Financial support to innovation: The role of European development financial institutions |
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| Institution: | 1. Department of Economics and Management, University of Florence, Italy;2. Department of Political and International Sciences, University of Siena, Italy;3. Department of Economics Management and Quantitative Methods, University of Milan, Italy;1. Department of Management, Lund University School of Economics and Management, Sweden;3. Technical University of Munich, Germany;1. Faculty of Economics and Business, Department of Innovation Management and Strategy, University of Groningen, Nettelbosje 2, Groningen, AE 9747, the Netherlands;2. Max Planck Institute for Innovation and Competition, Marstallplatz 1, 80539 Munich, Germany;3. Rotterdam School of Management, Department of Strategic Management and Entrepreneurship, Erasmus University Rotterdam, Burgemeester Oudlaan 50, 3062 PA Rotterdam, the Netherlands;1. University of Liverpool Management School, United Kingdom;2. Department of Strategy and Innovation, Copenhagen Business School, Denmark;1. Pennsylvania State University, Smeal College of Business, United States of America;2. George Mason University, School of Business, United States of America;1. Center for SMEs and Venture Business Research, Korea Institute for Industrial Economics and Trade (KIET), 370 Sicheong-daero, Sejong 30147, South Korea;2. Centre for Transformative Innovation, Swinburne University of Technology, Mail H25, PO Box 218 Hawthorn, VIC 3122, Australia;1. University of North Carolina at Chapel Hill, United States;2. New York University, United States |
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| Abstract: | We analyse the role of European development financial institutions (DFIs) in supporting innovation by empirically investigating the impact of their participation as investors in equity deals on target firms' patenting activity. We build a unique international data set of deals and firm-level data in the years 2007–2019. Econometric results highlight the positive contribution of DFIs in mobilizing finance to support innovation, and the magnitude of this effect is amplified when DFIs act in partnership with other investors. This represents novel evidence on the innovative-oriented mission driving their activity. These new findings point to the recent role of DFIs in sharing the management of EU financial instruments, implementing programmes to strengthen the longer-term support of finance for enterprises, and boosting innovation and growth. |
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