Innovation and firm growth: Does firm age play a role?
| Autor: | Alex Coad, Mercedes Teruel, Agustí Segarra i Blasco |
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| Rok vydání: | 2016 |
| Předmět: |
Sample selection
Sales growth business.industry Strategy and Management 05 social sciences Employment growth Distribution (economics) Sample (statistics) Management Science and Operations Research Investment (macroeconomics) Quantile regression Management of Technology and Innovation 0502 economics and business 8. Economic growth Economics Demographic economics 050207 economics Marketing business 050203 business & management Quantile |
| Zdroj: | Research Policy |
| ISSN: | 0048-7333 |
| DOI: | 10.1016/j.respol.2015.10.015 |
| Popis: | This paper explores the relationship between firm growth, innovation and firm age. We hypothesize that young firms undertake riskier innovation activities and are more oriented towards employment growth than towards harvesting returns in the form of sales growth. Using an extensive sample of Community Innovation Survey for the period 2004-2010, we apply quantile regressions and a Heckman sample selection technique to study the impact of R&D activities on firm growth according to firm age. Our results show that R&D intensity is positively associated with firm growth. However, for young firms R&D shows an increasing influence across the quantiles, while for old firms R&D shows a stable or perhaps decreasing effect over the quantiles. Firm age shows a significant negative impact among young firms, while for the sample of old firms the impact of firm age becomes non-significant. Our Heckman estimations show the evolution of the impact of the R&D on firm growth confirming a significant impact on sales and productivity growth, while the impact is negligible for employment growth. |
| Databáze: | OpenAIRE |
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