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Money for novelty: The role of venture capital investments for innovation in young technology-based firms

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  • Heger, Diana

Abstract

This paper examines the role of venture capital on a firm's innovation activities by using a data set of German technology-based firms founded between 1996 and 2005. Innovation is proxied by patent counts and an index of innovativeness which reflects the degree to which a young firm has developed new technologies based on its own or external resources. The results show that VC financing has a positive impact on both patenting and innovativeness, even if we account for endogeneity of VC financing. --

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Bibliographic Info

Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number 13-077.

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Date of creation: 2013
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Handle: RePEc:zbw:zewdip:13077

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Keywords: innovation; venture capital; young technology-based firms; discrete choice methods; count data models; endogeneity;

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