Staatliche Gründungsfinanzierung: Stand der Forschung und offene Fragen

Witt, Peter; Hack, Andreas (2008). Staatliche Gründungsfinanzierung: Stand der Forschung und offene Fragen. Journal für Betriebswirtschaft, 58(2), pp. 55-79. Springer 10.1007/s11301-008-0034-6

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This paper provides a survey on the current status of research in the field of
public entrepreneurial financing. Most importantly, we investigate the economic justification of public activities in the market for start-up financing by addressing four research questions. First, the paper evaluates whether start-ups support macroeconomic growth at all. Second, we look for evidence of imperfections and market failure in the market for entrepreneurial finance. Third, the paper investigates whether public financing of start-ups is effective in the sense that subsidized firms perform better than non-subsidized ones. Fourth, it needs to be analyzed if existing measures of public financial support for start-ups are efficient, i.e. reach their economic goals cheaper than other measures. The answers to these questions are mostly negative which shows that economic research has no justification to offer for public entrepreneurial
financing.

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