Entrepreneurship policy and the financing of young innovative companies: Evidence from the Italian Startup Act

Aerts, 2007, Critical role and screening practices of European business incubators, Technovation, 27, 254, 10.1016/j.technovation.2006.12.002 Aghion, 2005, Growth with quality-improving innovations: an integrated framework, Handbook of Economic Growth, 1, 67, 10.1016/S1574-0684(05)01002-6 Arrow, 1962, Economic welfare and the allocation of resources for invention, 609 Barry, 1994, New directions in research on venture capital finance, Financial Manag, 23, 3, 10.2307/3665617 Baum, 2004, Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups, J. Bus. Venturing, 19, 411, 10.1016/S0883-9026(03)00038-7 Beck, 2006, Small and medium-size enterprises: access to finance as a growth constraint, J. Bank. Fin., 30, 2931, 10.1016/j.jbankfin.2006.05.009 Benfratello, 2008, Banks and innovation: Microeconometric evidence on Italian firms, J. Finan. Econ., 90, 197, 10.1016/j.jfineco.2008.01.001 Berger, 1998, The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle, J. Bank. Fin., 22, 613, 10.1016/S0378-4266(98)00038-7 Bertoni, 2011, Venture capital financing and the growth of high-tech start-ups: Disentangling treatment from selection effects, Res. Policy, 40, 1028, 10.1016/j.respol.2011.03.008 Bertoni, 2019, Self-selection of entrepreneurial firms in thin venture capital markets: Theory and empirical evidence, Strategic Entrepreneurship J., 13, 47, 10.1002/sej.1280 Binks, 1997, The relationship between UK banks and their small business customers, Small Bus. Econ., 9, 167, 10.1023/A:1007923907325 Bougheas, 2006, Access to external finance: Theory and evidence on the impact of monetary policy and firm-specific characteristics, J. Bank. Fin., 30, 199, 10.1016/j.jbankfin.2005.01.002 Brame, 1998, Testing for the equality of maximum-likelihood regression coefficients between two independent equations, J. Quant. Criminol., 14, 245, 10.1023/A:1023030312801 Brander, 2012, The effects of government-sponsored venture capital: international evidence, Rev. Fin., 19, 571, 10.1093/rof/rfu009 Carpenter, 2002, Capital market imperfections, high-tech investment, and new equity financing, Econ. J., 112, F54, 10.1111/1468-0297.00683 Chen, 2010, Entrepreneurial finance and nondiversifiable risk, Rev. Fin. Stud., 23, 4348, 10.1093/rfs/hhq122 Coad, 2008, Innovation and firm growth in high-tech sectors: a quantile regression approach, Res. Policy, 37, 633, 10.1016/j.respol.2008.01.003 Colombo, 2002, How effective are technology incubators? Evidence from Italy, Res. Policy, 31, 1103, 10.1016/S0048-7333(01)00178-0 Colombo, 2012, Public subsidies and the employment growth of high-tech start-ups: assessing the impact of selective and automatic support schemes, Industrial Corporate Change, 22, 1273, 10.1093/icc/dts037 Colombo, 2005, Founders’ human capital and the growth of new technology-based firms: A competence-based view, Res. Policy, 34, 795, 10.1016/j.respol.2005.03.010 Colombo, 2007, Funding gaps? Access to bank loans by high-tech start-ups, Small Bus. Econ., 29, 25, 10.1007/s11187-005-4067-0 Colombo, 2010, On growth drivers of high-tech start-ups: Exploring the role of founders’ human capital and venture capital, J. Bus. Venturing, 25, 610, 10.1016/j.jbusvent.2009.01.005 Colombo, 2011 Colombo, 2007, High-tech start-up access to public funds and venture capital: Evidence from Italy, Int. Rev. Appl. Econ., 21, 381, 10.1080/02692170701390361 Cooper, 1988, Coordinating coordination failures in Keynesian models, Quarterly J. Econ., 103, 441, 10.2307/1885539 Cosh, 2009, Outside entrepreneurial capital, Econ. J., 119, 1494, 10.1111/j.1468-0297.2009.02270.x Cumming, 2007, Government policy towards entrepreneurial finance: innovation investment funds, J. Bus. Venturing, 22, 193, 10.1016/j.jbusvent.2005.12.002 Cumming, 2017, Governmental and independent venture capital investments in Europe: A firm-level performance