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Venture capital in bank - and market - based economies

Author

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  • Adeline Saillard

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

  • Thomas Url

    (WIFO - Austrian Institute of Economic Research)

Abstract

The determinants of venture capital investment have attracted a significant amount of attention from both academics and policymakers. We use a version of the Keuschnigg-Nielsen model for venture-capital-financed projects to condition our analysis on a reasonable set of exogenous variables but we focus on one determinant : financial market structure. The type of financial market structure (bank -or market-based) contributes substantially to explaining differences among countries with respect to the extent of venture capital investments in the initial business stages. We will use the cross country and time series variation from a panel of 19 industrial countries to support the hypothesis that venture capital thrives within market-based financial systems and is confined to an ancillary role in bank-based systems.

Suggested Citation

  • Adeline Saillard & Thomas Url, 2011. "Venture capital in bank - and market - based economies," Post-Print halshs-00593962, HAL.
    • Handle: RePEc:hal:journl:halshs-00593962
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00593962
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    Citations

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    Cited by:

    1. Michael Peneder, 2013. "Von den "trockenen Tälern" der Risiko- und Wachstumsfinanzierung," WIFO Monatsberichte (monthly reports), WIFO, vol. 86(8), pages 637-648, August.
    2. Anders Lund Hansen & Henrik Gutzon Larsen & Adam Grydehoj & Eric Clark, 2015. "Financialisation of the built environment in Stockholm and Copenhagen," Working papers wpaper115, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    3. Taylor, Benjamin & Xiao, Ning & Sikorski, Janusz & Yong, Minloon & Harris, Tom & Helme, Tim & Smallbone, Andrew & Bhave, Amit & Kraft, Markus, 2013. "Techno-economic assessment of carbon-negative algal biodiesel for transport solutions," Applied Energy, Elsevier, vol. 106(C), pages 262-274.
    4. Thomas Url, 2020. "Finanzmärkte 2019 durch anhaltend günstige Finanzierungsbedingungen geprägt," WIFO Monatsberichte (monthly reports), WIFO, vol. 93(4), pages 299-309, April.
    5. Heinz Hollenstein, 2013. "Wirtschaftliche Rahmenbedingungen als Element der Innovationspolitik," KOF Analysen, KOF Swiss Economic Institute, ETH Zurich, vol. 7(2), pages 47-55, June.
    6. Wifo, 2020. "WIFO-Monatsberichte, Heft 4/2020," WIFO Monatsberichte (monthly reports), WIFO, vol. 93(4), April.

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