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Worldwide venture capital, intellectual property rights, and innovation

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  • Arsalan Safari

Abstract

This study, based on the historical data of venture capital (VC) investment and patenting for 99 countries and 83 industries, explores the effects of VC investment on firms’ innovation in different intellectual property rights (IPR) environments worldwide, utilizing large data sets and various empirical models. Our negative binomial and panel data analysis presents the significant and positive impacts of VC investment and IPR parameters on firms’ innovation, controlling for cultural, regulatory, and economic and market conditions of the business environment. However, VC investment is more effective in weaker IPR environments. This effect is robust to a number of different specifications for endogeneity, among other things. The economic effect is pronounced: the impact of VC on patents is up to five times more pronounced between the weakest and strongest IPR regime in the sample.

Suggested Citation

  • Arsalan Safari, 2017. "Worldwide venture capital, intellectual property rights, and innovation," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 26(3), pages 485-515.
    • Handle: RePEc:oup:indcch:v:26:y:2017:i:3:p:485-515.
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    File URL: http://hdl.handle.net/10.1093/icc/dtw035
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    Citations

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    Cited by:

    1. Cédric Durand & Wiliiam Milberg, 2020. "Intellectual monopoly in global value chains," Review of International Political Economy, Taylor & Francis Journals, vol. 27(2), pages 404-429, March.
    2. Wenjing Wang & Yiwei Liu, 2022. "Industrial funding and university technology transfer: the moderating role of intellectual property rights enforcement," The Journal of Technology Transfer, Springer, vol. 47(5), pages 1549-1572, October.
    3. Miocevic, Dario & Arslanagic-Kalajdzic, Maja & Kadic-Maglajlic, Selma, 2022. "Competition from informal firms and product innovation in EU candidate countries: A bounded rationality approach," Technovation, Elsevier, vol. 110(C).

    More about this item

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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