Venture Capital and Innovation in Europe

Geronikolaou, George; Papachristou, George

doi:10.2139/ssrn.1309186

Cited by 12 publications

(9 citation statements)

References 11 publications

(2 reference statements)

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…Support for the reverse causation hypothesis, i.e. that innovation Granger causes financial decisions, has been found at both country and sectoral levels (Ueda and Hirukawa 2003;Geronikolaou and Papachristou 2008). However, further investigation is fundamental, in order to better clarify the inner nature of the relationship between financing choice and innovation.…”

Section: Introductionmentioning

confidence: 99%

Capital structure and innovation: causality and determinants

Bartoloni

2011

Empirica

View full text Add to dashboard Cite

It is widely recognized that a firm's financial behaviour is the result of a complex mix of conditions, both internal and external to the firm; these may affect its investment decisions and its growth opportunities. This paper offers a twofold contribution to the empirical debate on the financing of innovation. First of all, it provides a comprehensive descriptions of possible simultaneous patterns which may affect a firm's relevant dimensions, namely innovation inputs, innovation output, leverage and profitability. By using a Granger-Causality framework we will show that a firm's leverage does not cause innovation output, as proxied by a measure of a firm's successful innovation, while it is rather caused by successful innovation and a firm's operating profitability. The second contribution is an original investigation of the determinants of a firm's capital structure based on a panel of Italian firms which links the third Community Innovation Survey with an administrative data source providing economic and financial information collected from balance sheets and income statements referring to the period 1996-2003. This paper provides support for the pecking order theory as our firms are less indebted when operating profitability increases, but the use of external funding increases with their innovative effort. We also find support for the existence of credit constrains which seem to affect small innovative firms when compared with larger enterprises.

show abstract

Section: Introductionmentioning

confidence: 99%

Capital structure and innovation: causality and determinants

Bartoloni

2011

Empirica

View full text Add to dashboard Cite

show abstract

“…Chen et al (2009) in his study given strong preference to creation and submission of business plan and determined two major factors, business plan and project planning. Geronikolaou and Papachristou (2012) in his study obtained the significant relationship among VC investment and its relationship with patent. Faria and Barbosa (2014) investigated investment stage as one of the significant factor of investment proposal and also linked it to growth aspect of a business concern.…”

Section: Literature Reviewmentioning

confidence: 96%

Determinants for Financing It Firms: A Study of Indian Investors

Kumar¹,

Goel²,

Johr³

2017

Book of Abstracts International Conference on Economics and Development

View full text Add to dashboard Cite

The present work is based on survey dataset of 104 investors who invests in various sector of the Indian economy along with IT sector in order to understand the selection process and evaluation criteria of investors towards IT sector in Indian context and to analyze the different dimensions of venture capitalists management and other investors based on risk return aspects, choice of investment firm, expected return on investment and financing mix. Our study gathered importance of selection factor and economic aspects of VCs in the selection process of IT firms and analyze the various other aspects of proposed investment. A designed questionnaire was sent to all investors who are the part of investment process. Factor Analysis and ANOVA has been used to obtain the results.

show abstract

“…Thus, venture capital funds invest in innovative companies that have the potential to be a successful business. In a study conducted by Geronikolaou and Papachristou (2008), a correlation between the presence of venture capital and innovation was innovation should create demand for venture capital funds, but not the opposite. Venture capital funds typically invest for a mid-term or long-term period.…”

Section: Venture Capital Funds Featuresmentioning

confidence: 99%

Venture capital funds in transition countries

Hisrich

Petković

Ramadani

et al. 2016

Journal of Small Business and Enterprise Development

View full text Add to dashboard Cite

Purpose -The purpose of this paper is to focus on the possibilities and limitations of venture capital formation in Bosnia and Herzegovina and Macedonia where there has been a lack of success and benefits of small-and medium-sized enterprises (SMEs) from this type of financing. Design/methodology/approach -The paper provides a rationale for specific methodological choices and justifies its choice. Both quantitative and qualitative methods were employed. The methods section (research design) explains the entry criteria for the study population, specific imaging techniques and methods of data analysis. Findings -Venture capital invest in companies in the beginning to achieve an above average return on investment. Unfortunately, there are no officially registered venture capital funds in Bosnia and Herzegovina. For the venture capital funds to operate, it is necessary to adopt regulations governing this area, to create a favorable tax system and introduce a cash basis for VAT calculation for SMEs. The majority of respondents in the research believe that in the establishment of venture capital funds would provide one of the greatest supports by the governments of these countries, analyzing the economic situation in these countries, it is apparent that there is an under-developed legal and tax system, which does not support SMEs. In order to attract foreign and domestic investors, and form venture capital funds, it is necessary to create a favorable business environment. Originality/value -The paper contains novel information and insight into VC funds in two transition economies of Bosnia and Herzegovina and Macedonia.

show abstract

Venture Capital and Innovation in Europe

Cited by 12 publications

References 11 publications

Capital structure and innovation: causality and determinants

Capital structure and innovation: causality and determinants

Determinants for Financing It Firms: A Study of Indian Investors

Venture capital funds in transition countries

Contact Info

Product

Resources

About