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1、JournalofInternationalBusinessStudies(2012)43,563–590&2012AcademyofInternationalBusinessAllrightsreserved0047-2506www.jibs.netDisclosure,venturecapitalandentrepreneurialspawning1DouglasCummingandAbstractAprilKnill2Venturecapital(VC)fundshavebeenfacingincreas
2、ingregulatoryscrutinysincethe2007financialcrisis,particularlywithrespecttocallsforincreased1disclosurerequirements.Inthispaper,weexaminetheeffectofmorestringentSchulichSchoolofBusiness,YorkUniversity,Toronto,Canada;2FloridaStateUniversity,securitiesregulatio
3、nonthesupplyandperformanceofVC,aswellasonnewTallahassee,USAbusinesscreation(i.e.,entrepreneurialspawning).Usingcountry-levelandinvestment-leveldatafrom34countriesovertheyears2000–2008,wefindCorrespondence:AKnill,FloridaStatethatmorestringentsecuritiesregulat
4、ionispositivelyassociatedwiththesupplyUniversity,821AcademicWay,143RBB,andperformanceofVCaroundtheworld.MorestringentsecuritiesregulationTallahassee,FL32306,USA.isalsopositivelyassociatedwithentrepreneurialspawninginducedbyVC.Tel:þ18506442047;Amongdifferentf
5、ormsofsecuritiesregulation,disclosurestandsoutashavingFax:þ18506444225themosteconomicallymeaningfulimpact,whichcastsdoubtontheoft-repeatedobjectionstodisclosureinVC–thatitwouldstifletheVCindustry,becausesecretswouldhavetoberevealedtocompetitorsandthepublic.T
6、hesefindingsarerobusttonumerousrobustnesschecksforendogeneity.Thepolicyimplicationsareclear,however,regardlessofendogeneityconcerns:VCandentrepreneurshipmarketsareenabled,notcurtailed,incountrieswithbetterdisclosurestandards,whenonecomparestheexistingdiffere
7、ncesindisclosurearoundtheworldandchangestheretooverthe2000–2008period.JournalofInternationalBusinessStudies(2012)43,563–590.doi:10.1057/jibs.2012.9Keywords:venturecapital;spawning;disclosure;securitiesregulationINTRODUCTIONWhenafightbreaksoutinabar,youdon’th
8、itthemanwhostartedit.Youclobberthepersonyoudon’tlikeinstead.(TheEconomist,2009)Onenotableconsequenceofthefinancialcrisisthatbeganinmid-2007istheincreasingregulatoryscrutinyofalternativeinvestmen
