Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/68701 
Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
Schumpeter Discussion Papers No. 2009-001
Verlag: 
University of Wuppertal, Schumpeter School of Business and Economics, Wuppertal
Zusammenfassung: 
External finance is central for nascent entrepreneurs, people in the process of starting new ventures. We argue that nascent entrepreneurs use patents and prototypes in order to signal their ability to appropriate the returns from their innovation as well as the project's feasibility. Our analysis of 900 nascent entrepreneurs finds that patents and prototypes increase the likelihood of obtaining equity finance. Thus, if signals are credible, innovation positively impacts external financing. Interestingly, entrepreneurs in planning versus early start-up stage portray different signaling effects, indicating that the relation between finance and innovation depends on the stage of a start-up lifecycle.
Schlagwörter: 
Innovation
Entrepreneurship
Finance
Information Asymmetries
JEL: 
L26
M13
G14
G24
G32
O34
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
535.65 kB





Publikationen in EconStor sind urheberrechtlich geschützt.