{"title":"Beyond market failure: rationales for regional governmental venture capital","authors":"J. Vogelaar, E. Stam","doi":"10.1080/13691066.2021.1927341","DOIUrl":null,"url":null,"abstract":"ABSTRACT Why do regional governments establish venture capital funds? Government intervention in venture capital markets is traditionally legitimised by market failure rationales. In this paper, we analyse the supply of public and private venture capital in Dutch regions, which reveals a multiplicity of rationales for government intervention in the regional economy. We ground this in the policy diffusion literature and distinguish four rationales for government intervention: economic competition, coercion, imitation and learning. The findings enrich the analysis of regional government interventions and challenge the rhetoric that regional policies seeking to foster venture capital markets are solely implemented to address market failures.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.8000,"publicationDate":"2021-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"4","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Venture Capital","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1080/13691066.2021.1927341","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 4
Abstract
ABSTRACT Why do regional governments establish venture capital funds? Government intervention in venture capital markets is traditionally legitimised by market failure rationales. In this paper, we analyse the supply of public and private venture capital in Dutch regions, which reveals a multiplicity of rationales for government intervention in the regional economy. We ground this in the policy diffusion literature and distinguish four rationales for government intervention: economic competition, coercion, imitation and learning. The findings enrich the analysis of regional government interventions and challenge the rhetoric that regional policies seeking to foster venture capital markets are solely implemented to address market failures.
期刊介绍：
Venture Capital publishes cutting edge research-based papers from academics and practitioners on all aspects of private equity finance such as: •institutional venture capital •informal venture capital •corporate venture capital •public sector venture capital •community venture capital It also covers all aspects of the venture capital process from investment decision to exit, including studies on: •investment patterns •investment decision-making •investment performance •realisation of investment value exit routes (including the relationship with junior capital markets such as NASDAQ, EASDAQ, AIM and Nouvelle March). •economic impact and public policy
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