@techreport{vanPottelsberghedelaPotterie2004Determinants,
abstract = {This paper attempts to identify and evaluate the main determinants of venture capital
(VC). We develop a theoretical model where macroeconomic conditions, technological
opportunity, and the entrepreneurial environment affect the demand and supply of VC.
The quantitative results, based on a panel dataset of 16 OECD countries from 1990 to
2000, show that VC intensity is pro-cyclical. Interest rates affect more the demand side
of VC (entrepreneurs) than the supply side. Indicators of technological opportunity,
such as the stock of knowledge and the number of triadic patents affect positively and
significantly the relative level of VC. 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.},
author = {Bruno van Pottelsberghe de la Potterie and Astrid Romain},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {O33; G24; M13; C33; 330; Venture Capital; Technological Opportuniy; Entrepreneurship; Labour Market Regidities; Risikokapital; Innovationsdiffusion; Unternehmer; Arbeitsmarktflexibilisierung; Sch\"{a}tzung; OECD-Staaten},
language = {eng},
number = {2004,19},
title = {The Determinants of Venture Capital: Additional Evidence},
type = {Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank},
url = {http://hdl.handle.net/10419/19486},
year = {2004}
}
