Is Green the New Gold? Venture Capital and Green Entrepreneurship

We test whether born-to-be-green represents a signal toward potential venture capital (VC) investors - on a sample of Italian, independent, unlisted, high-tech entrepreneurial firms. We employ several identification strategies by controlling for the major potential signals, and the alleged selection bias between green and non-green entrepreneurs. We exploit firm-level information about the “active searching for VC financing”. Alternatively, we...