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on Small Business Management |
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Issue of 2013‒10‒25
eight papers chosen by Joao Carlos Correia Leitao Universidade da Beira Interior and Universidade de Lisboa |
| By: | Leandro D’Aurizio, (Bank of Italy); Marco Marinucci (Bank of Italy) |
| Abstract: | The paper describes the innovation strategies of a representative sample of Italian firms participating to the Bank of Italy’s yearly survey. The evidence covers the 2008-2010 period and highlights some stylized facts widely discussed in the economic literature. Results show that the activity of R&D is carried out within the firm, basically self-financed and it is more intense among bigger firms settled in central and northern Italy. On the other hand Public funding of R&D seems not able to influence the firms’ decision of undertaking the innovation process. Even though R&D expenditure and innovation activity are highly correlated, managerial best practices tend to be positively associated with R&D expenditure but to a lesser extent with the firms’ ability to introduce an innovation. Moreover, exporting firms have a higher propensity both to invest in R&D and to patent their intellectual property. Finally, the survey shows that the most relevant obstacles for Italian firms to innovate are the high setup costs and the lack of skilled research personnel. |
| Keywords: | research and development, innovation |
| JEL: | O31 O32 L25 |
| Date: | 2013–09 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_197_13&r=sbm |
| By: | Dornbusch, Friedrich; Neuhäusler, Peter |
| Abstract: | It is generally claimed that universities provide the scientific basis for future technological progress. Still, empirical evidence of the impact of direct links between universities and firms remains weak and is often at least inconsistent. This paper aims at contributing to the literature by analyzing how direct academic involvement affects the output of inventive activities of research teams in different organizational backgrounds. By applying a unique dataset of German academic and corporate patents, we find that boundary-spanning knowledge production with academic inventors raises the innovative performance of SMEs and MNEs. Furthermore, geographical proximity between team members is generally shown to be valuable for team performance in terms of the influence on future technological developments. At the same time, the results indicate that academic involvement helps inventor teams to profit from spatially distant knowledge sources. -- |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:fisidp:37&r=sbm |
| By: | Charles HARVIE (School of Economics, Facutly of Commerce, University of Wollongong); Dionisius NARJOKO (Economic Research Institute for ASEAN and East Asia (ERIA)); Sothea OUM (Economic Research Institute for ASEAN and East Asia (ERIA)) |
| Abstract: | This paper sheds light on the issue of SME financing in selected Asian economies using a unique sample survey. It elaborates on (i) the key sources of external finance for SMEs (ii) the extent to which, if at all, the SME sector as identified by firm size, country and in aggregate for a sample of countries in Asia is systematically disadvantaged, or rationed, with respect to access to external financing, (iii) the key factors contributing to the extent of this rationing, focusing upon firm characteristics, owner characteristics and firm performance, and (iv) the importance of financial rationing for SME performance. Our empirical results confirm the salient characteristics of successful SMEs with regard to accessing external funding, their ability to access multiple financial institutions and types of finance, and identifying potential credit rationing or risk premiums imposed by financial institutions on SMEs. The results also reveal how risk premiums affect the innovation capability and exporting activity of SMEs. |
| Keywords: | small and medium enterprises (SMEs), external financing, rationing, firm characteristics, Asia. |
| JEL: | G32 L22 |
| Date: | 2013–10 |
| URL: | http://d.repec.org/n?u=RePEc:era:wpaper:dp-2013-23&r=sbm |
| By: | Frietsch, Rainer; Neuhäusler, Peter; Rothengatter, Oliver |
| Abstract: | Empirical evidence shows that the distribution of patent applications is highly skewed in terms of company size, with a few large enterprises being responsible for the majority of patent applications. Small and medium-sized enterprises (SMEs), on the other hand, are important players in national innovation systems and are the subject of policy sup-port in many countries. Thus, this study examines the participation rate of SMEs in patenting activities in more detail, differentiating SME patent filings by country and technology area. The analyses are based on a unique, integrated and enriched patent data set of nearly 1.2 million patent applications, built upon PATSTAT data, separating companies into SMEs and large enterprises. The results of descriptive and multivariate analyses reveal that SMEs file fewer interna-tional patents than multinational enterprises (MNEs). However, those SMEs which are active internationally even outperform their larger counterparts in terms of international-ization. It can further be observed that SMEs are more active in emerging technologies, have smaller inventor teams and smaller family sizes on average. Furthermore, patents filed by SMEs are withdrawn more frequently but refused less often. Patents of large firms, on the other hand, have a higher chance of being granted and are cited more frequently. -- |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:fisidp:36&r=sbm |
