|Author Name||ONISHI Koichiro (Waseda University) / YAMAUCHI Isamu (Meiji Gakuin University)|
|Creation Date/NO.||June 2018 18-E-036|
|Research Project||Mobility of Knowledge and Innovation Performance|
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Although computer software has been protected by both patent rights and copyrights, the mixed effects of these two intellectual property rights have not been relatively explored. In this study, we examine the signaling value of patenting and copyright protection in software technology on receiving venture capital (VC) financing using notable Japanese software SMEs data. We find that both obtaining software patents and copyright registrations accelerate the VC financing for smaller firms. We also find that possessing both intellectual property rights have a significantly negative impact on the finance of VC. The results show that software patents and copyright registrations are largely substitutes in terms of signaling.