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Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
ZEW Discussion Papers No. 20-086
Verlag: 
ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung, Mannheim
Zusammenfassung: 
Research suggests that public subsidies for newly founded firms have a positive effect on follow-on financing, in particular, Venture Capital (VC). This study differentiates between Government VC, Independent VC, Corporate VC, and Business Angels and shows that public subsidies are not relevant for all of these sources. When accounting for firm characteristics that drive both selection into public subsidies as well as into VC financing through econometric matching techniques, we find that subsidies are only linked to Government VC and Business Angel financing.
Schlagwörter: 
Start-up Subsidies
Entrepreneurship Policy
Entrepreneurial Finance
Venture Capital
Business Angels
JEL: 
G24
L26
O25
O31
Dokumentart: 
Working Paper

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