Innovation and firm growth: Does firm age play a role?
Innovation and firm growth: Does firm age play a role?
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DOI：
10.1016/j.respol.2015.10.015
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发表时间：
2016-03-01
期刊：
影响因子：
7.2
通讯作者：
Teruel, Mercedes
中科院分区：
文献类型：
--
作者：
Coad, Alex;Segarra, Agusti;Teruel, Mercedes
本文考察了不同年龄段的企业创新与企业成长的关系。我们假设年轻的公司从事风险更高的创新活动，这些活动可能会带来更大的业绩收益(如果成功)，或者更大的损失(如果不成功)。利用2004-2012年西班牙社区创新调查的样本，我们运用面板分位数回归研究了研发活动对企业增长(即销售增长、生产率增长和就业增长)的影响。我们的结果表明，在增长率分布的高分位数，年轻企业从R&D中获得的业绩收益更大，但在增长率分布的低分位数，年轻企业面临更大的下滑。因此，年轻公司的R&D投资似乎比成熟公司的R&D投资风险要大得多，这表明了一些政策含义。(C)2015爱思唯尔B.V.保留所有权利。
This paper explores the relationship between innovation and firm growth for firms of different ages. We hypothesize that young firms undertake riskier innovation activities which may have greater performance benefits (if successful), or greater losses (if unsuccessful). Using an extensive Spanish Community Innovation Survey sample for the period 2004-2012, we apply panel quantile regressions to study the effect of R&D activities on firm growth (i.e. sales growth, productivity growth and employment growth). Our results show that young firms face larger performance benefits from R&D at the upper quantiles of the growth rate distribution, but face larger decline at the lower quantiles. R&D investment by young firms therefore appears to significantly riskier than R&D investment by more mature firms, which suggests some policy implications. (C) 2015 Elsevier B.V. All rights reserved.