Skip to Main Content
HBS Home
  • About
  • Academic Programs
  • Alumni
  • Faculty & Research
  • Baker Library
  • Giving
  • Harvard Business Review
  • Initiatives
  • News
  • Recruit
  • Map / Directions
Faculty & Research
  • Faculty
  • Research
  • Featured Topics
  • Academic Units
  • …→
  • Harvard Business School→
  • Faculty & Research→
Publications
Publications
  • February 2013
  • Article
  • Industrial and Corporate Change

Institutions and Venture Capital

By: Josh Lerner and Joacim Tag
  • Format:Print
ShareBar

Abstract

We survey the literature on venture capital and institutions and present a case study comparing the development of the venture capital market in the United States and Sweden. Our literature survey underscores that the legal environment, financial market development, the tax system, labor market regulations, and public spending on research and development correlate with venture capital activities across countries. Our case study suggests these institutional differences led to the later development of an active venture capital market in Sweden compared with the United States. In particular, a later development of financial markets and a heavier tax burden for entrepreneurs have played a key role.

Keywords

Venture Capital; Organizations; Taxation; Entrepreneurship; Financial Markets; United States; Sweden

Citation

Lerner, Josh, and Joacim Tag. "Institutions and Venture Capital." Industrial and Corporate Change 22, no. 1 (February 2013): 153–182.
  • Read Now

About The Author

Josh Lerner

Entrepreneurial Management
→More Publications

More from the Authors

    • 2022
    • Faculty Research

    Financial Acquisitions

    By: Josh Lerner, Amit Seru and Jennifer Zou
    • 2022
    • Faculty Research

    The Globalization of Silicon Valley: The Dynamics of Start-Up Diffusion

    By: Josh Lerner, Jacob Moscona and David Yang
    • September 2022
    • Faculty Research

    Yinglan Tan: Scaling a Venture Capital Firm in Southeast Asia

    By: Josh Lerner
More from the Authors
  • Financial Acquisitions By: Josh Lerner, Amit Seru and Jennifer Zou
  • The Globalization of Silicon Valley: The Dynamics of Start-Up Diffusion By: Josh Lerner, Jacob Moscona and David Yang
  • Yinglan Tan: Scaling a Venture Capital Firm in Southeast Asia By: Josh Lerner
ǁ
Campus Map
Harvard Business School
Soldiers Field
Boston, MA 02163
→Map & Directions
→More Contact Information
  • Make a Gift
  • Site Map
  • Jobs
  • Harvard University
  • Trademarks
  • Policies
  • Accessibility
  • Digital Accessibility
Copyright © President & Fellows of Harvard College