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Venture Capital Backed Growth

Author

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  • Christian Keuschnigg

Abstract

The paper proposes a simple equilibrium model of venture capital, start-up entrepreneurship and innovation. Venture capitalists not only finance but also advise start-up entrepreneurs and thereby add value to new firms. The paper shows how a productive and active venture capital industry boosts innovation based growth. It also demonstrates the potential of tax policy to promote innovation and growth by strengthening incentives for more intensive venture capital support.

Suggested Citation

  • Christian Keuschnigg, 2004. "Venture Capital Backed Growth," Journal of Economic Growth, Springer, vol. 9(2), pages 239-261, June.
    • Handle: RePEc:kap:jecgro:v:9:y:2004:i:2:p:239-261
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    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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