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...

<em> The impact of venture capital financing on the investment cash flow sensitivity</em> - In this paper we study the effect of venture capital (VC) financing on firms’ investments in a longitudinal sample of 374 Italian unlisted new-technology-based firms (NTBFs) observed over the 10-year period from...

The paper analyses the effect of public subsidies on firm investments, using a longitudinal sample of two hundred ninety-four Italian unlisted owner-managed new-technology- based firms (NTBFs) observed from 1994 to 2003. We have adopted a modified version of the Euler equation and the use of...

The aim of the article is to evaluate the attractiveness and efficiency of the DOCUP 2000-2006 public financing program in Piedmont. The dataset consists of 1,235 firms that applied for public funding to Finpiemonte S.p.A. We first examined what determinants lead firms to apply for public...