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Institutional environment, innovative entrepreneurial entry and venture capital financing

Fazio, G.; Mickiewicz, T.; (2009) Institutional environment, innovative entrepreneurial entry and venture capital financing. (Economics Working Papers 102). Centre for Comparative Economics (CCE), SSEES, UCL: London, UK. Green open access

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Abstract

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.

Type: Working / discussion paper
Title: Institutional environment, innovative entrepreneurial entry and venture capital financing
Open access status: An open access version is available from UCL Discovery
Publisher version: http://www.ssees.ucl.ac.uk/wp102sum.htm
Language: English
Keywords: Start-ups, innovation, venture capital, intellectual property, GEM
UCL classification: UCL > Provost and Vice Provost Offices > UCL SLASH > SSEES
URI: http://discovery.ucl.ac.uk/id/eprint/19251
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