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Annalisa Croce

Annalisa Croce


Annalisa Croce (Ph.D) is a co-founder and director of Bureau of Entrepreneurial Finance. She is Full Professor at Politecnico di Milano  where she teaches Accounting and Business Organization at undergraduate level. She has served as Associate Editor of Journal of Small Business Management and she currently is a member of the Editorial Board of Venture Capital: An entrepreneurship Journal. She is Director of EMBA Part Time at MIP, Politecnico di Milano and Member of the Scientific Committee of the Observatory on Climate Finance. She has been visiting scholar at Boston College and visiting professor at the Universidad Complutense de Madrid. She is a member of the European Science Foundation (ESF) College of Expert Reviewers and College of Review Panel. She has participated in numerous research projects, promoted by the European Commission, the Italian Ministry of Research (MIUR), and various private and public institutions. In particular, she participated to the FP7 VICO research project on “Financing entrepreneurial ventures in Europe: Impact on innovation, employment growth, and competitiveness” (Scientific coordinator: Prof. Massimo G. Colombo) and to the FP 7 RISIS project on “Research infrastructure for research and innovation policy studies”. Her research activity has concerned several major research areas, spanning topics that include corporate and entrepreneurial finance, social impact finance and economics of innovation. She has studied these topics mainly empirically, making use of a wide range of empirical methodologies. She is co-author of more than 30 publications in international scientific journals, including the Journal of Business Venturing, Research Policy, Entrepreneurship Theory and Practice, Journal of Corporate Finance, Small Business Economics and Journal of Product Innovation Management among others.



Croce Annalisa, Laura Toschi, Elisa Ughetto and Sara Zanni. 2024. “Cleantech and policy framework in Europe: A machine learning approach”. Energy Policy, forthcoming

Croce Annalisa, Anita Quas and Francesca Tenca. 2024. “SME’s bond issuance and access to bank credit: evidence from Italy”. Review of Managerial Science,

Montanaro Benedetta, Annalisa Croce and Elisa Ughetto. 2024. “Venture capital investments in artificial intelligence”. Journal of Evolutionary Economics,


Butticè Vincenzo, Annalisa Croce and Elisa Ughetto. 2023. “Gender Diversity, Role Congruity and the Success of VC Investments”. Entrepreneurship, Theory and Practice 47 (5): 1660-1698

Croce, Annalisa, Armin Schwienbacher, and Elisa Ughetto. 2023. “Internationalization of Business Angel Investments: The Role of Investor Experience”. International Business Review  32 (1), 102033.


Bianchini, Roberto and Annalisa Croce. 2022. “The Role of Environmental Policies in Promoting Venture Capital Investments in Cleantech Companies”. Review of Corporate Finance 2(3): 587-616.

Capizzi, Vincenzo, Annalisa Croce, and Francesca Tenca. 2022. “Do Business Angels’ Investments Make It Easier to Raise Follow‐on Venture Capital Financing? An Analysis of the Relevance of Business Angels’ Investment Practices.” British Journal of Management, 33(1): 306-326.


Croce, Annalisa, Elisa Ughetto, Giuseppe Scellato, and Francesco Fontana. 2021. “Social Impact Venture Capital Investing: An Explorative Study”. Venture Capital 23(4), 345-369

Butticè, Vincenzo, Annalisa Croce, and Elisa Ughetto. 2021. “Network Dynamics in Business Angel Group Investment Decisions.” Journal of Corporate Finance 66 (February): 101812.

Croce, Annalisa, Elisa Ughetto, Stefano Bonini, and Vincenzo Capizzi. 2021. “Gazelles, Ponies, and the Impact of Business Angels’ Characteristics on Firm Growth.” Journal of Small Business Management 59 (2): 223–48.

Croce, Annalisa, José Martí, and Sonia Martín-López. 2021. “Are Policy Measures Effective in Encouraging the Creation of Competitive Employee-Owned Firms?” Economic and Industrial Democracy 42 (1): 5–26.

Ughetto, Elisa, Croce Annalisa, Schwienbacher Armin, Colombo Massimo, and Brem Alexander. 2021. “Digital Technologies and the Changing Entrepreneurial Finance Landscape: Status Quo and Perspectives for Future Research.” Technological Forecasting and Social Change 168 (July): 120768.


Croce, Annalisa, Elisa Ughetto, and Marc Cowling. 2020. “Investment Motivations and UK Business Angels’ Appetite for Risk Taking: The Moderating Role of Experience.” British Journal of Management 31 (4): 728–51.


Abrardi, Laura, Annalisa Croce, and Elisa Ughetto. 2019. “The Dynamics of Switching between Governmental and Independent Venture Capitalists: Theory and Evidence.” Small Business Economics 53 (1): 165–88.

Croce, Annalisa, Luca Grilli, and Samuele Murtinu. 2019. “Why Do Entrepreneurs Refuse Venture Capital?” Industry and Innovation 26 (6): 619–42.

Croce, Annalisa, and Elisa Ughetto. 2019. “The Role of Venture Quality and Investor Reputation in the Switching Phenomenon to Different Types of Venture Capitalists.” Journal of Industrial and Business Economics 46 (2): 191–227.

