مجلة التمويل والاستثمار والتنمية المستدامة
Volume 11, Numéro 1, Pages 106-124
2026-06-08
Econometric Analysis Of Venture Capital Fund Decision-making In Startup Financing, Case Of The Algerian Startup Fund (asf)
Authors : Sellou Hassiba . Bouache Rahma . Boubekeur Malak .
Abstract
This article provides an in-depth analysis of the startup financing process in Algeria, with a particular focus on the role of the public venture capital fund, the Algerian Startup Fund (ASF). It examines the criteria used in investment decision-making and aims to propose an explanatory model based on a rigorous quantitative approach. The study is based on an analysis of a sample of projects evaluated by ASF, using a logistic regression model incorporating 27 explanatory variables. The results identify 11 statistically significant variables that influence the financing decision (approval or rejection), offering insight into the selection mechanisms employed by the fund. Based on these findings, recommendations are proposed to enhance the evaluation process and improve the effectiveness of investment decisions.
Keywords
Startup financing ; Venture capital ; ASF ; Selection criteria ; Logistic regression
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