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. Keywords: Venture capital, brevetti, imprese ad alta tecnologia JEL Code: D92, G24, L21
Venture capital e attività brevettuale delle giovani imprese italiane ad alta tecnologia / Bertoni, F.; Croce, A.; D'Adda, Diego. - In: ECONOMIA E POLITICA INDUSTRIALE. - ISSN 0391-2078. - 2011:(2011), pp. 35-67. [10.3280/POLI2011-004002]
Venture capital e attività brevettuale delle giovani imprese italiane ad alta tecnologia
D'ADDA, Diego
2011-01-01
Abstract
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. Keywords: Venture capital, brevetti, imprese ad alta tecnologia JEL Code: D92, G24, L21I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
