Characteristics of entrepreneurs and public support for NTBFs
dc.contributor.author | Rojas Pizarro, Felipe Bernardo | |
dc.contributor.author | Huergo Orejas, Elena | |
dc.date.accessioned | 2023-06-17T23:53:01Z | |
dc.date.available | 2023-06-17T23:53:01Z | |
dc.date.issued | 2016-08 | |
dc.description.abstract | This paper studies the role of the characteristics of entrepreneurs as determinants of public financial support for New Technology Based Firms (NTBFs). Using a single database about the profile of Spanish technology entrepreneurs from 2001 to 2009, we analyze the relationship between NTBF participation in the NEOTEC program run by the main Spanish public agency for R&D and four dimensions of the entrepreneurial team: its human capital, its links to the public system of R&D, its motivation at the time the company was created and the extent of its planning to initiate the business activity. Our results show that NTBFs founded by entrepreneurs who have less experience in management, have planned less, are more oriented toward growth and have closer ties to the public system of R&D are more likely to participate in the public aid program. | |
dc.description.department | Depto. de Análisis Económico y Economía Cuantitativa | |
dc.description.faculty | Fac. de Ciencias Económicas y Empresariales | |
dc.description.refereed | TRUE | |
dc.description.status | pub | |
dc.eprint.id | https://eprints.ucm.es/id/eprint/39062 | |
dc.identifier.doi | 10.1007/s11187-016-9718-9 | |
dc.identifier.issn | 0921-898X | |
dc.identifier.uri | https://hdl.handle.net/20.500.14352/18962 | |
dc.issue.number | 2 | |
dc.journal.title | Small Business Economics | |
dc.language.iso | eng | |
dc.page.final | 382 | |
dc.page.initial | 363 | |
dc.publisher | Springer Verlag | |
dc.relation.projectID | ECO2014-52051-R | |
dc.relation.projectID | SIMPATIC, GA No. 290597. EU Framework Programme | |
dc.rights.accessRights | open access | |
dc.subject.jel | M13 | |
dc.subject.jel | H81 | |
dc.subject.jel | O38 | |
dc.subject.keyword | New Technology Based Firms | |
dc.subject.keyword | Impact assessment | |
dc.subject.keyword | Innovation policy. | |
dc.subject.ucm | Empresas | |
dc.subject.ucm | Economía industrial | |
dc.subject.unesco | 5311 Organización y Dirección de Empresas | |
dc.title | Characteristics of entrepreneurs and public support for NTBFs | |
dc.type | journal article | |
dc.volume.number | 47 | |
dcterms.references | Acs, Z.J., Armington, C., Zhang, T. (2007): “The determinants of new-firm survival across regional economies: the role of human capital stock and knowledge spillover”, Papers in Regional Science, 86, 367–391. Acs, Z.J., Audretsch, D.B. (2003): Handbook of entrepreneurship research: An interdisciplinary survey and introduction, New York: Springer. Aernoudt, R. (2004): “Incubators: tool for entrepreneurship?” Small Business Economics, 23, 127-135. Almus, M., Nerlinger, E. (1999): “Growth of new technology-based firms: which factors matter?” Small Business Economics, 13, 141-154. Ang, J.S., Cole, R.A., Lin, J.W. (2000): “Agency costs and ownership structure”, The Journal of Finance, 55(1), 81-106. Autio, E., Lumme, A. (1998): “Does the innovator role affect the perceived potential for growth? Analysis of four types of new, technology-based firms”, Technology Analysis & Strategic Management, 10, 41-54. Autio, E., Yli-Renko, H. (1998): “New, technology-based firms in small open economies—An analysis based on the Finnish experience”, Research Policy, 26(9), 973-987. Bade, F-J., Nerlinger, E. (2000): “The spatial distribution of new technology-based firms: Empirical results for West-Germany”, Papers Regional Science, 79, 155-176. Blanes, J., Busom, I. (2004): “Who participates in R&D subsidy programs? The case of Spanish manufacturing firms”, Research Policy, 33, 