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http://ssrn.com/abstract=2211919
 
 

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VC/PE Funds, Government Grants and Innovation in Newly Public Firms


Mark Humphery-Jenner


UNSW Australian School of Business; Financial Research Network (FIRN); Centre for International Finance and Regulation (CIFR)

Jo-Ann Suchard


University of New South Wales (UNSW) - School of Banking and Finance; Financial Research Network (FIRN); Centre for International Finance and Regulation (CIFR)

February 5, 2013

UNSW Australian School of Business Research Paper No. 2013 BFIN 01

Abstract:     
We highlight the circular relationship between venture capital and private equity (VC/PE) investment, R&D grants, and innovation. We focus on Australia, which has low levels of innovation and VC/PE activity, but has a comparable legal environment to other developed, but high innovation markets. We show that government grants encourage VC/PE investment and that VC funds and government grants increase both innovation inputs (R&D) and outputs (patents and citations) in newly public firms. Buyout funds only increase outputs, and large funds and domestic funds are best able to induce innovation outputs. This highlights the importance of both grant schemes and VC/PE investment to innovation.

Number of Pages in PDF File: 65

Keywords: innovation, R&D, patents, venture capital, private equity, grants, VC, PE

JEL Classification: G24, G31, O31, O32

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Date posted: February 5, 2013 ; Last revised: March 4, 2013

Suggested Citation

Humphery-Jenner, Mark and Suchard, Jo-Ann, VC/PE Funds, Government Grants and Innovation in Newly Public Firms (February 5, 2013). UNSW Australian School of Business Research Paper No. 2013 BFIN 01. Available at SSRN: http://ssrn.com/abstract=2211919 or http://dx.doi.org/10.2139/ssrn.2211919

Contact Information

Mark Humphery-Jenner (Contact Author)
UNSW Australian School of Business ( email )
Sydney, NSW 2052
Australia

Financial Research Network (FIRN)
C/- University of Queensland Business School
St Lucia, 4071 Brisbane
Queensland
Australia
HOME PAGE: http://www.firn.org.au

Centre for International Finance and Regulation (CIFR) ( email )
Level 7, UNSW CBD Campus
1 O'Connell Street
Sydney, NSW 2000
Australia

Jo-Ann Suchard
University of New South Wales (UNSW) - School of Banking and Finance ( email )
Sydney, NSW 2052
Australia
61 2 9385 5876 (Phone)
61 2 9385 6347 (Fax)
Financial Research Network (FIRN)
C/- University of Queensland Business School
St Lucia, 4071 Brisbane
Queensland
Australia
HOME PAGE: http://www.firn.org.au

Centre for International Finance and Regulation (CIFR) ( email )
Level 7, UNSW CBD Campus
1 O'Connell Street
Sydney, NSW 2000
Australia

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