Venture capital e attivit? brevettuale delle giovani imprese italiane ad alta tecnologia

Fabio Bertoni, Annalisa Croce and Diego D'Adda

ECONOMIA E POLITICA INDUSTRIALE, 2011, vol. 2011/4, issue 4, 35-67

Abstract: 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; brevetti; imprese ad alta tecnologia (search for similar items in EconPapers)
JEL-codes: D92 G24 L21 (search for similar items in EconPapers)
Date: 2011
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