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Formal and Informal Equity Funding in Chile

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  • José Ernesto Amorós
  • Miguel Atienza
  • Gianni Romaní

    ()

Abstract

This paper explores the state of formal and informal equity sources currently available for financing entrepreneurial activity in Chile. By integrating theoretical perspectives regarding formal and informal equity funding and information gathered from the Global Entrepreneurship Monitor (GEM) surveys, the paper argues that despite the favorable environment existing in Chile for equity investment, these markets are still incipient and strongly dependent on public policies. In this respect it is proposed that public intervention to address equity gaps in Chile should also adopt a demand-side perspective, aimed at improving the quality of investment opportunities, and should incorporate a geographical dimension, considering the particularities and financial needs of non-metropolitan regions.

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Bibliographic Info

Article provided by University of Chile, Department of Economics in its journal Estudios de Economia.

Volume (Year): 35 (2008)
Issue (Month): 2 Year 2008 (December)
Pages: 179-194

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Handle: RePEc:udc:esteco:v:35:y:2008:i:2:p:179-194

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Web page: http://www.econ.uchile.cl/
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Related research

Keywords: Entrepreneurship; Venture capital; Business angels; Informal investment; equity gaps;

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References

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  1. William Bygrave & Michael Hay & Emily Ng & Paul Reynolds, 2003. "Executive forum: A study of informal investing in 29 nations composing the Global Entrepreneurship Monitor," Venture Capital, Taylor & Francis Journals, vol. 5(2), pages 101-116, April.
  2. Colin Mason & Richard Harrison, 2003. "Closing the Regional Equity Gap? A Critique of the Department of Trade and Industry's Regional Venture Capital Funds Initiative," Regional Studies, Taylor & Francis Journals, vol. 37(8), pages 855-868.
  3. Fritsch, Michael & Schilder, Dirk, 2006. "Does venture capital investment really require spatial proximity? An empirical investigation," Freiberg Working Papers 2006,07, TU Bergakademie Freiberg, Faculty of Economics and Business Administration.
  4. Ron Martin & Christian Berndt & Britta Klagge & Peter Sunley, 2005. "Spatial proximity effects and regional equity gaps in the venture capital market: evidence from Germany and the United Kingdom," Environment and Planning A, Pion Ltd, London, vol. 37(7), pages 1207-1231, July.
  5. László Szerb & Gábor Rappai & Zsolt Makra & Siri Terjesen, 2007. "Informal Investment in Transition Economies: Individual Characteristics and Clusters," Small Business Economics, Springer, vol. 28(2), pages 257-271, March.
  6. Ron Martin & Peter Sunley, 2002. "Taking risks in regions: the geographical anatomy of Europe's emerging venture capital market," Journal of Economic Geography, Oxford University Press, vol. 2(2), pages 121-150, April.
  7. Acs,Zoltan J. & Armington,Catherine, 2011. "Entrepreneurship, Geography, and American Economic Growth," Cambridge Books, Cambridge University Press, number 9781107402539, April.
  8. Colin Mason & Richard Harrison, 2001. "'Investment Readiness': A Critique of Government Proposals to Increase the Demand for Venture Capital," Regional Studies, Taylor & Francis Journals, vol. 35(7), pages 663-668.
  9. Rodrigo Cifuentes & Jorge Desormeaux & Claudio González, 2002. "Capital markets in Chile: from financial repression to financial deepening," BIS Papers chapters, in: Bank for International Settlements (ed.), The development of bond markets in emerging economies, volume 11, pages 86-102 Bank for International Settlements.
  10. Jane S. Pollard, 2003. "Small firm finance and economic geography," Journal of Economic Geography, Oxford University Press, vol. 3(4), pages 429-452, October.
  11. Allen N. Berger & Gregory F. Udell, 1998. "The economics of small business finance: the roles of private equity and debt markets in the financial growth cycle," Finance and Economics Discussion Series 1998-15, Board of Governors of the Federal Reserve System (U.S.).
  12. Zoltan Acs, 2006. "How Is Entrepreneurship Good for Economic Growth?," Innovations: Technology, Governance, Globalization, MIT Press, vol. 1(1), pages 97-107, March.
  13. G. Romaní & M. Atienza & J. E. Amor�s, 2008. "Financing entrepreneurial activity in Chile: scale and scope of public support programs," Venture Capital, Taylor & Francis Journals, vol. 11(1), pages 55-70, June.
  14. Prowse, Stephen, 1998. "Angel investors and the market for angel investments," Journal of Banking & Finance, Elsevier, vol. 22(6-8), pages 785-792, August.
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Citations

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Cited by:
  1. Niels Bosma, 2012. "The Global Entrepreneurship Monitor (GEM) and its Impact on Entrepreneurship Research," Global Entrepreneurship Monitor Working Paper Series 1201, Global Entrepreneurship Research Association, revised May 2012.
  2. Zoltan J. Acs & José Ernesto Amorós, 2008. "Introduction: The startup process," Estudios de Economia, University of Chile, Department of Economics, vol. 35(2 Year 20), pages 121-132, December.
  3. Claudia Álvarez & David Urbano & José Amorós, 2014. "GEM research: achievements and challenges," Small Business Economics, Springer, vol. 42(3), pages 445-465, March.

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