nep-sbm New Economics Papers
on Small Business Management
Issue of 2021‒04‒05
23 papers chosen by
João Carlos Correia Leitão
Universidade da Beira Interior

  1. Fair and Inclusive Markets: Why Dynamism Matters By Philippe Aghion; Reda Cherif; Fuad Hasanov
  3. Pre-Internationalization and Performance Conditions of First-Time Exporting SMEs By Pierre-Xavier Meschi; Antonin Ricard; Ernesto Tapia Moore
  4. The Innovation-Sales Growth Nexus in Europe By Costantiello, Alberto; Laureti, Lucio; De Cristoforo, Gianluca; Leogrande, Angelo
  5. The role of non-local linkages for innovation By Ron Boschma;
  6. How Can the Governance of the French Clusters (Pôles de Compétitivité) Improve SME’s Competitiveness? By Martine Gadille; Diane-Gabrielle Tremblay; Alena Siarheyeva
  7. Personal Characteristics and Intention for Entrepreneurship By Yalcintas, Murat; Iyigun, Oykü; Karabulut, Gokhan
  8. Does the Legal Form Matter for Firm Performance in the MENA Region? By Issam Abdo Ahmad; Ali Fakih
  9. The spatial dimension of productivity in Italian co-operatives By OECD
  10. R&D cooperation, proximity and distribution of public funding between public and private research sectors By Marie-Laure Cabon-Dhersin; Romain Gibert
  11. Collaborating for social innovation in public services: inside the black box of public service innovation networks for social innovation (PSINSIs) By Benoît Desmarchelier; Faridah Djellal; Faïz Gallouj
  12. Recipes for a Successful Exit for Clean- and Hard-tech Startups By , AISDL
  13. Towards a servitization of innovation networks: from traditional innovation networks to public service innovation networks for social innovation By Benoît Desmarchelier; Faridah Djellal; Faïz Gallouj
  14. The private return of R&D tax credit By Pierre Courtioux; François Métivier; Antoine Rebérioux
  15. Asymmetric Information and Corporate Lending: Evidence from SMEs Bond Markets By Alessandra Iannamorelli; Stefano Nobili; Antonio Scalia; Luana Zaccaria
  16. The Man Who Discovered Capitalism: A Documentary on Schumpeter for Use in the Classroom By Dalton, John; Logan, Andrew
  17. Insolvency Prospects Among Small-and-Medium-Sized Enterprises in Advanced Economies; Assessment and Policy Options By Federico J Diez; Romain A Duval; Jiayue Fan; José Garrido; Sebnem Kalemli-Ozcan; Chiara Maggi; Maria Soledad Martinez Peria; Nicola Pierri
  18. Geographical Exposure to Conflicts and Firm Performance: Evidence from The MENA Region By Daniel Mirza; Rita Der Sarkisian; Chahir Zaki
  19. Competition, Innovation, and Inclusive Growth By Philippe Aghion; Reda Cherif; Fuad Hasanov
  20. Capital structure and firm performance: a panel causality test By Abdullah, Hariem; Tursoy, Turgut
  21. Perceptions of Micro, Small and Medium Entrepreneurs on the Importance of Fair Presentation of Financial Statements with the Implementation of SAK EMKM as a Moderation Variable By Arda, Devid Putra
  22. Public service innovation networks (PSINs): an instrument for collaborative innovation and value co-creation in public service(s) By Benoît Desmarchelier; Faridah Djellal; Faïz Gallouj
  23. Analyse comparée des financements par capital-investissement ou Business Angel : En effet sur l'innovation? By Stéphane Koffel; Jonathan Labbé

  1. By: Philippe Aghion; Reda Cherif; Fuad Hasanov
    Abstract: We show empirical evidence that there may not be a tradeoff between market income inequality and high sustained growth, which is key for poverty alleviation. We argue that the economies that achieved high sustained growth and low market income inequality are characterized by dynamism—a drive toward sophisticated export industries, innovation, and creative destruction and a high level of competition. What a country produces and how much it competes domestically and internationally are important for achieving fair and inclusive markets. We explore policy options to steer industrial and market structures toward providing growth opportunities for both workers and firms.
