@article {655, title = {Mobilisation of textile waste to recover high added value products and energy for the transition to circular economy}, journal = {Environmental Research}, year = {2024}, doi = {10.1016/j.envres.2023.117716}, author = {Papamichael, Iliana and Voukkali, Irene and Economou, Florentios and Loizia, Pantelitsa and Demetriou, Giorgos and Esposito, Mark and Naddeo, Vincenzo and Liscio, Marco Ciro and Sospiro, Paolo and Zorpas, Antonis A.} } @article {647, title = {State of the art on the Nexus between sustainability, fashion industry and sustainable business model}, journal = {Sustainable Chemistry and Pharmacy}, volume = {32}, year = {2023}, pages = {100968}, abstract = {The fashion industry is one of the most environmentally impactful. It is estimated that about 9\% of greenhouse gas emissions are attributable to this industry. It also turns out to be a highly resource-consuming industry with a rather low recycling rate. With this in mind, the authors wanted to further research the issue of sustainability in fashion. This was done with two main purposes: to update the literature to investigate the latest scientific contributions, to foster their application in sustainable business models; and to help define the state of the art on the topic by investigating the application of sustainable best practices in the market. The study is intended as a basis for future work that will focus on the topic of fashion sustainability and to support the adoption of sustainable business models by companies. This study analyses the fashion industry, particularly the textile, footwear, and leather industries, by searching the scientific literature and business cases for the current state of the art on recent best practices in process, product, and business strategies that have a positive impact on industry sustainability. A systematic literature review and business case research was conducted to identify best practices and gaps on areas of the fashion industry that can be catalysts for change toward a circular economy system based on sustainable business models. Policies and possible solutions to environmental problems related to the fashion industry were also considered. The study showed that there are many technologies, best practices and innovations that aim to make the fashion industry less impactful and, most importantly, circular. Therefore, some representative results for each of the three areas investigated are explored in depth, keeping in mind that there are the companies and sectors involved have sometimes unique peculiarities and characteristics, so it is not possible to have results equally applicable to each business model.}, keywords = {Best practice, Circular economy, Fashion, Sustainable business model}, issn = {2352-5541}, doi = {https://doi.org/10.1016/j.scp.2023.100968}, url = {https://www.sciencedirect.com/science/article/pii/S2352554123000025}, author = {Caterina DePonte and Marco Ciro Liscio and Paolo Sospiro} } @article {642, title = {Cost{\textendash}Benefit Analysis of Pumped Hydroelectricity Storage Investment in China}, journal = {EU-China Energy Magazine}, volume = {2022, Vol 2}, year = {2022}, month = {03/2022}, publisher = {EU-China Energy Cooperation Platform}, isbn = {9798201907341}, url = {http://www.ececp.eu/en/eu-china-energy-magazine-2022-mar-issue-en/}, author = {Sospiro, Paolo and Nibbi, Leonardo and Liscio, Marco Ciro and De Lucia, Maurizio} } @article {646, title = {Improving Pumped Hydro Storage Flexibility in China: Scenarios for Advanced Solutions Adoption and Policy Recommendations}, journal = {Energies}, volume = {15}, year = {2022}, abstract = {The decarbonisation targets of the People\’s Republic of China are ambitious. Their achievement relies on the large-scale deployment of variable renewable energy sources (VRES), such as wind and solar. High penetration of VRES may lead to balancing problems on the grid, which can be compensated by increasing the shifting flexibility capacity of the system by integration with energy storage, e.g., by installing additional electricity storage. Pumped Hydro Storage (PHS) is the most diffused electricity storage technology at the global level and the only fully mature solution for long-term electricity storage. China already has the highest PHS capacity installed worldwide and plans to increase it strongly before 2030. The present study, based on the data from the \“Pumped Storage Tracking Tool\” of the International Hydropower Association, investigates the potential for technological improvement of the existing and future PHS fleet in China. The aims of adopting advanced PHS solutions allow China to better cope with the task of balancing the VRES production. The potential for adopting advanced PHS solutions is evaluated through five different intervention possibilities (here referred to as scenarios). These scenarios consider revamping part of the operational Pumped Storage Plant (PSP) fleet and redesigning future installations that are already planned. As a result, considering all the major technical and authorisation process constraints, 4.0\% (5.2 GW) of the 132 GW fleet expected to be commissioned before 2035 could additionally adopt advanced PHS in a high-potential scenario. Meanwhile in the medium and low potential scenarios, the quota can reach 11.1\% (14.6 GW) and 26.2\% (34.5 GW), respectively. Furthermore, policy recommendations are elaborated to promote, facilitate, and support the adoption of these advanced PHS solutions.