{"type":"script","doc_desc":{"producers":[{"name":"Reproducibility WBG","abbr":"DECDI","affiliation":"World Bank - Development Impact Department","role":"Verification and preparation of metadata"}],"prod_date":"2026-05-18","version":"1"},"project_desc":{"authoring_entity":[{"name":"Santiago Reyes-Ortega","affiliation":"International Finance Corporation","email":"sreyesortega@ifc.org"},{"name":"Paolo Mauro","affiliation":"International Finance Corporation","email":"pmauro@ifc.org"},{"name":"Kianna Freeman","affiliation":"International Finance Corporation","email":"kfreeman1@ifc.org"},{"name":"Marcio Cruz","affiliation":"International Finance Corporation","email":"marciocruz@ifc.org"},{"name":"Pablo Hernando-Kaminsky","affiliation":"International Finance Corporation","email":"pablohk@ifc.org"},{"name":"Jeremias Huber","affiliation":"International Finance Corporation","email":"jhuber@ifc.org"},{"name":"Cesaire Meh","affiliation":"International Finance Corporation","email":"cmeh@ifc.org"},{"name":"Mariana De La Paz Pereira Lopez","affiliation":"International Finance Corporation","email":"mpereiralopez@ifc.org"}],"title_statement":{"title":"Reproducibility package for What Does Venture Capital Actually Finance? Scale And Structure Around The World","idno":"RR_WLD_2026_653"},"data_statement":"Some data is restricted and has not been included in the reproducibility package. For more details, please refer to the README file.","software":[{"name":"Stata","version":"19.0 MP"}],"scripts":[{"title":"Reproducibility package for What Does Venture Capital Actually Finance? Scale And Structure Around The World","date":"2026-05","notes":"Computational reproducibility verified by Development Impact (DECDI) Analytics team, World Bank.","instructions":"See README in reproducibility package.","file_name":"RR_WLD_2026_653","zip_package":"RR_WLD_2026_653.zip","dependencies":"Stata dependencies are listed in the ado folder."}],"repository_uri":[{"name":"Reproducible Research Repository (World Bank)","uri":"https:\/\/reproducibility.worldbank.org"}],"production_date":"2026-05-18","abstract":"The rapid expansion of venture capital into developing economies is widely interpreted as the diffusion of the U.S. financing model to new markets. We show that VC in developing economies differs from the high-income model not only in scale but in kind: in its role within the equity ecosystem, the sources of cross-country variation, and the type of intangibles it finances. Using a newly constructed cross-country dataset that harmonizes the two largest global sources of VC data at the firm level and aligns sector classifications with equity issuance records, we document three findings. First, despite its small size relative to GDP, VC is the dominant equity financing channel in developing economies, accounting for roughly two-thirds of total equity market activity. Second, an accounting decomposition of VC intensity into entry and lifetime funding per entrant reveals that the binding constraint differs by income level: variation among high-income countries is driven by entry; among developing countries, by how much funding firms receive once they enter. Third, the sectoral composition of VC in developing economies tilts toward organizational intangibles, such as distribution, logistics, and payments, rather than the knowledge intangibles that define high-income VC. This pattern holds at both the sector and firm level and has no counterpart in public equity, which finances a broadly similar sectoral profile across all income groups. Taken together, these results challenge the assumption of uniform VC development, and with it, the presumption that VC generates similar spillovers regardless of context.","geographic_units":[{"name":"World","code":"WLD"}],"keywords":[{"name":"Venture Capital"},{"name":"Developing Economies"},{"name":"Sectoral Composition"},{"name":"Startup Financing"},{"name":"Equity Markets"},{"name":"Intangible Capital"},{"name":"Organizational Innovation"},{"name":"Financial