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High risk, high reward?: -A quantitative study of venture capital investments effect on new business creation
KTH, School of Industrial Engineering and Management (ITM).
2019 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

In this thesis, an econometric analysis has been conducted in order to research the rate of new business creation that venture capital investments potentially generate. Data was gathered from 32 OECD countries between the years 2006-2017, to establish to what degree TEA (total entrepreneurial activity) and TEA opportunity based, was fuelled by venture capital investments. In comparison to the majority of the literature, the findings of this thesis give a more nuanced picture to the enthusiastic attitude towards venture capital. As the results indicate a less significant impact of venture capital investments than expected, this thesis serves as an important counterweight to the overall positive stance towards the finance form. However, other findings of the study are in line with previous literature. For example, high GDP is associated to high entrepreneurial activity and high taxes discourage entrepreneurial activity. It is also worth mentioning the subtle, but existing, disparity in the results between TEA and TEA opportunity based. This indicates that further and more thorough research should be conducted within these two different measurements.

Abstract [sv]

I den här uppsatsen har en ekonometrisk analys genomförts i syfte att undersöka venture capitals påverkan på graden av uppkomsten av nya företag. Data samlades in från 32 OECD länder mellan åren 2006-2017, för att ta reda på hur TEA (total entrepreneurial activity) och TEA opportunity based påverkas av venture capital investeringar. I jämförelse med majoriteten av existerande litteratur, så ger resultaten av den här uppsatsen en mer nyanserad bild den rådande entusiastiska attityden gentemot venture capital. Då resultaten indikerar en mindre signifikant påverkan av venture capital investeringar än förväntat, bidrar den här uppsatsen till en viktig motpol till en gällande positiva inställningen till finansieringsformen. Dock stämmer andra resultat från uppsatsen överens med tidigare litteratur. Exempelvis är högt BNP signifikant med hög entreprenöriell aktivitet och höga skatter visar sig ha en avskräckande effekt. En annan intressant iakttagelse utifrån resultaten, är den subtila, men existerande skillnaden mellan TEA och TEA opportunity based. De indikerar att vidare och mer djupgående forskning bör göras på de två olika variablerna.

Place, publisher, year, edition, pages
2019. , p. 39
Series
TRITA-ITM-EX ; 2019:179
Keywords [en]
Venture capital, New Firm Creation, Innovation, Entrepreneurship, Economic Growth, OECD
Keywords [sv]
Venture capital, Nya företag, Innovation, Entreprenörskap, Ekonomisk tillväxt, OECD
National Category
Engineering and Technology
Identifiers
URN: urn:nbn:se:kth:diva-264228OAI: oai:DiVA.org:kth-264228DiVA, id: diva2:1372574
Supervisors
Examiners
Available from: 2019-11-25 Created: 2019-11-25 Last updated: 2019-11-25Bibliographically approved

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