Institutions and venture capital

Josh Lerner*, Joacim Tåg

*Corresponding author for this work

Research output: Contribution to journalArticleScientificpeer-review

71 Citations (Scopus)

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 United States and 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 correlate 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 with the United States. In particular, a later development of financial markets and a heavier tax burden for entrepreneurs have played a key role.

Original languageEnglish
Article numberdts050
Peer-reviewed scientific journalIndustrial and Corporate Change
Volume22
Issue number1
Pages (from-to)153-182
Number of pages30
ISSN0960-6491
DOIs
Publication statusPublished - 02.2013
Externally publishedYes
MoE publication typeA1 Journal article - refereed

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