1459-1476. Busom, I. (2000): “An empirical evaluation of the effects of R&D Subsidies”, Economics of Innovation and Technology, 9(2), 111-148. Cameron, A., Trivedi, P. (2010): Microeconometrics Using Stata, Revised Edition, Stata Press. Cantner, U., Kösters, S. (2012): “Picking the winner? Empirical evidence on the targeting of R&D subsidies to start-ups”, Small Business Economics, 39(4), 921-936. Cincera, M., Veugelers, R. (2013): “Young leading innovators and the EU’s R&D intensity gap”, Economics of Innovation and New Technology, 22(2), 177-198. Cincera, M., Veugelers, R. (2014): “Differences in the rates of return to R&D for European and US young leading R&D firms”, Research Policy, 43, 1413-1421. Colombo, M.G., Croce, A., Murtinu, S. (2014): “Ownership structure, horizontal agency costs and the performance of high-tech entrepreneurial firms”, Small Business Economics, 42, 265-282. Colombo, M.G., Delmastro, M. (2002): “How effective are technology incubators? Evidence from Italy”, Research Policy, 31, 1103-1122. Colombo, M.G., Grilli, L. (2005): “Founders’ human capital and the growth of new technology-based firms: A competence-based view”, Research Policy, 34, 795-816. Colombo, M.G., Grilli, L. (2010): “On growth drivers of high-tech start-ups: Exploring the role of founders' human capital and venture capital”, Journal of Business Venturing, 25, 610-626. Colombo, M.G., Grilli, L., Murtinu, S. (2011): “R&D subsidies and the performance of high-tech start-ups”, Economics Letters, 112(1), 97-99. Colombo, M.G., Grilli, L., Murtinu, S., Piscitello, L., Piva, E. (2009): “Effects of International R&D alliances on performance of high-tech start-ups: a longitudinal analysis”, Strategic Entrepreneurship Journal, 3(4), 346-368. Conti, A., Thursby, M.C., Thursby, J. (2013): “Patents as signals for startup financing”, The Journal of Industrial Economics, 61(3), 592–622. Croce, A., Grilli, L., Murtinu, S. (2014): “Venture capital enters academia: an analysis of university-managed funds”, The Journal of Technology Transfer, 39(5), 688-715. Cumming, D.J., Grilli, L., Murtinu, S. (2014): “Governmental and independent venture capital investments in Europe: a firm-level performance analysis”, Journal of Corporate Finance, forthcoming, DOI: 10.1016/j.jcorpfin.2014.10.016. Czarnitzki, D., Delanote, J. (2013): “Young Innovative Companies: the new high-growth firms?” Industrial and Corporate Change, 22(5), 1315-1340. Czarnitzki, D., Hall, B. H., Hottenrott, H. (2014): “Patents as quality signals? The implications for financing constraints on R&D”, NBER Working Paper 19947, National Bureau of Economic Research, Cambridge, Massachusetts. Delapierre, M., Madeuf, B., Savoy, B. (1998): “NTBFs—the French case”, Research Policy, 26(9), 989-1003. Delmar, F., Wiklund, J. (2008): “The Effect of Small Business Managers’ Growth Motivation on Firm Growth: A Longitudinal Study”, Entrepreneurship Theory and Practice, 32(3), 437-457. Del-Palacio, I., Zhang, X., Sole, F. (2012): “The capital gap for small technology companies: public venture capital to the rescue?” Small Business Economics, 38, 283-301. Feldman, M.P., Kelley, M.R. (2006): “The ex-ante assessment of knowledge spillovers: Government R&D policy, economic incentives and private firm behavior”, Research Policy, 35(10), 1509-1521. Fontes, M., Laranja, M. (1998): “Creative adaptation: the role of new technology based firms in Portugal”, Research Policy, 26(9), 1023-1036. Fontes, M., Coombs, R. (2001): “Contribution of new technology-based firms to the strengthening of technological capabilities in intermediate economies”, Research Policy, 30, 79-97. Fukugawa, N. (2006): “Science parks in Japan and their value-added contributions to new technology-based firms”, International Journal of Industrial Organization, 24, 381-400. Ganotakis, P. (2012): “Founders’ human