The Interactive Effect ‌of Venture Capital and Business Environment Dynamics on Medical Equipment Exports

Document Type : Original Article

Authors

1 Professor of Economics, Department of Economics, Faculty of Economics and Social Science, Alzahra University, Tehran, Iran

2 M.A in Economics, Faculty of Economics and Social Science, Alzahra University, Tehran, Iran

3 MA in Entrepreneurship Management, Department of Entrepreneurship Management Science and Research Branch, Islamic Azad University, Iran

Abstract

This research, using the method of generalized moments, investigates the effect of venture capital (the Financial facilitation pillar related to the Digital Multi-sided Platform sub-index of the digital entrepreneurship ecosystems index) and the Business dynamism(the first pillar of the innovation ecosystem of The Global Competitiveness index) on the export of equipment medicine in selected countries during the period of 2015-2022. Based on the estimation results, venture capital and the business dynamics individually and interactively have a positive and significant effect on the export of medical equipment in both groups of selected countries. However, their interactive effect is greater than their effect. The variables of human capital, real exchange rate, and openness economy also have a positive and significant effect on the export of medical equipment. Considering results, on the one hand, by increasing education and skill-building, strengthening scientific and making more use of the mental and intellectual abilities of human resources at one's disposal in order to achieve more innovation and create an advantage drive competition; thereby improve their export performance, and on the other hand, by attracting and increasing risk-taking and bold investors, fill the gap of access to the required financial resources (due to the high risk of these activities, there is usually little desire to enter this business) and the chance of production units in attracting capital in the traditional way for the commercialization of ideas is very low) and thus provided the possibility of production and export with lower cost and greater competitiveness.

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References

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History

  • Receive Date: 24 May 2024
  • Revise Date: 17 July 2024
  • Accept Date: 21 July 2024

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