Luca Grilli

Luca Grilli
Politecnico di Milano | Polimi · Department of Management, Economics and Industrial Engineering DIG

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111
Publications
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5,467
Citations
Citations since 2017
28 Research Items
3309 Citations
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20172018201920202021202220230200400600
20172018201920202021202220230200400600

Publications

Publications (111)
Article
Understanding how Industry 4.0 (I4.0) technologies complement each other on one side, and human skills on the other, is an increasingly important concern for managers and policymakers alike: it is essential for the optimization of firm-level sociotechnical interactions as much as it is vital to smoothen the digital transition on a global scale. How...
Article
This study analyses the importance of business plans for founders and professional equity investors in the process of acquiring venture capital. How do the founders’ efforts spent on writing a business plan relate to obtaining the equity funding asked for? Based on a sample of 301 nascent ventures, we first ran a two-step selection model. This quan...
Article
Full-text available
Prior research shows that entrepreneurship enhances economic development. However, it is becoming increasingly evident that it is not the number of new startups that matter but rather their quality. This study investigates the effect of a comprehensive industrial policy intervention targeting innovative startups, i.e., the Italian Startup Act, on t...
Article
Uncertainty and information asymmetries in crowdfunding can be reduced via the quality signals project proponents send to potential supporters. Drawing on signaling theory, this study analyzes how costly signals—venture’s statements about past achievements and results—and costless signals—venture’s statements about future plans and goals—influence...
Article
Innovative start-ups can create and shape new industries and generate considerable economic and societal impacts. Accordingly, a variety of policy initiatives are aimed at promoting the establishment, growth and impact of innovative start-ups. Designing such policies is a challenging task, because most start-ups fail. In addition, only a small shar...
Article
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Studies show that founders’ industry-specific experience is beneficial to venture performance. However, we know little on the contingencies associated with such an effect. Using a panel dataset of 338 Italian high-tech ventures, we find that founders’ industry-specific experience positively affects venture performance. However, changes in the top m...
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In this chapter, we outline a reform strategy to promote an entrepreneurial society in Italy. From a Varieties-of-Capitalism perspective, Italy has been classified as a Mixed or Mediterranean Market Economy. It boasts a vibrant entrepreneurial economy of locally embedded, often family-owned small- and medium-sized firms that make up a major share o...
Article
Focusing on two different European institutional contexts, a stated preference approach is adopted to elicit the willingness to save water under three alternative incentive policies: a water price increase, monetary reward, and symbolic prize. In addition, two water scarcity scenarios, a ‘critical’ and a ‘regular’ scenario, are devised to analyze h...
Article
The effectiveness of price as a water conservation measure remains an open empirical issue and relevant policy question. We conduct a meta-regression analysis to single out location and community traits that boost or depress the price elasticity of residential demand. Our results reveal that water scarcity exerts significant influence on price elas...
Article
Despite the evidence on the positive effect of venture capital (VC) on portfolio firm performance, such evidence badly pulls up alongside the non-negligible number of entrepreneurial firms that chooses to refuse VC. This is the first study that investigates the determinants behind the missed realizations of VC investor-investee dyads by focusing on...
Article
Innovative entrepreneurship is at the heart of economic development in all modern economic systems. However, we observe in several developed countries - especially Europe - a languishing in the capacity to foster creative destruction (i.e. Schumpeter Mark 1, SM1) dynamics and to create young innovative companies (YICs), capable to establish themsel...
Article
While there is a general consensus that young innovative companies (YICs) need special attention by public policy which should aim at alleviating the financial constraints these firms commonly suffer, much less agreement has been reached on the most effective policy instruments reputed to accomplish the task. In this respect, if the scientific deba...
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Venture Capital (VC) was born and has flourished in the United States, yet it has only modestly developed in other geographical areas. A vast body of research has been carried out to investigate the factors which are conducive to VC activity, and that may better explain the differences in the degree of development and performance of VC industry acr...
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We investigate if and to what extent the receipt of a “selective” public subsidy – a public subsidy awarded through a competitive procedure - acts as a quality signal and helps new technology-based firms (NTBFs) to access R&D alliances. In particular, we theoretically enquire and empirically analyze which founding team-level characteristics allow N...