Development"}],"topics":[{"id":"G24","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Investment Banking \u2022 Venture Capital \u2022 Brokerage \u2022 Ratings and Ratings Agencies","parent_id":"G2"},{"id":" O16","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Financial Markets \u2022 Saving and Capital Investment \u2022 Corporate Finance and Governance","parent_id":"O1"},{"id":" O14","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Industrialization \u2022 Manufacturing and Service Industries \u2022 Choice of Technology","parent_id":"O1"},{"id":" L26","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Entrepreneurship","parent_id":"L2"}],"output":[{"type":"Working Paper","description":"Policy Research Working Papers (PRWP)","title":"What Does Venture Capital Actually Finance? Scale And Structure Around The World"}],"language":[{"name":"English","code":"EN"}],"disclaimer":"The materials in the reproducibility packages are distributed as they were prepared by the staff of the International Bank for Reconstruction and Development\/The World Bank. The findings, interpretations, and conclusions expressed in this event do not necessarily reflect the views of the World Bank, the Executive Directors of the World Bank, or the governments they represent. The World Bank does not guarantee the accuracy of the materials included in the reproducibility package.","license":[{"name":"MIT License","uri":"https:\/\/opensource.org\/license\/mit"},{"name":"World Bank IGO Rider","uri":"https:\/\/github.com\/worldbank\/metadata-editor\/blob\/main\/WB-IGO-RIDER.md"}],"contacts":[{"name":"Santiago Reyes-Ortega","affiliation":"International Finance Corporation","email":"sreyesortega@ifc.org"},{"name":"Reproducibility WBG","affiliation":"World Bank","email":"reproducibility@worldbank.org"}],"datasets":[{"name":"Harmonized Venture Capital Deal-Level Data","note":"Source: Calculations from PitchBook, a Morningstar company, and Crunchbase.\nAccess year: PitchBook (2025) and Crunchbase (2023).\nDescription: It contains the harmonized venture capital deal-level data used throughout the analysis, including deal sizes, company identifiers, years, sectors, and country classifications.\nFile location: Data\\RawData\\Harmonized_Feb2026.dta\n","access_type":"Data access was granted directly to the study authors by the data owners\/managers. It was obtained with a custom data license that does not allow for redistribution and it is not included in the reproducibility package.\n","license":"Custom License","license_uri":"https:\/\/pitchbook.com\/terms-of-use; https:\/\/about.crunchbase.com\/terms-of-service ","uri":"https:\/\/pitchbook.com\/; https:\/\/www.crunchbase.com\/","citation":"Authors' compilation. 2025. Harmonized Venture Capital Deal-Level Data [dataset]. Based on PitchBook Private Market Data and Crunchbase Venture Capital Data.\n"},{"name":"Securities Data Company (SDC) Platinum Financial Securities Data","note":"Source: Calculations from the Securities Data Platinum Company of the London Stock Exchange Group (LSEG).\nAccess date: December 2025.\nDescription:  Country-sector-year information on equity market activity used in analyses related to equity issuance, sector composition, and comparisons between venture capital activity and broader equity market outcomes; Country-year private equity deal data used to calculate private equity growth by period. File location: Data\\AuxData\\EquityBonds_CountrySectorYear_2010.dta; Data\\AuxData\\PrivateEquity.dta\n","access_type":"Data access was granted directly to the study authors by the data owners\/managers. It was obtained with a custom data license that does not allow for redistribution and it is not included in the reproducibility package.\n","license":"Custom License","license_uri":"https:\/\/www.lseg.com\/en\/policies\/website-terms-of-use","uri":"https:\/\/www.lseg.com\/en\/data-analytics\/products\/sdc-platinum-financial-securities","citation":"London Stock Exchange Group (LSEG). 2025. \"Securities Data Company (SDC) Platinum\" [dataset]. https:\/\/www.lseg.com\/en\/data-analytics\/products\/sdc-platinum-financial-securities. Accessed December 2025.