Elisa Ughetto

Elisa Ughetto

Bio

Elisa Ughetto (Ph.D) is a co-founder and director of Bureau of Entrepreneurial Finance. She is an Associate Professor at Politecnico di Torino, where she teaches Accounting and Corporate Finance and Entrepreneurial Finance at undergraduate level. She has served as Associate Editor of Journal of Small Business Management and Journal of the International Council for Small Business. She currently serves as Associate Editor of International Journal of Innovation and Technology Management, PlosOne and she is a member of the Editorial Board of Small Business Economics, Management Decision, Venture Capital: An entrepreneurship Journal, Sustainability and Journal of Industrial and Business Economics. She is research associate at BRICK, Collegio Carlo Alberto. She is scientific advisor for the Observatory of Climate Finance, Politecnico di Milano. She is a member of the Scientific Committee of Social Impact Agenda per l’Italia. She has been visiting scholar at the European Investment Fund and at the Washington University in St. Louis, visiting professor at the University of Augsburg and at Universitè de Lyon Jean Moulin. She is a member of the European Science Foundation (ESF) College of Expert Reviewers and College of Review Panel. She is co-coordinator of the Ph.D course “Entrepreneurship and start-up creation from University research”, Politecnico di Torino. She sits in the Board of the national PhD program in Sustainable Development and Climate Change. She has worked as principal investigator and research member on projects funded by the European Commission, the European Investment Bank, the Italian Government and the Bank of Italy. Her current research interests are in the area of entrepreneurial finance, finance for innovation and social impact finance. She has contributed articles to international refereed journals, such as Research Policy, Journal of Corporate Finance, Journal of Banking and Finance, British Journal of Management, Cambridge Journal of Economics, Industrial and Corporate Change, Technovation, Technological Forecasting & Social Change, Small Business Economics, International Small Business Journal, Journal of Small Business Management, International Journal of Production Economics, IEEE Transactions on Engineering Management, R&D Management, Journal of Economic Surveys, International Business Review, Journal of Business Research, Regional Studies, Social Science & Medicine, among others.

Publications

2021

Croce, Annalisa, Elisa Ughetto, Giuseppe Scellato, and Francesco Fontana. 2021. “Social impact venture capital investing: an explorative study”. Venture Capital. https://doi.org/10.1080/13691066.2021.1982069

Battaglia, Daniele, Emilio Paolucci, and Elisa Ughetto. 2021. “The Role of Proof-of-Concept Programs in Facilitating the Commercialization of Research-Based Inventions.” Research Policy 50 (6): 104268. https://doi.org/10.1016/j.respol.2021.104268.

Battaglia, Daniele, Emilio Paolucci, and Elisa Ughetto. 2021. “Opening the Black Box of University Proof-of-Concept Programs: Project and Team-Based Determinants of Research Commercialization Outcomes.” Technovation 108 (December): 102334. https://doi.org/10.1016/j.technovation.2021.102334.

Battaglia, Daniele, Emilio Paolucci, and Elisa Ughetto. 2021. “The Fast Response of Academic Spinoffs to Unexpected Societal and Economic Challenges. Lessons from the COVID‐19 Pandemic Crisis.” R&D Management 51 (2): 169–82. https://doi.org/10.1111/radm.12444.

Butticè, Vincenzo, Annalisa Croce, and Elisa Ughetto. 2021. “Network Dynamics in Business Angel Group Investment Decisions.” Journal of Corporate Finance 66 (February): 101812. https://doi.org/10.1016/j.jcorpfin.2020.101812.

Butticè, Vincenzo, and Elisa Ughetto. 2021. “What, Where, Who, and How? A Bibliometric Study of Crowdfunding Research.” IEEE Transactions on Engineering Management, 1–22. https://doi.org/10.1109/TEM.2020.3040902.

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. https://doi.org/10.1080/00472778.2020.1844489.

Feito-Ruiz, Isabel, Clara Cardone-Riportella, and Elisa Ughetto. 2021. “Debt Maturity and SMEs: Do Auditor’s Quality and Ownership Structure Matter?” Journal of Small Business Management, February, 1–37. https://doi.org/10.1080/00472778.2020.1866765.