    Keywords: Income inequality;Inclusive growth;Competition;Income;Income distribution;Inequality,creative destruction,market power,industrial policy,sophistication,innovation,manufacturing,WP,monopsony power,panel data,supply firm,laggard firm,technology company
    Date: 2021–02–05
  2. By: Jaan Masso; Amaresh K Tiwari
    Abstract: In this paper, using Estonian Community Innovation Survey data, we study the role of R&D, capital accumulation, and innovation output on productivity for entrants and incumbents. We find that the impact of R&D investment on labour productivity is larger for the entrants com- pared to the incumbents. Entrants are found to be more productive and more heterogeneous in their total factor productivity (TFP) than the incumbents. Moreover, entrants who innovate are on average, in terms of TFP, 25% more productive than the entrants who do not, while the corresponding figure for the incumbents is 7%. In addition, it is mostly the incumbents who benefit from within-industry knowledge that is produced outside their own firm. Finally, for both entrants and incumbents, embodied technological change through capital accumulation is found to be more effective in generating productivity growth than R&D expenditure.
    Keywords: R&D, Innovation, Productivity, Entrants, Incumbents, Spillovers
    Date: 2021
  3. By: Pierre-Xavier Meschi (CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon); Antonin Ricard (CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon); Ernesto Tapia Moore
    Abstract: This article aims to determine whether pre-internationalization conditions improve the performance of first-time exporting small and medium-sized enterprises (SMEs). Two pre-internationalization conditions are discussed here: firm performance and age at internationalization. Building on the aspiration-level performance model of March and Shapira (1992) with sequential internationalization and international new-ventures approaches, this article develops two research hypotheses proposing an effective alignment with pre-internationalization performance and age at internationalization. These research hypotheses are examined using a panel database of 522 French SMEs that began export operations for the first time in 2014. The statistical results partially support our first hypothesis by showing that early-internationalizing SMEs with a lower performance relative to their peers significantly increase their post-internationalization performance. Contrary to what we predicted in our second hypothesis, we observe that late-internationalizing SMEs, which deliver a much higher performance than their historical aspirations, significantly reduce their post-internationalization performance.
    Keywords: Aspiration-level performance model,Early internationalization,First-time exporting SME,Internationalization process,Late internationalization,Social and historical aspirations
    Date: 2020
  4. By: Costantiello, Alberto; Laureti, Lucio; De Cristoforo, Gianluca; Leogrande, Angelo
    Abstract: In this article we investigate the innovation-sales growth nexus in Europe. We use data from European Innovation Scoreboard of the European Commission in the period 2000-2019 for 36 countries. Data are analyzed using Panel Data with Random Effects, Fixed Effects, Dynamic Panel at 1 Stage, Pooled OLS, WLS. Results show that the impact of innovation on sales in Europe is positively associated with “Share Knowledge-Intensive Services”, “Turnover of Share Large Enterprises”, “Employment Impacts”, “Innovators”, “Intellectual Assets”, “Linkages” and is negatively associated with “Enterprise Births”, “Government Procurement of Advanced Technology Products”, “Share of Employment in High and Medium high-tech Manufacturing”.
    Keywords: Innovation, Open Innovation, Research and Development, Sales Growht, Firm Performance
    JEL: O30 O31 O32 O33 O34 O35
    Date: 2021–03–28
  5. By: Ron Boschma;
    Abstract: Non-local linkages are considered to be crucial for innovation in regions because they provide access to new knowledge and ideas. This helps places to avoid or overcome lock-in situations. The cluster literature has focused on gatekeepers that may diffuse non-local knowledge to cluster firms. In the global city literature, this gatekeeping role is taken up by multinational enterprises and knowledge-intensive-business-services. However, little attention has yet been focused on the nature of these non-local linkages. Not all non-linkages matter for the capacity of a region to innovate. What matters in particular is the extent to which types of knowledge that flow through non-local linkages are complementary to the local knowledge base. What matters is not being connected to other regions per se, but being linked to regions that give access to complementary capabilities. Also inflows of external agents are crucial for regional innovation, especially for more radical innovations.
    Keywords: non-local linkages, geography of innovation, relatedness, global innovation networks, complementary inter-regional linkages
    JEL: O25 O38 R11
    Date: 2021–03
  6. By: Martine Gadille (LEST - Laboratoire d'économie et de sociologie du travail - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique); Diane-Gabrielle Tremblay; Alena Siarheyeva
    Abstract: This paper focuses on Pôles de compétitivité-the French competitiveness clusters (FCC)-which mobilize national and regional actors and resources for innovation. By reviewing the literature (academic, web and news articles, and official reports) published on the subject, the synthesis emphasizes a collective learning process leading to institutional change reflected by legitimation of SMEs as full-fledged innovation actor. Through reflexive governance of certain poles, centered on their own sustainability, the policy has produced learning at local and national level. It has generated knowledge that has brought transformation of operational tools and societal representations in support of innovation of SMEs. The originality of the article is to show that in the French societal context, new place dependencies within the Pôles are characterized by emergence of a new innovation model of SMEs mainly through collaboration with public research. This model differs from the innovation model of SMEs staying outside of the poles. It is built through intermediary organizations that offer regional filters for national and regional policy adaptation. A major limitation of the policy is the difficulty to enhance cooperation between innovative SMEs and leader firms in the territory mainly because of a lack of social regulation over the protection and share of knowledge assets. The paper contributes to the research on clusters in general.