}, issn = {1996-1073}, doi = {10.3390/en15217918}, url = {https://www.mdpi.com/1996-1073/15/21/7918}, author = {Nibbi, Leonardo and Sospiro, Paolo and De Lucia, Maurizio and Wu, Cheng-Cheng} } @article {627, title = {Smart Specialisation Strategy in practice: have regions changed the allocation of Structural Funds?}, journal = {Regional Studies}, volume = {56}, year = {2022}, pages = {155-170}, url = {www.scopus.com}, author = {D{\textquoteright}Adda,D. and Iacobucci,D. and Perugini,F.} } @booklet {Sospiro2021, title = {Cost-Benefit Analysis of Pumped Hydroelectricity Storage Investment in China}, journal = {Energies}, volume = {14}, number = {24}, year = {2021}, abstract = {In this study, the energy scenario in China was analyzed by retracing the trend of exponential population growth, gross domestic product (GDP), and electricity production and consumption. A forecast up to 2050 was made based on the history and forecasts of other field studies. It was possible to deduce data on pollutants in terms of CO2 equivalent (CO2-eq) emitted over time if there were no changes in the way energy was produced. Moreover, different scenarios were hypothesized for the use of pumped hydroelectricity storage plants, namely 4.5{\%}, 6{\%}, 8{\%}, 11{\%}, and 14{\%} (percentage of electricity compared to requirements in 2050), to balance variable renewable energy sources and avoid curtailment, thereby reducing the use of energy produced by coal-fired plants. For this implementation, direct and indirect costs and benefits were considered, with interesting results obtained from an economic standpoint and very positive results from environmental, social, and territorial perspectives.}, keywords = {cost{\textendash}benefit analysis, electricity, pumped hydro storage, renewable energy sources}, issn = {1996-1073}, doi = {10.3390/en14248322}, url = {https://doi.org/10.3390/en14248322}, author = {Sospiro, Paolo and Nibbi, Leonardo and Liscio, Marco C. and De Lucia, Maurizio} } @proceedings {645, title = {Improving Pumped Hydro Storage (PHS) Flexibility in China}, journal = {International Conference on Applied Energy 2021}, volume = {24}, year = {2021}, month = {12/2021}, publisher = {Energy Proceedings}, address = {Thailand/Virtual}, doi = {https://doi.org/10.46855/energy-proceedings-9783}, url = {https://www.energy-proceedings.org/improving-pumped-hydro-storage-phs-flexibility-in-china/}, author = {Nibbi, Leonardo and Sospiro, Paolo and De Lucia, Maurizio} } @article {en14185637, title = {Smart Grid in China, EU, and the US: State of Implementation}, journal = {Energies}, volume = {14}, number = {18}, year = {2021}, abstract = {Depletion of fossil fuel deposits is the main current issue related to the world{\textquoteright}s power generation. Renewable energy sources integrated with energy efficiency represent an effective solution. The electrification of end-use coupled with renewable power generation integration is considered as an important tool to achieve these tasks. However, the current electric power system does not currently have the suitable features to allow this change. Therefore, in the future, it has to allow two-way direction power flows, communication, and automated controls to fully manage the system and customers. The resulting system is defined as the smart grid. This article analyses the smart grid state of play within China, the US, and the EU, assessing the completion state of each smart grid technology and integrated asset. The analysis related to these countries presented here shows that the smart grid overall state of play in China, the US, and the EU are equal to 18\%, 15\%, and 13\%, respectively, unveiling the need related to further efforts and investments in these countries for the full smart grid development.}, issn = {1996-1073}, doi = {10.3390/en14185637}, url = {https://www.mdpi.com/1996-1073/14/18/5637}, author = {Sospiro, Paolo and Amarnath, Lohith and Di Nardo, Vincenzo and Talluri, Giacomo and Gandoman, Foad H.} } @article {598, title = {Relatedness in the implementation of Smart Specialisation Strategy: a first empirical assessment}, journal = {Papers in Regional Science}, volume = {99}, year = {2020}, pages = {405-425}, publisher = {Blackwell Publishing Ltd}, abstract = {Smart Specialisation Strategy required regional authorities to identify technological domains where to concentrate investment in R\&D and innovation. Their choices should originate from an analysis of regional strengths, aiming to identify those domains with the greatest potential for innovation and diversification. This paper aim to assess the degree of relatedness between chosen technological domains. We use patent data to categorize technological domains and the revealed associations methodology to measure their degree of relatedness. We find that the choices made by Italian regions show a significant higher relatedness as compared to a random choice, though with notable exceptions. {\textcopyright} 2019 The Author(s). Papers in Regional Science {\textcopyright} 2019 RSAI}, keywords = {assessment method, development strategy, Innovation, policy implementation, regional development, specialization, technology policy}, issn = {10568190}, doi = {10.1111/pirs.12492}, url = {https://www.scopus.com/inward/record.uri?eid=2-s2.0-85076927157\&doi=10.1111\%2fpirs.12492\&partnerID=40\&md5=0915eca9a188b2df44da9945d6c2c4bd}, author = {D{\textquoteright}Adda, D. and Iacobucci, D. and Palloni, R.} } @article {572, title = {The geography of venture capital and entrepreneurial ventures{\textquoteright} demand for external equity}, journal = {Research Policy}, year = {2019}, month = {jan}, publisher = {North-Holland}, abstract = {