Croce, Annalisa, Jose Martí, and Carmelo Reverte. 2019. “The Role of Private versus Governmental Venture Capital in Fostering Job Creation during the Crisis.” Small Business Economics 53 (4): 879–900.


Croce, Annalisa, Massimiliano Guerini, and Elisa Ughetto. 2018. “Angel Financing and the Performance of High-Tech Start-Ups.” Journal of Small Business Management 56 (2): 208–28.

Tenca, Francesca, Annalisa Croce, and Elisa Ughetto. 2018. “Business Angels Research in Entrepreneurial Finance: a Literature Review and a Research Agenda.” Journal of Economic Surveys 32 (5): 1384–1413.


Croce, Annalisa, and José Martí. 2017. “Financial Constraints in Family Firms and the Role of Venture Capital.” Economia e Politica Industriale 44 (1): 119–44.

Croce, Annalisa, Francesca Tenca, and Elisa Ughetto. 2017. “How Business Angel Groups Work: Rejection Criteria in Investment Evaluation.” International Small Business Journal: Researching Entrepreneurship 35 (4): 405–26.


Bianchi, Mattia, Annalisa Croce, Claudio Dell’Era, C. Anthony Di Benedetto, and Federico Frattini. 2016. “Organizing for Inbound Open Innovation: How External Consultants and a Dedicated R&D Unit Influence Product Innovation Performance.” Journal of Product Innovation Management 33 (4): 492–510.

Croce, Annalisa, and José Martí. 2016. “Productivity Growth in Private Equity Backed Family Firms.” Entrepreneurship Theory and Practice 40 (3): 657–83.


Bertoni, Fabio, Annalisa Croce, and Massimiliano Guerini. 2015. “Venture Capital and the Investment Curve of Young High-Tech Companies.” Journal of Corporate Finance 35 (December): 159–76.

Croce, Annalisa, Diego D’Adda, and Elisa Ughetto. 2015. “Venture Capital Financing and the Financial Distress Risk of Portfolio Firms: How Independent and Bank-Affiliated Investors Differ.” Small Business Economics 44 (1): 189–206.

Lugo, Stefano, Annalisa Croce, and Robert Faff. 2015. “Herding Behavior and Rating Convergence among Credit Rating Agencies: Evidence from the Subprime Crisis.” Review of Finance 19 (4): 1703–31.


Cambini, Carlo, Annalisa Croce, and Elena Fumagalli. 2014. “Output-Based Incentive Regulation in Electricity Distribution: Evidence from Italy.” Energy Economics 45 (September): 205–16.

Colombo, Massimo G., Annalisa Croce, and Samuele Murtinu. 2014. “Ownership Structure, Horizontal Agency Costs and the Performance of High-Tech Entrepreneurial Firms.” Small Business Economics 42 (2): 265–82.

Colombo, Massimo G., Annalisa Croce, and Massimiliano Guerini. 2014. “Does Informal Risk Capital Relax the Financial Constraints of High-Tech Entrepreneurial Ventures?” Applied Economics Letters 21 (5): 335–39.

Croce, Annalisa, Luca Grilli, and Samuele Murtinu. 2014. “Venture Capital Enters Academia: An Analysis of University-Managed Funds.” The Journal of Technology Transfer 39 (5): 688–715.


Colombo, Massimo G., Annalisa Croce, and Luca Grilli. 2013. “ICT Services and Small Businesses’ Productivity Gains: An Analysis of the Adoption of Broadband Internet Technology.” Information Economics and Policy 25 (3): 171–89.

Colombo, Massimo G., Annalisa Croce, and Massimiliano Guerini. 2013. “The Effect of Public Subsidies on Firms’ Investment–Cash Flow Sensitivity: Transient or Persistent?” Research Policy 42 (9): 1605–23.

Croce, Annalisa, José Martí, and Samuele Murtinu. 2013. “The Impact of Venture Capital on the Productivity Growth of European Entrepreneurial Firms: ‘Screening’ or ‘Value Added’ Effect?” Journal of Business Venturing 28 (4): 489–510.


Colombo, Massimo G., Annalisa Croce, and Massimiliano Guerini. 2012. “Is the Italian Government Effective in Relaxing the Financial Constraints of High Technology Firms?” Prometheus 30 (1): 73–96.


Bertoni, Fabio, and Annalisa Croce. 2011. “The Productivity of European Life Insurers: Best-Practice Adoption vs. Innovation.” The Geneva Papers on Risk and Insurance – Issues and Practice 36 (2): 165–85.


Bertoni, Fabio, Massimo G. Colombo, and Annalisa Croce. 2010. “The Effect of Venture Capital Financing on the Sensitivity to Cash Flow of Firm’s Investments.” European Financial Management 16 (4): 528–51.

Bertoni, Fabio, Annalisa Croce, and Diego D’Adda. 2010. “Venture Capital Investments and Patenting Activity of High-Tech Start-Ups: A Micro-Econometric Firm-Level Analysis.” Venture Capital 12 (4): 307–26.