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The Role of Venture Capital Investments for Innovation in Young Technology-Based Firms

Diana Heger

出版	SSRN, 2013
URL	http://books.google.com.hk/books?id=1dMczwEACAAJ&hl=&source=gbs_api

註釋

This paper examines the role of venture capital on a firm's innovation activities by using a data set of German technology-based firms founded between 1996 and 2005. Innovation is proxied by patent counts and an index of innovativeness which reflects the degree to which a young firm has developed new technologies based on its own or external resources. The results show that VC financing has a positive impact on both patenting and innovativeness, even if we account for endogeneity of VC financing.