    Keywords: Clusters,Competitiveness,Cooperation,SME,Knowledge,R&D,Innovation
    Date: 2021–03–12
  7. By: Yalcintas, Murat; Iyigun, Oykü; Karabulut, Gokhan
    Abstract: This study analyzes the relationship between entrepreneurship intention and personal characteristics and skills by using the surveys we conducted in Turkey on 1465 senior university students. We use a modified version of the Entrepreneurial Orientation (EO) scale and the Political Skills Inventory to measure some personal characteristics and skills. We also use the nine sub-dimensions of these two scales. Probit model and wavelet coherence analysis results show that proactivity, entrepreneurship, and networking sub-dimensions of the scales are related to entrepreneurship intention. We also find that gender, the number of siblings, the grade point average (GPA) of the students, their family's education level, the parent' ownership of an enterprise, and the number of non-governmental organizations (NGO) that they are a member of are also related to entrepreneurship intention. Results may be useful to understand and enhance entrepreneurship potential.
    Keywords: Entrepreneurship,Self-employment entry,Occupational choice
    JEL: C90 D63
    Date: 2021
  8. By: Issam Abdo Ahmad; Ali Fakih
    Abstract: This paper attempts to study the relationship between firm legal form and firm performance in the Middle East and North Africa Region (MENA) using the World Bank Enterprise Survey (WBES) database. Our analysis shows that open shareholding, closed shareholding, partnership, and limited partnership companies demonstrate an advantage in terms of annual sales and annual productivity growth rates over sole proprietorship firms, and that medium-sized and large-sized firms also demonstrate an advantage over small ones. Our analysis also shows that foreign ownership, exporting activities, the usage of the web in communication with clients and suppliers, and the presence of full-time workers positively affect firm performance. These findings are robust when running the analysis for firms with female participation in ownership. This paper provides directions for strategists targeting at improving the performance of firms.
    Keywords: Legal Form,Firm Performance,MENA Region,
    JEL: C10 G30 L25
    Date: 2021–03–30
  9. By: OECD
    Abstract: This report explores the spatial dimension of productivity in the co-operatives of Italy, a country where they make up a relatively large share of total national employment. Co-operatives play a countercyclical role in job creation during crises. In a post-pandemic world, they could make a major contribution to steering the economy towards inclusiveness and sustainability. Productivity growth ensures that co-operatives can achieve both economic and social goals in the future. This report applies a place-based approach to investigate the issue of productivity in co-operatives, given their many interdependencies with local communities. Novel evidence points to the local factors that are linked with the concentration and productivity of co-operatives across regions, sectors and firm size classes in Italy. A comparison with other Italian firms as well as with Spanish co-operatives and other Spanish firms serves to illustrate how productivity performance varies across space and firm types. This report constitutes an empirical test for the analytical approach developed by the OECD Spatial Productivity Lab.
    Keywords: cooperatives, Italy, productivity, regional economics, social economy, Spain
    JEL: D24 E24 J54 L31 O32 O35 P13 Q13 R12
    Date: 2021–03–30
  10. By: Marie-Laure Cabon-Dhersin (CREAM - Centre de Recherche en Economie Appliquée à la Mondialisation - UNIROUEN - Université de Rouen Normandie - NU - Normandie Université - IRIHS - Institut de Recherche Interdisciplinaire Homme et Société - UNIROUEN - Université de Rouen Normandie - NU - Normandie Université); Romain Gibert (CREAM - Centre de Recherche en Economie Appliquée à la Mondialisation - UNIROUEN - Université de Rouen Normandie - NU - Normandie Université - IRIHS - Institut de Recherche Interdisciplinaire Homme et Société - UNIROUEN - Université de Rouen Normandie - NU - Normandie Université)
    Abstract: In this paper, we compare the distributions of socially optimal public funding between private and public research sectors in cooperative and non-cooperative R&D settings in the presence of externalities. We show that the proportion of public funding allocated to the private sector research always increases with the level of inter-firm spillovers but decreases with the concentration of the industry. This share is smaller (larger) when firms cooperate in R&D than when they do not for high (low) spillovers. Moreover, increases in public knowledge externalities to the private sector due to a closer proximity between the two research sectors increase the share allocated to the public sector regardless of whether firms cooperate or not in R&D.
