We examine the role that changes to the institutional environment play in the formation, exit, and performance of ventures. We do so by taking advantage of two natural experiments in Japan that relates to the exit of a venture: successful IPO, and failure in bankruptcy. In our first study, we...

Research Summary: Governments in emerging economies often use institutional intermediaries to promote entrepreneurship, and bridge the void between ventures and public funding. While prior literature describes what institutional intermediaries do, it leaves open how intermediaries support...