@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 = {<p>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.</p>
},
	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 {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 = {<p>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.</p>
},
	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}
}