    Keywords: public and private research,Knowledge public exter-nalities,Spillovers,R&D Cooperation,Oligopoly,proximity,Public policy
    Date: 2020–06–22
  11. By: Benoît Desmarchelier (Université de Lille Faculté des Sciences économiques et sociales); Faridah Djellal (Université de Lille Faculté des Sciences économiques et sociales); Faïz Gallouj (Université de Lille Faculté des Sciences économiques et sociales)
    Abstract: This paper is given over to "Public Service Innovation Networks for Social Innovation" (PSINSIs), a multi-agent structural arrangement set up for the collaborative production of social innovation in public services. It begins by putting forward an analytical framework that makes it possible-from both the morphological and the functional points of view-to distinguish PSINSIs from other expressions of the innovation network concept. Then, using a rich set of empirical material collected within the Co-VAL European research project and consisting of 24 in-depth PSINSIs case studies undertaken in five European countries, it attempts to enter the black box of PSINSIs in order to better understand both the nature of social innovation at work and the modes of formation and functioning of these networks.
    Keywords: innovation networks,public services,social innovation
    Date: 2021–01–21
  12. By: , AISDL
    Abstract: This study demonstrates the combinations of multiple causal factors that formulate a startup’s strategy to successfully “exit”, namely “recipes for a successful exit,” in the clean- and hard-tech sector. We identify seven key causal factors (i.e., causal conditions) that impact startup success, including commercial readiness, investor interactions, favorable industry, non-financial support, straightforward development path, experienced team, and visibility to investors. We also investigate the combinations of selective causal conditions that can provide further synergetic impact. We conduct the fuzzy-set qualitative comparative analysis (fsQCA) on seven US clean and hard-tech startups that exited between 2005 and 2016. The successful companies all demonstrate distinctive characteristics based on three general categories (1) robust ecosystem; (2) heavy-lifting team; or (3) external opportunity. Across these three categories, commercial readiness and strong investor interactions are necessary conditions for all exit cases. But there are important differences that drive success in each category, such as the interaction with non-financial support (in the robust ecosystem case), experienced team (in the heavy-lifting team case), and favorable industry (in the external opportunity case). Our findings are meant to support entrepreneurs in reaching an exit by optimizing the given internal and external circumstances, and policymakers to build a robust ecosystem that can increase the success rate of the clean- and hardtech development.
    Date: 2021–01–18
  13. By: Benoît Desmarchelier (Université de Lille Faculté des Sciences économiques et sociales); Faridah Djellal (Université de Lille Faculté des Sciences économiques et sociales); Faïz Gallouj (Université de Lille Faculté des Sciences économiques et sociales)
    Abstract: This article is dedicated to a consideration of the tertiarization of innovation networks. While the concept of traditional innovation network has been the object of an extensive literature, new expressions of the innovation network appear in a service economy: in particular Public Private Innovation Networks in Services, Market Service Innovation Networks, Public Service Innovation Networks and Public Service Innovation Networks for Social Innovation. They reflect the rise of market and non-market services and of the public-private relationship in collaborative innovation. Based on a literature survey, this article investigates these different expressions of innovation networks and sheds light on the different roles played by public services in each of them.
    Keywords: public services,market services,innovation,networks
    Date: 2019–11–04
  14. By: Pierre Courtioux (Paris School of Business (PSB) et Centre d'Economie de la Sorbonne (CES)); François Métivier (Université de Paris - Institut de Physique du Globe de Paris); Antoine Rebérioux (Université de Paris, LADYSS)
    Abstract: This article examines the private return on R&D tax credit, defined as the ratio of total tax reliefs obtained by a firm through R&D tax credit to real R&D spending. Based on a dataset merging different sources for French companies, we first show that the distribution of this private return is dispersed. We then use clustering analyses to identify six mutually exclusive types of firms' R&D strategies. We finally show in a regression setting that these strategies explain part of the variance in the private return on R&D tax credit. This study contributes to a better understanding of the heterogeneity of firms' R&D strategies. It also seeks to open new directions in debates surrounding the proper design and reforms of R&D tax credit schemes
    Keywords: R&D; tax credit; firm strategies; firm heterogeneity
    JEL: C38 H25 O38
    Date: 2021–03
  15. By: Alessandra Iannamorelli (Bank of Italy); Stefano Nobili (Bank of Italy); Antonio Scalia (Bank of Italy); Luana Zaccaria (EIEF)
    Abstract: Using a comprehensive dataset of Italian SMEs, we find that differences between private and public information on firm creditworthiness affect the decision to issue traded debt securities. Specifically, holding public information constant, firms with better private fundamentals are more likely to access bond markets. Additionally, credit conditions improve for issuers following the bond placement, compared with a matched sample of non-issuers. Thus, our evidence supports 'positive' (rather than adverse) selection in corporate bond markets. This is consistent with a model where banks offer more flexibility than markets during financial distress and firms use market lending to signal credit quality to outside stakeholders.