capital and the performance of UK new technology based firms”, Small Business Economics, 39, 495-515. Gans, J.S., Stern S. (2003): “The product market and the market for “ideas”: commercialization strategies for technology entrepreneurs”, Research Policy, 32, 333–350. Gimmon, E., Levie, J. (2010): “Founder’s human capital, external investment, and the survival of new high-technology ventures”, Research Policy, 39, 1214-1226. Giudici, G., Paleari, S. (2000): “The Provision of Finance to Innovation: A Survey Conducted among Italian Technology-Based Small Firms”, Small Business Economics, 14, 37-53. Grilli, L., Murtinu, S. (2012): “Do public subsidies affect the performance of new technology-based firms? The importance of evaluation schemes and agency goals”, Prometheus, 30(1), 97-111. Grilli, L., Murtinu, S. (2014a): “Government, venture capital and the growth of European high-tech entrepreneurial firms”, Research Policy, 43(9), 1523-1543. Grilli, L., Murtinu, S. (2014b): “New technology-based firms in Europe: market penetration, public venture capital, and timing of investment”, Industrial and Corporate Change, forthcoming, DOI: 10.1093/icc/dtu025. Hall, B. (2002): “The financing of research and development”, Oxford Review of Economic Policy, 18(1), 35-51. Hall, B., Lerner, J. (2010): “The Financing of R&D and Innovation”, Handbook of the Economics of Innovation, Vol. 1, 609–639. Himmelberg, C., Petersen, B. (1994): “R&D and Internal finance: A panel study of small firms in high-tech industries”, The Review of Economics and Statistics, 76(1), 38-51. Huergo, E., Trenado, M. (2010): “The Application for and the Awarding of Low-Interest Credits to Finance R&D Projects”, Review of Industrial Organization, 37, 237-259. Honjo, Y., Kato, M., Okamuro, H. (2014): “R&D investment of start-up firms: does founders’ human capital matter?” Small Business Economics, 42, 207–220. Jensen, M.C. (1986): “Agency costs of free cash flow, corporate finance, and takeovers”, American Economic Review, 76, 323-329. Kleer, R. (2010): “Government R&D subsidies as a signal for private investors”, Research Policy, 39(10), 1361–1374. Kösters, S. (2010): “Subsidizing Start-Ups: Policy Targeting and Policy Effectiveness”, Journal of Industry, Competition and Trade, 10(3-4), 199-225. Lerner, J. (1999): “The Government as Venture Capitalist: The Long-Run Impact of the SBIR Program”, The Journal of Business, 72(3), 285-318. Lerner, J. (2002): “When bureaucrats meet entrepreneurs: the design of effective ‘public venture capital’ programmes”, The Economic Journal, 112(477), F73-F84. Licht, G., Nerlinger, E. (1998): “New technology-based firms in Germany: a survey of the recent evidence”, Research Policy, 26(9), 933-946. Link, A., Scott, J. (2012): “Employment growth from the Small Business Innovation Research program”, Small Business Economics, 39, 265-287. Lockett, A., Murray, G., Wright, M. (2002): “Do UK venture capitalists still have a bias against investment in new technology firms”, Research Policy, 31, 1009-1030. Lockett, A., Siegel, D., Wright, M., Ensley, M. (2005): “The creation of spin-off firms at public research institutions: Managerial and policy implications”, Research Policy, 34, 981-993. Löfsten, H., Lindelöf, P. (2002): “Science Parks and the growth of new technology-based firms—academic-industry links, innovation and markets”, Research Policy, 31, 859-876. Megginson, W.L., Weiss, K.A. (1991): “Venture capitalist certification in initial public offerings”, The Journal of Finance, 46(3), 879-903. Meuleman, M., De Maeseneire, W. (2012): “Do R&D subsidies affect SMEs’ access to external financing?” Research Policy, 41(3), 580-591. Mian, S.A. (1996): “Assessing value-added contributions of university technology business incubators to tenant firms”, Research Policy, 25, 325–335. Morandi, V. (2013): “The