Autori: Bertoni, Fabio, Croce, Annalisa, D'Adda, Diego
Titolo: Venture capital e attività brevettuale delle giovani imprese italiane ad alta tecnologia
Periodico: Economia e politica industriale
Anno: 2011 - Volume: 38 - Fascicolo: 4 - Pagina iniziale: 35 - Pagina finale: 67

The aim of the paper is to conduct an empirical analysis of the impact of VC (venture capital) funding on the innovation output of new technology-based firms in terms of their patenting activity. In particular, we compare the patenting rates of investee and non-investee high-tech firms. To investigate whether VC investments spur patenting activity, we consider a unique longitudinal dataset composed of one hundred and ninety- one Italian firms operating in high-tech manufacturing industries. We estimate different econometric models on panel data, controlling for factors beyond VC that could influence a firm’s patenting behaviour, such as the founders’ human capital and the use of other financing sources. The results of the analysis show that VC investments have a positive impact on successive patenting activity and that prior to receiving VC, the patenting propensity of the investee firms was no higher than other firms.




SICI: 0391-2078(2011)38:4<35:VCEABD>2.0.ZU;2-Y
Testo completo: http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=43817&Tipo=Articolo PDF

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