| 1. |
- Andersson, Martin, et al.
(author)
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Acquisitions of start-ups by incumbent businesses A market selection process of "high-quality" entrants?
- 2016
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In: Research Policy. - : Elsevier BV. - 0048-7333 .- 1873-7625. ; 45:1, s. 272-290
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Journal article (peer-reviewed)abstract
- We analyze the frequency and nature by which new firms are acquired by established businesses. Acquisitions are often considered to reflect a technology transfer process and to also constitute one way in which a "symbiosis" between new technology-based firms (NTBFs) and established businesses is realized. Using a micro-level dataset for Sweden in which we follow new entrants up to 18 years after entry, we show that acquisitions of recent start-ups are rare and restricted to a small group of entrants with defining characteristics. Estimates from competing risks models show that acquired start-ups, in particular by multinational enterprises (MNEs), stand out from entrants that either remain independent or exit by being much more likely to be spin-offs operating in high-tech sectors, having strong technological competence, and having weak internal financial resources. Our overall findings support the argument that acquisitions primarily concern NTBFs in market contexts where entry costs are large, access to finance is important and incumbents have valuable complementary capabilities and resources. (C) 2015 Elsevier B.V. All rights reserved.
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| 2. |
- Andersson, Martin, et al.
(author)
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R&D strategies and Entrepreneurial Spawning
- 2012
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In: Research Policy. - : Elsevier. - 0048-7333 .- 1873-7625. ; 41:1
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Journal article (peer-reviewed)abstract
- This paper analyzes how different R&D strategies of incumbent firms affect the quantity and quality of their entrepreneurial spawning. By examining entrepreneurial ventures of ex-employees of firms with different R&D strategies three things emerge: First, firms with persistent R&D investments with a general superiority in sales, exports, productivity, profitability and wages are less likely to generate entrepreneurs than firm with temporary or no R&D investments. Second, start-ups from knowledge intensive business service (KIBS) firms with persistent R&D investments have a significantly increased probability of survival. No corresponding association between the R&D strategies of incumbents and survival of entrepreneurial spawns is found for incumbents in manufacturing sectors. Third, spin-outs from KIBS-firms are more likely to survive if they start in the same firm, indicating the importance of inherited related knowledge. The findings suggest that R&D intensive firms spur fewer entrepreneurs, but their entrepreneurial spawns tend to be of higher quality.
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| 3. |
- Andersson, Martin, et al.
(author)
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The economic microgeography of diversity and specialization externalities – firm-level evidence from Swedish cities
- 2019
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In: Research Policy. - : Elsevier. - 0048-7333 .- 1873-7625. ; 48:6, s. 1385-1398
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Journal article (peer-reviewed)abstract
- We employ finely geo-coded firm-level panel data to assess the long-standing question whether agglomeration economies derive from specialization (within-industry), diversity (between-industry) or overall density. Rather than treating the city as a single unit, we focus our analysis on how the inner industry structures of cities influence firm-level productivity. Our results illustrate the co-existence of several externalities that differ in their spatial distribution and attenuation within cities. First, we find robust positive effects of neighborhood-level specialization on TFP as well as a small effect of diversity at the same fine spatial level. These effects are highly localized and dissipate beyond the immediate within-city neighborhood level. Second, we also find that firms benefit from the overall density of the wider city. The results emphasize the relevance of “opening up” cities to study the workings of their inner organization and support the idea that location in a within-city industry cluster in a diversified and dense city boosts productivity.
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| 4. |
- Braunerhjelm, Pontus, 1953-, et al.
(author)
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Employees' entrepreneurial human capital and firm performance
- 2023
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In: Research Policy. - : Elsevier. - 0048-7333 .- 1873-7625. ; 52:2
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Journal article (peer-reviewed)abstract
- We introduce a new measure of human capital, defined as employees' former involvement in entrepreneurship. Such entrepreneurial human capital (EHC) complements traditional human capital measures accumulated through work experience and education. Using detailed longitudinal register data, we track the previous years of entrepreneurial experience for the population of employees in Swedish private sector firms. We provide evidence that higher EHC among employees is associated with significantly higher levels of firm productivity. The baseline result implies that a 10 % increase in employees being former entrepreneurs increases firm-level productivity by 3.9 %. Additionally, we provide evidence that heterogeneity in employees' previous entrepreneurial experience (e.g., the reason for entering and exiting entrepreneurship, type of venture, length of entrepreneurial experiences, and relatedness of technology) influences the impact of EHC on productivity. The results are shown to be robust to various estimation techniques, alternative definitions of EHC, and other performance measures. © 2022 The Authors
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| 5. |
- Tavassoli, Sam, et al.
(author)
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Persistence of various types of innovation analyzed and explained
- 2015
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In: Research Policy. - : Elsevier BV. - 0048-7333 .- 1873-7625. ; 44:10, s. 1887-1901
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Journal article (peer-reviewed)abstract
- This paper analyzes the persistency in innovation behavior of firms. Using five waves of the Community Innovation Survey in Sweden, we have traced the innovative behavior of firms over a ten-year period, i.e., between 2002 and 2012. We distinguish between four types of innovations: process, product, marketing, and organizational innovations. First, using transition probability matrix, we found evidence of (unconditional) state dependence in all types of innovation, with product innovators having the strongest persistent behavior. Second, using a dynamic probit model, we found evidence of "true" state dependency among all types of innovations, except marketing innovators. Once again, the strongest persistency was found for product innovators.
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