The financial resources of private equity in France: a strategic "master-key" towards business innovation?

Les ressources financières du capital-investissement en France: un « passe partout » stratégique vers l’innovation des entreprises ?

Jonathan Labbé ()
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Jonathan Labbé: CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine

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Abstract: This paper examines the role of syndication and the different type of venture capitalists' in the financing of companies and the effect on innovation. Specifying the strategic « side » or financial resources we try to identify if it can have an impact on innovation. The setting up of a database including a sample of firms funded by private, public venture capitalists' and syndication in France using as a measure, innovation 'inputs' (R&D expenditure) and 'outputs' (number of registered patents), this article highlights important elements. We find that funding by private venture capitalists', syndication and syndication leads by private VC has a positive effet on innovation measured by number of registered patents. Financing by public VC has a negative effect on innovation measured by number of registered patents.

Keywords: Capital-investissement; Gouvernance; Innovation; Capital-investisseur public; Capital-investisseur privé; Syndication; Brevets; R&D; France (search for similar items in EconPapers)
Date: 2019-05-23
New Economics Papers: this item is included in nep-sbm
Note: View the original document on HAL open archive server: https://hal.science/hal-03000101
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Published in 8ème colloque AIRMAP, Territoires intelligents et Management public durable, May 2019, Paris, France

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03000101

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