management of industry-university joint research projects: how do partners coordinate and control R&D activities?” The Journal of Technology Transfer, 38, 69-92. Murray, F. (2004): “The role of academic inventors in entrepreneurial firms: sharing the laboratory life”, Research Policy, 33, 643-659. OECD (2011): OECD Reviews of Regional Innovation: Regions and Innovation Policy, OECD Publishing. Okamuro, H., Kato, M., Honjo Y. (2011): “Determinants of R&D cooperation in Japanese start-ups”, Research Policy, 40, 728–738. Ortega-Argilés R., Vivarelli, M., Voigt, P. (2009): “R&D in SMEs: A Paradox?” Small Business Economics, 33, 3-11. Hinard de Pádua, M., Duarte, J.C., von Tuzelman, G.N. (2002): “Biotechnology in an ‘intermediate economy’: demand and supply in Portugal”, International Journal of Technology Management, 4, 129-151. Phan, P.H., Siegel, D.S., Wright, M. (2005): “Science parks and incubators: observations, synthesis and future research”, Journal of Business Venturing, 20, 165-182. Ramón-Llorens, M., Hernández-Canovas, G. (2010): “Venture capitalists in Spain: cluster analysis of criteria used in the screening process”, Working Paper 2010-08, Series EC, Instituto Valenciano de Investigaciones Económicas (IVIE). Available at: http://www.ivie.es/downloads/docs/wpasec/wpasec-2010-08.pdf Revest, V., Sapio, A. (2012): “Financing technology-based small firms in Europe: what do we know?” Small Business Economics, 39, 179–205. Santarelli, E., Vivarelli, M. (2002): “Is subsidizing entry an optimal policy?” Industrial and Corporate Change, 11(1), 39-52. Santarelli, E., Vivarelli, M. (2007): “Entrepreneurship and the process of firms’ entry, survival and growth”, Industrial and Corporate Change, 16, 455-488. Siegel, D.S., Westhead, P., Wright, M. (2003): “Assessing the impact of university science parks on research productivity: exploratory firm-level evidence from the United Kingdom”, International Journal of Industrial Organization, 21, 1357-1369. Soetanto, D.P., Jack, S.L. (2013): “Business incubators and the networks of technology-based firms”, The Journal of Technology Transfer, 38, 432–453. Stam, E., Wennberg, K. (2009): “The roles of R&D in new firm growth”, Small Business Economics, 33, 77-89. Storey, D., Tether, B. (1998): “New technology-based firms in the European Union: an introduction”, Research Policy, 26(9), 1005-1022. Storey, D., Tether, B. (1998b): “Public policy measures to support new technology-based firms in the European Union”, Research Policy, 26(9), 1037-1057. Takalo, T., Tanayama, T. (2010): “Adverse selection and financing of innovation: is there a need for R&D subsidies?” The Journal of Technology Transfer, 35(1), 16–41. Vivarelli, M. (2013): “Is entrepreneurship necessarily good? Microeconomic evidence from developed and developing countries”, Industrial and Corporate Change, 22, 1453-1495. Wessner, Ch. (2009): “The innovation imperative and the role of SBIR innovation awards”. In Welfens, P.J.J.; Addison, J.T. (Eds.), Innovation, Employment and Growth Policy Issues in the EU and the US, Springer Berlin, Heidelberg, 173-187. Zucker, L., Darby, M., Brewer, M. (1998): “Intellectual human capital and the birth of U.S. biotechnology enterprises”, The American Economic Review, 88(1), 290-306. Zúñiga-Vicente, J.A., Alonso-Borrego, C., Forcadell, F.J., Galán, J.I. (2014): “Assessing the effect of public subsidies on firm R&D investment: a survey”, Journal of Economic Surveys, 28 (1), 36-67. | |
dspace.entity.type | Publication | |
relation.isAuthorOfPublication | 9d095c32-787c-4ac4-9172-92a6f99359fc | |
relation.isAuthorOfPublication.latestForDiscovery | 9d095c32-787c-4ac4-9172-92a6f99359fc |
Download
Original bundle
1 - 1 of 1
Loading...
- Name:
- Rojas-Huergo-NTBFs-Author's postprint.pdf
- Size:
- 302.38 KB
- Format:
- Adobe Portable Document Format