\n"},{"name":"World Development Indicators (WDI) ","note":"Source: World Bank.\nAccess date: December 2025. \nIndicators accessed: country level aggregates for Working Age Population, GDP, GDP per capita; Country-level labor market restriction data. File location: Data\\AuxData\\WDI_agr.dta; Data\\AuxData\\LMrestrictions.dta.\n","access_type":"Data is publicly available and included in the reproducibility package.\n","license":"Creative Commons Attribution 4.0 International License (CC BY 4.0)","license_uri":"https:\/\/www.worldbank.org\/en\/about\/legal\/terms-of-use-for-datasets","uri":"https:\/\/databank.worldbank.org\/source\/world-development-indicators","citation":"World Bank. 2025. \"World Development Indicators\" [dataset]. Multiple indicators accessed. https:\/\/databank.worldbank.org\/source\/world-development-indicators. Accessed December 2025. \n"},{"name":"PricewaterhouseCoopers (PwC) Worldwide Tax Summaries","note":"Source: PricewaterhouseCoopers, Worldwide Tax Summaries.\nAccess date: December 2025.\nDescription: Country-level tax loss carryforward data, used to construct the variable nol_cf_years, which measures the number of years firms can carry forward tax losses; Country-level corporate tax data.\nFile location: Data\\AuxData\\CFLosses.dta; Data\\AuxData\\PwC.dta\n","access_type":"Data is publicly available and included in the reproducibility package.\n","license_uri":"https:\/\/www.pwc.com\/gx\/en\/legal-notices\/terms-and-conditions.html","uri":"https:\/\/taxsummaries.pwc.com\/","citation":"Author's compilation. 2025. \"PricewaterhouseCoopers (PwC) Worldwide Tax Summaries\" [dataset]. https:\/\/taxsummaries.pwc.com\/. Accessed December 2025. \n","license":"Open access"},{"name":"Financial Development Index Database","note":"Source: International Monetary Fund.\nAccess date: December 2025.\nDescription: Country-level Financial Development Index data from the IMF. \nFile location: Data\\AuxData\\FD Database (STATA).dta\n","access_type":"Data is publicly available and included in the reproducibility package.\n","license_uri":"https:\/\/www.imf.org\/en\/about\/copyright-and-terms","uri":"https:\/\/data.imf.org\/en\/datasets\/IMF.MCM:FDI","citation":"International Monetary Fund. 2025. \"Financial Development Index Database\" [dataset]. https:\/\/data.imf.org\/en\/datasets\/IMF.MCM:FDI. Accessed December 2025. \n"},{"name":"Minority Investor Protection","note":"Source: World Bank Doing Business.\nAccess date: December 2025.\nDescription: Country-year data on minority investor protection.\nFile location: Data\\AuxData\\MinorityInvestors_CountryYear.dta\n","access_type":"Data is publicly available and included in the reproducibility package.\n","license":"Creative Commons Attribution 4.0 International License (CC BY 4.0)","license_uri":"https:\/\/www.worldbank.org\/en\/about\/legal\/terms-of-use-for-datasets","uri":"https:\/\/databank.worldbank.org\/source\/doing-business","citation":"World Bank. 2025. \"Doing Business\" [dataset]. https:\/\/databank.worldbank.org\/source\/doing-business. Accessed December 2025\n"},{"name":"Global Administrative Areas (GADM) Database","note":"Source: Database of Global Administrative Areas (GADM).\nAccess date: December 2025.\nDescription: Stata-format shapefile used for world map figures in the paper.\nFile location: Data\\AuxData. Files: WB_GAD_ADM0_complete_shp.dta; WB_GAD_ADM0_complete_data.dta\n","access_type":"Data is publicly available but does not allow redistribution and is not included in the reproducibility package.\n","license":"Custom license","license_uri":"https:\/\/gadm.org\/license.html","uri":"https:\/\/gadm.org\/index.html","citation":"Database of Global Administrative Areas (GADM). 2025. \"GADM\" [dataset]. https:\/\/gadm.org\/index.html. Accessed December 2025\n"},{"name":"Worldwide Governance Indicators","note":"Source: World Bank, Worldwide Governance Indicators.\nAccess date: December 2025.