In this paper, we study how the geography of venture capital (VC) and the location of entrepreneurial ventures affect the propensity of the latter to seek external equity financing. We analyse a sample of 533 European high-tech entrepreneurial ventures and examine their external equity-seeking behaviour in the 1984{\textendash}2009 period. We find that ventures are more likely to seek external equity when the local availability of VC is higher, whereas the level of competition of the local VC market plays a negligible role. The stimulating effect of the availability of VC on the demand for external equity rapidly decreases with distance and vanishes at approximately 250 km. It also vanishes when national borders are crossed, except for countries at close cultural and institutional distance. Moreover, the distance decay of the stimulating effect of the availability of VC varies with the characteristics of prospective VC investors, namely, their private or public ownership and governance, and their reputation. These results have important implications for the policy that European countries and the European Commission should implement to foster the demand for VC by entrepreneurial ventures, thereby improving the functioning of the VC market in Europe.

}, issn = {0048-7333}, doi = {10.1016/J.RESPOL.2018.12.004}, url = {https://www.sciencedirect.com/science/article/pii/S0048733318303044?via{\%}3Dihub}, author = {Colombo, Massimo G. and D{\textquoteright}Adda, Diego and Quas, Anita} } @article {587, title = {Self-selection of entrepreneurial firms in thin venture capital markets: Theory and empirical evidence}, journal = {Strategic Entrepreneurship Journal}, volume = {13}, year = {2019}, pages = {47-74}, publisher = {Blackwell Publishing Ltd}, abstract = {

