Working Paper Series
Josh Lerner and Joacim Tåg
Institutions and Venture Capital
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; (follow links to similar papers)
JEL-Codes: E02; G24; G28; N20; O16; O43; O57; (follow links to similar papers)
35 pages, January 3, 2012
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- This paper is published as:
Lerner, Josh and Joacim Tåg, (2013), 'Institutions and Venture Capital', Industrial and Corporate Change, Vol. 22, pages 153-182
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