Institutional environment, innovative entrepreneurial entry and venture capital financing

Gian Fazio, Tomasz Mickiewicz

Research output: Preprint or Working paperWorking paper


We analyse the determinants of high growth expectations entrepreneurial entry (HGE) using individual data drawn on working age population, based on the Global Entrepreneurship Monitor (GEM) surveys for the 1998-2004 period. Individual level explanatory variables are combined with country-level factors. Our results suggest that availability of venture capital and intellectual proper rights protection are strong predictors of HGE. In addition, we also find that innovative start-ups are associated with highest growth expectations in countries with extensive supply of venture capital and strongest intellectual property rights. Once we introduce venture capital, we detect no significant effects of other elements of financial systems on high-powered entry.
Original languageEnglish
Place of PublicationLondon, UK
PublisherUniversity College London
Number of pages25
Publication statusPublished - Nov 2009

Publication series

NameEconomics working paper
PublisherUCL SSEES : Centre for comparative economics


  • start-ups
  • GEM
  • intellectual property
  • venture capital
  • innovation


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