Public policy,entrepreneurship, and venture capital in the United States |
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| Affiliation: | 1. York University, Schulich School of Business, 4700 Keele Street, Toronto, Ontario M3J 1P3, Canada;2. Faculty of Business and Economics, the University of Hong Kong, Pokfulam Road, Hong Kong;1. Fulton Hall 336, Carroll School of Management, Boston College, Chestnut Hill, MA 02467, United States;2. College of Management, University of Massachusetts Boston, MA 02125, United States;3. 414C Hayden Hall, D''Amore-McKim of Business, Northeastern University, Boston, MA 02115, United States;1. Vlerick Business School, Reep 1, 9000 Gent, Belgium;2. Ghent University, Reep 1, 9000 Gent, Belgium;3. Imperial College Business School and Ghent University, South Kensington Campus, London SW7 2AZ, United Kingdom;1. Politecnico di Torino, Corso Duca degli Abruzzi 24, Torino 10124, Italy;2. BRICK, Collegio Carlo Alberto, Italy;1. Department of Management, Università degli Studi di Bologna, Via U. Terracini 28, 40131 Bologna, Italy;2. Department of Management, Università degli Studi di Bologna, Via Capo di Lucca 34, 40126 Bologna, Italy;1. Goethe University Frankfurt, Germany;2. Goethe University Frankfurt, CFS and SAFE, Germany |
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| Abstract: | This paper empirically examines business starts, deaths, venture capital and patents in relation to U.S. public policy. The most consistent evidence in the data shows that lower levels of labor frictions and higher levels of SBIR awards are associated with more business starts and higher levels of venture capital per population. Counter to expectations, the data indicate a positive impact from the homestead exemption only among the bottom quartile homestead exemption states, and otherwise a negative impact. We analyze a variety of other policy instruments and compare the effects of policy in regular times with the financial crisis of 2008–2010. |
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