Research Summary: We develop a two-step selection model between entrepreneurial ventures and venture capital (VC) investors in a thin VC market. The model predicts that in a thin VC market, the availability of VC reduces the propensity of firms to self-select into the market for VC (demand-side selection) but not the probability that firms entering the market for VC will receive financing (supply-side selection). We test these predictions using survey-based data on 190 new technology-based firms in Italy during the late 1990s and early 2000s. The empirical evidence supports the predictions of the model. Managerial Summary: Venture capital (VC) is an important ingredient of an environment that is conducive to the birth and the growth of entrepreneurial ventures, but VC markets are often highly local and thin in terms of participants. We show that the scarcity of VC supply may cause a drop in the demand for VC because entrepreneurs, anticipating that competition for VC money will be tough, will not seek VC in the first place. The more a market is thin, the more the demand-side selection is likely to become more important than the supply-side selection of VC investors. Demand-side selection may involve a significant number of otherwise good targets for VC investment, which will not be in the radar of VC investors. In turn, this may deter new VC investors from entering the local market, thus creating a vicious cycle that raises concerns for both policy makers and VC general partners. Copyright {\textcopyright} 2017 Strategic Management Society

}, issn = {19324391}, doi = {10.1002/sej.1280}, url = {https://www.scopus.com/inward/record.uri?eid=2-s2.0-85062715298\&doi=10.1002\%2fsej.1280\&partnerID=40\&md5=f0d198e85fe00e1a01a538dd1483c050}, author = {Bertoni, F. and D{\textquoteright}Adda, D. and Grilli, L.} } @article {580, title = {Is Smart Specialisation Strategy coherent with regional innovative capabilities?}, journal = {Regional Studies}, volume = {53}, year = {2019}, pages = {1004-1016}, publisher = {Routledge}, abstract = {

The implementation of the Smart Specialisation Strategy (S3) has required European regions to identify the technological domains in which they show superior innovative capabilities. This choice should promote specialization and facilitate diversification into new sectors. Given that regional specialization shows path dependence, successful diversification can be achieved in domains closely related to the existing knowledge base. The paper provides a first empirical assessment of the coherence between the technological domains chosen by Italian regions and those in which they show actual innovative capabilities, as measured by their patenting activity. {\textcopyright} 2018, {\textcopyright} 2018 Regional Studies Association.

}, keywords = {empirical analysis, Europe, Innovation, regional development, regional policy, specialization}, issn = {00343404}, doi = {10.1080/00343404.2018.1523542}, url = {https://www.scopus.com/inward/record.uri?eid=2-s2.0-85056099350\&doi=10.1080\%2f00343404.2018.1523542\&partnerID=40\&md5=8bda85ac3cf98fb76919176089a75488}, author = {D{\textquoteright}Adda, D. and Guzzini, E. and Iacobucci, D. and Palloni, R.} } @article {567, title = {High-tech entrepreneurial ventures seeking external equity: whether, when, where... and why not?}, journal = {Economia e Politica Industriale}, year = {2018}, pages = {1{\textendash}24}, abstract = {

In this paper, we study the demand of high-tech entrepreneurial ventures for external equity, revealing the conditions that determine whether, when and where they decide to seek external equity during their lives. We also provide evidence on the most important reasons for not looking for external equity at all. We focus on a sample of 530 high-tech entrepreneurial ventures located in 7 European countries and founded between 1984 and 2009. We reveal that company-level characteristics, namely the human capital, the innovativeness, the size, the asset intangibility, and the alternatives to equity capital (internal cash flows and debt) determine whether, when (i.e., at what age) and when (i.e., in international or domestic markets) companies seek external equity. Industry- and country-level variables also play a secondary role in explaining high-tech entrepreneurial ventures{\^a}{\texteuro}{\texttrademark} demand for external equity.

