The attention of scholars and policy makers is shifting from full privatization to accompanying policies and alternative measures as a means to improve the efficiency of public services. This paper focuses on three restructuring measures: partial privatization (without transfer of control...

The financial literature claims that venture capital (VC) financing spurs the growth of new technology-based firms (NTBFs). Nevertheless, the benefits and costs for portfolio companies may depend upon the type of investor. In this paper we distinguish financial intermediaries (FVC) and...

This work reviews the principal econometric methods used to measure the effects of public R&D subsidies on firm performance. First, we show the main econometric challenges a researcher has to face in estimating the impact of a government policy scheme, by paying special attention to the issues...

In recent years, a “third mission” pursued by universities, i.e. knowledge transfer to industry and society, has become more important as a determinant of enhancements in economic growth and social welfare. In the vast world of technology transfer practices implemented by universities, the...

Using a new European Union-sponsored firm-level longitudinal dataset, we assess the impact of government-managed (GVC) and independent venture capital (IVC) funds on the sales and employee growth of European high-tech entrepreneurial firms. Our results show that the main statistically robust and...

In this paper we use the theoretical lens of resource and competence-based perspectives and global strategic network theories to analyze the effects of international R&D alliances on the performance of high-tech start-ups. In the empirical section of the paper we consider the European Union...

We address the key question of the efficacy of R&D policy measures in support of hightech start-ups. Distinguishing between subsidies awarded on a competitive basis and those assigned through an automatic procedure, we show that the former type led to a positive total factor productivity...

Despite the evidence on the positive effect of venture capital (VC) on portfolio firm performance, such evidence badly pulls up alongside the non-negligible number of entrepreneurial firms that chooses to refuse VC. This is the first study that investigates the determinants behind the missed...

We investigate if and to what extent the receipt of a “selective” public subsidy - a public subsidy awarded through a competitive procedure - acts as a quality signal and helps new technology-based firms (NTBFs) to access R&D alliances. In particular, we theoretically enquire and empirically...