Annalisa Croce

Core Faculty | Full Professor

Short Profile outline

Full professor at Politecnico di Milano. She is author of more than 35 publications in international scientific journals, among which 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. She‘s author of 2 publications ranked in the Financial Times FT45 list, 18 publications in journals classified as GOLD* in the AiIG Classification and 14 classified as GOLD.


PHD: Management Economics and Industrial Engineering, Politecnico di Milano.

Master of Science: Management Engineering, Politecnico di Milano.

Academic course held at SOM

Business Data Analytics

Economia E Organizzazione Aziendale B

Economia E Organizzazione Aziendale

Economia E Organizzazione Aziendale B

Economia E Organizzazione Aziendale

Economia E Organizzazione Aziendale B

Economia e organizzazione aziendale b

Economia e organizzazione aziendale

Economia e organizzazione aziendale

Economia e organizzazione aziendale b

Economia e organizzazione aziendale

Economia e organizzazione aziendale b

Economia e organizzazione aziendale b

Financing Complex Projects


Research activity has concerned several major research areas, spanning topics that include corporate and entrepreneurial finance, corporate governance and economics of innovation. The main areas of research are as follows: - Corporate finance: analysis of the different forms of financing of high-tech entrepreneurial firms with a focus on venture capital financing, business angel financing, public subsidies and social impact fund. - Corporate governance: Analysis of corporate governance characteristics in high-tech firms with a special focus on ownership structure. - Innovation economics: determinant and characteristics of innovation in high-tech firms. - Efficiency estimation: parametric and non parametric estimation of efficiency and total factor productivity applied to different sectors: high-tech, insurance and electricity distribution. - Social impact finance - Climate finance She has studied these topics mainly empirically, making use of a wide range of empirical methodologies.

Relevant Publications

Capizzi V. Croce A. Tenca F., "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, 306-326

Bianchini R. Croce A, "The role of environmental policies in promoting venture capital investments in cleantech companies", Review of Corporate Finance

Croce A. Ughetto E. Bonini S. Capizzi V.  (2021), "Gazelles, ponies, and the impact of business angels’ characteristics on firm growth", Journal of Small Business Management, 59, 223-248

Butticè V. Croce A.Ughetto E. (2021), "Network dynamics in business angel group investment decisions", Journal of Corporate Finance, 66

Croce A. Fontana F. Scellato G. Ughetto E. (2021), "Social Impact Venture Capital Investing: an explorative study", Venture Capital, 23, 345-369

Ughetto E. Croce A. Schwienbacher A. Colombo M. Brem A. (2021), " Digital technologies and the changing entrepreneurial finance landscape: Status quo and perspectives for future research", Technological Forecasting and Social Change, 168

Croce A.| Ughetto E.| Cowling M. (2020), "Investment Motivations and UK Business Angels’ Appetite for Risk Taking: The Moderating Role of Experience", British Journal of Management, 31, 728-751

Abrardi L.| Croce A.| Ughetto E., "The dynamics of switching between governmental and independent venture capitalists: theory and evidence", Small Business Economics, 165-188

Croce A.| Martí J.| Reverte C., "The role of private versus governmental venture capital in fostering job creation during the crisis", Small Business Economics, 53, 879-900

Croce A.| Grilli L.| Murtinu S., "Why do entrepreneurs refuse venture capital?", Industry and Innovation, 26, 619-642

Croce A.| Ughetto E.| Cowling M., "Investment Motivations and UK Business Angels’ Appetite for Risk Taking: The Moderating Role of Experience", British Journal of Management

Croce A.| Ughetto E., "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, 191-227

Croce Annalisa; Guerini Massimilano; Ughetto E., "Angel Financing and the Performance of High-Tech Start-Ups", Journal of Small Business Management, 56, 208-228

Tenca Francesca; Croce Annalisa; Ughetto E., "BUSINESS ANGELS RESEARCH IN ENTREPRENEURIAL FINANCE: A LITERATURE REVIEW AND A RESEARCH AGENDA", Journal of Economic Surveys, 35, 1384-1413

Croce Annalisa; Martí J.; Martín-López S., "Are policy measures effective in encouraging the creation of competitive employee-owned firms?", Economic and Industrial Democracy