}, issn = {0391-2078, 1972-4977}, doi = {10.1007/s40812-018-0094-0}, url = {https://link.springer.com/article/10.1007/s40812-018-0094-0}, author = {Quas, Anita and D{\textquoteright}Adda, Diego} } @article {565, title = {Self-selection of entrepreneurial firms in thin venture capital markets: Theory and empirical evidence}, journal = {Strategic Entrepreneurship Journal}, year = {2018}, keywords = {Entrepreneurial firms, High-tech entrepreneurship, market thinness, Selection, Venture capital}, issn = {1932-443X}, doi = {10.1002/sej.1280}, url = {http://onlinelibrary.wiley.com/doi/10.1002/sej.1280/abstract}, author = {Bertoni, Fabio and D{\textquoteright}Adda, Diego and Grilli, Luca} } @article {573, title = {Is Smart Specialisation Strategy coherent with regional innovative capabilities?}, journal = {Regional Studies}, year = {2018}, month = {nov}, pages = {1{\textendash}13}, issn = {0034-3404}, doi = {10.1080/00343404.2018.1523542}, url = {https://www.tandfonline.com/doi/full/10.1080/00343404.2018.1523542}, author = {D{\textquoteright}Adda, Diego and Guzzini, Enrico and Iacobucci, Donato and Palloni, Roberto} } @article {566, title = {Mapping innovation dynamics in the Internet of Things domain: Evidence from patent analysis}, journal = {Technological Forecasting and Social Change}, year = {2017}, abstract = {

The Internet of Things ({IoT}) is an emerging paradigm in the {ICT} sector and it is at the center of many current political and economic debates. Scholars, executives, and policymakers are becoming increasingly interested in understanding how to turn the {IoT} into reality, since various technological constraints (e.g., standardization and interoperability) limit the possibility of realizing an inclusive {IoT} information network. These constraints are exacerbated by the lack of a clear picture of the innovation dynamics and technology evolution of the {IoT}. This paper seeks to address this gap by mapping the development of {IoT} technologies. In particular, we have collected 61,972 {IoT} patents filed under the Patent Cooperation Treaty in the period 2000{\^a}{\texteuro}{\textquotedblleft}2012. We analyze temporal trends, cross-country dynamics and identity of the applicants. Moreover, we provide insights about the development of the most relevant {IoT} technologies by looking at triadic patent families.

}, keywords = {Innovation, Internet of Things, Patent analysis, Technology evolution}, issn = {0040-1625}, doi = {10.1016/j.techfore.2017.04.022}, url = {http://www.sciencedirect.com/science/article/pii/S0040162517305498}, author = {Ardito, Lorenzo and D{\textquoteright}Adda, Diego and Messeni Petruzzelli, Antonio} } @article {doi:10.1093/scipol/scw029, title = {Introduction to the special issue: Universities as interactive partners}, journal = {Science and Public Policy}, volume = {43}, number = {5}, year = {2016}, pages = {581}, doi = {10.1093/scipol/scw029}, url = {+ http://dx.doi.org/10.1093/scipol/scw029}, author = {Carvalho de Mello, Jos{\'e} Manoel and De Fuentes, Claudia and Iacobucci, Donato} } @article {colombo_participation_2016, title = {The participation of new technology-based firms in EU-funded R\&D partnerships: The role of venture capital}, journal = {Research Policy}, volume = {45}, number = {2}, year = {2016}, pages = {361{\textendash}375}, abstract = {

This paper investigates the participation of new technology-based firms (NTBFs) in EU-funded R\&D partnerships. We examine whether venture capital (VC)-backed firms are more likely to enter these partnerships than their non VC-backed peers and the role of the ownership and governance of the VC investor. We resort to a mixed method approach. We use qualitative information collected through interviews with managers of NTBFs and VC firms to better illustrate our deductively derived theoretical hypotheses, that are then tested through a large scale econometric analysis. The econometric analysis takes advantage of the VICO dataset, which includes longitudinal data on 8346 NTBFs from seven European countries observed from 1995 to 2008, out of which 758 were VC-backed. The econometric results show that VC backing has a strong positive impact on NTBFs{\textquoteright} participation in EU-funded R\&D partnerships, but the magnitude of this effect rapidly decreases with NTBFs{\textquoteright} prior experience of this type of partnership. Moreover, the magnitude of the impact of VC backing considerably differs depending on the type of investor with bank and government VC exhibiting the strongest positive effects.

