect each other reaching a certain consistency in terms of connectivity and integration. Evaluation model of the impact of the system of institutions on venture capital investments has been formed and tested empirically. The evaluation model defines the system of institutions conditioning venture capital investments comprising the following different institutional levels: social embeddedness, institutional environment, management and resource allocation. Different institutions operate in each of these levels. They impact venture capital investments, also, higher level institutions condition lower level institutions. The impact of the system of institutions on venture capital investments in EU country groups of different institutional development level were evaluated and compared. Methodology for the assessment of indicators evaluating the quality of system of institutions and the impact thereof on venture capital investments has been developed. It allows investigating the quality of the system of institutions conditioning venture capital investments.