    Date: 2021
  16. By: Dalton, John; Logan, Andrew
    Abstract: We describe how the 2016 documentary The Man Who Discovered Capitalism can be used in the classroom to provide an entry point to the life and economics of Joseph A. Schumpeter, whose work on innovation, entrepreneurship, and creative destruction remains relevant for students today. We summarize the key ideas conveyed in the documentary and offer four criticisms: its failure to capture the role of fin-de-siecle Vienna on Schumpeter's intellectual development, its incomplete understanding of Schumpeter's theory of innovation, its overstatement of Keynes's influence relative to Schumpeter, and the overly generous credit it gives to government for spurring innovation. We show how the documentary can be used in the classroom, complete with sample discussion questions grounded in the criticisms we identify. We argue The Man Who Discovered Capitalism is an effective teaching tool suitable for a variety of courses, including those on economic growth, intermediate macroeconomics, and the history of economic thought, among others.
    Keywords: Joseph Schumpeter; Innovation; Entrepreneurship; Creative Destruction; John Maynard Keynes; Education; Documentary
    JEL: A20 B31 O31 O33
    Date: 2021–01–30
  17. By: Federico J Diez; Romain A Duval; Jiayue Fan; José Garrido; Sebnem Kalemli-Ozcan; Chiara Maggi; Maria Soledad Martinez Peria; Nicola Pierri
    Abstract: The COVID-19 pandemic has increased insolvency risks, especially among small and medium enterprises (SMEs), which are vastly overrepresented in hard-hit sectors. Without government intervention, even firms that are viable a priori could end up being liquidated—particularly in sectors characterized by labor-intensive technologies, threatening both macroeconomic and social stability. This staff discussion note assesses the impact of the pandemic on SME insolvency risks and policy options to address them. It quantifies the impact of weaker aggregate demand, changes in sectoral consumption patterns, and lockdowns on firm balance sheets and estimates the impact of a range of policy options, for a large sample of SMEs in (mostly) advanced economies.
    Keywords: Corporate insolvency;Insolvency;Bankruptcy;Small and medium enterprises;Insolvency, Bankruptcy, “Quasi” Equity Injections, Small- and medium-size enterprises, COVID-19
    Date: 2021–04–02
  18. By: Daniel Mirza (University of Tours); Rita Der Sarkisian (Ecole des Ingénieurs de la Ville de Paris (EIVP)); Chahir Zaki (Cairo University)
    Abstract: This paper assesses the impact of insecurity generated by conflicts on firm performance in the Middle East and North Africa (MENA) region. It contributes to the literature in three ways. First, we try to identify the local effect of conflicts using a geospatial approach where we evaluate the exposure of each firm and its shipment routes and infrastructures to conflictual events overtime in a specific location. Second, from a methodological perspective, we adopt a simple methodology – new to the literature- to identify the within-firm effect. To do so, we use two series of information on performance (measured by sales and labor productivity) on the current year t and year t-2, both being reported in the same World Bank Enterprise Survey (WBES) conducted for a country in year t. Third, large datasets from the WBES for six non-oil countries (Egypt, Jordan, Lebanon, Palestine, Tunisia and Morocco) were merged with geospatial measures to conflicts. Key findings show that battles and explosions negatively and robustly affect sales and productivity, all the more so for small and mid-sized firms. Nevertheless, we do not find robust effects of exposure to protests, riots and violence against civilians across different measures of the performance of firms and conclude for further research on these issues.