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In this paper, we introduce the special issue on Financial and Institutional Reforms for an Entrepreneurial Society in Europe. There are many reasons for Europe to want to make the transition to a more Entrepreneurial Society. And for decades now, policy makers are trying to bring that transition about with variations on the “educate, deregulate an...
Article
We investigate if and to what extent the receipt of a “selective” subsidy – a public subsidy awarded through a competitive procedure – helps new technology-based firms (NTBFs) to access R&D alliances. In particular, we theoretically enquire and empirically analyze which founding team-level characteristics allow NTBFs to: i) get a selective subsidy;...
Article
This study addresses the question of whether business angels can fill the gap left by venture capitalists and banks in the financing of innovative start-ups in regions where there is a relatively thin financial supply of bank loans and venture capital investments. The empirical analysis, based on approximately 2000 Italian ventures, highlights the...
Article
Relying on the institutional and innovation theories, we argue that the institutional features of countries are significantly influencing energy‐efficiency innovation (EEI), a relevant and particular type of environmental innovation activities. Analysis of a cross‐sectional sample of 22,936 firms from nine European countries, drawn from the 2006–8...
Article
Meta-analyses synthesise available data on a phenomenon to get a broader understanding of its determinants. This work proposes a two-step methodology. 1) Based on a broad dataset of residential water demand studies, it builds a meta-regression model to estimate mean and standard deviation of price elasticity of residential water demand. 2) The resu...
Article
We develop a two-step selection model between entrepreneurial ventures and venture capital (VC) investors in a thin VC market. The model predicts that in a thin VC market, the availability of VC reduces the propensity of firms to self-select into the market for VC (demand-side selection) but not the probability that firms entering the market for VC...
Article
In this paper, we discuss the state of the art in research and policy making related to the dynamics of financing innovation, highlighting gaps in the literature and setting up the objectives of this Special Issue. We also provide a discussion of methodological issues and future directions for the stream of studies aiming at the evaluation of the e...
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Business contexts differ in their ability to foster the energy-efficient transformation (EET) of enterprises. Accordingly, energy efficiency policies have to be adapted to different situations. The present paper analyzes the relationships between the EET of European Union (EU) business end-users and three contextual factors, i.e. high energy prices...
Article
We use an inductive approach to understand what types of founders’ human capital, at individual and team levels, are necessary to recognise and exploit entrepreneurial opportunities. A sample of 195 founders who teamed up in the nascent phases of Cleantech and Interned-based sectors is analysed. The results suggest a twofold moderating effect of th...
Article
This paper examines the impact of government versus private independent venture capital (VC) backing on the exit performance of entrepreneurial firms. Our analyses are based on the VICO dataset, which avoids the coding problems of VC type in the Thompson Financial SDC dataset. The data indicate that private independent VC-backed companies have bett...
Article
We investigate if while experiencing an intensely negative industry-specific shock, skilled entrepreneurs may decide to leave the firm they founded, whereas founders who are less endowed with human capital may decide to continue their activity. Developing a stylised theoretical framework of the issue intended to derive the necessary and sufficient...
Article
Full-text available
We propose a formal model that analyzes which entrepreneurial ventures actively seek and subsequently obtain venture capital (VC) financing in thin VC markets. The model shows that in thin VC markets, (1) VC investors will invest in companies in need (frog-kissing) rather than in best performers (cherry-picking), and (2) the best performing venture...
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We investigate the effect of public (PUVC) and private (PRVC) venture capital funds on the sales growth of 6513 European New Technology-Based Firms (NTBFs) during the period from 1992 to 2009. Our results show that PUVC-backed NTBFs underperform with respect to PRVC-backed ones and do not grow more than non–venture capital-backed companies. The imp...
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In recent years, a “third mission” pursued by universities, i.e. knowledge transfer to industry and society, has become more important as a determinant of enhancements in economic growth and social welfare. In the vast world of technology transfer practices implemented by universities, the establishment and management of university venture capital...
