Which form of venture capital is most supportive of innovation?

Bertoni, Fabio ; Tykvová, Tereza

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URL: https://ub-madoc.bib.uni-mannheim.de/31397
URN: urn:nbn:de:bsz:180-madoc-313970
Document Type: Working paper
Year of publication: 2012
The title of a journal, publication series: ZEW Discussion Papers
Volume: 12-018
Place of publication: Mannheim
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: G24 , H0 , O3,
Subject headings (SWD): Europa , Risikokapital , Innovation , Institutioneller Anleger , Eigentümerstruktur , Unternehmenskooperation , Privatwirtschaft , Schätzung , Biotechnische Industrie , Pharmazeutische Industrie
Keywords (English): Innovation , patents , private venture capital investors , governmental venture capital investors , syndication , biotech and pharmaceutical companies , Europe
Abstract: Although there seems to be consensus in the literature that venture capital investors increase the innovation output of their portfolio companies, there is little evidence about how investor type (governmental vs. private) and transaction structure (syndicated vs. non-syndicated) moderate this impact. Using a sample of 865 young biotech and pharmaceutical companies from seven European countries, we investigate which form of venture capital is most supportive of innovation. Our results suggest that in companies financed by syndicates and by private venture capital investors, the innovation output increases significantly faster than in non-venture-backed companies. The most supportive form is a heterogeneous syndicate (i.e., consisting of both types of venture capital investors) led by a private investor.

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