Are Venture Capitalists a Catalyst for Innovation?

被引：79

作者：

Caselli, Stefano ^{[1
]}

Gatti, Stefano ^{[1
]}

Perrini, Francesco ^{[1
]}

机构：

[1] Bocconi Univ, Via Sarfatti 25, I-20136 Milan, Italy

来源：

EUROPEAN FINANCIAL MANAGEMENT | 2009年 / 15卷 / 01期

关键词：

growth; innovation projects; venture capital; propensity score; L21; D21; D92; C14; C33; FIRMS;

D O I：

10.1111/j.1468-036X.2008.00445.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this paper we test two hypotheses concerning the presence of innovation in venture capital investments and the growth of innovative venture backed firms. To examine these hypotheses we considered sample of 37 Italian venture backed firms that went public on the Italian Stock Exchange between 1995 and 2004 and by a statistical matching procedure we picked 37 twin firms among the non-venture backed IPOs for the same period. Our evidence shows that innovation is an important factor during the selection phase but once the investment is made, the company does not promote continued innovation and concentrates all efforts to improve other economic and managerial aspects.

引用

页码：92 / 111

页数：20

共 79 条

[1] ROBUST FINANCIAL CONTRACTING AND THE ROLE OF VENTURE CAPITALISTS [J].