Public Policy For Venture Capital: An Integrated Framework
This paper reviews the main theoretical and empirical literature on public policy that supports the development and growth of vibrant venture capital industries worldwide. The paper focuses on the content and results of public policy mechanisms adopted in various countries, their theoretical grounding and main empirical findings, with an eye to distilling the main patterns of success and failure. Five broad areas of public policy intervention that tackle both demand and supply sides of the venture capital industry are reviewed: (1) the development of an entrepreneurship and innovation ecosystem; (2) investment laws and regulations; (3) fiscal policy; (4) secondary stock market; and (5) government venture capital. The paper concludes with a public policy framework distilled from the literature. This work will help academics, practitioners and policy makers, especially those new to the field, to get a comprehensive yet concise map of the academic literature on the topic, which currently is much needed. It also helps readers in identifying the main research questions and empirical results to date
Volume (Year): 9 (2015)
Issue (Month): 4 ()
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