967
Views
11
CrossRef citations to date
0
Altmetric
Articles

High-tech entrepreneurial firms’ innovation in different institutional settings. Do venture capital and private equity have complementary or substitute effects?

& ORCID Icon

References

  • Abdi, M., and P. S. Aulakh. 2012. “Do Country-Level Institutional Frameworks and Interfirm Governance Arrangements Substitute or Complement in International Business Relationships?” Journal of International Business Studies 43 (5): 477–497. doi:10.1057/jibs.2012.11.
  • Abosede, A. J., and J. E. Oseni. 2011. “Theoretical Analysis of Firm and Market-Specific Proxies of Information Asymmetry on Equity Prices in the Stock Markets.” Australian Journal of Business and Management Research 1 (2): 1–13.
  • Acharya, V. V., O. F. Gottschalg, M. Hahn, and C. Kehoe. 2013. “Corporate Governance and Value Creation: Evidence from Private Equity.” Review of Financial Studies 26 (2): 368–402. doi:10.1093/rfs/hhs117.
  • Agenor, P. R., and J. Aizenman. 2011. “Capital Market Imperfections and the Theory of Optimum Currency Areas.” Journal of International Money and Finance 30 (8): 1659–1675. doi:10.1016/j.jimonfin.2011.09.005.
  • Aggarwal, R., and S. Zong. 2006. “The Cash Flow–Investment Relationship: International Evidence of Limited Access to External Finance.” Journal of Multinational Financial Management 16 (1): 89–104. doi:10.1016/j.mulfin.2005.04.009.
  • Alfaro, L., A. Chanda, S. Kalemli-Ozcan, and S. Sayek. 2004. “FDI and Economic Growth: The Role of Local Financial Markets.” Journal of International Economics 64 (1): 89–112. doi:10.1016/S0022-1996(03)00081-3.
  • Amess, K., J. Stiebale, and M. Wright. 2016. “The Impact of Private Equity on Firms׳ Patenting Activity.” European Economic Review 86: 147–160. doi:10.1016/j.euroecorev.2015.08.013.
  • Amit, R., L. Glosten, and E. Muller. 1990. “Entrepreneurial Ability, Venture Investments, and Risk Sharing.” Management Science 36 (10): 1233–1246. doi:10.1287/mnsc.36.10.1233.
  • Anderson, T. W., and H. Rubin. 1949. “Estimation of the Parameters of a Single Equation in a Complete System of Stochastic Equations.” The Annals of Mathematical Statistics 20 (1): 46–63. doi:10.1214/aoms/1177730090.
  • Arundel, A., and I. Kabla. 1998. “What Percentage of Innovations are Patented? Empirical Estimates for European Firms.” Research Policy 27 (2): 127–141. doi:10.1016/S0048-7333(98)00033-X.
  • Aschhoff, B., D. Crass, K. Cremers, C. Grimpe, C. Rammer, F. Brandes, F. Diaz-Lopez, R. K. Woolthuis, M. Mayer, and C. Montalvo. 2010. European competitiveness in key enabling technologies. Background Report to the EU Competitiveness Report. Mannheim: Centre for European Economic Research (ZEW).
  • Audretsch, D. B., and E. E. Lehmann. 2004. “Financing High-Tech Growth: The Role of Banks and Venture Capitalists.” Schmalenbach Business Review 56: 340–357. doi:10.1007/BF03396700.
  • Audretsch, D. B., M. Hülsbeck, and E. E. Lehmann. 2012. “Regional Competitiveness, University Spillovers, and Entrepreneurial Activity.” Small Business Economics 39 (3): 587–601. doi:10.1007/s11187-011-9332-9.
  • Avnimelech, G., and M. Teubal. 2006. “Creating Venture Capital Industries that Co-Evolve with High Tech: Insights from an Extended Industry Life Cycle Perspective of the Israeli Experience.” Research Policy 35 (10): 1477–1498. doi:10.1016/j.respol.2006.09.017.
  • Baeyens, K., T. Vanacker, and S. Manigart. 2006. “Venture Capitalists’ Selection Process: The Case of Biotechnology Proposals.” International Journal of Technology Management 34 (1–2): 28–46. doi:10.1504/IJTM.2006.009446.
  • Bah, R., and P. Dumontier. 2001. “R&D Intensity and Corporate Financial Policy: Some International Evidence.” Journal of Business Finance & Accounting 28 (5‐6): 671–692. doi:10.1111/1468-5957.00389.
  • Baum, C. F., M. E. Schaffer, and S. Stillman. 2010. “Ivreg2: Stata Module for Extended Instrumental variables/2SLS.” GMM and AC/HAC, LIML and k-class regression. http://ideas.repec.org/c/boc/bocode/s425401.html
  • Baumol, W. J. 2010. The Microtheory of Innovative Entrepreneurship. Princeton, NJ: Princeton University Press.
  • Baysinger, B., and R. E. Hoskisson. 1989. “Diversification Strategy and R&D Intensity in Multiproduct Firms.” Academy of Management Journal 32 (2): 310–332.
  • Bernstein, S., X. Giroud, and R. R. Townsend. 2016. “The Impact of Venture Capital Monitoring.” The Journal of Finance 71 (4): 1591–1622. doi:10.1111/jofi.2016.71.issue-4.
  • Bertoni, F., and A. Croce. 2011. “Policy Reforms for Venture Capital in Europe.” In Science and Innovation Policy for the New Knowledge Economy, edited by M. G. Colombo, L. Grilli, L. Piscitello, and C. Rossi-Lamastra, 137–161. Cheltenham: Edward Elgar Publishing.
