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Financing Constraints in the Inter Firm Diffusion of New Process Technologies

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Author Info
Stoneman, Paul () (University of Warwick)
Canepa, Alessandra () (University of York)

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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://www.intech.unu.edu/publications/eifc-tf-papers/eifc03-28.pdf
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Paper provided by United Nations University, Institute for New Technologies in its series EIFC - Technology and Finance Working Papers with number 28.

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Date of creation: 2003
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Handle: RePEc:dgr:unutaf:eifc03-28

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Web page: http://www.intech.unu.edu

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Keywords: venture capital investments Europe dynamic panel

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  1. Bronwyn Hall, 2002. "The Financing of Research and Development," Department of Economics, Working Paper Series 1004, Department of Economics, Institute for Business and Economic Research, UC Berkeley. [Downloadable!]
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  1. 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," Working papers 07-157, KOF Swiss Economic Institute, ETH Zurich. [Downloadable!]
  2. Stoneman, Paul & Canepa, Alessandra & Kaivanto, Kim, 2004. "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. [Downloadable!]
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