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