Taxation and venture capital-backed entrepreneurship

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Taxation and venture capital-backed entrepreneurship

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Title: Taxation and venture capital-backed entrepreneurship
Author: Keuschnigg, Christian; Nielsen, Søren Bo
Abstract: In recent years, venture capital has increasingly become a factor in the financing of new firms. We examine how the value of mature firms determines the incentives of entrepreneurs to start up new firms and of venture capitalists to finance and advise them. We examine how capital gains taxes as well as subsidies to start-up costs of new firms affect venture capital-backed entrepreneurship. We also argue that dividend and capital gains taxes on mature firms have important consequences for start-up firms as well. JEL Classification: D82, G24, H24 and H25 Keywords: double moral hazard, entrepreneurship, taxes and venture capital
URI: http://hdl.handle.net/10398/7592
Date: 2004-01-28

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