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Capital gains tax, venture capital and innovation in start-ups

dc.contributor.authorDimitrova, L
dc.contributor.authorEswar, SK
dc.date.accessioned2022-09-02T09:24:50Z
dc.date.issued2022-09-08
dc.date.updated2022-09-02T06:31:01Z
dc.description.abstractWe examine the effect of staggered changes in the state-level capital gains tax on venture capital (VC)-backed start-ups and show that an increase in the tax rate of VC firms reduces the quantity and quality of patents by the start-ups. The results are consistent with a reduction in VC firms’ incentives to provide effort: increases in the capital gains tax for VC firms lead to incrementally lower innovation exchanges between start-ups in the VC firm’s portfolio. VC firms also decrease the level of investment in start-ups and the size of their portfolio as well as increase the number of start-ups that they write off.en_GB
dc.description.sponsorshipUniversity of Cincinnatien_GB
dc.identifier.citationPublished online 8 September 2022en_GB
dc.identifier.doi10.1093/rof/rfac057
dc.identifier.urihttp://hdl.handle.net/10871/130646
dc.identifierORCID: 0000-0002-4566-2855 (Dimitrova, Lora)
dc.language.isoenen_GB
dc.publisherOxford University Pressen_GB
dc.rights© The Author(s) 2022. Published by Oxford University Press on behalf of the European Finance Association. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by/4.0/), which permits unrestricted reuse, distribution, and reproduction in any medium, provided the original work is properly cited.
dc.subjectInnovationen_GB
dc.subjectCapital gains taxen_GB
dc.subjectVenture capitalen_GB
dc.subjectEntrepreneurshipen_GB
dc.titleCapital gains tax, venture capital and innovation in start-upsen_GB
dc.typeArticleen_GB
dc.date.available2022-09-02T09:24:50Z
dc.identifier.issn1572-3097
dc.descriptionThis is the final version. Available on open access from Oxford University Press via the DOI in this recorden_GB
dc.identifier.eissn1875-824X
dc.identifier.journalReview of Financeen_GB
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/en_GB
dcterms.dateAccepted2022-08-09
dcterms.dateSubmitted2020-11-07
rioxxterms.versionVoRen_GB
rioxxterms.licenseref.startdate2022-08-09
rioxxterms.typeJournal Article/Reviewen_GB
refterms.dateFCD2022-09-02T06:31:03Z
refterms.versionFCDAM
refterms.dateFOA2022-10-05T12:56:40Z
refterms.panelCen_GB


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© The Author(s) 2022. Published by Oxford University Press on behalf of the European Finance Association. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by/4.0/), which permits unrestricted reuse, distribution, and reproduction in any medium, provided the original work is properly cited.
Except where otherwise noted, this item's licence is described as © The Author(s) 2022. Published by Oxford University Press on behalf of the European Finance Association. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by/4.0/), which permits unrestricted reuse, distribution, and reproduction in any medium, provided the original work is properly cited.