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on Entrepreneurship |
| By: | Link, Albert N. (University of North Carolina, Greensboro); Ruhm, Christopher J. (University of Virginia) |
| Abstract: | In this paper we show that the patenting behavior of creative entrepreneurs is correlated with the patenting behavior of their fathers, which we refer to as a source of the entrepreneurs' human capital endowments. Our argument for this relationship follows from established theories of developmental creativity, and our empirical analysis is based on survey data collected from MIT's Technology Review winners. |
| Keywords: | patents, entrepreneurship, human capital endowments |
| JEL: | J24 O31 |
| Date: | 2011–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp5988&r=ent |
| By: | Dessi, Roberta (IDEI, Toulouse School of Economics) |
| Abstract: | Innovative start-ups and venture capitalists are highly clustered, benefiting from localized spillovers: Silicon Valley is perhaps the best example. There is also substantial geographical variation in venture capital contracts: California contracts are more "incomplete". This paper proposes an economic explanation for these observations, often attributed to regional cultural differences. In the presence of significant spillovers, it becomes optimal for an innovative start-up and its financier to adopt contracts with fewer contingencies: these contracts maximize their ability to extract (part of) the surplus they generate through positive spillovers. This relaxes ex-ante financing constraints and makes it possible to induce higher innovative effort. |
| JEL: | D82 D86 G24 L22 |
| Date: | 2011–09–13 |
| URL: | http://d.repec.org/n?u=RePEc:ide:wpaper:24941&r=ent |
| By: | Beck, Thorsten; Demirguc-Kunt, Asli; Singer, Dorothe |
| Abstract: | Combining two unique data sets, this paper explores the relationship between the relative importance of different financial institutions and their average size and firms'access to financial services. Specifically, the authors explore the relationship between the share in total financial assets and average asset size of banks, low-end financial institutions, and specialized lenders, on the one hand, and firms'access to and use of deposit and lending services, on the other hand. Two findings stand out. First, the dominance of banks in most developing and emerging markets is associated with lower use of financial services by firms of all sizes. Low-end financial institutions and specialized lenders seem particularly suited to ease access to finance in low-income countries. Second, there is no evidence that smaller institutions are better in providing access to finance. To the contrary, larger specialized lenders and larger banks might actually ease small firms'financing constraints, but only at low levels of gross domestic product per capita. |
| Keywords: | Access to Finance,Banks&Banking Reform,Debt Markets,Microfinance,Non Bank Financial Institutions |
| Date: | 2011–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:5806&r=ent |
| By: | Azagra-Caro, Joaquín M.; Mas-Verdú, Francisco; Martinez-Gomez, Victor |
| Abstract: | Young innovative companies (YICs) are attracting attention in their role of industry regenerators. However, we have little information about their relations with universities as sources of information. This paper explores university-industry interaction involving YIC in the Valencian Community, using YIC founders? personal attributes and motivations as explanatory variables. The Valencian Community has a relatively high degree of university-industry interaction, but surprisingly little technological innovation. A survey of YICs in the region shows that, in their case, firm size does not affect the probability of contracting with universities, and that R&D intensity is not significant if we consider firm founders? personal characteristics and motivations. YIC founders exploiting market opportunities recognized in previous business activities, and necessity entrepreneurs, are the least likely to interact with universities. We highlight the role of external advisory services to highlight the benefits of universities. |
| Keywords: | Young innovative companies; University-industry interaction; Motivations; Valencian Community |
| JEL: | O32 |
| Date: | 2011–09–19 |
| URL: | http://d.repec.org/n?u=RePEc:ing:wpaper:201107&r=ent |
| By: | KOBAYASHI Yohei |
| Abstract: | Although numerous studies have evaluated the effect of tax credits on R&D, many have neglected the problem of selection bias. Furthermore, empirical studies have found that Japan's total factor productivity (TFP) growth has slowed since the 1990s, and Kim et al. (2010) have attributed this slowdown partly to low R&D expenditures among small and medium-sized enterprises (SME). Evidence suggests that enhancing R&D among small firms is essential for Japan's economic growth. This paper estimates the effect of R&D tax credits for SMEs using firm-level micro data from "The 2009 Basic Survey of Small and Medium Enterprises." We use the propensity score method introduced by Rubin (1974), in which recipients of tax credits are matched with the most similar non-recipients. Empirical results show that R&D tax credits induce an increase in SMEs' R&D expenditures. Moreover, we find that the effect of R&D tax credits on liquidity-constrained firms is much greater than on firms without liquidity constraints. |
| Date: | 2011–09 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:11066&r=ent |
| By: | Olczyk, Magdalena |
| Abstract: | The aim of the study is to analyze the actual demand of SMEs from the Baltic Sea region for innovation support. The results of the conducted study can help formulate recommendations designed to increase innovation and competitiveness of SMEs in the Baltic Sea Region in the future. Research activities of this study include: the evaluation of innovation level of the Baltic Sea Region enterprises (type and intensity of implemented innovation changes, innovation climate, barriers in innovation implementation in enterprises), the study of SMEs cooperation with scientific subjects, R&D sphere; and the identification of the needs of enterprises to do with the increase of their innovation capacities (demand for training, consulting, cooperation with universities and R&D sphere, or cooperation in a cluster). |
| Keywords: | innovation; SME; Baltic region |
| JEL: | O31 D01 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:33657&r=ent |
| By: | Massenot, Baptiste; Straub, Stéphane |
| Abstract: | A standard view holds that removing barriers to entry and improving judicial enforcement would reduce informality and boost investment and growth. We show, however, that this conclusion may not hold in countries with a concentrated bank- ing sector or with low financial openness. When the formal sector becomes larger in those countries, more entrepreneurs become creditworthy and the higher pres- sure in the credit market increases the interest rate. This reduces future capital accumulation. We show some empirical evidence consistent with these predictions. |
| Date: | 2011–09 |
| URL: | http://d.repec.org/n?u=RePEc:ide:wpaper:24945&r=ent |
| By: | Stan Metcalfe; Ian Steedman |
| Keywords: | Length 42 pages |
| Date: | 2011–07–15 |
| URL: | http://d.repec.org/n?u=RePEc:esi:evopap:2011-14&r=ent |
| By: | Kaiser, Ulrich (University of Zurich); Kuhn, Johan Moritz (CEBR, Copenhagen) |
| Abstract: | Subsidized research joint ventures (RJVs) between public research institutions and industry have become increasingly popular in Europe and the US. We study the long-run effects of such a support scheme that has been maintained by the Danish government since 1995. To cope with identification problems we apply nearest neighbor caliper matching and conditional difference-in-difference estimation methods. Our main findings are that (i) program participation effects are instant for annual patent applications and last for three years, (ii) employment effects materialize first after one year and (iii) there are no statistically significant effects on value added or labor productivity. We further show that these overall results are primarily driven by firms that were patent active prior to joining the RJV and that there are no statistically significant effect for large firms. Both types of firms are disproportionally represented in the support program we study. |
| Keywords: | public-private partnership, research joint venture, research and development, research subsidies |
| JEL: | O31 O38 |
| Date: | 2011–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp5986&r=ent |