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Which form of venture capital is most supportive of innovation? : Evidence from European biotechnology companies

Bertoni, Fabio; Tykvová, Tereza - 2013

We argue that different forms of venture capital contribute differently to the innovation process and, consequently, differ in their impact on portfolio companies' innovation output. Our results suggest that the innovation output of companies financed by independent VCs increases significantly...

Persistent link: https://www.econbiz.de/10009715276

Investment, R&D and financial constraints in Britain and Germany

Bond, Stephen; Harhoff, Dietmar; Van Reenen, John - 2003

This paper tests for the importance of cash flow on investment in fixed capital and R&D using firm-level panel data in … investment or R&D. In identical pecifications for British firms, cash flow is informative about investment, although not about … the level of R&D spending conditional on the R&D participation decision. In the UK, we also find that investment is less …

Persistent link: https://www.econbiz.de/10011538330