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Financing Constraints in the Inter Firm Diffusion of New Process Technologies

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  • Alessandra Canepa
  • Paul Stoneman

Abstract

Using dynamic panel estimations, this paper identifies driving forces of venture capital activity for Western European countries. Driving forces might be the liquidity of stock markets, human capital endowment, and labour market rigidities. I find that these factors do not affect expansion stage investments used as a broader definition of venture capital, while they positively affect early stage investments used as a narrow definition. Thus, the results suggest not only that liquid stock markets play an important role for the development of venture capital markets but also that they are not the only factor that drives venture capital activity

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File URL: http://journals.kluweronline.com/issn/0892-9912/contents
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Bibliographic Info

Article provided by Springer in its journal The Journal of Technology Transfer.

Volume (Year): 30 (2005)
Issue (Month): 2_2 (01)
Pages: 159-169

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Handle: RePEc:kap:jtecht:v:30:y:2005:i:2_2:p:159-169

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Web page: http://www.springerlink.com/link.asp?id=104998

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References

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  1. Hall, Bronwyn, 2002. "The Financing of Research and Development," Department of Economics, Working Paper Series qt5rf0x9gz, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  2. Colombo, Massimo G & Mosconi, Rocco, 1995. "Complementarity and Cumulative Learning Effects in the Early Diffusion of Multiple Technologies," Journal of Industrial Economics, Wiley Blackwell, vol. 43(1), pages 13-48, March.
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Cited by:
  1. Pietro ALESSANDRINI & Andrea PRESBITERO & Alberto ZAZZARO, 2007. "Bank Size or Distance: What Hampers Innovation Adoption by SMEs ?," Working Papers 304, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
  2. Stoneman, Paul & Canepa, Alessandra & Kaivanto, Kim, 2003. "The Public Provision of Sales Contingent Contracts as a Policy Response to Financial Constraints to Innovation in European SMEs," EIFC - Technology and Finance Working Papers 38, United Nations University, Institute for New Technologies.
  3. Heinz Hollenstein & Martin Woerter, 2007. "Inter- and Intra-Firm Diffusion of Technology: the Example of E-commerce : An Analysis based on Swiss Firm-level Data," KOF Working papers 07-157, KOF Swiss Economic Institute, ETH Zurich.
  4. Gómez, Jaime & Vargas, Pilar, 2012. "Intangible resources and technology adoption in manufacturing firms," Research Policy, Elsevier, vol. 41(9), pages 1607-1619.
  5. Gomez, Jaime & Vargas, Pilar, 2009. "The effect of financial constraints, absorptive capacity and complementarities on the adoption of multiple process technologies," Research Policy, Elsevier, vol. 38(1), pages 106-119, February.

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