Essays In Innovation And Entrepreneurial Finance
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Essays In Innovation And Entrepreneurial Finance
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Author : Paul P. Momtaz
language : en
Publisher:
Release Date : 2023
Essays In Innovation And Entrepreneurial Finance written by Paul P. Momtaz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
This dissertation consists of three chapters.In Chapter 1 of the dissertation, I contribute to the inconclusive literature on labor empow- erment and corporate innovation. The paper exploits a law that creates Labor-Controlled Firms (LCFs) for identification in a regression discontinuity design using administrative data that link employers, inventors, and patents in Germany. The law mandates that firms with more than 500 or 2,000 employees have a minority (33%) or parity (50%) share of labor-elected directors on their boards, respectively. Local average treatment effects on the number of patents and the forward citation-weighted number of patents per LCF are significantly positive at both the minority and parity cutoffs, although forward citations per patent are significantly negative at the parity cutoff. The results suggest that labor control causes innovative productivity to increase at the expense of a relative shift from exploratory toward exploitative search. Auxiliary tests support this conclu- sion. Labor control insures employed inventors against adverse labor market shocks, increasing firm-related specialization through longer employment spells while reducing the intensive margin of innovative labor supply. Moreover, inventors' marginal income per patent is insensitive to the quality of the patent when the employer is labor-controlled, suggesting a lack of financial incen- tives for exploratory search in LCFs. In Chapter 2, we estimates that shares in Private Investments in Public Equity (PIPEs) offered a discount of 3% for each year during which these shares could not be resold. The discount can be substantially larger in offerings in which marketability is a greater concern. Our estimates make use of the duration of the resale restriction and information about the effects of a regulatory change. In 2008, the SEC amended Rule 144 to shorten the default statutory holding period. Our estimates are smaller than previous estimates and robust to various controls and endogeneity concerns. In Chapter 3, we offer evidence from acquisition decisions that suggests that antitakeover pro- visions (ATPs) may increase firm value when internal corporate governance is sufficiently strong. We document that, in Germany, firms with stronger ATPs, and particularly supermajority provi- sions, are better acquirers. Managers of high-ATP firms create value in acquisitions by making governance-improving deals. They are more likely to engage in acquisitions that reduce their own entrenchment level and less likely to invest in declining industries. The empirical evidence is consistent with a short-termist interpretation. Takeover threats can induce myopic investment decisions, which ATPs can mitigate. They also lead managers to engage more often in value- creating long-term and innovative investing, and increase their sensitivity to investment opportu- nities. Our findings contribute to a growing literature challenging conventional wisdom that the agency-increasing effect of ATPs empirically dominates the myopia-eliminating effect, suggesting that a more contextual view of the value implications of ATPs is necessary.
Accelerating Green Innovation
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Author : Michael Migendt
language : en
Publisher: Springer
Release Date : 2017-02-03
Accelerating Green Innovation written by Michael Migendt and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-02-03 with Business & Economics categories.
Michael Migendt explains the role of alternative investments in supporting the growth of a sustainable economy and recognizes levers that policy makers, managers and entrepreneurs could use for further accelerating green innovation through finance. He focuses on specific examples of alternative investments into green industries, companies, projects, and infrastructure, covering the developments along the innovation chain. Especially the acceleration of green technologies and the in this context occurring interrelations between the three areas of finance, innovation, and policy are key to this work.
Entrepreneurial Finance Innovation And Development
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Author : Vi Dung Ngo
language : en
Publisher: Routledge
Release Date : 2021-11-29
Entrepreneurial Finance Innovation And Development written by Vi Dung Ngo and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-11-29 with Business & Economics categories.
Entrepreneurship is now unanimously considered a major engine for socio-economic development, mainly because it creates jobs and innovation. Governments around the world pay special attention to removing entrepreneurial barriers in order to support development via different policies, especially entrepreneurial finance. Developing, emerging and transition economies (DETEs) significantly differ from industrialized countries because of their specific conditions: institutions, infrastructure facilities, and bureaucratic procedures within the administrative system. Thus, firms and their entrepreneurs in and from DETEs may behave differently, particularly in terms of their financial strategies. Therefore, contextualizing is critical to better understand the relationship between entrepreneurial finance, innovation, and development in DETEs. This book provides a systematic and profound understanding of how finance, entrepreneurship, innovation, and their interactions contribute to economic development in DETEs, which cover a large number of countries in Asia, Central and Eastern Europe, Latin America, and Africa. The book mainly includes empirical studies and is divided into four parts. Part A includes four chapters which adopt a multinational approach to examine different sources and types of finance for entrepreneurship and small business in different groups of countries classified as DETEs. Part B also includes four chapters and focuses on entrepreneurial finance in specific countries belonging to the DETEs. Part C goes beyond the business scope of entrepreneurial finance and includes three chapters concerned with the relationship between finance, women's entrepreneurship, and poverty. Part D includes three chapters focusing on the comparison within developing countries as well as between developing and developed countries. This essential and comprehensive resource will find an audience amongst academics, students, educators, and practitioners, as well as policymakers and regulators.
