Institutions and Venture Capital

Josh Lerner and Joacim Tåg

No 2012:17, Working Papers from Swedish Entrepreneurship Forum

Abstract: We survey the literature on venture capital and institutions and present a case study comparing the development of the venture capital market in the US to Sweden. Our literature survey underscores that the legal environment, financial market development, the tax system, labor market regulations, and public spending on research and development correlates with venture capital activities across countries. Our case study suggests these institutional differences led to the later development of an active venture capital market in Sweden compared to the US. In particular, a later development of financial markets and a heavier tax burden for entrepreneurs have played a key role.

Keywords: Financial market development; Institutions; IPOs; Labor markets; Legal environment; R&D; Taxation; Stock markets; Venture Capital. [Running Title: Spinoffs in Sweden] (search for similar items in EconPapers)
JEL-codes: E02 G24 G28 N20 O16 O43 O57 (search for similar items in EconPapers)
Pages: 31 pages
Date: 2013-08-08
New Economics Papers: this item is included in nep-cwa, nep-ent, nep-his and nep-ino
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (34)

Published as Lerner, Josh and Joacim Tåg, 'Institutions and Venture Capital' in Industrial and Corporate Change, 2013, pages 153-182.

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Related works:
Journal Article: Institutions and venture capital (2013)
Working Paper: Institutions and Venture Capital (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:hhs:entfor:2012_017

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