Schumpeter's venture money examines the role of financial innovation and monetary thought throughout economic history, following
the unique perspective of the leading scholar of a monetary theory of economic development. It proceeds with the analysis
along three threads. The first thread is the history of money, or more precisely the continuous stream of innovations that
has improved and expanded the scope of financing new ventures. The second thread is the complementary stream of ideas in the
history of monetary thought. Finally, Josef Schumpeter himself, his theoretical vision and personal vita of failed financial
ventures, is the third thread that ties everything together.
We test whether intellectual property rights (IPRs) foster or hinder innovation by estimating IV structural equations for
a large sample of Swiss firms. We find that better appropriability conditions at the industry level raise the number of competitors.
However, conditional on the given industry structure, individual firms face fewer competitors, if they actually use IPRs.
The further impact of fewer competitors is to raise R&D, when initial competition is strong, but to reduce it, when initial
competition is weak ("inverted U").
Based on representative firm-level data for the three countries Austria, Germany, and Switzerland, we investigate the effects
of energy-related regulations, taxes, voluntary agreements, and subsidies on the creation of green energy products, and analyze
through which channels policy affects green product innovation and which factors mediate the observed effects. Policy may
affect green product innovation by directly stimulating the supply of green products/services, or more indirectly by stimulating
the demand for green products/services. Our data set allows us to distinguish between the two channels, which improves our
understanding of the frequently observed positive net effect of policies. Controlling for the demand-side effect, taxes and
regulations are negatively related with green product innovation. Hence, if taxes and regulation do not trigger additional
demand, they decrease the propensity to innovate. These effects are ameliorated for technologically very advanced firms and
for firms with a high level of financial awareness. Subsidies and (partly) voluntary agreements are positively related with
green product innovation.
Journal of Cleaner Production, 2017, 159, pp.47-61
The present study investigates the effects of energy-related technologies on economic performance at firm level. We distinguish
clearly between adoption and use of energy-related technologies (process innovation in the broad sense) and product innovation
in energy-related fields. We take into consideration four energy-related policy instruments (and expected demand for energy-related
new products and services). We investigate the possibility of indirect effects of policy on performance via adoption or innovation
by interacting adoption and innovation variables with policy instrument dummies. We test our hypotheses not only for the pooled
data but also separately for the three countries (Austria, Germany, Switzerland) that are taken into consideration in this
study. We find a positive direct effect of investment expenditures for energy-related technologies on labour productivity
– that measure intensity of adoption of energy-related technologies – and a positive indirect effect of energy taxes via investment
in energy-related technologies. Further, we find positive direct and indirect effects of regulation, standards and voluntary
agreements via the adoption of production-related technologies and for technologies for the generation of renewal energy sources.
We find neither direct nor indirect effects of the sales of innovative energy-related products – that measure product innovation
in energy-related products – on labour productivity. No differences among the three countries could be detected with respect
to investment in energy-related technologies and sales of innovative energy-related products. The indirect effects of regulation
and standards and voluntary agreements can be primarily traced back to German firms.