Article
This paper tests the presence of an ‘entrepreneurial imprinting effect’ of founders’ human capital on entrepreneurial ventures’ performance. More specifically, we empirically explore the impact of entrepreneurs’ human capital on a firm’s sales growth performance by disentangling the effect of the stock of human capital possessed at foundation from...
Article
Increasing the number of rapid-growth new technology-based firms (NTBFs) is considered one of the key priorities of innovation policy adopted by the European Commission. Grounded in the empirical literature on the determinants of high-tech start-up growth in Europe, this paper develops a heuristic firm growth model for European NTBFs to individuate...
Article
Using a new European Union-sponsored firm-level longitudinal dataset, we assess the impact of government-managed (GVC) and independent venture capital (IVC) funds on the sales and employee growth of European high-tech entrepreneurial firms. Our results show that the main statistically robust and economically relevant positive effect is exerted by I...
Article
This paper addresses the determinants of energy-efficient innovation (EEI), a key ingredient of sustainable growth. Induced innovation view is submitted to a demanding empirical test, and simultaneously complemented with the analysis of alternative EEI drivers, which are based on the stakeholder theory. In order to operationalise the analysis, hypo...
Article
The purpose of this paper is to extend existing research on entrepreneurial team formation under a competence-based perspective by empirically testing the influence of the sectoral context on that dynamics. We use inductive, theory-building design to understand how different sectoral characteristics moderate the influence of entrepreneurial opportu...
Article
This paper proposes a formal model that analyzes the degree of openness chosen by start-ups when entering the software industry. In line with the literature, we label as degree of openness the extent to which software start-ups mix open source (OS) and proprietary solutions in the portfolio of software products they offer. We relate the choice of t...
Article
Why do some entrepreneurial ventures rapidly switch from flat organizations composed of owner‐managers and line workers to deeper organizations that also include a middle‐management level? The aim of this paper is to investigate this issue and to test the predictions of different streams of the theoretical economic literature on organizational desi...
Article
This paper tests the presence of an ‘entrepreneurial imprinting effect’ of founders’ human capital on entrepreneurial ventures’ performance. More specifically, we empirically explore the impact of entrepreneurs’ human capital on a firm’s sales growth performance by disentangling the effect of the stock of human capital possessed at foundation from...
Article
We analyse the impact of the adoption of broadband Internet technology on the productivity performance of small and medium enterprises (SMEs). We distinguish access to the broadband infrastructure from the adoption of complementary services, i.e., different types of broadband software applications. The empirical analysis considers a sample of 799 f...
Article
This article explores the possibility that under an intensely negative industry-specific shock, skilled entrepreneurs may opt for an exit strategy and leave the firm they founded whereas founders of the same firm who are less endowed in terms of human capital may continue their activity. Starting from a stylized theoretical framework of the issue i...
Article
The aim of this article is to assess the impact of public subsidies on the employment growth of new technology-based firms (NTBFs), contingent on (i) the type of policy scheme (either selective or automatic) and (ii) the age of the firms at the time of receipt of the subsidy. For this purpose, we analyze a sample composed of 536 Italian independent...
Article
Full-text available
New Technology-Based Firms (NTBFs) greatly contribute to the dynamic efficiency of the economic system. To perform this role, NTBFs need external financing. However, private financing towards this typology of firms is particularly subject to market inefficiencies. This opens up the way to a policy intervention, and NTBFs often find support through...
Article
In this paper we explore the matching process between entrepreneurs and investors in thin venture capital (VC) markets. We develop a simple theoretical model of the two-step matching process between entrepreneurs and investors in which VC is in extremely scarce supply and firms have to incur an entry cost to actively seek it. The model explains why...
Article
The financial and innovation literature generally claims that venture capital (VC) investments spur the growth of new technology-based firms (NTBFs). However, it has proved difficult so far to separate the “treatment” effect of the VC investment from the “selection” effect attributable to the ability of the VC investor to screen high growth NTBFs....
Article
Full-text available
In this paper we analyze the decision of firms to be on the market for Venture Capital (VC) financing and its inclusion in econometric models on the impact of VC on firms performance. We develop a simple model according to which the decision of a company to look for VC is equivalent to the decision upon whether or not to buy a call option. The valu...