  • Bertoni, F., A. Croce, and D. D’Adda. 2010. “Venture Capital Investments and Patenting Activity of High-Tech Start-Ups: A Micro-Econometric Firm-Level Analysis.” Venture Capital 12 (4): 307–326. doi:10.1080/13691066.2010.486157.
  • Bertoni, F., M. G. Colombo, and L. Grilli. 2011. “Venture Capital Financing and the Growth of High-Tech Start-Ups: Disentangling Treatment from Selection Effects.” Research Policy 40 (7): 1028–1043. doi:10.1016/j.respol.2011.03.008.
  • Bertoni, F., and T. Tykvová. 2015. “Does Governmental Venture Capital Spur Invention and Innovation? Evidence from Young European Biotech Companies.” Research Policy 44 (4): 925–935. doi:10.1016/j.respol.2015.02.002.
  • Beugelsdijk, S. 2010. “Entrepreneurial Culture, Regional Innovativeness and Economic Growth.” In Entrepreneurship and Culture, edited by A. Freytag and R. Thurik, 129–154. Berlin: Springer Berlin Heidelberg.
  • Black, A., and P. Fraser. 2002. “Stock Market Short-Termism—An International Perspective.” Journal of Multinational Financial Management 12 (2): 135–158. doi:10.1016/S1042-444X(01)00044-5.
  • Black, B. S., and R. J. Gilson. 1998. “Venture Capital and the Structure of Capital Markets: Banks versus Stock Markets.” Journal of Financial Economics 47 (3): 243–277. doi:10.1016/S0304-405X(97)00045-7.
  • Black, B. S., and R. J. Gilson. 1999. “Does Venture Capital Require an Active Stock Market?” Journal of Applied Corporate Finance 11 (4): 36–48. doi:10.1111/jacf.1999.11.issue-4.
  • Blind, K. 2012. “The Influence of Regulations on Innovation: A Quantitative Assessment for OECD Countries.” Research Policy 41 (2): 391–400. doi:10.1016/j.respol.2011.08.008.
  • Bruining, H., and M. Wright. 2002. “Entrepreneurial Orientation in Management Buy-Outs and the Contribution of Venture Capital.” Venture Capital: an International Journal of Entrepreneurial Finance 4 (2): 147–168. doi:10.1080/13691060110117427.
  • Bruton, G. D., D. Ahlstrom, and H. L. Li. 2010. “Institutional Theory and Entrepreneurship: Where are We Now and Where Do We Need to Move in the Future?” Entrepreneurship Theory and Practice 34 (3): 421–440. doi:10.1111/j.1540-6520.2010.00390.x.
  • Bruton, G. D., V. H. Fried, and S. Manigart. 2005. “Institutional Influences on the Worldwide Expansion of Venture Capital.” Entrepreneurship Theory and Practice 29 (6): 737–760. doi:10.1111/(ISSN)1540-6520.
  • Busenitz, L. W., C. Gomez, and J. W. Spencer. 2000. “Country Institutional Profiles: Unlocking Entrepreneurial Phenomena.” Academy of Management Journal 43 (5): 994–1003.
  • Carlsson, B., and R. Mudambi. 2003. “Globalization, Entrepreneurship, and Public Policy: A Systems View.” Industry and Innovation 10 (1): 103–116. doi:10.1080/1366271032000068122.
  • Carpenter, R. E., and B. C. Petersen. 2002. “Capital Market Imperfections, High‐Tech Investment, and New Equity Financing.” The Economic Journal 112 (477): F54–F72. doi:10.1111/1468-0297.00683.
  • Casault, S., A. J. Groen, and J. D. Linton. 2016. “Towards a Better Understanding of the Dynamics of Value Creation in R&D Intensive Small Firms.” R&D Management. doi:10.1111/radm.12221.
  • Cerrato, D., and M. Piva. 2012. “The Internationalization of Small and Medium-Sized Enterprises: The Effect of Family Management, Human Capital and Foreign Ownership.” Journal of Management & Governance 16 (4): 617–644. doi:10.1007/s10997-010-9166-x.
  • Chahine, S., and S. Saade. 2011. “Shareholders’ Rights and the Effect of the Origin of Venture Capital Firms on the Underpricing of US IPOs.” Corporate Governance: An International Review 19 (6): 601–621. doi:10.1111/corg.2011.19.issue-6.
  • Chaney, P. K., and T. M. Devinney. 1992. “New Product Innovations and Stock Price Performance.” Journal of Business Finance & Accounting 19 (5): 677–695. doi:10.1111/j.1468-5957.1992.tb00651.x.
  • Chemmanur, T. J., E. Loutskina, and X. Tian. 2014. “Corporate Venture Capital, Value Creation, and Innovation.” The Review of Financial Studies 27 (8): 2434–2473. doi:10.1093/rfs/hhu033.
  • Chemmanur, T. J., and P. Fulghieri. 2014. “Entrepreneurial Finance and Innovation: An Introduction and Agenda for Future Research.” Review of Financial Studies 27 (1): 1–19. doi:10.1093/rfs/hht063.
  • Chemmanur, T. J., T. J. Hull, and K. Krishnan. 2016. “Do Local and International Venture Capitalists Play Well Together? the Complementarity of Local and International Venture Capitalists.” Journal of Business Venturing 31 (5): 573–594. doi:10.1016/j.jbusvent.2016.07.002.
  • Chernozhukov, V., and C. Hansen. 2005. “An IV Model of Quantile Treatment Effects.” Econometrica 73 (1): 245–261. doi:10.1111/ecta.2005.73.issue-1.
  • Chesbrough, H. 2000. “Designing Corporate Ventures in the Shadow of Private Venture Capital.” California Management Review 42 (3): 31–49. doi:10.2307/41166041.
