| Summary: | 碩士 === 國立中興大學 === 科技管理研究所 === 107 === In this research, we argue that the signaling effect of patenting and the legitimization of environmental entrepreneurship affect the funding decisions of institutional investors in the emerging sector of clean technology. Clean technology companies may use patenting as a credible signal to reduce the information asymmetry in investor’s funding decision and obtain external financial and strategic resources. Also, the extent of legitimization of environmental entrepreneurship and innovation, which varies across different national markets, likely affect the perceptions of institutional investors on such endeavor. We investigate the funding performance of 347 clean technologies companies and empirically verify how patenting is positively and significantly associated with investors’ funding decisions. Our results show that patenting and the extent of legitimization of clean technology companies have a different impact on the investment decision-making of foreign and domestic investors. We intend to investigate both foreign and domestic investors’ funding decisions because their collective funding decisions determine the growth and survival of companies in this emerging sector as well as the global prospect of nature environment.
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