Article
This paper sheds light on the role of human capital for the creation of New Technology-Based Firms (NTBFs) in a geographical area. We relate NTBF creation to the local availability of human capital (local competences) and to the local accessibility of distant competences through communication infrastructures. We argue that local competences and com...
Article
The paper analyzes the effects of international research alliances on the performance of NTBFs (new technology-based firms) by adopting a framework that incorporates both the resource-based view and the global strategic network theory. The paper focuses on the European Union-funded international research joint ventures established by a large sample...
Article
Full-text available
Independent venture capital (IVC) inves-tors have more powerful incentives than corporate venture capital (CVC) investors to take actions that signal their capabilities (i.e. to ''grandstand''). We argue that this should engender differences in the treatment effect of IVC and CVC on the mode of growth of portfolio companies. Short-term sales growth...
Article
This paper addresses the question of the efficacy of R&D policy measures in support of high-tech start-ups. We show that subsidies awarded on a competitive basis lead to a positive effect, while those assigned through an automatic procedure do not.
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This work reviews the principal econometric methods used to measure the effects of public R&D subsidies on firm performance. First, we show the main econometric challenges a researcher has to face in estimating the impact of a government policy scheme, by paying special attention to the issues of subsidy endogeneity and selection bias. Then, we rev...
Article
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In this paper, we consider the first enlargement of the managerial ranks of entrepreneurial ventures since firm foundation. This can occur either by taking on board a new owner-manager or by appointing a salaried manager who reports to the entrepreneurial team. In order to analyze this phenomenon we propose a novel interpretative framework that ack...
Article
The attention of scholars and policy makers is shifting from full privatization to accompanying policies and alternative measures as a means to improve the efficiency of public services. This paper focuses on three restructuring measures: partial privatization (without transfer of control rights), inter-municipal joint ventures, and the presence of...
Article
In this paper, we jointly analyze the effects of the human capital of founders and access to venture capital (VC) financing on the growth of 439 Italian new technology-based firms (NTBFs). We rely on econometric models that control for survivorship bias and the endogeneity of VC financing. As to non-VC-backed firms, the competence-based argument th...
Article
Full-text available
The financial literature claims that venture capital (VC) financing spurs the growth of new technology-based firms (NTBFs). Nevertheless, the benefits and costs for portfolio companies may depend upon the type of investor. In this paper we distinguish financial intermediaries (FVC) and non-financial companies (i.e. corporate venture capital, CVC) a...
Article
We empirically investigate firm dissolution in high-tech sectors by distinguishing between closure and merger/acquisition (M&A) and discussing the different antecedents of the effects of age and initial size on the two dissolution types.
Article
Energy innovation plays a crucial role in the reduction of carbon emissions. In order to design climate and energy policies that promote the development, deployment and diffusion of new energy technologies, policy makers not only require a theoretical understanding of the energy innovation system, but also empirical evidence of the effects that pol...
Article
The Italian regulatory authority is working toward the introduction of voltage-quality regulation. To this end, it initiated a power-quality measuring campaign and a study of customer costs. This paper summarizes the main results of these activities and provides evidence that economic losses due to very short interruptions and voltage dips can be v...
Chapter
Full-text available
The financial literature claims that venture capital (VC) financing spurs the growth of new technology-based firms (NTBFs). First, VC investors allegedly have superior scouting capabilities, so they provide great hidden value firms with the financing they would otherwise be unable to obtain. Second, they also provide monitoring and coaching service...
Article
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The Electricity Market (in Europe) undergoes a period of transformations never seen before. The competi-tive model suggested by the European Commission is based on a gradual increase in the classes of consum-ers able to choice, freely, their providers. In general, liberalization, deregulation, competition result in a spur to development and low pri...
Article
In this paper we use the theoretical lens of resource and competence-based perspectives and global strategic network theories to analyze the effects of international R&D alliances on the performance of high-tech start-ups. In the empirical section of the paper we consider the European Union funded international R&D alliances established by a large...
