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Mapping the Venture Capital and Private Equity Research

Cumming, Kumar, Lim, and Pandey conduct a bibliometric analysis of 1,550 venture capital and 941 private equity Web of Science articles published between 2001 and 2021, mapping publication patterns, prolific authors, and citation networks, finding Douglas Cumming leads VC publications with 28 papers while Mike Wright is most cited with 1,823 citations, and Journal of Business Venturing hosts the most VC papers while Journal of Finance is most cited. Co-citation analysis reveals five foundational VC themes, adoption and financing processes, roles in business, governance, syndication, and creation of public organizations, while bibliographic coupling of 2019-2021 papers surfaces seven emergent research frontiers, sustainable entrepreneurship as the largest, followed by fintech and crowdfunding, investment strategies, innovation, entrepreneurial finance, IPOs, and funding decision drivers. The study also documents that research increasingly favors empirical, quantitative, archival methods, jumping from 61% empirical studies in 2001-2006 to 79% by 2017-2021, and that single-country US-focused research still dominates even as China's share climbed from under 1% to over 12% of studies, with the authors proposing specific future research questions within each identified frontier.

Why is relevant?

This is an unusually valuable meta-resource for this entire archive, since it functions as a comprehensive map connecting many of the individual papers already cataloged here, Gompers, Hellmann and Puri, Kaplan and Stromberg, Sorenson, into the broader intellectual structure of the field, letting a researcher see how any single paper fits into the discipline's foundational themes and current frontiers. PhD students and early-career researchers get the paper's explicitly stated primary audience benefit, a fast, objective overview of where quality research sits in the field without having to duplicate the effort of manually surveying two decades of literature, plus a concrete list of unanswered research questions within each emergent frontier to help identify a genuinely novel dissertation topic. The explicit citation showing Mike Wright as the field's most cited scholar until his passing in 2019 is also a poignant, useful piece of context for understanding a real discontinuity in the field's most prolific research cluster, since the paper documents how his author group has become notably less active in recent years following his death.
Mapping the Venture Capital and Private Equity Research, investment firm website screenshot
Author
Douglas Cumming, Satish Kumar, Weng Marc Lim, Nitesh Pandey
Publication date
October 4th, 2022
Difficulty
Advanced
Keywords
  • bibliometric analysis
  • co-citation analysis
  • bibliographic coupling
  • foundational themes
  • emergent research frontiers
  • prolific authors
  • publication patterns
  • Web of Science
  • future research agenda
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