We analyze a sample of European high-tech entrepreneurial firms that received bank venture capital (BVC) financing between 1994 and 2004. We employ a “two-step” matching procedure in order to build a control group composed of (1) comparable firms that received venture capital financing from...

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...

We use the lens of the resource-based view and horizontal agency cost theory to analyse the effect of the presence of different types of individual owners, i.e., owner-managers and non-manager individual shareholders, on the performance of high-tech entrepreneurial firms. Ownership enlargement...

In recent years, a “third mission” pursued by universities, i.e. knowledge transfer to industry and society, has become more important as a determinant of enhancements in economic growth and social welfare. In the vast world of technology transfer practices implemented by universities, the...

Incentive regulation in electricity distribution is expected to enlarge its scope, from an input-oriented instrument to one that includes additional, output-based incentives. This creates a potential conflict with more traditional concerns for productive efficiency. In the case of Italy,...

We aim to ascertain to what extent the better performance of European venture capital (VC)‐backed firms in high-tech industries is due to either ‘screening’ or ‘value added’ provided by VC investors. We compare portfolio firms' productivity growth before and after the first VC round,...

This work analyses the effect of informal risk capital financing on a firm's investment/cash flow sensitivity (ICFS) in a sample of 498 Italian privately held high-tech entrepreneurial ventures (HTEVs) observed from 1996 to 2008. To detect financial constraints, we resort to an error correction...

This timely book brings together cutting-edge research on the important subject of science and innovation policies. The contributors – distinguished social science scholars – tackle the key challenges of designing and implementing public policies in the context of the new knowledge...

<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 aim of this paper is to analyse empirically the impact of venture capital (VC) finance on the innovation output of new technology-based firms (NTBFs) as reflected by their patenting activity. In particular, we compare the patenting rates of VC-backed and non-VC-backed NTBFs. To investigate...