Institutional environment, innovative entrepreneurial entry and venture capital financing


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: College of Business and Social Sciences > Aston Business School > Economics, Finance & Entrepreneurship
College of Business and Social Sciences > Aston Business School
Last Modified: 29 Nov 2023 14:18
Date Deposited: 23 Apr 2013 08:12
Full Text Link: http://discover ... 251/1/19251.pdf
Related URLs:
PURE Output Type: Working paper
Published Date: 2009-11
Authors: Fazio, Gian
Mickiewicz, Tomasz



Version: Published Version

License: Creative Commons Attribution

Export / Share Citation


Additional statistics for this record