Innovative startups and their traditional peers: Further evidence using performance and survival analysis

Luisa Anderloni and Murad Harasheh

Review of Financial Economics, 2025, vol. 43, issue 3, 317-335

Abstract: This study assesses the Italian Startup Act, introduced in 2012, to promote innovative entrepreneurship. Focusing on manufacturing firms registered between 2014 and 2017, we compare innovative startups with non‐innovative peers using matching techniques, survival analysis, probit models, and panel regressions. Findings reveal that innovative startups exhibit stronger financial structures, higher survival rates, and fewer credit constraints, though they take longer to achieve profitability. Firms with greater leverage are more likely to register as innovative, while larger firms are less inclined to do so. Intellectual property (IP) compliance correlates with higher survival and stronger patent activity. These results offer insights into industrial policy effectiveness. While the Startup Act supports financial access and firm resilience, its potential to drive innovation and IP development remains underexploited. Our analysis suggests the need for more targeted, regionally nuanced interventions to enhance the policy's impact and better support the growth of Italy's innovation‐driven startup ecosystem.

Date: 2025
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https://doi.org/10.1002/rfe.70004

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Persistent link: https://EconPapers.repec.org/RePEc:wly:revfec:v:43:y:2025:i:3:p:317-335

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