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The impact of patenting on the size of high-tech firms: the role of venture capital and product market regulation

Massimo G. Colombo () and Kourosh Shafi ()

Economia e Politica Industriale: Journal of Industrial and Business Economics, 2016, vol. 43, issue 1, 85-103

Abstract: Abstract We investigate how public policies related to product market regulation (PMR) influence the ability of European young venture-capital (VC) backed firms compared to a sample of matched non-VC backed firms to grow in size in proportion to their innovative activity. Whereas VCs can presumably offer value-added services to overcome the regulatory constraints of PMR, we find that VC-backed firms relative to non-VC backed ones are more adversely sensitive to these policies. This evidence indicates that PMR impedes the most VC-backed firms’ high-potential for innovation-driven growth.

Keywords: Venture capital; Product market regulation; Innovation; High-tech ventures; Public policy (search for similar items in EconPapers)
JEL-codes: G28 G24 (search for similar items in EconPapers)
Date: 2016
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Economia e Politica Industriale: Journal of Industrial and Business Economics is currently edited by C. Cambini, M.G. Colombo, L. Piscitello, L. Rondi and A. Zanfei

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