Financial contracting for innovation: Property rights in action
نویسنده
چکیده
In property rights theory, financial contracting structures can align property rights to promote entrepreneurial firm innovation. I first provide novel estimates that strategic alliances have 6% to 11% higher overall innovative success rates compared to corporate VC and independent VC, respectively. Then, using a matched quasi-experiment in clinical trials to decompose selection (endogenous matching) and treatment effects, I find that strategic alliances promote 5% higher overall innovative success rates than both CVC and IVC (33% change in relative terms). I map the underpinnings of alliance success to the mechanisms of knowledge sharing and willingness to support costly experimentation.
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