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

Contact

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

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