Access to finance for innovation: the role of venture capital and the stock market
Financial constraints for young and small firms can prevent them from contributing to innovation and the creation of new jobs. The paper analyzes two of the several institutional mechanisms implemented to overcome that hurdle: the development of the venture capital market and access to the stock market. The analysis is based on the information provided by two of the scoreboards used to monitor innovative activity in Europe: the IUS (Innovation Union Scoreboard) and the R&D Scoreboard. The former was used to study the determinants of venture capital/GDP intensity in Europe. The second was used to try to assess the stock market’s contribution to R&D investment. The results show that, in the first case, the venture capital market complements structural features such as R&D intensity and market capitalization, is more volatile, and seems uninfluenced by competition-adverse regulations; in the second case, the analysis indicated that unlisted SMEs are more research intensive.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 2011/4 (2011)
Issue (Month): 4 ()
|Contact details of provider:|| Web page: http://www.francoangeli.it/riviste/sommario.asp?IDRivista=13|
|Order Information:|| Web: http://www.francoangeli.it/riviste/Elenco_Prodotti.aspx?startCode=DC Email: |
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Michele Cincera & Julien Ravet, 2010.
"Financing constraints and R&D investments of large corporations in Europe and the USA,"
JRC-IPTS Working Papers on Corporate R&D and Innovation
2010-03, Institute for Prospective Technological Studies, Joint Research Centre.
- Michele Cincera & Julien Ravet, 2010. "Financing constraints and R&D investments of large corporations in Europe and the US," Science and Public Policy, Oxford University Press, vol. 37(6), pages 455-466, July.
- Michele Cincera & Julien Ravet, 2010. "Financing constraints and R&D investments of large corporations in Europe and the US," ULB Institutional Repository 2013/105617, ULB -- Universite Libre de Bruxelles.
- Paul Gompers & Josh Lerner, 2001. "The Venture Capital Revolution," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 145-168, Spring.
- Bronwyn Hall, 2004.
"The financing of research and development,"
in: Financial Systems, Corporate Investment in Innovation, and Venture Capital, chapter 2
Edward Elgar Publishing.
- Bronwyn H. Hall, 2003. "The Financing of Research and Development," Finance 0303003, EconWPA.
- Hall, Bronwyn, 2002. "The Financing of Research and Development," Department of Economics, Working Paper Series qt5rf0x9gz, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Hall, Bronwyn H., 2002. "The Financing of Research and Development," Department of Economics, Working Paper Series qt34c1c643, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Bronwyn H. Hall, 2002. "The Financing of Research and Development," NBER Working Papers 8773, National Bureau of Economic Research, Inc.
- Aghion, Ph. & Askenazy, Ph. & Bourlès, R. & Cette, G. & Dromel, N., 2009.
"Education, Market Rigidities and Growth,"
229, Banque de France.
- Philippe Aghion & Philippe Askenazy & Renaud Bourlès & Gilbert Cette & Nicolas Dromel, 2009. "Education, Market Rigidities and Growth," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00640855, HAL.
- Aghion, Philippe & Askenazy, Philippe & Bourlès, Renaud & Cette, Gilbert & Dromel, Nicolas, 2007. "Education, Market Rigidities and Growth," IZA Discussion Papers 3166, Institute for the Study of Labor (IZA).
- Francesco Bogliacino & Sebastian Gómez Cardona, 2010. "The determinants of R&D Investment: the role of Cash flow and Capabilities," JRC-IPTS Working Papers on Corporate R&D and Innovation 2010-10, Institute for Prospective Technological Studies, Joint Research Centre.
- Scarpetta, Stefano & Tressel, Thierry, 2004.
"Boosting productivity via innovation and adoption of new technologies : any role for labor market institutions?,"
Policy Research Working Paper Series
3273, The World Bank.
- Scarpetta, Stefano & Tressel, Thierry, 2004. "Boosting productivity via innovation and adoption of new technologies : any role for labor market institutions?," Social Protection and Labor Policy and Technical Notes 29144, The World Bank.
- Valérie Revest & Alessandro Sapio, 2012. "Financing technology-based small firms in Europe: what do we know?," Small Business Economics, Springer, vol. 39(1), pages 179-205, July.
- John Haltiwanger & Ron S. Jarmin & Javier Miranda, 2010.
"Who Creates Jobs? Small vs. Large vs. Young,"
10-17, Center for Economic Studies, U.S. Census Bureau.
- Carlos Carreira & Filipe Silva, 2010.
