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The Venture Capital Development As Precondition For Innovation Capacity Increasing (Case Of Serbia)

In: Managing Structural Changes - Trends and Requirements

Author

Listed:
  • Nikola Makojevic

    (Faculty of Economics, University of Kragujevac)

  • Petar Veselinovic

    (Faculty of Economics, University of Kragujevac)

Abstract

In order to improve innovation capacity across economy, economic policy should work on closing financial gap existing between capital demand and supply side. This gap comes from bank sector dominance and its characteristic as a financial source not interested in financing activities in different stages of development. Hence, if economy wish to increase its innovation capacity it should work on developing venture capital as source for financing economic activity. The aim of this chapter is to analyse condition for venture capital development within Serbian economy as a significant source for innovation financing. Research conducted in the chapter, using VC index developed in literature, showed that Serbia need to improve its institutional and economic environment in order to motivate venture capital activities.

Suggested Citation

  • Nikola Makojevic & Petar Veselinovic, 2012. "The Venture Capital Development As Precondition For Innovation Capacity Increasing (Case Of Serbia)," Book Chapters, in: João Sousa Andrade & Marta C. N. Simões & Ivan Stosic & Dejan Eric & Hasan Hanic (ed.), Managing Structural Changes - Trends and Requirements, edition 1, volume 1, chapter 9, pages 175-183, Institute of Economic Sciences.
    • Handle: RePEc:ibg:chaptr:msc-9
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    References listed on IDEAS

    as
    1. Black, Bernard S. & Gilson, Ronald J., 1998. "Venture capital and the structure of capital markets: banks versus stock markets," Journal of Financial Economics, Elsevier, vol. 47(3), pages 243-277, March.
    2. Samuel Kortum & Josh Lerner, 2000. "Assessing the Contribution of Venture Capital to Innovation," RAND Journal of Economics, The RAND Corporation, vol. 31(4), pages 674-692, Winter.
    3. Achleitner, Ann-Kristin & Klöckner, Oliver, 2005. "Employment contribution of private equity and venture capital in Europe," CEFS Working Paper Series 2005-05, Technische Universität München (TUM), Center for Entrepreneurial and Financial Studies (CEFS).
    4. Franklin Allen & Douglas Gale, 2001. "Comparing Financial Systems," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262511258, December.
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