Institutional environment, innovative entrepreneurial entry and venture capital financing

Fazio, Gian and Mickiewicz, Tomasz (2009). Institutional environment, innovative entrepreneurial entry and venture capital financing. Working Paper. University College London, London, UK.

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.

Divisions: Aston Business School > Economics finance & entrepreneurship
Aston Business School
Uncontrolled Keywords: start-ups,GEM,intellectual property,venture capital,innovation
Full Text Link: http://discover ... 251/1/19251.pdf
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Published Date: 2009-11
Authors: Fazio, Gian
Mickiewicz, Tomasz ( 0000-0001-5261-5662)

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Version: Published Version

License: Creative Commons Attribution


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