\nDescription: Country-level governance data from the Worldwide Governance Indicators.\nFile location: Data\\AuxData\\WGI2021.dta\n","access_type":"Data is publicly available and included in the reproducibility package.\n","license":"Creative Commons Attribution 4.0 International License (CC BY 4.0)","license_uri":"https:\/\/www.worldbank.org\/en\/about\/legal\/terms-of-use-for-datasets","uri":"https:\/\/databank.worldbank.org\/source\/worldwide-governance-indicators","citation":"World Bank. 2025. \"Worldwide Governance Indicators\" [dataset]. https:\/\/databank.worldbank.org\/source\/worldwide-governance-indicators. Accessed December 2025.\n"}],"technology_requirements":"Runtime: 12 minutes","technology_environment":"Paper exhibits were reproduced on a computer with the following specifications:\n\u2022 OS: Windows 11 Enterprise\n\u2022 Intel(R) Xeon(R) Gold 6226R CPU @ 2.90GHz (2.90 GHz) (2 processors)\n\u2022 Memory available: 16 GB","reproduction_instructions":"To reproduce the findings in this paper, a replicator must:\n\n1. **Secure Access to Data**: Access the datasets not included in the package. See subsection Datasets for more details.\n2. **Run the Package**: After placing the data in the folder:\n         - Update the working directory in line 20 of the do-file `Main_dofile' and run it.\nSince some of the original data cannot be redistributed, the package includes the outputs produced by the authors, which can be used to review the results presented in the paper.\n"},"datacite":{"creators":[{"givenName":"Santiago","familyName":"Reyes-Ortega","nameType":"Personal","affiliation":[{"name":"International Finance Corporation","affiliationIdentifier":"https:\/\/ror.org\/049rm1a24","affiliationIdentifierScheme":"ROR","schemeUri":"https:\/\/ror.org"}]},{"givenName":"Paolo","familyName":"Mauro","nameType":"Personal","affiliation":[{"name":"International Finance Corporation","affiliationIdentifier":"https:\/\/ror.org\/049rm1a24","schemeUri":"https:\/\/ror.org","affiliationIdentifierScheme":"ROR"}]},{"givenName":"Kianna","familyName":"Freeman","nameType":"Personal","affiliation":[{"name":"International Finance Corporation","affiliationIdentifier":"https:\/\/ror.org\/049rm1a24","schemeUri":"https:\/\/ror.org","affiliationIdentifierScheme":"ROR"}]},{"givenName":"Marcio","familyName":"Cruz","nameType":"Personal","affiliation":[{"name":"International Finance Corporation","affiliationIdentifier":"https:\/\/ror.org\/049rm1a24","schemeUri":"https:\/\/ror.org","affiliationIdentifierScheme":"ROR"}]},{"givenName":"Pablo","familyName":"Hernando-Kaminsky","nameType":"Personal","affiliation":[{"name":"International Finance Corporation","affiliationIdentifier":"https:\/\/ror.org\/049rm1a24","schemeUri":"https:\/\/ror.org","affiliationIdentifierScheme":"ROR"}]},{"givenName":"Jeremias","familyName":"Huber","nameType":"Personal","affiliation":[{"name":"International Finance Corporation","affiliationIdentifier":"https:\/\/ror.org\/049rm1a24","schemeUri":"https:\/\/ror.org","affiliationIdentifierScheme":"ROR"}]},{"givenName":"Cesaire","familyName":"Meh","nameType":"Personal","affiliation":[{"name":"International Finance Corporation","affiliationIdentifier":"https:\/\/ror.org\/049rm1a24","schemeUri":"https:\/\/ror.org","affiliationIdentifierScheme":"ROR"}]},{"givenName":"Mariana De La Paz ","familyName":"Pereira Lopez","nameType":"Personal","affiliation":[{"name":"International Finance Corporation","affiliationIdentifier":"https:\/\/ror.org\/049rm1a24","schemeUri":"https:\/\/ror.org","affiliationIdentifierScheme":"ROR"}]}],"titles":[{"lang":"en","title":"Reproducibility package for What Does Venture Capital Actually Finance? Scale And Structure Around The World"},{"title":"RR_WLD_2026_653","titleType":"Other"}],"publisher":"World Bank","publicationYear":"2026","types":{"resourceType":"Reproducibility package","resourceTypeGeneral":"Other"},"url":"https:\/\/reproducibility.worldbank.org\/index.php\/catalog\/study\/RR_WLD_2026_653","language":"en"},"tags":[{"tag":"DOI"},{"tag":"Open Code"},{"tag":"Restricted Data"}],"schematype":"script"}