THE ROLE OF GOVERNMENT IN ENTREPRENEURIAL FINANCE: VENTURE CAPITAL INVESTING AND INNOVATION

Yıl 2023, Cilt: 11 Sayı: Özel Sayı, 315 - 327, 20.10.2023

Çiydem Çatak

https://doi.org/10.52122/nisantasisbd.1352406

Öz

The use of venture capital has been discussed extensively in recent years as an alternative source of funding for start-ups to meet their financial needs. The contribution of venture capitalists to the overall business development of companies has been highlighted in this debate. This paper presents a research framework to identify the innovation indicators in terms of the role of government in their creation that influence venture capital investment. The relationship between innovation as measured by ease of business creation, ease of resolving insolvency, current expenditure on education, ICT (information and communication technology) use, ease of getting credit, domestic financial resources to private sector, protection of minority investors, knowledge-intensive employment, exports of creative goods, domestic patent applications and venture capital investment is examined for OECD countries over the ten-year period between 2012 and 2021. The results show that the main determinants of innovation that affect venture capital investment are ease of insolvency procedures, ease of access to credit, current expenditure on education, use of ICT, knowledge-intensive employment, exports of creative goods and GDP per capita.

Anahtar Kelimeler

Venture Capital Investments, Innovation, OECD Economies

GİRİŞİMCİLİK FİNANSMANINDA DEVLETİN ROLÜ: GİRİŞİM SERMAYESİ YATIRIMLARI VE İNOVASYON

Öz

Bu çalışma, risk sermayesi yatırımını etkileyen devlet destekli inovasyon değişkenlerini belirlemek için bir araştırma çerçevesi sunmaktadır. İş kurma kolaylığı, iflastan kurtulma kolaylığı, eğitime yönelik cari harcamalar, BİT (bilgi ve iletişim teknolojisi) kullanımı, kredi alma kolaylığı, özel sektöre sağlanan yerel mali kaynaklar, azınlık yatırımcılarının korunması, bilgi yoğun istihdam, yaratıcı ürün ihracatı, yerli patent başvuruları ve risk sermayesi arasındaki ilişki OECD ülkeleri için on yıllık bir süre olan 2012-2021 dönemi arasında incelenmiştir. Bulgular risk sermayesi yatırımını etkeleyen temel inovasyon belirleyicilerinin iflastan kurtulma kolaylığı, kredi alma kolaylığı, cari eğitim harcamaları, BİT kullanımı, bilgi yoğun istihdam, yaratıcı ürünlerin ihracatı ve kişi başına düşen GSMH olduğunu göstermektedir.

Anahtar Kelimeler

Risk Sermayesi, İnovasyon, OECD Ülkeleri

Kaynakça

• Biasi, B., Deming, D.J., and Moser, P. (2021). “Education and Innovation” NBER Working Paper, No. 28544.
• BMWi, (2019), “SMEs Digital Strategies for The Digital Transformation”. Federal Ministry for
• Economic Affairs and Energy (BMWi), https://www.bmwk.de/Redaktion/EN/Publikationen/Mittelstand/smes-digital-strategies-fordigital-transformation.pdf?__blob=publicationFile&v=1 Caselli, S., Gatti, S. and Perrini, F. (2008). “Are Venture Capitalists a Catalyst for Innovation?”,
• European Financial Management, 15(1), 92-111. Chang, Y. and Astorsdotter, D. (2021). Does Governmental Venture Capital Spur Innovation? - A comparison with private venture capital in Sweden” https://www.divaportal.org/smash/get/diva2:1573594/FULLTEXT01.pdf
• Engel, D. and Keilbach, M. (2007). “Firm-level Implications of Early Stage Venture Capital Investment — An Empirical Investigation”, Journal of Empirical Finance,14(2), 150-167.
• EY (2023). https://www.ey.com/en_us/growth/venture-capital/q1-2023-venture-capitalinvestment-trends Geronikolaou, G. and Papachristou, G. (2008). “Venture Capital and Innovation in Europe”, Modern Economy, 3, 454-459, http://dx.doi.org/10.4236/me.2012.34058.
• GII, (2022). Global Innovation Index, https://www.wipo.int/global_innovation_index/en/2022/ Gujarati, D., Porter, D. and Gunasekar, S. (2017). “Basic Econometrics”, McGraw Hill Education, 5th Edition
• Hall, B.H. and Lerner, J. (2009). “The Financing of R&D and Innovation”, https://eml.berkeley.edu/~bhhall/papers/HallLerner09_rndfin_chapter_draft.pdf
• Khan, N., Qu, H., Qu, J., Wei, C. and Wang, S. (2021). “Does Venture Capital Investment Spur Innovation? A Cross-Countries Analysis”, SAGE Open, 1(13), doi: 10.1177/21582440211003087
• Kortum, S. and Lerner, J. (2000), “Assessing the Contribution of Venture Capital to Innovation”, RAND Journal of Economics, 31(4), 674-692, http://web.mit.edu/rgibbons/www/venture.capital.pdf
• Leogrande, A., Costantiello, A., and Laureti, L. (2021). “The Impact of Venture Capital Expenditures on Innovation in Europe”, MPRA Paper, No. 109897, https://mpra.ub.uni-muenchen.de/109897/
• Ni, H., Luan, T., Cao, Y. and Finlay, D. (2014). “Can Venture Capital Trigger Innovation? New Evidence from China” International Journal of Technology Management, 65(1-4), 189-214. http://dx.doi.org/10.1504/IJTM.2014.060957
• OECD, (2001). “The New Economy: Beyond the Hype”, Final Report on the OECD Growth Project, https://www.oecd.org/economy/growth/2380634.pdf
• Pesole, A. (2015). “How much does ICT contribute to innovation output?”, European Commission Joint Research Centre Technical Reports, Report EUR 27074 EN.
• Sahaym, A., Steensma, H.K., and Barden, J.Q. (2010). “The influence of R&D investment on the use of corporate venture capital: An industry-level analysis”, Journal of Business Venturing, 25(4), 376-388.
• Spiezia, V. (2011). “Are ICT Users More Innovative? An Analysis of ICT-Enabled Innovation in OECD Firms”, OECD Journal: Economic Studies, Volume 2011/1, http://dx.doi.org/10.1787/19952856.
• Stuck, B. and Weingarten, M. (2005). “How Venture Capital Thwarts Innovation” IEEE Spectrum, 42(4), 50 – 55, doi:10.1109/MSPEC.2005.1413731.
• Timell, F. (2013). “Innovation and Venture Capital - A Minor Case Study on the Swedish Venture Capital Industry’s Effect on Innovation”, Master of Science Thesis Stockholm, Sweden, https://www.diva-portal.org/smash/get/diva2:628471/FULLTEXT02.