}, keywords = {Entrepreneurship}, issn = {0048-7333}, doi = {10.1016/j.respol.2015.10.011}, url = {http://www.sciencedirect.com/science/article/pii/S004873331500164X}, author = {Colombo, Massimo G. and D{\textquoteright}Adda, Diego and Pirelli, Lorenzo H.} } @article {bertoni_cherry-picking_2015, title = {Cherry-picking or frog-kissing? A theoretical analysis of how investors select entrepreneurial ventures in thin venture capital markets}, journal = {Small Business Economics}, year = {2015}, pages = {1{\textendash}15}, abstract = {

We propose a formal model that analyzes which entrepreneurial ventures actively seek and subsequently obtain venture capital (VC) financing in thin VC markets. The model shows that in thin VC markets, (1) VC investors will invest in companies in need (frog-kissing) rather than in best performers (cherry-picking), and (2) the best performing ventures will self-select out of the market for VC. These conclusions are in line with the results from the literature, which note that in Europe many entrepreneurial firms do not actively seek VC investment and that VC investors do not appear to possess the same cherry-picking ability that they have in the US.

}, keywords = {Entrepreneurship}, issn = {0921-898X, 1573-0913}, doi = {10.1007/s11187-015-9690-9}, url = {http://link.springer.com/article/10.1007/s11187-015-9690-9}, author = {Bertoni, Fabio and D{\textquoteright}Adda, Diego and Grilli, Luca} } @article {colombo_hybrid_2014, title = {Hybrid alliances and radical innovation: the performance implications of integrating exploration and exploitation}, journal = {The Journal of Technology Transfer}, volume = {40}, number = {4}, year = {2014}, pages = {696{\textendash}722}, abstract = {

In this paper we examine the innovation performance of hybrid alliances, that is, alliances that combine exploration and exploitation activities. While previous research has emphasized the tensions engendered by the combination of exploration and exploitation, we claim that the integration of these two types of activities can generate synergies as well. We argue that, in the case of alliances involving academic spin-offs (ASOs), these synergies may outweigh the tensions under specific conditions, and thus improve alliance innovation performance. Specifically, we hypothesize that the relative performance of exploitation activities is greater in hybrid alliances when the alliance has radical innovation outcomes. Conversely, the relative performance of exploration activities is greater in hybrid alliances when the alliance has incremental innovation outcomes. These hypotheses are tested using fine-grained data on a sample of 149 alliances involving European ASOs.

}, keywords = {Entrepreneurship}, issn = {0892-9912, 1573-7047}, doi = {10.1007/s10961-014-9363-x}, url = {http://link.springer.com/article/10.1007/s10961-014-9363-x}, author = {Colombo, Massimo G. and Doganova, Liliana and Piva, Evila and D{\textquoteright}Adda, Diego and Mustar, Philippe} } @article {croce_venture_2014, title = {Venture capital financing and the financial distress risk of portfolio firms: How independent and bank-affiliated investors differ}, journal = {Small Business Economics}, volume = {44}, number = {1}, year = {2014}, pages = {189{\textendash}206}, abstract = {

We analyze a sample of European high-tech entrepreneurial firms that received bank venture capital (BVC) financing between 1994 and 2004. We employ a {\textquotedblleft}two-step{\textquotedblright} matching procedure in order to build a control group composed of (1) comparable firms that received venture capital financing from independent investors (IVCs) and (2) comparable non-invested firms. The econometric analyses suggest that BVC investors are interested in the financial risk profile of the firms they invest in. In fact, before the first round of financing, BVC-backed firms show a lower risk of financial distress than both IVC-backed firms and non-invested firms. However, after the investment, BVC-backed firms exhibit a significant increase in debt exposure, compared to non-invested firms.

