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Are Venture Capitalists a Catalyst for Innovation?

Author Info

Listed author(s):
  • Stefano Caselli
  • Stefano Gatti
  • Francesco Perrini

Abstract

"In this paper we test two hypotheses concerning the presence of innovation in venture capital investments and the growth of innovative venture backed firms. To examine these hypotheses we considered sample of 37 Italian venture backed firms that went public on the Italian Stock Exchange between 1995 and 2004 and by a statistical matching procedure we picked 37 twin firms among the non-venture backed IPOs for the same period. Our evidence shows that innovation is an important factor during the selection phase but once the investment is made, the company does not promote continued innovation and concentrates all efforts to improve other economic and managerial aspects". Copyright (c) 2008 The Authors Journal compilation (c) 2008 Blackwell Publishing Ltd.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-036X.2008.00445.x
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Article provided by European Financial Management Association in its journal European Financial Management.

Volume (Year): 15 (2009)
Issue (Month): 1 ()
Pages: 92-111

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Handle: RePEc:bla:eufman:v:15:y:2009:i:1:p:92-111
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Cited by:

  1. Lahr, Henry & Mina, Andrea, 2016. "Venture capital investments and the technological performance of portfolio firms," Research Policy, Elsevier, vol. 45(1), pages 303-318.
  2. Watzinger, Martin & Schnitzer, Monika, 2014. "Measuring Spillovers of Venture Capital," Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100318, Verein für Socialpolitik / German Economic Association.
  3. Matthew Beacham & Bipasa Datta, 2013. "Who Becomes the Winner? Effects of Venture Capital on Firms’ Innovative Incentives - A Theoretical Investigation," Discussion Papers 13/33, Department of Economics, University of York.
  4. Filipe Silva & Carlos Carreira, 2012. "Do financial constraints threat the innovation process? Evidence from Portuguese firms," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 21(8), pages 701-736, November.
  5. Spyros Arvanitis & Tobias Stucki, 2014. "The impact of venture capital on the persistence of innovation activities of start-ups," Small Business Economics, Springer, vol. 42(4), pages 849-870, April.
  6. Alexander Popov & Peter Roosenboom, 2012. "Venture capital and patented innovation: evidence from Europe," Economic Policy, CEPR;CES;MSH, vol. 27(71), pages 447-482, 07.
  7. Douglas Cumming & Sofia Johan, 2016. "Venture’s economic impact in Australia," The Journal of Technology Transfer, Springer, vol. 41(1), pages 25-59, February.
  8. Guo, Liang & Wei, Yinghong Susan & Sharma, Ruchi & Rong, Ke, 2017. "Investigating e-business models’ value retention for start-ups: The moderating role of venture capital investment intensity," International Journal of Production Economics, Elsevier, vol. 186(C), pages 33-45.

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