Innovation and firm growth: Does firm age play a role?

Alex Coad, Agustí Segarra, Mercedes Teruel

研究成果: Article査読

242 被引用数 (Scopus)

抄録

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.

本文言語English
ページ(範囲)387-400
ページ数14
ジャーナルResearch Policy
45
2
DOI
出版ステータスPublished - 2016 3 1
外部発表はい

ASJC Scopus subject areas

  • Strategy and Management
  • Management Science and Operations Research
  • Management of Technology and Innovation

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