  • Ciner, C., and A. K. Karagozoglu. 2008. “Information Asymmetry, Speculation and Foreign Trading Activity: Emerging Market Evidence.” International Review of Financial Analysis 17 (4): 664–680. doi:10.1016/j.irfa.2007.09.003.
  • Coates, J., and T. Davis. 1995. “UK Firms Prefer Stock Market Performance Measures.” The Newsletter of the CIMA Research Foundation 4: 1–3.
  • Cohen, W. M., R. R. Nelson, and J. P. Walsh. 2000. “Protecting Their Intellectual Assets: Appropriability Conditions and Why Firms Patent or Not?” NBER Working Paper No. 7552. Cambridge, MA.
  • Colombelli, A., J. Krafft, and M. Vivarelli. 2016. “To Be Born Is Not Enough: The Key Role of Innovative Start-Ups.” Small Business Economics 47 (2): 277–291. doi:10.1007/s11187-016-9716-y.
  • Colombo, M. G., E. Piva, A. Quas, and C. Rossi-Lamastra. 2016. “How High-Tech Entrepreneurial Ventures Cope with the Global Crisis: Changes in Product Innovation and Internationalization Strategies.” Industry and Innovation 23 (7): 647–671. doi:10.1080/13662716.2016.1196438.
  • Colombo, M. G., and L. Grilli. 2010. “On Growth Drivers of High-Tech Start-Ups: Exploring the Role of Founders’ Human Capital and Venture Capital.” Journal of Business Venturing 25 (6): 610–626. doi:10.1016/j.jbusvent.2009.01.005.
  • Corbett, A., J. G. Covin, G. C. O’Connor, and C. L. Tucci. 2013. “Corporate Entrepreneurship: State‐of‐the‐Art Research and a Future Research Agenda.” Journal of Product Innovation Management 30 (5): 812–820. doi:10.1111/jpim.12031.
  • Corsi, C., and A. Prencipe. 2017. “Foreign Ownership and Innovation in Independent SMEs. A cross-European Analysis.” Journal of Small Business & Entrepreneurship 30 (5): 1–34.
  • Crépon, B., and E. Duguet. 1997. “Estimating the Innovation Function from Patent Numbers: GMM on Count Panel Data.” Journal of Applied Econometrics 12 (3): 243–263. doi:10.1002/(ISSN)1099-1255.
  • Croce, A., J. Martí, and S. Murtinu. 2013. “The Impact of Venture Capital on the Productivity Growth of European Entrepreneurial Firms: ‘Screening’ or ‘Value Added’ Effect?” Journal of Business Venturing 28 (4): 489–510. doi:10.1016/j.jbusvent.2012.06.001.
  • Cucculelli, M. 2014. “Firm Age and the Probability of Product Innovation. Do CEO Tenure and Product Tenure Matter?” In Mimeo, Paper Presented at the Governance of a Complex World Conference, Turin, Italy.
  • Cumming, D., and S. Johan. 2007. “Regulatory Harmonization and the Development of Private Equity Markets.” Journal of Banking & Finance 31 (10): 3218–3250. doi:10.1016/j.jbankfin.2007.01.010.
  • Cumming, D. J., L. Grilli, and S. Murtinu. 2017. “Governmental and Independent Venture Capital Investments in Europe: A Firm-Level Performance Analysis.” Journal of Corporate Finance 42: 439–459. doi:10.1016/j.jcorpfin.2014.10.016.
  • Czarnitzki, D., B. H. Hall, and H. Hottenrott. 2014. “Patents as Quality Signals? the Implications for Financing Constraints on R&D.” Workshop paper no. w19947. National Bureau of Economic Research.
  • Da Gbadji, L. A. G., B. Gailly, and A. Schwienbacher. 2015. “International Analysis of Venture Capital Programs of Large Corporations and Financial Institutions.” Entrepreneurship Theory and Practice 39 (5): 1213–1245. doi:10.1111/etap.12105.
  • Dai, N., and R. Nahata. 2016. “Cultural Differences and Cross-Border Venture Capital Syndication.” Journal of International Business Studies 47 (2): 140–169. doi:10.1057/jibs.2015.32.
  • Demirgüç-Kunt, A., and R. Levine. 1996. “Stock Markets, Corporate Finance, and Economic Growth: An Overview.” The World Bank Economic Review 10 (2): 223–239. doi:10.1093/wber/10.2.223.
  • Desai, M. A., C. F. Foley, and J. R. Hines. 2006. “The Demand for Tax Haven Operations.” Journal of Public Economics 90 (3): 513–531. doi:10.1016/j.jpubeco.2005.04.004.
  • Dickerson, A. P., H. D. Gibson, and E. Tsakalotos. 1995. “Short‐Termism and Underinvestment: The Influence of Financial Systems.” The Manchester School 63 (4): 351–367. doi:10.1111/j.1467-9957.1995.tb00289.x.
  • Dittmar, A., J. Mahrt-Smith, and H. Servaes. 2003. “International Corporate Governance and Corporate Cash Holdings.” Journal of Financial and Quantitative Analysis 38 (1): 111–133. doi:10.2307/4126766.
  • Dushnitsky, G., and M. J. Lenox. 2005a. “When Do Incumbents Learn from Entrepreneurial Ventures?: Corporate Venture Capital and Investing Firm Innovation Rates.” Research Policy 34 (5): 615–639. doi:10.1016/j.respol.2005.01.017.
  • Dushnitsky, G., and M. J. Lenox. 2005b. “When Do Firms Undertake R&D by Investing in New Ventures?” Strategic Management Journal 26 (10): 947–965. doi:10.1002/smj.488.
