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

Author/s Fabio Bertoni, Annalisa Croce, Diego D'Adda
Publishing Year 2011 Issue 2011/4 Language Italian
Pages 33 P. 35-67 File size 240 KB
DOI 10.3280/POLI2011-004002
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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.

Keywords: Venture capital, patenting, new technology based firms

Jel codes: D92, G24, L21

Fabio Bertoni, Annalisa Croce, Diego D'Adda, Venture capital e attività brevettuale delle giovani imprese italiane ad alta tecnologia in "ECONOMIA E POLITICA INDUSTRIALE " 4/2011, pp 35-67, DOI: 10.3280/POLI2011-004002