Essays
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Author : Joseph Alois Schumpeter
language : en
Publisher: Transaction Publishers
Release Date : 1989
Essays written by Joseph Alois Schumpeter and has been published by Transaction Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Business & Economics categories.
In addition to the major themes of his life--the place of the entrepreneur in economic development, the risks and rewards of innovation, business cycles and why they occur, and the evolution of capitalism in Europe and America--the essays contain statements on how Schumpeter viewed his own development. They discuss how he looked at Marxism, and how he feared that economics was in danger of becoming too ideological. Several of the essays are classics. In this new edition, Schumpeter's Essays can finally be read with the enjoyment and enlightenment they deserve. The volume is alive to the basic issues of our time.
Essays In Entrepreneurial Finance
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Author : Ramana Nanda
language : en
Publisher:
Release Date : 2007
Essays In Entrepreneurial Finance written by Ramana Nanda and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
There is growing belief that countries with better financing environments are associated with higher economic growth because they facilitate entrepreneurship and hence the Schumpeterian process of 'creative destruction'. This dissertation explores this hypothesis in more detail by understanding how the financing environment for new ventures impacts outcomes such as individuals' decision to become entrepreneurs, their sources of financing and the growth and survival of their firms. Rather than performing cross-country analyses however, the approach used in this dissertation is to perform within-country studies that shed more light on the mechanisms through which the financing environment impacts entrepreneurial activity. The first two essays in the dissertation exploit institutional reforms - one in Denmark and another in the US - that changed the financing environment for new businesses to study how they impacted individuals' entry and survival. These natural experiments are supplemented with detailed and comprehensive micro data that allow me to both explore and the refine the mechanisms at play in more detail. The final paper is more descriptive in nature and examines how the variation in entrepreneurs' use of Diaspora networks in developing countries is related to the financing and networking environment of the city in which they are based.
Essays On Entrepreneurship Venture Capital And Innovation
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Author : Augustin Landier
language : en
Publisher:
Release Date : 2002
Essays On Entrepreneurship Venture Capital And Innovation written by Augustin Landier and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
The first chapter studies Entrepreneurship and the Stigma of Failure. Entrepreneurial activity varies substantially across countries and sectors and appears to be related to the stigma of failure. To understand this phenomenon, I present a multiple-equilibrium model based on endogenous stigma of failure. Using private information, entrepreneurs choose whether to continue a project or to abandon it and raise funds to undertake a new project. Project outcomes depend on luck and ability, and the cost of capital for failed entrepreneurs is determined by the market's expectations about their ability. In the conservative equilibrium failed entrepreneurs face a high cost of capital and thus good entrepreneurs are reluctant to terminate a project. The resulting low quality of the pool of failed entrepreneurs justifies in turn the high cost of capital. The reverse is true in the experimental equilibrium where good entrepreneurs are more willing to start again and the cost of capital for failed entrepreneurs is low. The equilibria differ in the level and nature of entrepreneurial activity, with riskier projects undertaken in the experimental equilibrium. I discuss the relative efficiency of the two equilibria and study from this perspective the role of financial structure and legal environment such as bankruptcy rules and fresh start policy. The second Chapter examines institutions and contracts for start-up finance. I develop a model in which entrepreneurs and investors can hold-up each other once the venture is under way: investors can deny further funding, and entrepreneurs can withdraw from the venture.
Essays In Public Sector Entrepreneurship
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Author : David B. Audretsch
language : en
Publisher: Springer
Release Date : 2016-02-05
Essays In Public Sector Entrepreneurship written by David B. Audretsch and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-02-05 with Business & Economics categories.
This book explores public sector entrepreneurship from an international perspective. It features essays from eminent scholars in the field addressing entrepreneurial public policies from different countries. Public sector entrepreneurship is at the cusp of becoming a watchword in international policy circles. This book is a pioneer volume in this emerging field and provides topics and policies that are broadly applicable across different economies. Public sector entrepreneurship refers to innovative public policy initiatives that generate greater economic prosperity by transforming a status-quo economic environment into one that is more conducive to economic units engaging in creative activities in the face of uncertainty. In today’s economy, public sector entrepreneurship affects that transformation primarily by increasing the effectiveness of knowledge networks; that is, by increasing the heterogeneity of experiential ties among economic units and the ability of those same economic units to exploit such diversity. Through policy initiatives that are characterized by public sector entrepreneurship, there will be more development of new technology and hence more innovation throughout the economy.
Essays On Entrepreneurial Finance
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Author : Hyunsung Daniel Kang
language : en
Publisher:
Release Date : 2012
Essays On Entrepreneurial Finance written by Hyunsung Daniel Kang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Accounting categories.
