Venture's Economic Impact in Australia

41 Pages Posted: 16 Nov 2013

See all articles by Douglas J. Cumming

Douglas J. Cumming

Florida Atlantic University

Sofia Johan

Florida Atlantic University - Finance; University of Aberdeen; Tilburg Law and Economics Center (TILEC)

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Date Written: November 15, 2013

Abstract

We empirically compare the contributions of venture capital (VC) and private equity (PE) backed firms, including those backed by government subsidized Innovation Investment Funds (IIFs), in the Australian economy by analyzing employment, R&D, patents, time to IPO, and market capitalization from market inception to August 2012. Overall, the data highlights a central role for VC and IIF investment in facilitating R&D, innovation, and economic growth. Our IIF findings highlight the success of government sponsorship of venture capital under the Australian program design, which is sharply in contrast with the lack of success of government venture programs in other countries.

Keywords: Venture Capital, Private Equity, Patents, R&D, Employment, IPOs, Market Capitalization, Government Policy

JEL Classification: G24, G28, O16, O30, O38

Suggested Citation

Cumming, Douglas J. and Johan, Sofia A., Venture's Economic Impact in Australia (November 15, 2013). Journal of Technology Transfer, Forthcoming, Available at SSRN: https://ssrn.com/abstract=2354944

Douglas J. Cumming

Florida Atlantic University ( email )

777 Glades Rd
Boca Raton, FL 33431
United States

HOME PAGE: http://booksite.elsevier.com/9780124095373/

Sofia A. Johan (Contact Author)

Florida Atlantic University - Finance ( email )

777 Glades Rd
Boca Raton, FL 33431
United States

University of Aberdeen ( email )

Dunbar Street
Aberdeen, Scotland AB24 3QY
United Kingdom

Tilburg Law and Economics Center (TILEC) ( email )

Warandelaan 2
Tilburg, 5000 LE
Netherlands

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