Sansone, Giuliano, Elisa Ughetto, and Paolo Landoni. 2021. “Entrepreneurial Intention: An Analysis of the Role of Student-Led Entrepreneurial Organizations.” Journal of International Entrepreneurship, March. https://doi.org/10.1007/s10843-021-00288-6.

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. https://doi.org/10.1016/j.techfore.2021.120768.

 

2020

Caviggioli, Federico, Giuseppe Scellato, and Elisa Ughetto. 2020. “Lenders’ Selection Capabilities, Patent Quality, and the Outcome of Patent-Backed Loans.” Industrial and Corporate Change 29 (1): 43–60. https://doi.org/10.1093/icc/dtz029.

Caviggioli, Federico, Antonio De Marco, Fabio Montobbio, and Elisa Ughetto. 2020. “The Licensing and Selling of Inventions by US Universities.” Technological Forecasting and Social Change 159 (October): 120189. https://doi.org/10.1016/j.techfore.2020.120189.

Cowling, Marc, Neil Lee, and Elisa Ughetto. 2020. “The Price of a Disadvantaged Location: Regional Variation in the Price and Supply of Short-Term Credit to SMEs in the UK.” Journal of Small Business Management 58 (3): 648–68. https://doi.org/10.1080/00472778.2019.1681195.

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. https://doi.org/10.1111/1467-8551.12380.

Oggero, Noemi, Maria Cristina Rossi, and Elisa Ughetto. 2020. “Entrepreneurial Spirits in Women and Men. The Role of Financial Literacy and Digital Skills.” Small Business Economics 55 (2): 313–27. https://doi.org/10.1007/s11187-019-00299-7.

Ughetto, Elisa, Mariacristina Rossi, David Audretsch, and Erik E. Lehmann. 2020. “Female Entrepreneurship in the Digital Era.” Small Business Economics 55 (2): 305–12. https://doi.org/10.1007/s11187-019-00298-8.

 

2019

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. https://doi.org/10.1007/s11187-018-0047-z.

Caviggioli, Federico, and Elisa Ughetto. 2019. “A Bibliometric Analysis of the Research Dealing with the Impact of Additive Manufacturing on Industry, Business and Society.” International Journal of Production Economics 208 (February): 254–68. https://doi.org/10.1016/j.ijpe.2018.11.022.

Colombelli, Alessandra, Emilio Paolucci, and Elisa Ughetto. 2019. “Hierarchical and Relational Governance and the Life Cycle of Entrepreneurial Ecosystems.” Small Business Economics 52 (2): 505–21. https://doi.org/10.1007/s11187-017-9957-4.

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. https://doi.org/10.1007/s40812-019-00112-2.

Ughetto, Elisa, Marc Cowling, and Neil Lee. 2019. “Regional and Spatial Issues in the Financing of Small and Medium-Sized Enterprises and New Ventures.” Regional Studies 53 (5): 617–19. https://doi.org/10.1080/00343404.2019.1601174.

 

2018

Cowling, Marc, Elisa Ughetto, and Neil Lee. 2018. “The Innovation Debt Penalty: Cost of Debt, Loan Default, and the Effects of a Public Loan Guarantee on High-Tech Firms.” Technological Forecasting and Social Change 127 (February): 166–76. https://doi.org/10.1016/j.techfore.2017.06.016.

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. https://doi.org/10.1111/jsbm.12250.

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. https://doi.org/10.1111/joes.12224.

 

2017

Caviggioli, Federico, Antonio De Marco, Giuseppe Scellato, and Elisa Ughetto. 2017. “Corporate Strategies for Technology Acquisition: Evidence from Patent Transactions.” Management Decision 55 (6): 1163–81. https://doi.org/10.1108/MD-04-2016-0220.

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. https://doi.org/10.1177/0266242615622675.

De Marco, Antonio, Giuseppe Scellato, Elisa Ughetto, and Federico Caviggioli. 2017. “Global Markets for Technology: Evidence from Patent Transactions.” Research Policy 46 (9): 1644–54. https://doi.org/10.1016/j.respol.2017.07.015.

Ughetto, Elisa, Giuseppe Scellato, and Marc Cowling. 2017. “Cost of Capital and Public Loan Guarantees to Small Firms.” Small Business Economics 49 (2): 319–37. https://doi.org/10.1007/s11187-017-9845-y.

