Venture capital: Analysis of its evolution and emerging research trends

Palabras clave: Venture capital, emerging trend, bibliometrics analysis, financing business projects


Venture capital funds are crucial since they are a financing alternative for generating new companies. They also represent a series of critical resources that allow them to maintain improved performance in the target industry. The objective of this study is to carry out a bibliometric analysis on venture capital, through articles published within the Web of Sciences platform with indexing in the Journal Citation Reports, which identifies 1,653 research papers between 1980 and 2020. The results show the behavior and evolution of this topic in recent years, where there is a clear growing trend in venture capital research, as well as an overview of the authors and the most cited articles, including the production in terms of institutions, countries, and an analysis of the most used keywords by researchers, which represent an important area of opportunity for future studies related to this topic.

Biografía del autor/a

Leonardo Reyes Ayala

Master of Business Administration. Professor-Researcher at the Universidad Autónoma de Tamaulipas. Email: ORCID:

José Melchor Medina-Quintero

Doctor in Business Information Systems. Professor-Researcher at the de la Universidad Autónoma de Tamaulipas. Email: ORCID:

Francisco Isaí Morales Sáenz

Master of Business Administration. Professor-Researcher at the Universidad Autónoma de Tamaulipas. Email: ORCID:

Fernando Ortiz Rodríguez

Doctor of Business Administration in Information Systems. Professor-Researcher at the Universidad Autónoma de Tamaulipas. Email: ORCID:


Brinlee, J.B., Franklin, G.M., Bell, J.R., & Bullock, C.A. (2004). Educating entrepreneurs on angel venture capital financing options. Journal of Business and Entrepreneurship, 16(2), 141-156

Cancino, C., Merigo, J., Torres, J., & Díaz, D. (2018). A bibliometric analysis of venture capital research. Journal of Economics, Finance and Administrative Science, 23(2), 182-195.

Chung, H.J., & Kang, M.Y. (2018). Assessing venture capital industry growth in Korea. Managerial Finance, 44(1), 74-85.

Cornelius, B., & Persson, O. (2006). Who’s who in venture capital research. Technovation, 142-150.

De Clercq, D., & Manigart, S. (2007). The Venture Capital Post-Inversmennt Phase: Opening the Black Box of Involvement. In: Landström, H., Handbook of Research on Venture Capital (pp. 193-218). Cheltenham: Edward Elgar.

Ellegaard, O., & Wallin, J.A. (2015). The bibliometric analysis of scholarly production: How great is the impact? Scientrometrics, 1809-1831.

Fathonih, A., Anggadwita, G., & Ibraimi, S. (2019). Sharia venture capital financing alternative of Muslim entrepreneurs: Opportunities, challenges, and future research directions. Journal of Enterprising Communities: People and Places in the Global Economy, 13(3), 332-352.

Gompers, P., & Lerner, J. (2001). The Money of Invention: How Venture Capital Creates New (1 ed.). Boston: Harvard Business Review Press

Gompers, P.A., & Lerner, J. (2004). The Venture Capital Cycle. MIT Press.

Hisrich, R., Petkovic, S., Ramadani, V., & Dana, L. (2016). Venture capital funds in transition countries: Insights from Bosnia and Herzegovina and Macedonia. Journal of Small Business and Enterprise Development, 23(2), 296-315.

Klonowki, D. (2006). Venture capital as a method of financing enterprise development in Central and Eastern Europe. International Journal of Emerging Markets, 1(2), 165-175.

Li, J., & Dutta, D.K. (2018). Founding team experience, industry context, and new venture creation. New England Journal of Entrepreneurship, 21(1), 2-21.

Sahlman, W.A. (1990). The structure and governance of venture-capital organizations. Journal of Financial Economics, 27(2), 473-521.

Sander, P., & Koomagi, M. (2007). Valuation of private companies by Estonian private equity and venture capitalists. Baltic Journal of Management, 2(1), 6-19.

Snyder, H. (2019). Literature review as a research methodology: An overview and guidelines. Journal of Business Research, 333-339.

Van Eck, N.J., & Waltman, L. (2010). Software survey: VOSviewer, a computer program for bibliometric mapping. Scientometrics, (84), 523-538.

Yasemin, Y., & Kor, C.S. (2008). Experience-based human capital and social capital of outside directors. Journal of Management, 35(4), 981-1006.

Zhang, W., Li, J., & Mai, Y. (2019). The effect of industry association on firm innovation in Chinese private ventures. Management Decision, 57(9), 2414-2435.
Cómo citar
Reyes Ayala, L., Medina-Quintero, J. M., Morales Sáenz, F. I., & Ortiz Rodríguez, F. (2022). Venture capital: Analysis of its evolution and emerging research trends. Revista Venezolana De Gerencia, 27(99), 1044-1057.