"No Deep Pockets: Some Stylized Empirical Results On Firms' Financial Constraints,"
Journal of Economic Surveys,
Wiley Blackwell, vol. 24(4), pages 731-753, 09.
- Filipe Silva & Carlos Carreira, 2009. "No Deep Pockets: Some stylized results on firms' financial constraints," GEMF Working Papers 2009-06, GEMF - Faculdade de Economia, Universidade de Coimbra.
- Schertler, Andrea, 2003. "Driving Forces of Venture Capital Investments in Europe : A Dynamic Panel Data Analysis," Kiel Working Papers 1172, Kiel Institute for the World Economy (IfW).
- Raquel Ortega-Argilés & Lesley Potters & Peter Voigt, 2009. "R&D-intensive SMEs in Europe: What do we know about them?," JRC-IPTS Working Papers on Corporate R&D and Innovation 2009-15, Institute for Prospective Technological Studies, Joint Research Centre.
- Federico Lucidi & Alfred Kleinknecht, 2010. "Little innovation, many jobs: An econometric analysis of the Italian labour productivity crisis," Cambridge Journal of Economics, Oxford University Press, vol. 34(3), pages 525-546.
- Elisabete Félix & Cesaltina Pires & Mohamed Gulamhussen, 2013.
"The Determinants of Venture Capital in Europe — Evidence Across Countries,"
Journal of Financial Services Research,
Springer, vol. 44(3), pages 259-279, December.
- Elisabete Gomes Santana Felix & Cesaltina Pires & Mohamed Azzim Gulamhussenb, 2007. "The Determinants of Venture Capital in Europe - Evidence Across Countries," CEFAGE-UE Working Papers 2007_01, University of Evora, CEFAGE-UE (Portugal).
- Guy, Frederick, 2009. "The Global Environment of Business," OUP Catalogue, Oxford University Press, number 9780199206636, May.
- Paul A. Gompers & Josh Lerner, 1999. "What Drives Venture Capital Fundraising?," NBER Working Papers 6906, National Bureau of Economic Research, Inc.
- Joshua Lerner, 2002. "Boom and bust in the venture capital industry and the impact on innovation," Economic Review, Federal Reserve Bank of Atlanta, issue Q4, pages 25-39.
- Danielle Venn, 2009. "Legislation, Collective Bargaining and Enforcement: Updating the OECD Employment Protection Indicators," OECD Social, Employment and Migration Working Papers 89, OECD Publishing.
- Reinhilde Veugelers & Michele Cincera, 2010.
"Young leading innovators and EUs R&D intensity gap,"
- Michele Cincera & Reinhilde Veugelers, 2010. "Young Leading Innovators and EU’s R&D intensity gap," JRC-IPTS Working Papers on Corporate R&D and Innovation 2010-07, Institute for Prospective Technological Studies, Joint Research Centre.
- Carlota Perez, 2010. "The financial crisis and the future of innovation: A view of technical change with the aid of history," The Other Canon Foundation and Tallinn University of Technology Working Papers in Technology Governance and Economic Dynamics 28, TUT Ragnar Nurkse School of Innovation and Governance.
- Mariana Mazzucato, 2015. "The Green Entrepreneurial State," SPRU Working Paper Series 2015-28, SPRU - Science and Technology Policy Research, University of Sussex.
- Josh Lerner, 2002. "When Bureaucrats Meet Entrepreneurs: The Design of Effective "Public Venture Capital" Programmes," Economic Journal, Royal Economic Society, vol. 112(477), pages F73-F84, February.
- Andrea Bassanini & Ekkehard Ernst, 2006.
"Labour market institutions, product market regulation and innovation: Cross-country evidence,"
- Andrea Bassanini & Ekkehard Ernst, 2002. "Labour Market Institutions, Product Market Regulation, and Innovation: Cross-Country Evidence," OECD Economics Department Working Papers 316, OECD Publishing.
- Gompers, Paul & Lerner, Josh, 1999. "An analysis of compensation in the U.S. venture capital partnership," Journal of Financial Economics, Elsevier, vol. 51(1), pages 3-44, January.
- José Martí Pellón & Marina Balboa, 2001. "Determinants Of Private Equity Fundraising In Western Europe," Working Papers. Serie AD 2001-15, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
When requesting a correction, please mention this item's handle: RePEc:fan:polipo:v:html10.3280/poli2011-004006. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Angelo Ventriglia)
If references are entirely missing, you can add them using this form.