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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. Josh 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.
  2. 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).
  3. Guy, Frederick, 2009. "The Global Environment of Business," OUP Catalogue, Oxford University Press, number 9780199206636, March.
  4. 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.
  5. 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 of Prospective Technological Studies, Joint Research Centre.
  6. Danielle Venn, 2009. "Legislation, Collective Bargaining and Enforcement: Updating the OECD Employment Protection Indicators," OECD Social, Employment and Migration Working Papers 89, OECD Publishing.
  7. Paul A. Gompers & Josh Lerner, 1999. "What Drives Venture Capital Fundraising?," NBER Working Papers 6906, National Bureau of Economic Research, Inc.
  8. 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.
  9. 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.
  10. 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.
  11. Bronwyn H. Hall, 2002. "The Financing of Research and Development," Oxford Review of Economic Policy, Oxford University Press, vol. 18(1), pages 35-51, Spring.
  12. 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.
  13. 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.
  14. 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.
  15. 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.
  16. 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).
  17. Paul Gompers & Josh Lerner, 2001. "The Venture Capital Revolution," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 145-168, Spring.
  18. 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.
  19. 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 of Prospective Technological Studies, Joint Research Centre.
  20. 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 of Prospective Technological Studies, Joint Research Centre.
  21. Andrea Bassanini & Ekkehard Ernst, 2002. "Labour Market Institutions, Product Market Regulation, and Innovation: Cross-Country Evidence," OECD Economics Department Working Papers 316, OECD Publishing.
  22. 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).
  23. Andrea Schertler, 2003. "Driving Forces of Venture Capital Investments in Europe: A Dynamic Panel Data Analysis," Kiel Working Papers 1172, Kiel Institute for the World Economy.
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