| アイテムタイプ |
デフォルトアイテムタイプ（フル）その２(1) |
| 公開日 |
2017-05-20 |
| タイトル |
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|
タイトル |
The Determinants of Venture Capital: A Panel Data Analysis of 16 OECD Countries |
|
言語 |
en |
| 作成者 |
Romain, Astrid
Pottelsberghe de la Potterie, Bruno van
| en |
Pottelsberghe de la Potterie, Bruno van
|
| fr |
Universit? Libre de Bruxelles
|
Search repository
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| 寄与者 |
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寄与者タイプ |
Editor |
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姓名 |
Institute of Innovation Research, Hitotsubashi University |
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言語 |
en |
| アクセス権 |
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|
アクセス権 |
open access |
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アクセス権URI |
http://purl.org/coar/access_right/c_abf2 |
| 主題 |
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主題Scheme |
Other |
|
主題 |
Venture Capital |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
Technological Opportunity |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
Entrepreneurship |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
Labour Market Rigidities |
| 内容記述 |
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|
内容記述タイプ |
Abstract |
|
内容記述 |
The objective of this paper is to identify the main determinants of venture capital (VC). We develop a theoretical model where three main types of factors affect the demand and supply of VC. These factors are related to macroeconomic conditions, research efforts and technological opportunity, and the entrepreneurial environment. The model is evaluated econometrically with a panel dataset of 16 major OECD countries over the period 1990-1998. The estimates confirm that VC intensity is highly pro-cyclical - it reacts positively and significantly to GDP growth. Short-term (one-year) interest rates have a positive impact on VC intensity, which means that they affect more the demand side of VC (entrepreneurs) than the supply side. Indicators of technological opportunity, such as the growth rate of R&D investment, the stock of knowledge and the number of triadic patents affect positively and significantly the relative level of VC. The factors associated with the entrepreneurial environment also explain a substantial part of cross-country variations in VC intensity. An increase in corporate income tax rate has a negative effect on VC intensity. Labour market rigidities reduce the impact of the GDP growth rate and of the stock of knowledge, whereas a minimum level of entrepreneurship is required in order to have a positive effect of the available stock of knowledge on VC intensity. One important policy implication emerges from these results. It is not by providing money for VC that public decision makers will stimulate VC, but by providing knowledge and improving the entrepreneurial environment. |
|
言語 |
en |
| 出版者 |
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出版者 |
Institute of Innovation Research, Hitotsubashi University |
| 日付 |
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日付 |
2003-12 |
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日付タイプ |
Issued |
| 言語 |
|
|
言語 |
eng |
| 資源タイプ |
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|
資源タイプ識別子 |
http://purl.org/coar/resource_type/c_18gh |
|
資源タイプ |
technical report |
| 出版タイプ |
|
|
出版タイプ |
VoR |
|
出版タイプResource |
http://purl.org/coar/version/c_970fb48d4fbd8a85 |
| 関連情報 |
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|
関連タイプ |
isPartOf |
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関連名称 |
IIR Working Paper ; No. 03-25 |
| ページ数 |
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|
ページ数 |
18 |
| JEL |
|
|
値 |
G24 |
| JEL |
|
|
値 |
O33 |
| JEL |
|
|
値 |
M13 |
| JEL |
|
|
値 |
C33 |
070iirWP03-25.pdf (352519 bytes)
