Institutional environment, innovative entrepreneurial entry and venture capital financing

Gian Fazio and Tomasz Mickiewicz

No 102, UCL SSEES Economics and Business working paper series from UCL School of Slavonic and East European Studies (SSEES)

Abstract: We analyse the determinants of high growth expectations entrepreneurial entry (HGE) using individual data drawn on working age population, based on the Global Entrepreneurship Monitor (GEM) surveys for the 1998-2004 period. Individual level explanatory variables are combined with country-level factors. Our results suggest that availability of venture capital and intellectual proper rights protection are strong predictors of HGE. In addition, we also find that innovative start-ups are associated with highest growth expectations in countries with extensive supply of venture capital and strongest intellectual property rights. Once we introduce venture capital, we detect no significant effects of other elements of financial systems on high-powered entry.

Keywords: start-ups; innovation; venture capital; intellectual property; GEM (search for similar items in EconPapers)
Date: 2009-11
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Persistent link: https://EconPapers.repec.org/RePEc:see:wpaper:102

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