  • Dushnitsky, G., and M. J. Lenox. 2006. “When Does Corporate Venture Capital Investment Create Firm Value?” Journal of Business Venturing 21 (6): 753–772. doi:10.1016/j.jbusvent.2005.04.012.
  • Ewens, M., and C. Fons-Rosen. 2013. “The Consequences of Entrepreneurial Firm Founding on Innovation.” Accessed 10 July 2013. doi:10.2139/ssrn.2291811.
  • Faria, A. P., and N. Barbosa. 2014. “Does Venture Capital Really Foster Innovation?” Economics Letters 122 (2): 129–131. doi:10.1016/j.econlet.2013.11.014.
  • Feldman, M. P. 1994. “Regional Innovative Capacity.” In The Geography of Innovation, edited by M. P. Feldman, 77–91. Dordrecht: Springer Netherlands.
  • Fisman, R., and I. Love. 2003. “Trade Credit, Financial Intermediary Development, and Industry Growth.” The Journal of Finance 58 (1): 353–374. doi:10.1111/1540-6261.00527.
  • Fukuyama, F. 2001. “Social Capital, Civil Society and Development.” Third World Quarterly 22 (1): 7–20. doi:10.1080/713701144.
  • Furman, J. L., M. E. Porter, and S. Stern. 2002. “The Determinants of National Innovative Capacity.” Research Policy 31 (6): 899–933. doi:10.1016/S0048-7333(01)00152-4.
  • Giaoutzi, M., D. J. Storey, and P. Nijkamp. 2016. Small and Medium Size Enterprises and Regional Development. Abingdon-on-Thames. Abingdon: Routledge.
  • Goetz, S. J., and D. Freshwater. 2001. “State-Level Determinants of Entrepreneurship and a Preliminary Measure of Entrepreneurial Climate.” Economic Development Quarterly 15 (1): 58–70. doi:10.1177/089124240101500105.
  • Gompers, P., and J. Lerner. 2001. “The Venture Capital Revolution.” Journal of Economic Perspectives 15 (2): 145–168. doi:10.1257/jep.15.2.145.
  • Gray, C. 2013. “Culture in Economics: History, Methodological Reflections and Contemporary Application.” Cultural Trends 22 (1): 55–56. doi:10.1080/09548963.2012.757900.
  • Greene, P. G. 1998. “Dimensions of Perceived Entrepreneurial Obstacles.” In Frontiers of Entrepreneurship Research, edited by P. Reynolds, 48–49. Babson Park: Center for Entrepreneurial Studies, Boston College.
  • Grilli, L. 2014. “High-Tech Entrepreneurship in Europe: A Heuristic Firm Growth Model and Three “(Un-) Easy Pieces” for Policy-Making.” Industry and Innovation 21 (4): 267–284. doi:10.1080/13662716.2014.939850.
  • Grilli, L., and S. Murtinu. 2014. “Government, Venture Capital and the Growth of European High-Tech Entrepreneurial Firms.” Research Policy 43 (9): 1523–1543. doi:10.1016/j.respol.2014.04.002.
  • Groh, A. P., and H. Liechtenstein. 2011. “International Allocation Determinants for Institutional Investments in Venture Capital and Private Equity Limited Partnerships.” International Journal of Banking, Accounting and Finance 3 (2–3): 176–206. doi:10.1504/IJBAAF.2011.041454.
  • Groh, A. P., H. von Liechtenstein, and K. Lieser. 2010. “The European Venture Capital and Private Equity Country Attractiveness Indices.” Journal of Corporate Finance 16 (2): 205–224. doi:10.1016/j.jcorpfin.2009.09.003.
  • Gu, Q., and X. Lu. 2014. “Unraveling the Mechanisms of Reputation and Alliance Formation: A Study of Venture Capital Syndication in China.” Strategic Management Journal 35 (5): 739–750. doi:10.1002/smj.2014.35.issue-5.
  • Guerini, M., and A. Quas. 2016. “Governmental Venture Capital in Europe: Screening and Certification.” Journal of Business Venturing 31 (2): 175–195. doi:10.1016/j.jbusvent.2015.10.001.
  • Hardin, J. W., H. Schmiediche, and R. J. Carroll. 2003. “Instrumental Variables, Bootstrapping, and Generalized Linear Models.” Stata Journal 3 (4): 351–360. doi:10.1177/1536867X0300300405.
  • Hausman, J. A., B. H. Hall, and Z. Griliches. 1984. “Econometric Models for Count Data with an Application to the Patents-R & D Relationship.” Econometrica 52 (4): 909–938. doi:10.2307/1911191.
  • Heckman, J. 1979. “Sample Selection Bias as a Specification Error.” Econometrica 47: 153–161. doi:10.2307/1912352.
  • Heckman, J. J. 1976. “The Common Structure of Statistical Models of Truncation, Sample Selection and Limited Dependent Variables and a Simple Estimator for Such Models.” Annals of Economic and Social Measurement, NBER 5 (4): 475–492.
  • Heger, D., and K. Hussinger. 2017. “Implications of Uncertain Patent Rights for German Start-Ups’ Commercialisation Activities and Access to External Capital.” Industry and Innovation 24 (7): 753–773. doi:10.1080/13662716.2016.1264066.
  • Hellman, T., L. Lindsey, and M. Puri. 2004. “Building Relationships Early: Banks in Venture Capital”. Workshop paper no. w10535. National Bureau of Economic Research.
  • Hirsch-Kreinsen, H. 2011. “Financial Market and Technological Innovation.” Industry and Innovation 18 (4): 351–368. doi:10.1080/13662716.2011.573954.