Article
Founders' human capital and venture capital (VC) are two fundamental ingredients for new venture success in high-tech sectors. We jointly investigate their influence on the growth performance of a large sample of Italian high-tech start-ups and find:the importance of both components;some characteristics of founders' human capital also exert an indi...
Article
The relationship between founders’ work experience and the survival of young hightech start-ups during an industry crisis - This article adds new insights into the relationship between the founders’ human capital and the survival prospects of start-up businesses. The impact of founders’ human capital on firm survival is controversial. On the one ha...
Chapter
This paper develops an empirical model which aims at analyzing the determinants of broadband-based applications adoption among small and medium enterprises (SMEs). Focusing on a large and representative sample of Italian SMEs the econometric analysis reveals that, among other characteristics, intra-firm capabilities (i.e. firm labour productivity a...
Article
Full-text available
Why do some entrepreneurial ventures rapidly switch from a flat organization composed only of owner-managers and line workers to a deeper one that also includes a middle management level? The aim of this paper is to provide empirical evidence on this issue so as to test the predictions of different streams of the theoretical literature on firms' or...
Article
This article adds new insights into the relationship between founders' human capital and the survival prospects of startup businesses. The impact of founders' human capital on firm survival is controversial. On one hand, more experienced and skilled individuals are likely to create start-up businesses with a high chance of survival; on the other ha...
Article
In this paper, we jointly analyze the effect of the human capital of founders and access to venture capital (VC) financing on the growth of 439 Italian new technology-based firms (NTBFs). We rely on econometric models that control for survivorship bias and the endogeneity of VC financing. As to non-VC-backed firms, the competence-based argument the...
Article
This paper describes the methodology employed and the results obtained in a study we conducted to estimate the costs sustained by electricity users for voltage quality. The study concerned, in particular, Italian industrial consumers, connected to medium voltage distribution networks. We have found that the direct costs for voltage disturbances are...
Chapter
Why do some small and medium enterprises (SMEs) adopt Internet broadband technologies (high-speed connection and complementary applications) and others do not? This chapter aims at analyzing the issue through an econometric investigation. Relying on the (thin) previous empirical literature on the topic and focusing on a large and representative sam...
Chapter
Why do some small and medium enterprises (SMEs) adopt Internet broadband technologies (high-speed connection and complementary applications) and others do not? This chapter aims at analyzing the issue through an econometric investigation. Relying on the (thin) previous empirical literature on the topic and focusing on a large and representative sam...
Article
Public intervention in high-tech sectors is often advocated to resolve market imperfections that may possibly limit the viability of young high-tech enterprises. Although some European countries have adopted national government support policies that explicitly target this type of firm, in Italy and in other EU countries, there are no national suppo...
Article
This paper analyzes the relationship between privatization and service quality in the electricity industry, and tests the hypothesis that managerial behavior is a significant intervening factor. The sample includes 31 Italian distributors over the period 1998–2004; their quality performance is represented by continuity of supply, an aspect of quali...
Article
Several studies have highlighted that new technology-based firms (NTBFs) are often financially constrained, with these constraints hindering firms' growth and even threatening their survival. Even though the provision of venture capital (VC) may allow firms to overcome these constraints, VC supply may be fairly limited, especially in bank-based cou...
Article
Full-text available
This paper aims to shed new light on start-up financing of new technology-based firms (NTBFs) and the existence of credit constraints that may negatively affect their activity. For this purpose, we analyze the different sources of start-up financing used by NTBFs and investigate several characteristics that may influence the extent of recourse to b...
Chapter
Full-text available
The aim of this paper is to analyze empirically the relation between the human capital of the founding team and the growth of new technology-based firms through the estimates of econometric models. For this purpose, we take advantage of a new data set relating to a sample composed of 391 young Italian firms that operate in high-tech industries in b...
Article
Why do new technology-based firms (NTBFs) cooperate? Starting from the literature on alliance formation in the resource and competence-based tradition, we derive an empirical model that aims at highlighting the drivers of the formation of alliances by NTBFs. In particular, we focus on the effects of the support provided by sponsor institutions on t...
