TY - SER AU - Li, Yong TI - National distances, international experience, and venture ca investment performance PY - 2014/// KW - Exit KW - International Experience KW - Cultural Distance KW - Institutional Distance KW - Capital Investment Performance KW - Capital Investement KW - Venture Capital N2 - This study examines how the performance of cross-border venture capital investments is affected by national institutional and cultural distances between the environments of venture capitalists (VCs) and investee ventures. We propose that institutional and cultural distances will decrease VCs' effectiveness in conducting venture capital activities and negatively affect investment performance in terms of exit success, and obtain supportive evidence while controlling for geographic distance. We further analyze how VCs can use their international experience to mitigate the negative consequences of national distances. We find that while broad international experience in diverse countries attenuates the deleterious effects of institutional distance in a significant way, it does not have a similar impact in attenuating the negative effects of cultural distance ER -