Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/250160 
Year of Publication: 
2021
Series/Report no.: 
JRC Working Papers in Economics and Finance No. 2021/11
Publisher: 
European Commission, Ispra
Abstract: 
This paper explores the role of green innovation in attracting venture capital (VC) financing. We use a unique dataset that matches information on VC transactions, companies' balance sheet variables and data on patented innovation at the firm level over the period 2008-2017. Taking advance of a novel granular definition of green innovative activities that tracks patents at the firm level, we show that green innovators are more likely to receive VC funding than firms without green patents. Likewise, a larger share of green vs. non-green patents in a firm's portfolio increases the probability of receiving VC finance. Robustness checks and extensions tackling several dimensions of heterogeneity corroborate the view that green patenting is an important driver of VC funding.
Subjects: 
Venture capital
Green ventures
Patents
Green technology
JEL: 
G24
M13
M21
O35
Q55
Creative Commons License: 
cc-by Logo
Document Type: 
Working Paper

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