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Beyond venture capital: an exploratory study of the finance-innovation-policy nexus in cleantech

Author

Listed:
  • Michael Migendt
  • Friedemann Polzin
  • Florian Schock
  • Florian A Täube
  • Paschen von Flotow

Abstract

In recent years, scholarly interest in financing for innovation has grown, particularly for mitigating climate change. However, extant literature has neglected the interaction of actors along the equity financing value chain, and the indirect effects of innovation and financial policy on the supply and demand of private equity (PE) and venture capital (VC). In this article, we emphasize the importance of these understudied aspects through a comparative case study of equity finance for cleantech in the United States and Germany. We find that systemic interdependencies between institutional investors, VC/PE and policy makers influence the conditions for innovation—the “finance-innovation-policy nexus.” Adverse effects of policies affecting financial markets, in particular institutional investors, have to be taken into account to effectively mobilize private investments for (cleantech) innovation.

Suggested Citation

  • Michael Migendt & Friedemann Polzin & Florian Schock & Florian A Täube & Paschen von Flotow, 2017. "Beyond venture capital: an exploratory study of the finance-innovation-policy nexus in cleantech," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 26(6), pages 973-996.
    • Handle: RePEc:oup:indcch:v:26:y:2017:i:6:p:973-996.
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    File URL: http://hdl.handle.net/10.1093/icc/dtx014
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    Citations

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    Cited by:

    1. Christoph Constantin Niemann & Petra Dickel & Gordon Eckardt, 2020. "The interplay of corporate entrepreneurship, environmental orientation, and performance in clean‐tech firms—A double‐edged sword," Business Strategy and the Environment, Wiley Blackwell, vol. 29(1), pages 180-196, January.
    2. Wen-Hsiang Chiu & Wen-Cheng Lin & Chun-Nan Chen & Nien-Ping Chen, 2021. "Using an Analytical Hierarchy Process to Analyze the Development of the Green Energy Industry," Energies, MDPI, vol. 14(15), pages 1-15, July.
    3. Pelin Demirel & Gamze Ozturk Danisman, 2019. "Eco‐innovation and firm growth in the circular economy: Evidence from European small‐ and medium‐sized enterprises," Business Strategy and the Environment, Wiley Blackwell, vol. 28(8), pages 1608-1618, December.
    4. Köppl-Turyna, Monika & Köppl, Stefan & Christopulos, Dimitris, 2023. "How to support cleantech start-ups? Lessons from European venture-capital deals," Research Papers 25, EcoAustria – Institute for Economic Research.
    5. van den Heuvel, Matthias & Popp, David, 2023. "The role of venture capital and governments in clean energy: lessons from the first cleantech bubble," Energy Economics, Elsevier, vol. 124(C).
    6. Polzin, Friedemann, 2017. "Mobilizing private finance for low-carbon innovation – A systematic review of barriers and solutions," Renewable and Sustainable Energy Reviews, Elsevier, vol. 77(C), pages 525-535.
    7. Xinman Zhu & Jie Dai & Haoran Wei & Debing Yang & Weilun Huang & Zhang Yu & Jorge E. Macias-Diaz, 2021. "Application of the Fuzzy Optimal Model in the Selection of the Startup Hub," Discrete Dynamics in Nature and Society, Hindawi, vol. 2021, pages 1-9, February.
    8. Polzin, Friedemann & Sanders, Mark & Stavlöt, Ulrika, 2018. "Do investors and entrepreneurs match? – Evidence from The Netherlands and Sweden," Technological Forecasting and Social Change, Elsevier, vol. 127(C), pages 112-126.
    9. Harilal Krishna & Yash Kashyap & Dwarkeshwar Dutt & Ambuj D. Sagar & Abhishek Malhotra, 2023. "Understanding India’s low-carbon energy technology startup landscape," Nature Energy, Nature, vol. 8(1), pages 94-105, January.
    10. Maria A. Franco & Stefan N. Groesser, 2021. "A Systematic Literature Review of the Solar Photovoltaic Value Chain for a Circular Economy," Sustainability, MDPI, vol. 13(17), pages 1-35, August.
    11. Nawab Khan & Haitao Qu & Jing Qu & ChunMiao Wei & Shihao Wang, 2021. "Does Venture Capital Investment Spur Innovation? A Cross-Countries Analysis," SAGE Open, , vol. 11(1), pages 21582440211, March.
    12. Anas A. Makki & Hisham Alidrisi & Asif Iqbal & Basil O. Al-Sasi, 2020. "Barriers to Green Entrepreneurship: An ISM-Based Investigation," JRFM, MDPI, vol. 13(11), pages 1-17, October.
    13. Pelin Demirel & Qian Cher Li & Francesco Rentocchini & J. Pawan Tamvada, 2019. "Born to be green: new insights into the economics and management of green entrepreneurship," Small Business Economics, Springer, vol. 52(4), pages 759-771, April.
    14. Zheng, Mingbo & Feng, Gen-Fu & Wang, Quan-Jing & Chang, Chun-Ping, 2023. "Financial globalization and technological innovation: International evidence," Economic Systems, Elsevier, vol. 47(1).
    15. Polzin, Friedemann & Sanders, Mark, 2020. "How to finance the transition to low-carbon energy in Europe?," Energy Policy, Elsevier, vol. 147(C).
    16. Qing Ye & Rongting Zhou & Muhammad Azfar Anwar & Ahmad Nabeel Siddiquei & Fahad Asmi, 2020. "Entrepreneurs and Environmental Sustainability in the Digital Era: Regional and Institutional Perspectives," IJERPH, MDPI, vol. 17(4), pages 1-21, February.

    More about this item

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy

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