  • Hirukawa, M., and M. Ueda. 2011. “Venture Capital and Innovation: Which Is First?” Pacific Economic Review 16 (4): 421–465. doi:10.1111/paer.2011.16.issue-4.
  • Hoetker, G. 2007. “The Use of Logit and Probit Models in Strategic Management Research: Critical Issues.” Strategic Management Journal 28 (4): 331–343. doi:10.1002/(ISSN)1097-0266.
  • Hofstede, G. 2003. Culture’s Consequences: Comparing Values, Behaviors, Institutions, and Organizations across Cultures. Thousand Oaks, CA: Sage publications.
  • Hofstede, G., N. G. Noorderhaven, A. R. Thurik, L. M. Uhlaner, A. R. M. Wennekers, and R. E. Wildeman. 2004. “Culture’s Role in Entrepreneurship: Self-Employment Out of Dissat- Isfaction.” In Innovation, Entrepreneurship and Culture, edited by T. E. Brown and J. Ulijn, 162–203. Cheltenham: Edward Elgar Publishing.
  • Hogan, T., E. Hutson, and P. Drnevich. 2017. “Drivers of External Equity Funding in Small High‐Tech Ventures.” Journal of Small Business Management 55 (2): 236–253. doi:10.1111/jsbm.2017.55.issue-2.
  • Holmes, J. R., M., . T. Miller, M. A. Hitt, and M. P. Salmador. 2013. “The Interrelationships among Informal Institutions, Formal Institutions, and Inward Foreign Direct Investment.” Journal of Management 39 (2): 531–566. doi:10.1177/0149206310393503.
  • Hoskisson, R. E., M. A. Hitt, R. A. Johnson, and W. Grossman. 2002. “Conflicting Voices: The Effects of Institutional Ownership Heterogeneity and Internal Governance on Corporate Innovation Strategies.” Academy of Management Journal 45 (4): 697–716.
  • Hughes, A. 2014. “Short-Termism, Impatient Capital and Finance for Manufacturing Innovation in the UK.” Centre for Business Research, University of Cambridge.
  • Hursti, J., and M. V. Maula. 2007. “Acquiring Financial Resources from Foreign Equity Capital Markets: An Examination of Factors Influencing Foreign Initial Public Offerings.” Journal of Business Venturing 22 (6): 833–851. doi:10.1016/j.jbusvent.2006.09.001.
  • Johnson, S., J. McMillan, and C. M. Woodruff. 1999. “Property Rights, Finance and Entrepreneurship.” Paper presented at the Nobel Symposium in Economics-The Economics of Transition, Stockholm.
  • Kalemli-Ozcan, S., V. Korsun, B. E. Sørensen, and C. Villegas-Sanchez. 2014. “Who Owns Europe’s Firms? Globalization and Foreign Investment in Europe.” Discussion Paper, OECD Working Paper.
  • Kaplan, S. N., and A. Schoar. 2005. “Private Equity Performance: Returns, Persistence, and Capital Flows.” The Journal of Finance 60 (4): 1791–1823. doi:10.1111/j.1540-6261.2005.00780.x.
  • Kelly, A. 2015. “The Enterprise Culture and the Welfare State: Restructuring the Management of the Health and Personal Social Service.” In Deciphering the Enterprise Culture: Entrepreneurship, Petty Capitalism and the Restructuring of Britain, edited by R. Burrows, 136–151. London and New York, NY: Routledge.
  • Kleibergen, F. 2007. “Generalizing Weak Instrument Robust IV Statistics Towards Multiple Parameters, Unrestricted Covariance Matrices and Identification Statistics.” Journal of Econometrics 139 (1): 181–216. doi:10.1016/j.jeconom.2006.06.010.
  • Knack, S., and P. Keefer. 1995. “Institutions and Economic Performance: Cross‐Country Tests Using Alternative Institutional Measures.” Economics & Politics 7 (3): 207–227. doi:10.1111/j.1468-0343.1995.tb00111.x.
  • Kortum, S., and J. Lerner. 2001. “Does Venture Capital Spur Innovation?” In Entrepreneurial Inputs and Outcomes: New Studies of Entrepreneurship in the United States, edited by G. D. Libecap, 1–44. Bingley: Emerald Group Publishing Limited.
  • Kraemer-Eis, H., and F. Lang. 2011. “European Small Business Finance Outlook 2/2011.” Working Paper 2011/12 EIF Research and Market Analysis.
  • La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny. 2000. “Investor Protection and Corporate Governance.” Journal of Financial Economics 58 (1–2): 3–27. doi:10.1016/S0304-405X(00)00065-9.
  • Lampe, R., and P. Moser. 2010. “Do Patent Pools Encourage Innovation? Evidence from the Nineteenth-Century Sewing Machine Industry.” The Journal of Economic History 70 (4): 898–920. doi:10.1017/S0022050710000768.
  • Lee, S. H., K. Oh, and L. Eden. 2010. “Why Do Firms Bribe?” Management International Review 50 (6): 775–796. doi:10.1007/s11575-010-0057-9.
  • Lee, S. U., and J. Kang. 2015. “Technological Diversification through Corporate Venture Capital Investments: Creating Various Options to Strengthen Dynamic Capabilities.” Industry and Innovation 22 (5): 349–374. doi:10.1080/13662716.2015.1054128.
  • Lehmann, E. E., T. V. Braun, and S. Krispin. 2012. “Entrepreneurial Human Capital, Complementary Assets, and Takeover Probability.” The Journal of Technology Transfer 37 (5): 589–608. doi:10.1007/s10961-011-9225-8.
  • Lerner, J., and A. Schoar. 2005. “Does Legal Enforcement Affect Financial Transactions? the Contractual Channel in Private Equity.” The Quarterly Journal of Economics 120 (1): 223–246.
