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Venture capital e attività brevettuale delle giovani imprese italiane ad alta tecnologia


  • Fabio Bertoni
  • Annalisa Croce
  • Diego D'Adda


The aim of the paper is to conduct an empirical analysis of the impact of VC (venture capital) funding on the innovation output of new technology-based firms in terms of their patenting activity. In particular, we compare the patenting rates of investee and non-investee high-tech firms. To investigate whether VC investments spur patenting activity, we consider a unique longitudinal dataset composed of one hundred and ninety- one Italian firms operating in high-tech manufacturing industries. We estimate different econometric models on panel data, controlling for factors beyond VC that could influence a firm’s patenting behaviour, such as the founders’ human capital and the use of other financing sources. The results of the analysis show that VC investments have a positive impact on successive patenting activity and that prior to receiving VC, the patenting propensity of the investee firms was no higher than other firms.

Suggested Citation

  • Fabio Bertoni & Annalisa Croce & Diego D'Adda, 2011. "Venture capital e attività brevettuale delle giovani imprese italiane ad alta tecnologia," ECONOMIA E POLITICA INDUSTRIALE, FrancoAngeli Editore, vol. 2011(4), pages 35-67.
  • Handle: RePEc:fan:polipo:v:html10.3280/poli2011-004002

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    More about this item


    Venture capital; brevetti; imprese ad alta tecnologia;

    JEL classification:

    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm


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