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Financing the New Economy: Financial Institutions and Corporate Governance

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  • Colin Mayer

Abstract

This paper examines the financial sector preconditions for the successful development of a high technology sector. It argues that there is a close relation between types of activities undertaken in different countries and their institutional structures. A distinguishing characteristic of the financing of high technology firms is their evolving pattern of control by different investor groups. While stock markets are an important component of the development of the most successful firms, they are not the most common. Regulation is a significant influence on institutional structure.

Suggested Citation

  • Colin Mayer, 2001. "Financing the New Economy: Financial Institutions and Corporate Governance," WIDER Working Paper Series DP2001-04, World Institute for Development Economic Research (UNU-WIDER).
    • Handle: RePEc:unu:wpaper:dp2001-04
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    File URL: https://www.wider.unu.edu/sites/default/files/dp2001-04.pdf
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    Citations

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    Cited by:

    1. Hirokazu Takizawa, 2003. "Property Rights and the New Institutional Arrangement for Product Innovation in Silicon Valley," Discussion papers 03009, Research Institute of Economy, Trade and Industry (RIETI).
    2. Hölzl, Werner, 2006. "Convergence of financial systems: towards an evolutionary perspective," Journal of Institutional Economics, Cambridge University Press, vol. 2(1), pages 67-90, April.
    3. Schertler, Andrea, 2002. "Under what conditions do venture capital markets emerge," Kiel Working Papers 1119, Kiel Institute for the World Economy (IfW Kiel).
    4. Sunil Mani & Anthony Bartzokas, 2004. "Institutional support for investment in new technologies: the role of venture capital institutions in developing countries," Chapters, in: Anthony Bartzokas & Sunil Mani (ed.), Financial Systems, Corporate Investment in Innovation, and Venture Capital, chapter 6, Edward Elgar Publishing.

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