ECIC Director Professor Noel Lindsay, Undergraduate Entrepreneurship and Innovation Program Director Gary Hancock and ECIC Adjunct Professor Fredric Kropp, explore this question in a chapter of the recently published Handbook Of Research On New Venture Creation. The chapter examines the cultural context of new venture creation in relation to private entrepreneurship investment behaviour, it concludes:

Although a substantial amount of research has been undertaken into VC and BA behaviour and, to a significantly lesser extent, into relationship-based investor behaviour, very few studies have examined cultural effects on investor decision-making outcomes. Yet national culture can affect investor behaviour to varying degrees. In this chapter, we explore to what extent this occurs. The next step requires testable hypotheses and for these to be empirically investigated. In this regard, we suggest possible ways that this could be undertaken using samples of investor groups in different countries and comparison of results.