    Date: 2021–02–20
  19. By: Philippe Aghion; Reda Cherif; Fuad Hasanov
    Abstract: We provide an overview of the theories and empricial evidence on the complex relationship among innovation, competition, and inclusive growth. Competition and innovation-led growth are critical to drive productivity gains and support broad-based growth. However, new technologies and trends in market concentration are stifling future innovation while contributing to the marked increase in inequality. Beyond consumer welfare in a narrow market, competition policy should adapt to this new reality by considering the spillover and dynamic effects of market power, especially on firm entry, innovation, and inequality. Innovation policies should tackle not only government failures but also market failures.
    Date: 2021–03–19
  20. By: Abdullah, Hariem; Tursoy, Turgut
    Abstract: This study attempts to empirically investigate the reverse causality between firm performance and capital structure for German listed firms in the non-financial sectors over the period 1993-2016. We measure firm performance based on both financial and market indicators while capital structure is measures by leverage ratio of total debt to assets. In addition to two-step GMM estimator, panel causality test of Dumitrescu and Hurlin (2012) is performed to specify the causality direction of causation. The findings provide evidence for the existence of homogeneous causality between capital structure and the two selected proxies of firm performance. Financial performance and financial leverage can positively affect each other. Capital structure could negatively determine market performance whereas stock price has a positive influence on leverage ratio. Our results rather support trade-off theory, probably indicating that non-financial firms in Germany bear more debt to benefit from tax shield.
    Keywords: firm performance, capital structure, panel causality, and Germany
    JEL: G3
    Date: 2021–02–02
  21. By: Arda, Devid Putra
    Abstract: The ability of Micro, Small and Medium Enterprises (SME) in surviving in the midst of a crisis shows that this group is far more independent than large entities that generally rely on banking in terms of funding and operations. The contribution of SME in the government's trade balance is indicated by the amount of contribution to gross domestic product (GDP). The presence of SME that has not been incorporated is one of the problems that must be addressed, this is because without a difficult legal entity for an SME to take advantage of government financing facilities. In addition, it is difficult for SME to obtain external financial resources, this is because SME often cannot show financial reports that are in accordance with Financial Accounting Standards in Indonesia (FAS). The implementation of the FAS for SME in Indonesia is an effort to make it easy for SME enterprises for each transaction they make. The application of the EMKM SAK makes it easy for SME entrepreneurs to present financial reports in accordance with the Indonesian GAAP in force
    Date: 2021–03–25
  22. By: Benoît Desmarchelier (Université de Lille Faculté des Sciences économiques et sociales); Faridah Djellal (Université de Lille Faculté des Sciences économiques et sociales); Faïz Gallouj (Université de Lille Faculté des Sciences économiques et sociales)
    Keywords: public service,network,innovation,value,co-creation,co-production,collaboration
    Date: 2019–06–17
  23. By: Stéphane Koffel (CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine); Jonathan Labbé (CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine)
    Abstract: This study examines how private equity financing and business angel financing affect innovation. In this study, we propose a strategic definition of theconcept of innovation in line with firms' financing requirements. In this way, we try to identify whether certain methods of financing have an impact on innovation. To achieve this, we have set up a database bringing together a sample of firms funded by private equity and business angels in seven European countries. Taking the level of R&D expenditure and the number of patent applications as the measure for innovation, we highlight three main elements. The presence of these investors has a positive impact on the number of patent applications (however not significant for private equity) and a negative impact on the level of R&D expenditure (only significant for private equity). These results tend to indicate that there is no significant difference in the effect of private equity financing and business angel financing on innovation.
    Abstract: Cet article vise à étudier les effets d'un financement par Business Angels et par Capital-Investissement sur l'innovation.Dans cette étude,nous proposons une définition stratégique du concept d'innovation en lien avec le besoin en financement des entreprises.De cette manière, nous tentons d'identifier si certains modes de financement ont un impact sur celle-ci.Pour cela, nous avons constitué une base de données regroupant un ensemble d'entreprises financées par Capital-Investissement et par Business Angels dans sept pays européens. En prenant comme mesure de l'innovation le niveau des dépenses de recherche et développement(R&D)et le nombre de dépôt de brevets, nous mettons en évidence trois éléments principaux.La présence de ces investisseurs a un impact positif sur les dépôts de brevets (toutefois non significatif pour les Capital-Investisseurs) et un impact négatif sur le niveau des dépenses de R&D (significatif uniquement pour les Capital-Investisseurs). Ces résultats tendent à montrer qu'il n'existe pas de différence significative entre l'effet du financement des B.A. et C.I. sur l'innovation des entreprises
    Keywords: Capital-Investissement,Business Angels,Innovation,Gouvernance
    Date: 2020–12–01

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