  • Lerner, J., M. Sorensen, and P. Strömberg. 2011. “Private Equity and Long‐Run Investment: The Case of Innovation.” The Journal of Finance 66 (2): 445–477. doi:10.1111/j.1540-6261.2010.01639.x.
  • Levine, R., and S. Zervos. 1995. “Policy, Stock Market Development and Long-Run Growth.” World Bank.
  • Li, Y., and S. A. Zahra. 2012. “Formal Institutions, Culture, and Venture Capital Activity: A Cross-Country Analysis.” Journal of Business Venturing 27 (1): 95–111. doi:10.1016/j.jbusvent.2010.06.003.
  • Lindsay, V., N. Ashill, and A. Victorio. 2007. “An Institutional View of Local Entrepreneurial Climate.” Journal of Asia Entrepreneurship and Sustainability 3 (1): 1–28.
  • Liu, J. S., W. M. Lu, and M. H. C. Ho. 2015. “National Characteristics: Innovation Systems from the Process Efficiency Perspective.” R&D Management 45 (4): 317–338. doi:10.1111/radm.12067.
  • López Iturriaga, F. J., and E. J. López‐Millán. 2017. “Institutional Framework, Corporate Ownership Structure, and R&D Investment: An International Analysis.” R&D Management 47 (1): 141–157. doi:10.1111/radm.12204.
  • Magri, S. 2014. “Does Issuing Equity Help R&D Activity? Evidence from Unlisted Italian High-Tech Manufacturing Firms.” Economics of Innovation and New Technology 23 (8): 825–854. doi:10.1080/10438599.2014.938574.
  • Martiarena, A. 2013. “What’s so Entrepreneurial about Intrapreneurs?” Small Business Economics 40 (1): 27–39. doi:10.1007/s11187-011-9348-1.
  • Martin, A., and F. Taddei. 2013. “International Capital Flows and Credit Market Imperfections: A Tale of Two Frictions.” Journal of International Economics 89 (2): 441–452. doi:10.1016/j.jinteco.2012.02.003.
  • Martin, R., P. Sunley, and D. Turner. 2002. “Taking Risks in Regions: The Geographical Anatomy of Europe’s Emerging Venture Capital Market.” Journal of Economic Geography 2 (2): 121–150. doi:10.1093/jeg/2.2.121.
  • Maula, M., E. Autio, and G. Murray. 2005. “Corporate Venture Capitalists and Independent Venture Capitalists: What Do They Know, Who Do They Know and Should Entrepreneurs Care?” Venture Capital: an International Journal of Entrepreneurial Finance 7 (1): 3–21. doi:10.1080/1369106042000316332.
  • Maula, M., and G. Murray. 2001. “Complementary Value-Adding Roles of Corporate Venture Capital and Independent Venture Capital Investors.” Journal of BioLaw and Business 5 (2): 1–10.
  • Meuleman, M., and W. De Maeseneire. 2012. “Do R&D Subsidies Affect SMEs’ Access to External Financing?” Research Policy 41 (3): 580–591. doi:10.1016/j.respol.2012.01.001.
  • Motohashi, K. 2011. “Innovation and Entrepreneurship: A First Look at Linkage Data of Japanese Patent and Enterprise Census.” Research Institute of Economy, Trade and Industry (RIETI).
  • Mueller, S. L., and A. S. Thomas. 2001. “Culture and Entrepreneurial Potential: A Nine Country Study of Locus of Control and Innovativeness.” Journal of Business Venturing 16 (1): 51–75. doi:10.1016/S0883-9026(99)00039-7.
  • Mulhern, A. 1995. “The SME Sector in Europe: A Broad Perspective.” Journal of Small Business Management 33 (3): 83.
  • Murray, J. E. 2008. “Identifying, Separating, and Managing Asymmetric Information in Early 20c Health Insurance.” Accessed 30 February 2013. http://www.gmu.edu
  • Muzyka, D. F., B. F. Leleux, and N. Guegan. 1998. “European New Issues Markets: A Preliminary Review.” In INSEAD/3i Venturelab Report, edited by INSEAD, 1–55. Fontainebleau: INSEAD.
  • Nam, D. I., J. Kim, J. D. Arthurs, J. J. Sosik, and J. B. Cullen. 2016. “Measurement and Structural Invariance of Entrepreneurial Investment Climate: A Cross-Country Scale Development.” International Business Review 25 (5): 1053–1065. doi:10.1016/j.ibusrev.2016.01.004.
  • Norton, E. C., H. Wang, and C. Ai. 2004. “Computing Interaction Effects and Standard Errors in Logit and Probit Models.” Stata Journal 4: 154–167. doi:10.1177/1536867X0400400206.
  • Pederzoli, C., G. Thoma, and C. Torricelli. 2013. “Modelling Credit Risk for Innovative SMEs: The Role of Innovation Measures.” Journal of Financial Services Research 44 (1): 111–129. doi:10.1007/s10693-012-0152-0.
  • Peeters, C., and B. V. P. de la Potterie. 2006. “Innovation Strategy and the Patenting Behavior of Firms.” Journal of Evolutionary Economics 16 (1–2): 109–135.
  • Popov, A. 2010. “Venture Capital and New Business Creation: International Evidence.” European central bank working paper.
  • Popov, A., and P. Roosenboom. 2012. “Venture Capital and Patented Innovation: Evidence from Europe.” Economic Policy 27 (71): 447–482. doi:10.1111/ecop.2012.27.issue-71.
  • Porta, R., F. Lopez‐de‐Silanes, A. Shleifer, and R. Vishny. 2002. “Investor Protection and Corporate Valuation.” The Journal of Finance 57 (3): 1147–1170. doi:10.1111/1540-6261.00457.
