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dc.contributor.authorvan Pottelsberghe de la Potterie, Brunoen
dc.contributor.authorRomain, Astriden
dc.date.accessioned2009-01-28T15:58:54Z-
dc.date.available2009-01-28T15:58:54Z-
dc.date.issued2004-
dc.identifier.urihttp://hdl.handle.net/10419/19486-
dc.description.abstractThis 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.en
dc.language.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aDiscussion Paper Series 1 |x2004,19en
dc.subject.jelO33en
dc.subject.jelG24en
dc.subject.jelM13en
dc.subject.jelC33en
dc.subject.ddc330en
dc.subject.keywordVenture Capitalen
dc.subject.keywordTechnological Opportuniyen
dc.subject.keywordEntrepreneurshipen
dc.subject.keywordLabour Market Regiditiesen
dc.subject.stwRisikokapitalen
dc.subject.stwInnovationsdiffusionen
dc.subject.stwUnternehmeren
dc.subject.stwArbeitsmarktflexibilisierungen
dc.subject.stwSchätzungen
dc.subject.stwOECD-Staatenen
dc.titleThe Determinants of Venture Capital: Additional Evidence-
dc.typeWorking Paperen
dc.identifier.ppn392676427en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdp1:2164en

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