Public Policy, Entrepreneurship, and Venture Capital in the United States
Douglas J. Cumming
York University - Schulich School of Business
The University of Hong Kong - School of Economics and Finance
April 23, 2013
Journal of Corporate Finance, Vol. 23, 2013
This paper empirically examines business starts, deaths, venture capital and patents in relation to U.S. public policy. The most consistent evidence in the data shows that lower levels of labor frictions and higher levels of SBIR awards are associated with more business starts and higher levels of venture capital per population. Counter to expectations, the data indicate a positive impact from the homestead exemption only among the bottom quartile homestead exemption states, and otherwise a negative impact. We analyze a variety of other policy instruments and compare the effects of policy in regular times with the financial crisis of 2008-2010.
Number of Pages in PDF File: 43
Keywords: Entrepreneurial Finance, Venture Capital, Public Policy, Tax, Labor Law, Bankruptcy, SBIR
JEL Classification: G24, G32, G33, G38, K22, K31, K35, L26
Date posted: August 7, 2009 ; Last revised: November 21, 2014
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