analysis, J. Corporate Fin., 42, 439, 10.1016/j.jcorpfin.2014.10.016 Cumming, 2006, Crowding out private equity: Canadian evidence, J. Bus. Venturing, 21, 569, 10.1016/j.jbusvent.2005.06.002 Czarnitzki, 2013, Young innovative companies: the new high-growth firms?, Industrial Corporate Change, 22, 1315, 10.1093/icc/dts039 Czarnitzki, 2002, Do innovation subsidies crowd out private investment? Evidence from the German service sector, Appl. Econ. Q., 48, 1 Da Rin, 2006, Public policy and the creation of active venture capital markets, J. Public Econ., 90, 1699, 10.1016/j.jpubeco.2005.09.013 Delmar, 2003, Arriving at the high-growth firm, J. Bus. Venturing, 18, 189, 10.1016/S0883-9026(02)00080-0 De Cleyn, 2015, How human capital interacts with the early development of academic spin-offs, Int. Entrepreneurship Manag. J., 11, 599, 10.1007/s11365-013-0294-z Díaz-Díaz, 2008, The effect of technological knowledge assets on performance: The innovative choice in Spanish firms, Res. Policy, 37, 1515, 10.1016/j.respol.2008.06.002 DiMaggio, 1983, The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields, Am. Sociol. Rev., 48, 147, 10.2307/2095101 Dollinger, 1997, The effect of reputation on the decision to joint venture, Strategic Manag. J., 18, 127, 10.1002/(SICI)1097-0266(199702)18:2<127::AID-SMJ859>3.0.CO;2-H Doornik, 1999 Durlauf, 1993, Nonergodic economic growth, Rev. Econ. Stud., 60, 349, 10.2307/2298061 EC-DG ENTR, 2009 Engel, 2007, Firm level implications of early stage venture capital investment: An empirical investigation, J. Empirical Fin., 14, 150, 10.1016/j.jempfin.2006.03.004 European Digital Forum, 2016 Freel, 2007, Are small innovators credit rationed?, Small Bus. Econ., 28, 23, 10.1007/s11187-005-6058-6 Fritsch, 2013, Indirect employment effects of new business formation across regions: The role of local market conditions, Papers Reg. Sci., 92, 361, 10.1111/j.1435-5957.2012.00475.x Ge, 2016, Engineer/scientist careers: patents, online profiles, and misclassification bias, Strategic Manag. J., 37, 232, 10.1002/smj.2460 Gimmon, 2010, Founder's human capital, external investment, and the survival of new high-technology ventures, Res. Policy, 39, 1214, 10.1016/j.respol.2010.05.017 Giudici, 2013, Crowdfunding in Italy: State of the Art and Future Prospects, J. Industrial Bus. Econ., 40, 173, 10.3280/POLI2013-004008 Giudici, 2018, Reward-based crowdfunding of entrepreneurial projects: the effect of local altruism and localized social capital on proponents’ success, Small Bus. Econ., 50, 307, 10.1007/s11187-016-9830-x Giudici, 2000, The provision of finance to innovation: A survey conducted among Italian technology-based small firms, Small Bus. Econ., 14, 37, 10.1023/A:1008187416389 Giudici, 2004, Venture capital and new stock markets in Europe, Adv. Fin. Econ. Gloor, 2011, Analyzing success of startup entrepreneurs by measuring their social network distance to a business networking hub, Proceedings 3rd international conference on collaborative innovation networks coins, Basel Gompers, 2001, The venture capital revolution, J. Econ. Perspect., 15, 145, 10.1257/jep.15.2.145 Gompers, 2004 Grilli, 2018, Sowing the seeds of the future: Policies for financing tomorrow's innovations, Technol. Forecast. Social Change, 127, 1, 10.1016/j.techfore.2017.10.021 Grilli, 2018, Venture capital in Europe: Social capital, formal institutions and mediation effects, Small Bus. Econ., 51, 393, 10.1007/s11187-018-0007-7 Grilli, 2014, Government, venture capital and the growth of European high-tech entrepreneurial firms, Res. Policy, 43, 1523, 10.1016/j.respol.2014.04.002 Hall, 2002, The financing of research and development, Oxford Rev. Econ. Policy, 18, 35, 10.1093/oxrep/18.1.35 Hall, 2005, The financing of innovation, 409 Hall, 2010, The financing of R&D and innovation, 609, 10.1016/S0169-7218(10)01014-2 Hall, 2000, Industry effects of the determinants of unquoted SME's capital structure, Int. J. Econ. Bus., 7, 297, 