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Abstract: |
The paper examines the empirical evidence on economic impacts of venture capital. At the macro-level, the consistently positive and significant statistical associations with the share of knowledge intensive industries, higher education, participation in lifelong learning, R&D expenditures or patent applications reveal it to be an integral part of modern systems of innovation. A critical review of studies estimating the precise impact of venture capital, among others, on corporate growth, patent output, survival or technical efficiency illuminates a varied spectrum of particular transmission channels. However, the review also points at an imbalance in the analytical focus of most studies, targeting the presumed value added function of venture capital, while largely ignoring its specific financing and selection function. |
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