风险投资融资与绿色专利

IF 3.4 3区管理学 Q1 ECONOMICS

Industry and Innovation Pub Date : 2023-07-06 DOI:10.1080/13662716.2023.2228717

A. Bellucci, Serena Fatica, Aliki Georgakaki, G. Gucciardi, Simon Letout, Francesco Pasimeni

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引用次数: 2

摘要

本文探讨了绿色创新在吸引风险投资(VC)融资中的作用。我们使用了一个独特的数据集，该数据集匹配了2008-2017年期间公司层面的股权交易信息、公司资产负债表变量和专利创新数据。通过对绿色创新活动的细化定义，我们发现，与没有绿色专利的公司相比，绿色创新者更有可能获得风险投资。同样，绿色专利与非绿色专利在公司专利组合中的比例越大，相对于其他股权，获得风投融资的可能性就越大。鲁棒性检验和扩展处理异质性的几个维度证实了绿色专利对风险投资的吸引力。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Venture Capital Financing and Green Patenting

ABSTRACT This paper explores the role of green innovation in attracting venture capital (VC) financing. We use a unique dataset that matches information on equity transactions, companies’ balance sheet variables and data on patented innovation at the firm level over the period 2008–2017. Taking advance of a novel granular definition of green innovative activities that tracks patents at the firm level, we show that green innovators are more likely to receive VC funding compared to other equity financing than firms without green patents. Likewise, a larger share of green vs. non-green patents in a firm’s patent portfolio increases the probability of receiving VC finance with respect to other equity. Robustness checks and extensions tackling several dimensions of heterogeneity confirm the attractiveness of green patenting for VC investment.

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来源期刊

Industry and Innovation Multiple-

CiteScore

8.10

自引率

7.70%

发文量

期刊介绍： Industry and Innovation is an international refereed journal presenting high-quality original scholarship of the dynamics of industries and innovation. Interdisciplinary in nature, Industry and Innovation is informed by, and contributes in turn to, advancing the theoretical frontier within economics, organization theory, and economic geography. Theoretical issues encompass: •What are the institutional underpinnings for different organizational forms? •How are different industrial structures and institutions related to innovation patterns and economic performance?