The Financing and Governance of New Technologies

Mayer, Colin (2004) The Financing and Governance of New Technologies. In: Fan, Joseph, Hanazaki, Masaharu and Teranishi, Juro, (eds.) Designing Financial Systems in East Asia and Japan. Routledge Curzon, pp. 187-203.

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Abstract

This paper examines the financial sector preconditions for the successful development
of high technology sectors. It argues that there is a close relation between types of
activities undertaken in different countries and their institutional structures. A
distinguishing characteristic of the financing of new technology firms is their
evolving pattern of control by different investor groups. While stock markets are an
important component of the development of the most successful firms, they are not
the most common. Regulation is a significant influence on institutional structure. For
the most part, Europe has opted for high levels of investor protection and low levels
of diversity, while the U.S. has placed more emphasis on entry and competition in the
financial sector.

Item Type: Book Section
Keywords: high technology finance, corporate governance, financial systems, financial regulation
Date Deposited: 20 Jan 2011 11:46
Last Modified: 07 Oct 2015 05:45
URI: http://eureka.sbs.ox.ac.uk/id/eprint/582

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