Does informal risk capital relax the financial constraints of high-tech entrepreneurial ventures?

References

• Audretsch, D. B. (1995) Innovation and Industry Evolution, MIT Press, Cambridge.
   Google Scholar
• Berger, A. N. and Udell, G. F. (1990) Collateral, loan quality, and bank risk, Journal of Monetary Economics, 25, 21–42.
   Web of Science ®Google Scholar
• Berger, A. N. and Udell, G. F. (1998) The economics of small business finance: the roles of private equity and debt markets in the financial growth cycle, Journal of Banking & Finance, 22, 613–73.
   Web of Science ®Google Scholar
• Bertoni, F., Colombo, M. G. and Croce, A. (2010) The effect of venture capital financing on the sensitivity to cash flow of firm’s investments, European Financial Management, 16, 528–51.
   Web of Science ®Google Scholar
• Blundell, R. and Bond, S. R. (1998) Initial conditions and moment restrictions in dynamic panel data models, Journal of Econometrics, 87, 115–43.
   Web of Science ®Google Scholar
• Bond, S. R. (2002) Dynamic panel data models: a guide to micro data methods and practice, Portuguese Economic Journal, 1, 141–62.
   Google Scholar
• Bond, S. R., Elston, J. A., Mairesse, J. et al. (2003) Financial factors and investment in Belgium, France, Germany, and the United Kingdom: a comparison using company panel data, Review of Economics and Statistics, 85, 153–65.
   Web of Science ®Google Scholar
• Collewaert, V., Manigart, S. and Aernoudt, R. (2010) Assessment of government funding of business angel networks in flanders, Regional Studies, 44, 119–30.
   Web of Science ®Google Scholar
• Colombo, M. G., Croce, A. and Guerini, M. (2012a) Is the Italian government effective in relaxing the financial constraints of high-tech firms? An analysis by firm’s size, age and geographical area, Prometheus, 30, 73–96.
   Google Scholar
• Colombo, M. G., Croce, A. and Guerini, M. (2013) The effect of public subsidies on firms’ investment-cash flow sensitivity: transient or persistent?, Research Policy, 42, 1605–23.
   Google Scholar
• Colombo, M. G., Piva, E., Quas, A. et al. (2012b) How are high tech entrepreneurial ventures coping with the global crisis? Product innovation and internationalization strategies, in Entrepreneurial Strategies and Policies for Economic Growth (Eds) M. Muffato and P. Giacon, Libreriauniversitaria.it, Padova, 373–91.
   Google Scholar
• Czarnitzki, D. (2006) Research and development in small and medium-sized enterprises: the role of financial constraints and public funding, Scottish Journal of Political Economy, 53, 335–57.
   Web of Science ®Google Scholar
• European Commission (2012) Evaluation of EU member states’ business angel markets and policies. Available at http://ec.europa.eu/enterprise/dg/files/ba-rep_en.pdf (accessed 10 July 2013).
   Google Scholar
• Fazzari, S., Hubbard, R. G. and Petersen, B. (1988) Financing constraints and corporate investment, Brookings Papers on Economic Activity, 1988, 141–206.
   Google Scholar
• Guariglia, A. (2008) Internal financial constraints, external financial constraints, and investment choice: evidence from a panel of UK firms, Journal of Banking & Finance, 32, 1795–809.
   Web of Science ®Google Scholar
• Hall, B. H. (2002) The financing of research and development, Oxford Review of Economic Policy, 18, 35–51.
   Web of Science ®Google Scholar
• Kerr, W. R., Lerner, J. and Schoar, A. (2013, forthcoming) The consequences of entrepreneurial finance: evidence from angel financings, Review of Financial Studies. doi:10.1093/rfs/hhr098.
   Google Scholar
• Mason, C. M. (2007) Informal sources of venture finance, in The Life Cycle of Entrepreneurial Ventures (Ed.) S. Parker,Springer, New York, pp. 259–99.
   Google Scholar
• Shane, S. (2012) The importance of angel investing in financing the growth of entrepreneurial ventures, Quarterly Journal of Finance, 2, 1–42.
   Google Scholar
• Windmeijer, F. (2005) A finite sample correction for the variance of linear efficient two-step GMM estimators, Journal of Econometrics, 126, 25–51.
   Web of Science ®Google Scholar