Community and Capital in Entrepreneurship and Economic Growth
研究发现，社区种族融合程度与风险投资互补，共同促进创新、创业和经济增长；种族融合越高的地区，风险投资对创新和创业的推动作用越强。
We argue that social integration—in the sense of within-community interconnectedness—and venture capital have a complementary relationship in fostering innovation, entrepreneurship, and economic growth. Using panel data on metropolitan areas in the United States from 1993 to 2002, our analyses reveal that racial integration—in the microgeography of residential patterns—moderates the effect of venture capital, with more ethnically-integrated places benefiting more from venture capital. We provide evidence for the underlying mechanisms by demonstrating that communities with higher levels of racial integration foster the discovery of more novel and more valuable inventions and the emergence of more ethnically-diverse entrepreneurial groups.