  • Puffer, S. M., D. J. McCarthy, and M. Boisot. 2010. “Entrepreneurship in Russia and China: The Impact of Formal Institutional Voids.” Entrepreneurship Theory and Practice 34 (3): 441–467. doi:10.1111/etap.2010.34.issue-3.
  • Ragozzino, R., and D. P. Blevins. 2016. “Venture‐Backed Firms: How Does Venture Capital Involvement Affect Their Likelihood of Going Public or Being Acquired?” Entrepreneurship Theory and Practice 40 (5): 991–1016. doi:10.1111/etap.12154.
  • Rajan, R. G., and L. Zingales. 1996. “Financial Dependence and Growth.” The American Economic Review 88 (3): 559–586.
  • Robbie, W., and K. Mike. 1998. “Venture Capital and Private Equity: A Review and Synthesis.” Journal of Business Finance & Accounting 25 (5‐6): 521–570. doi:10.1111/1468-5957.00201.
  • Rosenbusch, N., J. Brinckmann, and V. Müller. 2013. “Does Acquiring Venture Capital Pay off for the Funded Firms? A Meta-Analysis on the Relationship between Venture Capital Investment and Funded Firm Financial Performance.” Journal of Business Venturing 28 (3): 335–353. doi:10.1016/j.jbusvent.2012.04.002.
  • Rosser, J. B., Jr. 2001. “Alternative Keynesian and Post Keynesian Perspective on Uncertainty and Expectations.” Journal of Post Keynesian Economics 23 (4): 545–566. doi:10.1080/01603477.2001.11490299.
  • Rousseau, D. M. 1995. “Publishing from a Reviewer’s Perspective.” In Publishing in the Organizational Sciences, edited by L. L. Cummings and P. J. Frost, 151–163. Thousand Oaks, CA: Sage.
  • Rutten, R., and F. Boekema. 2007. “Regional Social Capital: Embeddedness, Innovation Networks and Regional Economic Development.” Technological Forecasting and Social Change 74 (9): 1834–1846. doi:10.1016/j.techfore.2007.05.012.
  • Safari, A., D. Cumming, and B. Cozzarin. 2013. “Venture Capital and Innovation around the World.” Advance Online Publication. doi:10.2139/ssrn.2367498.
  • Salomon, R. M., and J. M. Shaver. 2005. “Learning by Exporting: New Insights from Examining Firm Innovation.” Journal of Economics & Management Strategy 14 (2): 431–460. doi:10.1111/j.1530-9134.2005.00047.x.
  • Sanderson, E., and F. Windmeijer. 2016. “A Weak Instrument F-Test in Linear IV Models with Multiple Endogenous Variables.” Journal of Econometrics 190 (2): 212–221. doi:10.1016/j.jeconom.2015.06.004.
  • Sargan, J. D. 1958. “The Estimation of Economic Relationships Using Instrumental Variables.” Econometrica: Journal of the Econometric Society 26 (3): 393–415. doi:10.2307/1907619.
  • Schmidheiny, S., and F. J. Zorraquin. 1998. Financing Change: The Financial Community, Eco-Efficiency, and Sustainable Development. Cambridge, MA: MIT Press.
  • Scott, W. R. 2005. “Institutional Theory: Contributing to a Theoretical Research Program.” In Great Minds in Management, edited by K. G. Smith and M. A. Hitt, 460–484. New York: Oxford University Press.
  • Scott, W. R., and S. Christensen. 1995. The Institutional Construction of Organizations: International and Longitudinal Studies. Thousand Oaks, CA: Sage.
  • Shane, S. 1993. “Cultural Influences on National Rates of Innovation.” Journal of Business Venturing 8 (1): 59–73. doi:10.1016/0883-9026(93)90011-S.
  • Shane, S. A. 1992. “Why Do Some Societies Invent More than Others?” Journal of Business Venturing 7 (1): 29–46. doi:10.1016/0883-9026(92)90033-N.
  • Shefer, D., and A. Frenkel. 2005. “R&D, Firm Size and Innovation: An Empirical Analysis.” Technovation 25 (1): 25–32. doi:10.1016/S0166-4972(03)00152-4.
  • Shleifer, A., R. W. Vishny, R. Porta, and F. Lopez-de-Silanes. 2000. “Investor Protection and Corporate Governance.” Journal of Financial Economics 58 (1–2): 3–27. doi:10.1016/S0304-405X(00)00065-9.
  • Short, J. C., A. McKelvie, D. J. Ketchen, and G. N. Chandler. 2009. “Firm and Industry Effects on Firm Performance: A Generalization and Extension for New Ventures.” Strategic Entrepreneurship Journal 3 (1): 47–65. doi:10.1002/sej.v3:1.
  • Singh, M., and S. Faircloth. 2005. “The Impact of Corporate Debt on Long Term Investment and Firm Performance.” Applied Economics 37 (8): 875–883. doi:10.1080/00036840500076762.
  • Smith, K. G., C. J. Collins, and K. D. Clark. 2005. “Existing Knowledge, Knowledge Creation Capability, and the Rate of New Product Introduction in High-Technology Firms.” Academy of Management Journal 48 (2): 346–357. doi:10.5465/amj.2005.16928421.
  • Soetanto, D., and M. Van Geenhuizen. 2015. “Getting the Right Balance: University Networks’ Influence on Spin-Offs’ Attraction of Funding for Innovation.” Technovation 36–37: 26–38. doi:10.1016/j.technovation.2014.10.008.
  • Sørensen, J. B., and T. E. Stuart. 2000. “Aging, Obsolescence, and Organizational Innovation.” Administrative Science Quarterly 45 (1): 81–112. doi:10.2307/2666980.
