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Innovation in newly public firms: The influence of government grants, venture capital, and private equity

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  • George A Shinkle
  • Jo-Ann Suchard

Abstract

We investigate the influence of government grants, venture capital (VC), and private equity (PE) funding on innovation in newly public firms. We examine innovation inputs (R&D), innovation outputs (patents), and the quality thereof (patent citations). We contribute to understanding of the mechanisms between government grants and subsequent VC and PE funding and innovation. We find that grants encourage VC funding but not PE funding. Grants and VC/PE funding are generally complements regarding innovation except grants substitute for VC funding on innovation inputs. Furthermore, we observe that the firm-level heterogeneity of VC/PEs significantly influences innovation in portfolio companies. JEL Classification: G24, G32, L53, O31, O38

Suggested Citation

  • George A Shinkle & Jo-Ann Suchard, 2019. "Innovation in newly public firms: The influence of government grants, venture capital, and private equity," Australian Journal of Management, Australian School of Business, vol. 44(2), pages 248-281, May.
    • Handle: RePEc:sae:ausman:v:44:y:2019:i:2:p:248-281
    DOI: 10.1177/0312896218802611
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    More about this item

    Keywords

    Grants; innovation; patents; private equity; R&D; venture capital;
    All these keywords.

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L53 - Industrial Organization - - Regulation and Industrial Policy - - - Enterprise Policy
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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