Croce Annalisa;Tenca Francesca;Ughetto E., "How business angel groups work: rejection criteria in investment evaluation", INTERNATIONAL SMALL BUSINESS JOURNAL, 35, 405-426

Croce Annalisa; Martì José, "Financial constraints in family firms and the role of venture capital", ECONOMIA E POLITICA INDUSTRIALE, 44, 119-144

Croce Annalisa; Martì José, "Productivity Growth in Private-Equity-Backed Family Firms", ENTREPRENEURSHIP THEORY AND PRACTICE, 40, 657-683

Bianchi Mattia;Croce Annalisa;Dell’Era Claudio;Di Benedetto Anthony;Frattini Federico, "Organizing for inbound open innovation: how external consultants and a dedicated R&D unit influence product innovation performance", THE JOURNAL OF PRODUCT INNOVATION MANAGEMENT, 33, 492-510

Bertoni Fabio;Croce Annalisa;Guerini Massimiliano, "Venture capital and the investment curve of young high-tech companies", JOURNAL OF CORPORATE FINANCE, 35, 159-176

Lugo Stefano; Croce Annalisa; Faff Robert, "Herding behavior and rating convergence among credit rating agencies: Evidence from the subprime crisis", REVIEW OF FINANCE, 19, 1703-1731

Croce Annalisa; D'Adda Diego; Ughetto Elisa, "Venture capital financing and the financial distress risk of portfolio firms: how independent and bank-affiliated investors differ?", SMALL BUSINESS ECONOMICS (DORDRECHT. ONLINE), 44, 189-206

Cambini Carlo;Croce Annalisa;Fumagalli Elena, "Output-based incentive regulation in electricity distribution: evidence from Italy", ENERGY ECONOMICS, 45, 205-216

Colombo Massimo G.;Croce Annalisa;Guerini Massimiliano, "Does informal risk capital relax the financial constraints of high-tech entrepreneurial ventures?", APPLIED ECONOMICS LETTERS, 21, 335-339

Croce Annalisa;Grilli Luca;Murtinu Samuele, "Venture Capital Enters Academia: An Analysis of University-Managed Funds", THE JOURNAL OF TECHNOLOGY TRANSFER, 39, 688-715

Colombo Massimo G.;Croce Annalisa;Murtinu Samuele, "Ownership Structure, Horizontal Agency Costs and the Performance of High-Tech Entrepreneurial Firms", SMALL BUSINESS ECONOMICS (DORDRECHT. ONLINE), 42, 265-282

Colombo Massimo G.;Croce Annalisa;Guerini Massimiliano, "The effect of public subsidies on firm’s investment-cash flow sensitivity: transient or persistent", RESEARCH POLICY, 42, 1605-1623

Colombo Massimo G.;Croce Annalisa;Grilli Luca, "ICT services and small businesses' productivity gains: an analysis of the adoption of broadband Internet technology", INFORMATION ECONOMICS AND POLICY, 25, 171-189

Croce Annalisa; Martì José; Murtinu Samuele, "The Impact of Venture Capital on the Productivity Growth of European Entrepreneurial Firms: 'Screening' or 'Value added' Effect?", JOURNAL OF BUSINESS VENTURING, 28, 489-510

Grants, Awards and Honours

  • RENT Conference, Bruxelles. Gate2Growth 2006 Second Best Paper Award for the paper “Venture Capital and the Investments of New Technology Based Firms”
  • Grant financed by the European Community for a Short term scientific mission (COST-STSM-IS0604-06244) at Universidad Complutense de Madrid (Madrid) in collaboration with Prof: José Martì Pellon.

Service to the community

  • Director Executive MBA Part Time at Polimi- Graduate School of Management.
  • Member of the Scientific Committee of the Observatory of Climate Finance, Politecnico di Milano
  • Co-founder and Director of Bureau of Entrepreneurial Finance
  • Reviewer for: Applied economics, Corporate governance, Eastern European Economics, Economic Bulletin, European Management Journal, International Entrepreneurship and Management Journal, Journal of Business Venturing, Journal of Small Business Management, Research Policy, Small Business Economics, Technology Forecasting & Social Change
  • Editor of a Special Issue on Technological Forecasting and Social Change. Digital technologies and the changing entrepreneurial finance landscape.

Accreditations, Rankings & Memberships