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

    • 2023
    • Faculty Research

    Learning by Investing: Entrepreneurial Spillovers from Venture Capital

    By: Josh Lerner, Jinlin Li and Tong Liu
    • August 2023
    • Management Science

    Anti-Corruption, Government Subsidies, and Innovation: Evidence from China

    By: Lily Fang, Josh Lerner, Chaopeng Wu and Qi Zhang
    • July 2023
    • Journal of Portfolio Management

    Takahashi-Alexander Revisited: Modeling Private Equity Portfolio Outcomes Using Historical Simulations

    By: Dawson Beutler, Alex Billias, Sam Holt, Josh Lerner and TzuHwan Seet
More from the Authors
  • Learning by Investing: Entrepreneurial Spillovers from Venture Capital By: Josh Lerner, Jinlin Li and Tong Liu
  • Anti-Corruption, Government Subsidies, and Innovation: Evidence from China By: Lily Fang, Josh Lerner, Chaopeng Wu and Qi Zhang
  • Takahashi-Alexander Revisited: Modeling Private Equity Portfolio Outcomes Using Historical Simulations By: Dawson Beutler, Alex Billias, Sam Holt, Josh Lerner and TzuHwan Seet
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