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Reassessing the Determinants of Venture Capital Investments in India: An Empirical Analysis Using NCA and fsQCA

Sheena Rehman et al.

The Journal of Alternative Investments2026https://doi.org/10.3905/jai.2026.1.259article
AJG 2ABDC B
Weight
0.50

What the paper says

We examine the determinants, such as institutional, innovation, economic, stock market, digital and entrepreneurial environment that affect venture capital financing (VCF) in India. We adopt an integrated NCA-fsQCA method, as NCA determines the conditions necessary to have VCF and fsQCA reveal the configurations that are sufficient to generate high or low VCF. We identified six and eight combinations that lead to an increase and a decrease in Indian VCF, respectively. This highlights the interdependent and configurational nature of the factors influencing VCF, rather than any single condition being universally necessary and sufficient. Collectively, NCA-fsQCA methods offer a sound insight into the threshold conditions as well as the non-linear causation that forms venture capital activity in India. The findings have significant implications for stakeholders, allowing them to make informed changes to drivers that will successfully guide VCF in India.

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https://doi.org/https://doi.org/10.3905/jai.2026.1.259

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@article{sheena2026,
  title        = {{Reassessing the Determinants of Venture Capital Investments in India: An Empirical Analysis Using NCA and fsQCA}},
  author       = {Sheena Rehman et al.},
  journal      = {The Journal of Alternative Investments},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.3905/jai.2026.1.259},
}

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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