Working Paper No. 897

Institutions and Venture Capital

Published: January 3, 2012, revised August 2012Pages: 35Keywords: Financial market development; Institutions; IPOs; Labor markets; Legal environment; R&D; Taxation; Stock markets; Venture capitalJEL-codes: E02; G24; G28; N20; O16; O43; O57
Published 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 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.

Joacim Tåg

Contact

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

Elgar Companion to

Social Capital and Health

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Martin Ljunge, IFN, is the author of a chapter, "Trust promotes health: addressing reverse causality by studying children of immigrants", in a new book edited by Sherman Folland and Eric Nauenberg. The cutting edge of research is presented, covering the ever-expanding social capital field.

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