2016

Buzzacchi, Luigi, Giuseppe Scellato, and Elisa Ughetto. 2016. “Frequency of Medical Malpractice Claims: The Effects of Volumes and Specialties.” Social Science & Medicine 170 (December): 152–60. https://doi.org/10.1016/j.socscimed.2016.10.021.

Caviggioli, Federico, and Elisa Ughetto. 2016. “Buyers in the Patent Auction Market: Opening the Black Box of Patent Acquisitions by Non-Practicing Entities.” Technological Forecasting and Social Change 104 (March): 122–32. https://doi.org/10.1016/j.techfore.2015.11.031.

Ughetto, Elisa. 2016. “Growth of Born Globals: The Role of the Entrepreneur’s Personal Factors and Venture Capital.” International Entrepreneurship and Management Journal 12 (3): 839–57. https://doi.org/10.1007/s11365-015-0368-1.

Ughetto, Elisa. 2016. “Investments, Financing Constraints and Buyouts: The Effect of Private Equity Investors on the Sensitivity of Investments to Cash Flow.” The Manchester School 84 (1): 25–54. https://doi.org/10.1111/manc.12085.

2015

Buzzacchi, Luigi, Giuseppe Scellato, and Elisa Ughetto. 2015. “Investment Stage Drifts and Venture Capital Managerial Incentives.” Journal of Corporate Finance 33 (August): 118–28. https://doi.org/10.1016/j.jcorpfin.2015.05.006.

Cannone, Giusy, and Elisa Ughetto. 2015. “Internationalization Flows of High-Tech Start-Ups: A Gravity Model.” European Business Review 27 (1): 60–79. https://doi.org/10.1108/EBR-03-2014-0020.

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. https://doi.org/10.1007/s11187-014-9582-4.

Odasso, C., G. Scellato, and E. Ughetto. 2015. “Selling Patents at Auction: An Empirical Analysis of Patent Value.” Industrial and Corporate Change 24 (2): 417–38. https://doi.org/10.1093/icc/dtu015.

2014

Cannone, Giusy, and Elisa Ughetto. 2014. “Funding Innovation at Regional Level: An Analysis of a Public Policy Intervention in the Piedmont Region.” Regional Studies 48 (2): 270–83. https://doi.org/10.1080/00343404.2011.653338.

Cannone, Giusy, and Elisa Ughetto. 2014. “Born Globals: A Cross-Country Survey on High-Tech Start-Ups.” International Business Review 23 (1): 272–83. https://doi.org/10.1016/j.ibusrev.2013.05.003.

2013

Buzzacchi, Luigi, Giuseppe Scellato, and Elisa Ughetto. 2013. “The Investment Strategies of Publicly Sponsored Venture Capital Funds.” Journal of Banking & Finance 37 (3): 707–16. https://doi.org/10.1016/j.jbankfin.2012.10.018.

Cardi, Mavie, and Elisa Ughetto. 2013. “Il capitale di rischio per lo sviluppo delle PMI”, Rubbettino Editore, ISBN: 9788849838107

Caviggioli, Federico, and Elisa Ughetto. 2013. “The Drivers of Patent Transactions: Corporate Views on the Market for Patents.” R&D Management 43 (4): 318–32. https://doi.org/10.1111/radm.12016.

Caviggioli, Federico, Giuseppe Scellato, and Elisa Ughetto. 2013. “International Patent Disputes: Evidence from Oppositions at the European Patent Office.” Research Policy 42 (9): 1634–46. https://doi.org/10.1016/j.respol.2013.06.004.

Scellato, Giuseppe, and Elisa Ughetto. 2013. “Real Effects of Private Equity Investments: Evidence from European Buyouts.” Journal of Business Research 66 (12): 2642–49. https://doi.org/10.1016/j.jbusres.2012.06.001.

2012

Cannone, Giusy, and Elisa Ughetto. 2012. “Finanza pubblica a sostegno del capitale di rischio: quali iniziative regionali?”, in Nicolai M. (Eds.), Finanza pubblica e federalismo. Strumenti finanziari innovativi: autonomia e sostenibilità, Primo Rapporto sulla Finanza Pubblica di Fondazione Rosselli, Maggioli Editore, ISBN: 8838773394, pp.675-704

2011

Odasso, Maria Cristina, and Elisa Ughetto. 2011. “Patent-Backed Securities in Pharmaceuticals: What Determines Success or Failure?” R&D Management 41 (3): 219–39. https://doi.org/10.1111/j.1467-9310.2011.00646.x.

