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productive and active VC industry boosts innovation driven growth. …The paper proposes a simple equilibrium model of venture capital, entrepreneurship and innovation. Venture capitalists …
Persistent link: https://www.econbiz.de/10011409024
productive and active VC industry boosts innovation driven growth …The paper proposes a simple equilibrium model of venture capital, entrepreneurship and innovation. Venture capitalists …
Persistent link: https://www.econbiz.de/10013320625
Venture capitalists not only finance but also advise and thereby add value to young innovative firms. The prospects of venture capital backed firms thus depend on joint efforts of entrepreneurs and informed venture capitalists, and are subject to double moral hazard. In financing a portfolio of...
Persistent link: https://www.econbiz.de/10011514038
gains taxation, innovation subsidies, public R&D spending and other policy initiatives. …
Persistent link: https://www.econbiz.de/10011511054
A model of start-up finance with double moral hazard is proposed. Entrepreneurs have ideas but lack own resources as well as commercial experience. Venture capitalists provide start-up finance and managerial support. Both types of agents thus jointly contribute to the firm s success, but neither...
Persistent link: https://www.econbiz.de/10011410298
financing affects firm innovation and growth. The results highlight the essential role of VC financing for U.S. innovation and … growth and suggest that VC development in other countries could promote their economic growth …
Persistent link: https://www.econbiz.de/10013293235
This paper examines the relationship between firms' innovation activities and the hierarchy of financing behaviours. We … analyse the role of innovation inputs (R&D), intermediate outputs (patents) and outcomes (product and process innovations) as … identify the effect of innovation, alongside the size of the firm, its age and its human capital, on the order of directly …
Persistent link: https://www.econbiz.de/10011919534
This paper incorporates the cost of adjustment between observed and optimal leverage in explaining the variation in firm's equity or bank-debt financing investments. Using a dynamic adjustment approach identifies the determinants to capital structure between different financial systems. In...
Persistent link: https://www.econbiz.de/10011448232
Persistent link: https://www.econbiz.de/10013428541
benefits to innovating firms and a profound boost to technological innovation. Suggesting an essential connection between … finance, innovation, and the economy, my findings have timely implications for financial, economic, and accounting issues …
Persistent link: https://www.econbiz.de/10012905537