Public Policy Towards Entrepreneurial Finance: Spillovers and the Scale-Up Gap

35 Pages Posted: 31 Jan 2018 Last revised: 21 May 2018

See all articles by Douglas J. Cumming

Douglas J. Cumming

Florida Atlantic University

Sofia Johan

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

Yelin Zhang

Gonzaga University - School of Business Administration

Date Written: May 18, 2018

Abstract

Research in the area of public policy towards entrepreneurial finance has traditionally been focused on financing gaps, and whether or not government programs successfully address market failures for those financing gaps. More recently, a growing literature has identified externalities across different forms of entrepreneurial finance. These externalities include but are not limited to spillovers from one form of finance to another (such as from crowdfunding to venture capital, etc.), spillovers from domestic to international investment, and spillovers from early stage to late stage investment. Sometimes these externalities are positive and other times they are negative. In this paper, we review what is known about these spillovers and highlight a need to better understand these spillovers for the optimal design of a government’s portfolio of policy towards entrepreneurial finance.

Suggested Citation

Cumming, Douglas J. and Johan, Sofia A. and Zhang, Yelin, Public Policy Towards Entrepreneurial Finance: Spillovers and the Scale-Up Gap (May 18, 2018). Available at SSRN: https://ssrn.com/abstract=3108127 or http://dx.doi.org/10.2139/ssrn.3108127

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

Tilburg Law and Economics Center (TILEC) ( email )

Warandelaan 2
Tilburg, 5000 LE
Netherlands

Yelin Zhang

Gonzaga University - School of Business Administration ( email )

Spokane, WA
United States

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