Taxation and Venture Capital-Backed Entrepreneurship
Christian Keuschnigg and
Søren Nielsen ()
No 4097, CEPR Discussion Papers from C.E.P.R. Discussion Papers
In recent years, venture capital has increasingly become a factor in the financing of new firms. We examine how the value of mature firms determines the incentives of entrepreneurs to start up new firms and of venture capitalists to finance and advise them. We examine how capital gains taxes as well as subsidies to start-up costs of new firms affect venture capital-backed entrepreneurship. We also argue that dividend and capital gains taxes on mature firms have important consequences for start-up firms as well.
Keywords: double moral hazard; entrepreneurship; taxes; venture capital (search for similar items in EconPapers)
JEL-codes: D82 G24 H24 H25 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cfn, nep-ent, nep-pbe and nep-pub
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Journal Article: Taxation and Venture Capital Backed Entrepreneurship (2004)
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