}, keywords = {Entrepreneurship}, issn = {0921-898X, 1573-0913}, doi = {10.1007/s11187-014-9582-4}, url = {http://link.springer.com/article/10.1007/s11187-014-9582-4}, author = {Croce, Annalisa and D{\textquoteright}Adda, Diego and Ughetto, Elisa} } @article {colombo_contribution_2009, title = {The contribution of university research to the growth of academic start-ups: an empirical analysis}, journal = {The Journal of Technology Transfer}, volume = {35}, number = {1}, year = {2010}, month = {mar}, pages = {113{\textendash}140}, abstract = {

The aim of this paper is to analyze empirically under which circumstances the universities located in a geographical area contribute to the growth of a special category of local new technology-based firms (NTBFs), those established by academic personnel (academic start-ups, ASUs). We examine the effects of a series of characteristics of local universities on the growth rates of ASUs and we compare them with the effects of the same university characteristics on the growth of other (i.e., non-academic) NTBFs. In the empirical part of the paper, we estimate an augmented Gibrat law panel data model using a longitudinal dataset composed of 487 Italian NTBFs observed from 1994 to 2003. Out of these NTBFs 48 are ASUs. The results of the econometric estimates suggest that universities do influence the growth rates of local ASUs, while the effects on the growth rates of other NTBFs are negligible. In particular, the scientific quality of the research performed by universities has a positive effect on the growth rates of ASUs; conversely the commercial orientation of research has a negative effect. These results indicate that universities producing high-quality scientific research have a beneficial impact on the growth of local high-tech start-ups, but only if these firms are able to detect, absorb, and use this knowledge. In this perspective, a greater commercial orientation of university research leading to a reduction of the knowledge available for absorption by these companies, can be detrimental.

}, keywords = {Entrepreneurship, Technology Transfer}, issn = {0892-9912, 1573-7047}, doi = {10.1007/s10961-009-9111-9}, url = {http://link.springer.com/article/10.1007/s10961-009-9111-9}, author = {Colombo, Massimo G. and D{\textquoteright}Adda, Diego and Piva, Evila} } @article {bertoni_venture_2010, title = {Venture capital investments and patenting activity of high-tech start-ups: a micro-econometric firm-level analysis}, journal = {Venture Capital}, volume = {12}, number = {4}, year = {2010}, pages = {307{\textendash}326}, abstract = {

The aim of this paper is to analyse empirically the impact of venture capital (VC) finance on the innovation output of new technology-based firms (NTBFs) as reflected by their patenting activity. In particular, we compare the patenting rates of VC-backed and non-VC-backed NTBFs. To investigate whether VC investments spur patenting activity, we consider a unique longitudinal dataset composed of 351 Italian NTBFs operating in high-tech manufacturing industries and software, 33 of which are VC-backed. We estimate different econometric models on panel data, controlling for factors that may affect a firm{\textquoteright}s patenting behaviour other than the presence of VC, like founders{\textquoteright} human capital and use of other sources of financing. The results show that VC investments positively affect subsequent patenting activity and that before receiving VC, VC-backed firms do not exhibit a higher patenting propensity than other firms.

}, keywords = {Entrepreneurship}, issn = {1369-1066}, doi = {10.1080/13691066.2010.486157}, url = {http://dx.doi.org/10.1080/13691066.2010.486157}, author = {Bertoni, Fabio and Croce, Annalisa and D{\textquoteright}Adda, Diego} } @inbook { 11566_41224, title = {Business groups analysis by hierarchical clustering}, booktitle = {Classification and Data Analysis 2005. Book of Short Papers. Meeting of the Classification and Data Analasys Group of the Italian Statistical Society}, year = {2005}, publisher = {Monte Universit{\`a} Parma Editore}, organization = {Monte Universit{\`a} Parma Editore}, address = {PARMA}, keywords = {Business Groups }, author = {D. Potena and C. Diamantini and D. Iacobucci and M. Panti} } @article { 11566_83042, title = {Alcuni casi di imprenditorialit{\`a} nelle Marche}, journal = {ECONOMIA MARCHE}, volume = {XX}, year = {2001}, pages = {77{\textendash}100}, keywords = {Entrepreneurship}, author = {V. Balloni and D. Di Maio and D. Iacobucci and F. Spigarelli} }