Article
Why do new technology-based firms (NTBFs) cooperate? Starting from Teece's [Teece, D.J., 1986. Profiting from technological innovation: implications for integration, collaboration, licensing, and public policy. Research Policy 15, 285–305] conceptual framework and taking advantage of subsequent literature on alliance formation in the resource and c...
Article
Full-text available
Public intervention is often advocated in high-tech sectors in order to solve market imperfections that limit the activity of new technology-based firms (NTBFs). Whilst some European countries have adopted national government support policies which explicitly target this type of firm; in Italy, as in other EU countries, there are no public support...
Article
We investigate the role of external financing in influencing firms' start-up size. The econometric estimates run on a sample of Italian young firms operating in high-tech industries highlight that bank debt-financed firms are not larger than firms created only through founders' personal savings, while firms that received external private equity fin...
Article
In this paper, we analyze empirically the relation between the growth of new technology-based firms and the human capital of founders, with the aim of teasing out the “wealth” and “capability” effects of human capital. For this purpose, we take advantage of a new data set relating to a sample composed of 506 Italian young firms that operate in high...
Article
Academics and practitioners agree that new technology based firms (NTBFs) that obtain external private equity financing (PE) grow faster than their non PE-backed counterparts. This especially applies to venture capital financing. However, this evidence is compatible with two fundamentally different arguments. On the one hand, the positive relations...
Article
The analysis of the bank sector's ability to efficiently fuel the birth of new Italian business ventures in Internet-related services is studied. In particular, through the specification and the estimate of a series of econometric models, this paper aims at investigating which characteristics of a large sample of Internet start-ups and their relati...
Article
Full-text available
Academics and practitioners agree that new technology based firms (NTBFs) that obtain external private equity financing (PE) grow faster than their non PE-backed counterparts. This especially applies to venture capital financing. However, this evidence is compatible with two fundamentally different arguments. On the one hand, the positive relations...
Article
The aim of this paper is to analyze empirically the relation between the human capital of the founding team and the growth of new technology-based firms through the estimates of econometric models. For this purpose, we take advantage of a new data set relating to a sample composed of 391 Italian young firms that operate in high-tech industries in b...
Article
This paper aims to shed new light on start-up financing of new technology-based firms (NTBFs) and the existence of credit cons- traints that may negatively affect their activity. For this purpose, we analyze the different sources of start-up financing used by a sample composed of 386 Italian NTBFs that operate both in manufacturing and services. We...
Article
Full-text available
We introduce a new hybrid approach to joint estimation of Value at Risk (VaR) and Expected Shortfall (ES) for high quantiles of return distributions. We investigate the relative performance of VaR and ES models using daily returns for sixteen stock market indices (eight from developed and eight from emerging markets) prior to and during the 2008 fi...
Article
This paper investigates the determinants of the start-up size of new technology-based firms. While previous empirical studies generally focussed on industry-specific variables, we draw attention to the characteristics of founders, notably their human capital. In the empirical section, we consider a sample of 391 young Italian firms operating in hig...
Article
The liberalisation of the telecommunication sector has dispossessed regulators from the use of cross-subsidisation in order to achieve the universality goal. In a liberalised context, special tariff schemes represent one possible policy tool in order to increase the penetration rate. This paper focuses on the UK fixed home telephone network and ana...
Article
La dimensione iniziale delle nuove imprese ad alta tecnologia: il ruolo del capitale umano e delle fonti di finanziamento (di Massimo G. Colombo, Marco Delmastro, Luca Grilli) - ABSTRACT: This paper investigates the determinants of the start-up size of new technology-based firms. While previous empirical studies generally focussed on industry-speci...
Article
The start up problem in a network market refers to the necessity for the provider of the good exhibiting positive network externalities to find appropriate tools to make the network start. Rohlfs (1974) was the first to recognise the possible use by the provider of marketing policies in order to attract the critical mass, but a formal treatment of...
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The study explores the impact of the local endowment of both human and infrastructural capital on the creation of new technology-based firms (NTBFs) in the 103 Italian provinces in the 1996-2005 period. Our empirical results indicate that both human and infrastructural capital have a significant positive effect on NTBFs’ entry rates, although the i...

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