Innovation and the determinants of company survival
Innovation and the determinants of company survival
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DOI：
10.1093/oep/gpp012
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发表时间：
2010-04-01
影响因子：
1.2
通讯作者：
Webster, Elizabeth
中科院分区：
文献类型：
--
作者：
Buddelmeyer, Hielke;Jensen, Paul H.;Webster, Elizabeth
虽然许多公司通过开发新技术和新产品进行竞争，但众所周知，创新具有内在的风险，因此可能会增加公司业绩优异和破产的可能性。然而，现有的实证研究一致发现，创新活动和公司生存之间的正相关关系。我们认为，这一结论可能是一个简单的选择效应所造成的程度的不确定性所使用的创新代理。使用近30万澳大利亚公司的面板，我们估计一个分段常数指数风险率模型来研究创新和公司生存之间的关系。正如预期的那样，我们发现，不同的创新代理所体现的不确定性程度确实塑造了公司的生存模式。
Although many companies compete through the development of new technologies and products, it is well known that innovation is inherently risky and therefore may increase the ex ante likelihood of both exceptional company performance and bankruptcy. However, existing empirical studies consistently find a positive relationship between innovative activity and company survival. We argue that this conclusion may be a result of a simple selection effect caused by the degree of uncertainty embodied in the innovation proxies used. Using a panel of almost 300,000 Australian companies, we estimate a piecewise-constant exponential hazard rate model to examine the relationship between innovation and company survival. As expected, we find that the degree of uncertainty embodied in different innovation proxies does shape the pattern of company survival.