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Author: | Caselli, S. Gatti, S. Perrini, F. |
Title: | Are venture capitalists a catalyst for innovation? |
Journal: | European Financial Management
2009 : JAN, VOL. 15:1, p. 92-111 |
Index terms: | innovation projects growth financing venture capital companies Italy |
Freeterms: | propensity scores |
Language: | eng |
Abstract: | This paper tests two hypotheses concerning the presence of innovation in venture capital investments and the growth of innovative venture backed firms. The study is based on a sample of 37 Italian venture backed firms that went public on the Italian Stock Exchange from 1995 to 2004. Using a statistical matching procedure, 37 twin firms are selected from the non-venture backed IPOs for the same period. The study's 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, concentrating all efforts to improve other economic and managerial aspects. |
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