  • Stiglitz, J. E. 1989. “Markets, Market Failures, and Development.” The American Economic Review 79 (2): 197–203.
  • Stuetzer, M., D. B. Audretsch, M. Obschonka, S. D. Gosling, P. J. Rentfrow, and J. Potter. 2017. “Entrepreneurship Culture, Knowledge Spillovers and the Growth of Regions.” Regional Studies. Advance online publication. doi:10.1080/00343404.2017.1294251.
  • Svensson, J. 1998. “Investment, Property Rights and Political Instability: Theory and Evidence.” European Economic Review 42 (7): 1317–1341. doi:10.1016/S0014-2921(97)00081-0.
  • Svensson, J., and D. Yanagizawa. 2009. “Getting Prices Right: The Impact of the Market Information Service in Uganda.” Journal of the European Economic Association 7 (2–3): 435–445. doi:10.1162/JEEA.2009.7.2-3.435.
  • Teece, D. J. 1986. “Profiting from Technological Innovation: Implications for Integration, Collaboration, Licensing and Public Policy.” Research Policy 15 (6): 285–305. doi:10.1016/0048-7333(86)90027-2.
  • Thomas, K. 2000. “Creating Regional Cultures of Innovation? the Regional Innovation Strategies in England and Scotland.” Regional Studies 34 (2): 190–198. doi:10.1080/00343400050006104.
  • Tolbert, P. S., and L. Zucker. 1996. “The Institutionalization of Institutional Theory.” In Handbook of Organizational Studies, edited by S. R. Clegg, C. Hardy, and W. Nord, 75–190. London: Sage.
  • Trippl, M., and F. Toedtling. 2008. “Regional Innovation Cultures.” Paper presented at the 25th Celebration Conference 2008 on “Entrepreneurship and Innovation - Organizations, Institutions, Systems and Regions”, Copenhagen, CBS, Denmark, June 17–20.
  • Twenty, R. D., M. E. Doherty, and C. R. Mynatt. 1981. On Scientific Thinking. New York: Columbia University Press.
  • Ughetto, E. 2009. “Industrial Districts and Financial Constraints to Innovation.” International Review of Applied Economics 23 (5): 597–624. doi:10.1080/02692170903007599.
  • Urbano, D., and C. Alvarez. 2014. “Institutional Dimensions and Entrepreneurial Activity: An International Study.” Small Business Economics 42 (4): 703–716. doi:10.1007/s11187-013-9523-7.
  • Vanacker, T., A. Heughebaert, and S. Manigart. 2014. “Institutional Frameworks, Venture Capital and the Financing of European New Technology‐Based Firms.” Corporate Governance: An International Review 22 (3): 199–215. doi:10.1111/corg.2014.22.issue-3.
  • Vargas, N., M. B. Lloria, and S. Roig-Dobón. 2016. “Main Drivers of Human Capital, Learning and Performance.” The Journal of Technology Transfer 41 (5): 961–978. doi:10.1007/s10961-016-9483-6.
  • Veugelers, R., and B. Cassiman. 1999. Innovative Strategies and Know-How Flows in International Companies: Some Evidence from Belgian Manufacturing. DTEW Research Report 9927. K.U. Leuven, Departement toegepaste economische wetenschappen.
  • Wennekers, S. 2006. Entrepreneurship at Country Level: Economic and Non-Economic Determinants. Rotterdam: ERIM Ph. D. Series Research in Management, Erasmus University Rotterdam.
  • Wennekers, S., and R. Thurik. 1999. “Linking Entrepreneurship and Economic Growth.” Small Business Economics 13 (1): 27–56. doi:10.1023/A:1008063200484.
  • White, H. 1980. “A Heteroskedasticity-Consistent Covariance Matrix Estimator and A Direct Test for Heteroskedasticity.” Econometrica: Journal of the Econometric Society 48 (4): 817–838. doi:10.2307/1912934.
  • Williams, C. C., and S. Nadin. 2012. “Tackling the Hidden Enterprise Culture: Government Policies to Support the Formalization of Informal Entrepreneurship.” Entrepreneurship & Regional Development 24 (9–10): 895–915. doi:10.1080/08985626.2012.742325.
  • Wooldridge, J. M. 2009. Introductory Econometrics: A Modern Approach. 4th ed. Mason, OH: South-Western.
  • Wright, M., A. Lockett, B. Clarysse, and M. Binks. 2006. “University Spin-Out Companies and Venture Capital.” Research Policy 35 (4): 481–501. doi:10.1016/j.respol.2006.01.005.
  • Wright, M., A. Lockett, S. Pruthi, S. Manigart, H. Sapienza, P. Desbrieres, and U. Hommel. 2004. “Venture Capital Investors, Capital Markets, Valuation and Information: US, Europe and Asia.” Journal of International Entrepreneurship 2 (4): 305–326. doi:10.1007/s10843-004-0131-0.
  • Wright, M., R. E. Hoskisson, L. W. Busenitz, and J. Dial. 2000. “Entrepreneurial Growth through Privatization: The Upside of Management Buyouts.” Academy of Management Review 25 (3): 591–601. doi:10.5465/amr.2000.3363522.
  • Wurgler, J. 2000. “Financial Markets and the Allocation of Capital.” Journal of Financial Economics 58 (1–2): 187–214. doi:10.1016/S0304-405X(00)00070-2.
  • Yli‐Renko, H., E. Autio, and H. J. Sapienza. 2001. “Social Capital, Knowledge Acquisition, and Knowledge Exploitation in Young Technology‐Based Firms.” Strategic Management Journal 22 (6–7): 587–613. doi:10.1002/smj.183.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.