Legal Environments, Venture Capital, And Total Factor Productivity Growth Of Taiwanese Industry
Abstract"This study provides a new explanation of total factor productivity growth of Taiwanese industry. Besides the channels identified in the literature, this study finds that the venture capital (VC) industry development significantly promotes productivity growth. In addition, an indicator of legal environment has been established to record changes in VC-related legislation during the past two decades in Taiwan. The legal indicator serves as an instrumental variable that can avoid estimation bias resulting from potential endogeneity between VC development and productivity growth. "("JEL "G24, K23, O47). Copyright (c) 2008 Western Economic Association International.
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Bibliographic InfoArticle provided by Western Economic Association International in its journal Contemporary Economic Policy.
Volume (Year): 26 (2008)
Issue (Month): 3 (07)
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Find related papers by JEL classification:
- G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
- K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law
- O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
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- Popov, Alexander & Roosenboom, Peter, 2009. "On the real effects of private equity investment: evidence from new business creation," Working Paper Series 1078, European Central Bank.
- Hirukawa, Masayuki & Ueda, Masako, 2008. "Venture Capital and Industrial ''Innovation''," CEPR Discussion Papers 7089, C.E.P.R. Discussion Papers.
- Popov, Alexander & Roosenboom, Peter, 2013. "Venture capital and new business creation," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 4695-4710.
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