2013

Institutions and Venture Capital

Reprint No. 2013:7

Author(s): Josh Lerner and Joacim TågYear: 2013 Title: Industrial and Corporate Change Volume (No.): 22 (1) Pages: 153–182
Preliminary version

Institutions and Venture Capital Josh Lerner and Joacim Tåg


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.
 


Reference:
Lerner, Josh and Joacim Tåg (2013), "Institutions and Venture Capital". Industrial and Corporate Change 22(1), 153–182.

Joacim Tåg

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Ph: +46 8 665 4524
joacim.tag@ifn.se

Interdisciplinary European Studies

The European Union and the Return of the Nation State

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This book explores the complex and ever-changing relationship between the European Union and its member states. The recent surge in tension in this relationship has been prompted by the actions of some member state governments as they question fundamental EU values and principles and refuse to implement common decisions seemingly on the basis of narrowly defined national interests.

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