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Access to finance for innovation: the role of venture capital and the stock market

  • Francesco Bogliacino

    ()

    (JRC-IPTS)

  • Matteo Lucchese

    (University of Urbino)

Financial constraints for young and small firms can prevent them from supporting innovation and employment creation. We analyze two of the various institutional mechanisms which have been proposed to circumvent it: the development of venture capital market and the stock market access. We will use the information provided by two Scoreboards - used to monitor innovative activity in Europe: the Innovation Union Scoreboard and the R&D Scoreboard. With the first, we study the determinants of the venture capital/GDP intensity in Europe. With the second, we try to assess the contribution of stock market to R&D investment. In the first part, we show that venture capital market complements structural feature such as R&D intensity and market capitalization, is more volatile and seems not affected by anticompetitive regulations. In the second part, we show that unlisted SMEs are more research intensive.

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File URL: http://iri.jrc.ec.europa.eu/documents/10180/eaf90ea5-ab92-4275-b401-b2145aa72d7b
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Paper provided by Institute of Prospective Technological Studies, Joint Research Centre in its series JRC-IPTS Working Papers on Corporate R&D and Innovation with number 2011-05.

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Length: 23 pages
Date of creation: Nov 2011
Date of revision:
Handle: RePEc:ipt:wpaper:201105
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  1. 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.
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  6. 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 of Prospective Technological Studies, Joint Research Centre.
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  9. 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.
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  12. 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.
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  15. John Haltiwanger & Ron S. Jarmin & Javier Miranda, 2010. "Who Creates Jobs? Small vs. Large vs. Young," Working Papers 10-17, Center for Economic Studies, U.S. Census Bureau.
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  22. 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.
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