10.1080/13571510050197203 Hellmann, 2002, Venture capital and the professionalization of start-up firms: Empirical evidence, J. Fin., 57, 169, 10.1111/1540-6261.00419 Henrekson, 2018, Stock option taxation: A missing piece in European innovation policy?, Small Bus. Econ., 51, 411, 10.1007/s11187-018-0008-6 Hochberg, 2018, Patent collateral, investor commitment, and the market for venture lending, J. Fin. Econ., 130, 74, 10.1016/j.jfineco.2018.06.003 Hsu, 2013, Resources as dual sources of advantage: Implications for valuing entrepreneurial-firm patents, Strategic Manag. J., 34, 761, 10.1002/smj.2037 Hsu, 2015, Corporate innovation, default risk, and bond pricing, J. Corporate Fin., 35, 329, 10.1016/j.jcorpfin.2015.09.005 Hsu, 2014, Financial development and innovation: Cross-country evidence, J. Fin. Econ., 112, 116, 10.1016/j.jfineco.2013.12.002 Jensen, 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, J. Fin. Econ., 3, 305, 10.1016/0304-405X(76)90026-X Johnsen, 2005, Cross-industry differences in SME financing behaviour: An Australian perspective, J. Small Bus. Enterprise Develop., 12, 160, 10.1108/14626000510594584 Kortum, 2000, Assessing the contribution of venture capital to innovation, RAND J. Econ., 31, 674, 10.2307/2696354 Kraemer-Eis, 2014 Lee, 2015, Access to finance for innovative SMEs since the financial crisis, Res. Policy, 44, 370, 10.1016/j.respol.2014.09.008 Leland, 1977, Informational asymmetries, financial structure, and financial intermediation, J. Fin., 32, 371, 10.2307/2326770 Leleux, 2003, Public versus private venture capital: seeding or crowding out? A Pan-European analysis, J. Bus. Venturing, 18, 81, 10.1016/S0883-9026(01)00078-7 Lerner, 2002, When bureaucrats meet entrepreneurs: the design of effective public venture capital programmes, Econ. J., 112, F73, 10.1111/1468-0297.00684 Lutz, 2013, Importance of spatial proximity between venture capital investors and investees in Germany, J. Bus. Res., 66, 2346, 10.1016/j.jbusres.2012.04.016 Manigart, 2001 Manigart, 1999 Manigart, 1997, Venture capitalists’ appraisal of investment projects: An empirical European study, Entrepreneurship Theory Practice, 21, 29, 10.1177/104225879702100403 Mann, 2018, Creditor rights and innovation: evidence from patent collateral, J. Fin. Econ., 130, 25, 10.1016/j.jfineco.2018.07.001 Mas-Tur, 2015, Young innovative companies (YICs) and entrepreneurship policy, J. Bus. Res., 68, 1432, 10.1016/j.jbusres.2015.01.028 Mason, 2004, What do investors look for in a business plan?. A comparison of the investment criteria of bankers, venture capitalists and business angels, Int. Small Bus. J., 22, 227, 10.1177/0266242604042377 Mazzucato, 2013, Financing innovation: creative destruction vs. destructive creation, Industrial Corporate Change, 22, 851, 10.1093/icc/dtt025 Merton, 1968, The Matthew effect in science: The reward and communication systems of science are considered, Science, 159, 56, 10.1126/science.159.3810.56 Merton, 1988, The Matthew effect in science, II: Cumulative advantage and the symbolism of intellectual property, Isis, 79, 606, 10.1086/354848 Mina, 2013, The demand and supply of external finance for innovative firms, Industrial Corporate Change, 22, 869, 10.1093/icc/dtt020 Ministry of Economic Development, 2016 Minniti, 2008, The role of government policy on entrepreneurial activity: productive, unproductive, or destructive?, Entrepreneurship Theory Practice, 32, 779, 10.1111/j.1540-6520.2008.00255.x Mosconi, 2006, Non-causality in bivariate binary time series, J. Econometr., 132, 379, 10.1016/j.jeconom.2005.02.005 Mulcahy, 2013, Six myths about venture capitalists, Harvard Bus. Rev., 91, 80 Muzyka, 1996, Trade-offs in the investment decisions of European venture capitalists, J. Bus. Venturing, 11, 273, 10.1016/0883-9026(95)00126-3 Nelson, 1959, The simple economics of basic scientific research, J. Polit. Econ., 67, 297, 10.1086/258177 North, 2013, Funding the growth of UK