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KDI 경제교육·정보센터

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  • 경제배움
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한국관련자료
How Does Privacy Regulation Affect Transatlantic Venture Investment? Evidence from GDPR
NBER
2025.06.18
We examine how the GDPR affected transatlantic venture investment. Using investment data from 2014 to 2019, we find that the GDPR’s rollout in May 2018 led to a significant decline in US investor activity in the EU, evidenced by fewer deals and investment, especially for newer and data-related ventures. Investors shifted toward geographically closer ventures and relied more on syndication, particularly with EU-based lead investors. While the shift to local investing drove the overall decline, syndication partially offset it. The results highlight the role of digital policies in shaping investment strategies and influencing transatlantic capital flows.