Ughetto, Elisa, and Andrea Vezzulli. 2011. “What Role Can Mutual Guarantee Consortia Play for Financing Innovation? A Firm-Level Study for Italy.” International Journal of Banking, Accounting and Finance 3 (4): 294. https://doi.org/10.1504/IJBAAF.2011.043704.

 

2010

Odasso, Maria Cristina, and Elisa Ughetto. 2010. “La cartolarizzazione di brevetti nel settore farmaceutico: un’analisi fuzzy”. Bancaria, 2: 28-41

Scellato, Giuseppe, and Elisa Ughetto. 2010. “The Basel II Reform and the Provision of Finance for R & D Activities in SMEs: An Analysis of a Sample of Italian Companies.” International Small Business Journal: Researching Entrepreneurship 28 (1): 65–89. https://doi.org/10.1177/0266242609350825.

Ughetto, Elisa. 2010. “Assessing the Contribution to Innovation of Private Equity Investors: A Study on European Buyouts.” Research Policy 39 (1): 126–40. https://doi.org/10.1016/j.respol.2009.11.009.

Ughetto, Elisa, and Giusy Cannone. 2010. “Il finanziamento pubblico regionale a supporto dell’innovazione”. Journal of Industrial and Business Economics 37(3): 117-143. https://doi.org/10.3280/POLI2010-003006

 

2009

Calderini, Mario, and Elisa Ughetto. 2009. “Vincoli finanziari e distretti industriali: quanto contano le fonti interne di finanziamento?”, L’Industria 3: 457-477. https://doi.org/10.1430/30004

Calderini, Mario, and Elisa Ughetto. 2009. “Finanziare l’innovazione”, G. Giappichelli Editore, Torino. ISBN: 9788834895658

Scellato, Giuseppe, and Elisa Ughetto. 2009. “Basel II and the financing of R&D investments”, in D. Silipo (Eds.), The Banks and the Italian Economy, Springer Physica-Verlag, Berlin Heidelberg, pp.135-160, ISBN 9783790821123

Ughetto, Elisa. 2009. “Industrial Districts and Financial Constraints to Innovation.” International Review of Applied Economics 23 (5): 597–624. https://doi.org/10.1080/02692170903007599.

2008

Ughetto, E. 2008. “Does Internal Finance Matter for R&D? New Evidence from a Panel of Italian Firms.” Cambridge Journal of Economics 32 (6): 907–25. https://doi.org/10.1093/cje/ben015.

Ughetto, Elisa. 2008. “The financing of innovative activities by banking institutions: policy issues and regulatory options”, in B. Laperche and D. Uzunidis (Eds.), Powerful finance and innovation trends in a high-risk economy, Palgrave Macmillan, pp.224-247, ISBN 9780230584099

Ughetto, Elisa, and Andrea Vezzulli. 2008. “Financial intermediation and guarantee-backed loans: an analysis of default”, in Bracchi G. and Masciandaro D. (Eds.), Le Banche ed il governo dei rischi. Mercati, Consumatori, Regole, Edibank. ISBN: 9788844904661

 

2007

Ughetto, Elisa. 2007. “Foresight as a Triple Helix of Industry, University and Government Relations.” Foresight 9 (5): 14–22. https://doi.org/10.1108/14636680710821061.

Ughetto, Elisa. 2007. “Innovare nel distretto. Il ruolo del mercato del credito.” Sviluppo Locale 12 (28): 33-65

Ughetto, Elisa. 2007. “Le banche ed il finanziamento dell’innovazione. Problematiche, opportunità e nuovi sviluppi dopo Basilea.” Bancaria 1: 56-65

Ughetto, Elisa. 2007. “The financing of innovative activities by banking institutions: policy issues and regulatory options”, in Bracchi G. and Masciandaro D. Eds. (2007), Banche italiane: un’industria al bivio, Edibank, pp.347-368. ISBN 9788844904524

 

2006

Ughetto, Elisa. 2006. Territorial proximity and credit constraints to innovation: evidence from a sample of Italian firms, in Bracchi G. and Masciandaro D. (Eds.), Banche e Geografia. Nuove mappe produttive e metamorfosi del credito, Edibank, pp.435-456. ISBN 9788844903459