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Venture Capital and Innovation in Europe


George Geronikolaou


Aristotle University of Thessaloniki - Department of Economics

George A. Papachristou


Aristotle University of Thessaloniki - Department of Economics
June 1, 2008


Abstract:     
This paper examines the direction of causality between Venture Capital (VC) and innovation (proxied by patents) in Europe. We test whether causality runs from patents to VC by estimating a linear dynamic panel model and causality from VC to patents by estimating a panel count model. Evidence from a European sample indicates that causality runs from patents to VC suggesting that, in Europe, innovation seems to create a demand for VC and not VC a supply of innovation. In this sense, innovative ideas seem to lack more than funds in Europe.

Number of Pages in PDF File: 15

Keywords: Venture Capital, Dynamic Panel Data, Innovation, Patents

JEL Classification: G24, O30

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Date posted: December 1, 2008  

Suggested Citation

Geronikolaou, George and Papachristou, George A., Venture Capital and Innovation in Europe (June 1, 2008). Available at SSRN: http://ssrn.com/abstract=1309186 or http://dx.doi.org/10.2139/ssrn.1309186

Contact Information

George Geronikolaou (Contact Author)
Aristotle University of Thessaloniki - Department of Economics ( email )
Thessaloniki, 54006
Greece
George A. Papachristou
Aristotle University of Thessaloniki - Department of Economics ( email )
Thessaloniki, 54124
Greece
HOME PAGE: http://users.auth.gr/~gpapahr
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