technology-based small firms since the financial crash: are there breakages in the finance escalator?, Venture Capital, 15, 237, 10.1080/13691066.2013.804755 O'Sullivan, 2005, Finance and innovation, 240 Packalen, 2015, Multiple successful models: how demographic features of founding teams differ between regions and over time, Entrepreneurship Reg. Develop., 27, 357, 10.1080/08985626.2015.1059896 Parker, 2002, Do banks ration credit to new enterprises? And should governments intervene?, Scottish J. Polit. Econ., 49, 162, 10.1111/1467-9485.00227 Paternoster, 1998, Using the correct statistical test for the equality of regression coefficients, Criminology, 36, 859, 10.1111/j.1745-9125.1998.tb01268.x Peneder, 2008, The problem of private under-investment in innovation: A policy mind map, Technovation, 28, 518, 10.1016/j.technovation.2008.02.006 Peters, 2004, The role of incubators in the entrepreneurial process, J. Technol. Transfer, 29, 83, 10.1023/B:JOTT.0000011182.82350.df Plumlee, 2015, Bank loan spread and private information: pending approval patents, Rev. Account. Stud., 20, 593, 10.1007/s11142-014-9304-9 Puri, 2012, On the life cycle dynamics of venture capital and non venture capital financed firms, J. Fin., 67, 2247, 10.1111/j.1540-6261.2012.01786.x Revest, 2012, Financing technology-based small firms in Europe: What do we know?, Small Bus. Econ., 39, 179, 10.1007/s11187-010-9291-6 Robb, 2012, Gender differences in firm performance: Evidence from new ventures in the United States, J. Bus. Venturing, 27, 544, 10.1016/j.jbusvent.2011.10.002 Robinson, 1999, An examination of the influence of industry structure on eight alternative measures of new venture performance for high potential independent new ventures, J. Bus. Venturing, 14, 165, 10.1016/S0883-9026(97)00083-9 Rodrik, 1996, Coordination failures and government policy: A model with applications to East Asia and Eastern Europe, J. Int. Econ., 40, 1, 10.1016/0022-1996(95)01386-5 Rosenzweig, 2014 Rothaermel, 2001, Complementary assets, strategic alliances, and the incumbent's advantage: an empirical study of industry and firm effects in the biopharmaceutical industry, Res. Policy, 30, 1235, 10.1016/S0048-7333(00)00142-6 Sahlman, 1990, The structure and governance of venture-capital organizations, J. Fin. Econ., 27, 473, 10.1016/0304-405X(90)90065-8 Schäfer, 2004, The determinants of debt and (private) equity financing: The case of young, innovative SMEs from Germany, Industry Innovation, 11, 225, 10.1080/1366271042000265393 Schneider, 2010, On young highly innovative companies: why they matter and how (not) to policy support them, Industrial Corporate Change, 19, 969, 10.1093/icc/dtp052 Schumpeter, 1911 Storey, 1994, New firm growth and bank financing, Small Bus. Econ., 6, 139, 10.1007/BF01065186 Storey, 2003, Entrepreneurship, small and medium sized enterprises and public policies, 473 Storey, 1998, Public policy measures to support new technology-based firms in the European Union, Res. Policy, 26, 1037, 10.1016/S0048-7333(97)00058-9 Teece, 1986, Profiting from technological innovation: implications for integration, collaboration, licensing, and public policy, Res. Policy, 15, 285, 10.1016/0048-7333(86)90027-2 Timmons, 2003 Ueda, 2004, Banks versus venture capital: project evaluation, screening, and expropriation, J. Fin., 59, 601, 10.1111/j.1540-6261.2004.00643.x VICO, 2011 Wagner, 2004, Start-up activities, individual characteristics, and the regional milieu: Lessons for entrepreneurship support policies from German micro data, Ann. Reg. Sci., 38, 219, 10.1007/s00168-004-0193-x Weber, 2015 Wynant, 1991 Zacharakis, 2000, The potential of actuarial decision models: can they improve the venture capital investment decision?, J. Bus. Venturing, 15, 323, 10.1016/S0883-9026(98)00016-0 Zúñiga-Vicente, 2014, Assessing the effect of public subsidies on firm R&D investment: a survey, J. Econ. Surveys, 28, 36, 10.1111/j.1467-6419.2012.00738.x