Pre-entry knowledge base complexity and post-entry growth: evidence from Italian firms

被引:0
作者
Guerzoni, Marco [1 ,2 ]
Nuccio, Massimiliano [3 ]
Tamagni, Federico [4 ]
机构
[1] Univ Milano Bicocca, Dept Econ Management & Stat, Piazza Ateneo Nuovo 1, I-20126 Milan, Italy
[2] Univ Strasbourg, Bur Econ Theor & Appliquee BETA, 61 Ave Foret Noire, F-67085 Strasbourg, France
[3] Univ Venice CaFoscari, Dept Management, Dorsoduro 3246, I-30123 Venice, Italy
[4] Scuola Super Sant Anna, Inst Econ, Piazza Martiri Liberta 33, I-56127 Pisa, Italy
关键词
SCALING BEHAVIOR; MARKET SELECTION; ENTREPRENEURSHIP; SURVIVAL; GAZELLES; US; DIVERSIFICATION; TECHNOLOGY; STRATEGIES; EXPERIENCE;
D O I
10.1093/icc/dtad037
中图分类号
F [经济];
学科分类号
02 ;
摘要
Knowledge is largely recognized as a key driver of survival and growth of new entrants. Previous literature on the role of pre-entry knowledge in post-entry performance has focused on entrepreneurial and managerial capabilities and education and on knowledge incorporated in material and immaterial resources. In this paper, taking to the firm level the intuition behind the notion of economic and technological complexity of countries, we hypothesize that post-entry performance of new firms may be explained by their knowledge base complexity, which captures the reinforcing mechanism between variety and creation of new valuable knowledge. We provide a measure of firm-level complexity derived from the analysis of textual content of patents and exploit it to examine the empirical relation between pre-entry complexity of knowledge and post-entry growth in a sample of Italian firms entering the market in 2009-2011. Baseline results show a significant and positive association between knowledge complexity and post-entry growth, even after controlling for firm characteristics and year, sector, and region fixed effects. Robustness analysis reveals that this positive effect is more significant over the medium run than in the initial years after entry, while relatively weaker for the so-called Innovative Small and Medium-Sized Enterprises.
引用
收藏
页码:126 / 151
页数:26
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