My dissertation is focused on developing a better understanding of the technology and innovation strategies of corporations and their impacts on firm performance. I am particularly interested in corporate venture capital (CVC), which serves as a strategy for accessing external technology for corporate investors and as an alternative source of financing and complementary assets for start-ups. I have investigated the conditions under which corporate investors and start-ups achieve the strategic goals by establishing CVC ties, and on estimating the technological and financial gains created by the CVC ties. Specifically, I have concentrated on when and where CVC ties are established in order to maximize economic value. The former relates to a timing issue, whereas the latter is a space issue of CVC investments. In the first essay, I examine corporate investors' decisions to establish CVC ties and their subsequent strategic actions. Consistent with the real options perspective on CVC investments, I find that CVC investments can help corporate investors effectively search for and select future acquisition or licensing partners by reducing asymmetric information and uncertainty that may characterize markets for technology. Specifically, CVC investments facilitate the external acquisition of technology by substituting for a corporate investor's absorptive capacity, as reflected by its upstream research capabilities. CVC investments instead complement the portfolio of internally generated new products, since they allow highly productive corporate investors to shift their focus onto exploratory initiatives with the objective of selecting future technology and partners. Finally, CVC investments facilitate exploratory investments in distant technological areas that are subsequently integrated through licensing or acquisitions. These findings contribute to emerging research on the organization and financing patterns of external R & D activities. In the second essay, I investigate the nature of the relationship between technological spillovers and capital gains created by CVC investments for corporate investors. Using a simple equilibrium model and data from the global bio-pharmaceutical industry between 1986 and 2007, I find that these technological spillovers and capital gains are complements. This complementarity is enhanced when CVC investments are made in post-IPO and technologically diversified start-ups. Beyond providing a broad benchmark for heterogeneous returns on CVC investments, this study has important implications for corporate investors and start-ups. In particular, to the extent that capital gain is greatly determined by changes in the market values of start-ups, it implies that CVC investments can create value for start-ups as well as corporate investors. These mutual benefits can be greatly determined by when (e.g., post-IPO start-ups) and where (e.g., technologically diversified start-ups) CVC investments are made. In the third essay, I analyze the contextual factors that impact the probability of start-ups' obtaining financing through independent venture capitalists and corporate investors. The systematic empirical evidence based on a three-stage game theoretic model suggests that start-ups that possess better evaluated technology tend to be financed through independent venture capitalists, rather than corporate investors. In contrast, start-ups tend to be financed through corporate investors, rather than independent venture capitalists, when their intellectual properties are effectively protected and their research pipelines contain multiple products. These findings provide a theoretical basis to explain why several types of investors co-exist in the entrepreneurial financing market. Moreover, the existence of such determinants indicates that, although investors traditionally have been viewed as the powerful partner that dominates the investment decision, start-ups are also active decision makers in investment ties.
Advances In Entrepreneurial Finance
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Author : Rassoul Yazdipour
language : en
Publisher: Springer Science & Business Media
Release Date : 2010-12-17
Advances In Entrepreneurial Finance written by Rassoul Yazdipour and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-17 with Business & Economics categories.
Advances in Entrepreneurial Finance brings together contributions from researchers from the fields of entrepreneurship, behavioral finance, psychology, and neuroscience to shed new light on the dynamics of decision making and risk taking by entrepreneurs and venture capitalists (VCs). Every new venture requires access to capital at competitive interest rates, and much has been written on general entrepreneurship by management scholars and financial contracting by financial economists using traditional finance theory with all its highly restrictive assumptions regarding decision makers’ cognitive capabilities and behavior. But recent developments in behavioral finance can now be applied to understand how entrepreneurs and VCs perceive risk and uncertainty and how they decide and act accordingly. Showcasing the latest research, this volume demonstrates that findings from the behavioral and neuroscience arenas can and do explain decision making by entrepreneurs and venture investors in the real world. Consequently, such findings have practical implications not only for entrepreneurs, venture capitalists, and their advisors, but also all government agencies and NGOs that want to support product and technological innovation, capital formation, job creation, and economic development.
Essays In Energy Economics And Entrepreneurial Finance
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Author : Sabrina T. Howell
language : en
Publisher:
Release Date : 2015
Essays In Energy Economics And Entrepreneurial Finance written by Sabrina T. Howell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
When does government intervention successfully correct perceived market failures? What effects do such interventions have on firm decisions? These questions are especially vital to the energy sector, which features large negative externalities, volatile commodity prices, and intensive regulation. My dissertation examines energy policies in three otherwise disparate contexts: a U.S. national research and development (R&D) subsidy intended to expedite clean energy technology deployment; a U.S. state-level oil price risk management policy targeting highway paving firms; and a Chinese fuel economy standard aimed at reducing oil consumption and hastening technology adoption among Chinese automakers. Each analysis evaluates the public policy and uses it to glean insight into firm financial constraints and innovation investment. Together, the three chapters contribute to the literatures on entrepreneurial finance, corporate risk management, innovation, and industrial policy.