| By: | Ernest Miguélez (Economics and Statistics Division, World Intellectual Property Organization & AQR-IREA & CReAM); Rosina Moreno (Faculty of Economics, University of Barcelona) |
| Abstract: | The purpose of this paper is to assess the extent to which regions’ absorptive capacity determines knowledge flows’ impact on regional innovation intensity. In particular, it looks at the role of the cross-regional co-patenting and mobility of inventors in fostering innovation, and how regions with large absorptive capacity make the most of these two phenomena. The paper uses a panel of 274 regions over 8 years to estimate a regional knowledge production function with fixed-effects. Network and mobility variables, and interactions with regions’ absorptive capacity, are included among the r.h.s. variables to test the hypotheses. We find evidence of the role of both mobility and networks. However, inflows of inventors are critical for wealthier regions, while have more nuanced effects for less developed areas. It also shows that regions’ absorptive capacity critically adds an innovation premium to the benefits to tap into external knowledge pools. Indeed, the present study corroborates earlier work on the role of mobility and networks for spatial knowledge diffusion and subsequent innovation. However, it clearly illustrates that a certain level of technological development is critical to take advantage of these phenomena, and therefore “one-size-fits-all” innovation policies need to be reconsidered. |
| Keywords: | absorptive capacity, inventor mobility, spatial networks, patents, regional innovation. JEL classification: |
| Date: | 2013–10 |
| URL: | http://d.repec.org/n?u=RePEc:aqr:wpaper:201308&r=sbm |
| By: | Houssam Bouzgarrou (CREM - Centre de Recherche en Economie et Management - CNRS : UMR6211 - Université de Rennes 1 - Université de Caen Basse-Normandie); Patrick Navatte (CREM - Centre de Recherche en Economie et Management - CNRS : UMR6211 - Université de Rennes 1 - Université de Caen Basse-Normandie) |
| Abstract: | This paper investigates the impact of family control on French acquirers' performance.We consider a sample of 239 acquisitions undertaken by French listed companies between January 1997 and December 2006. Comparing both, short-termand long-termperformance,we find that family-controlled firms outperformnon-family firms. We find that the relationship depends on the control level. The higher operating performance of family firms is statistically significant for an intermediate level of control. Around the announcement date, family firms with a high level of control outperform non-family firms. Using the calendar time approach, we find that long-term stock performance of family firms is positive and statistically significant. Robustness tests showthat our findings seem to not be driven by the endogeneity problem. Finally, we find that family wedge, due to the use of the pyramidal structure and the double voting rules, has no statistical significant effect. |
| Keywords: | Acquisitions ; family firms ; agency theory ; stock performance ; operating performance |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-00801736&r=sbm |
| By: | Hasnas, Irina; Lambertini, Luca; Palestini, Arsen |
| Abstract: | In recent years Open Innovation (OI) processes have been receiving growing attention from the empirical and theoretical economic literature, where a debate is taking place on the aspects of complementarity or substitutability between internal R&D and OI spillover. By means of a differential game approach, we analyze the case of substitutability in an OI setup in a Cournot duopoly where knowledge spillovers are endogenously determined via the R&D process. The game produces multiple steady states, allowing for an asymmetric solution where a firm may trade off the R&D investment against information absorption from the rival. The technical analysis and the numerical simulations point out that the firm which commits to a higher level of OI absorption produces a smaller output and enjoys higher profits than its rival. -- |
| Keywords: | R&D,spillovers,dynamic games |
| JEL: | C73 L13 O31 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:dicedp:111&r=sbm |
| By: | Simão Arouca (Nova School of Business and Economics. Office for Strategy and Studies (GEE), Portuguese Ministry of Economy and Employment.) |
| Abstract: | The uneven spatial distribution of start-ups observed for Portugal from 2003 to 2009 suggests that local attributes, among which the quality of municipal institutions and their respective governance, impact the entrepreneurial process. Through the usage of a fixed effects negative binomial model, this thesis examines the role of municipalities in stimulating firm births, finding both the development of business-related infrastructures and the signals stemming from sound financial management to be the most relevant determinants. While some significance, although conditional, can be assigned to fast-paced licensing and EU structural funding, political right-left preferences appear to exert a negligible influence. |
| Keywords: | Firm Formation; Municipalities; Institutions. |
| JEL: | M13 R32 |
| Date: | 2013–10 |
| URL: | http://d.repec.org/n?u=RePEc:mde:wpaper:0050&r=sbm |