Innovation and the determinants of company survival

被引：118

作者：

Buddelmeyer, Hielke ^{[1
,2
]}

Jensen, Paul H. ^{[1
,3
]}

Webster, Elizabeth ^{[1
,3
]}

机构：

[1] Univ Melbourne, Melbourne Inst Appl Econ & Social Res, Parkville, Vic 3010, Australia

[2] IZA Bonn, Bonn, Germany

[3] Univ Melbourne, Intellectual Property Res Inst Australia, Parkville, Vic 3010, Australia

来源：

OXFORD ECONOMIC PAPERS-NEW SERIES | 2010年 / 62卷 / 02期

基金：

澳大利亚研究理事会;

关键词：

RESEARCH-AND-DEVELOPMENT; FIRM SURVIVAL; MARKET VALUE; INDUSTRY; ENTRY; EXIT; PERFORMANCE; EVOLUTION; INDICATORS; SELECTION;

D O I：

10.1093/oep/gpp012

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Although many companies compete through the development of new technologies and products, it is well known that innovation is inherently risky and therefore may increase the ex ante likelihood of both exceptional company performance and bankruptcy. However, existing empirical studies consistently find a positive relationship between innovative activity and company survival. We argue that this conclusion may be a result of a simple selection effect caused by the degree of uncertainty embodied in the innovation proxies used. Using a panel of almost 300,000 Australian companies, we estimate a piecewise-constant exponential hazard rate model to examine the relationship between innovation and company survival. As expected, we find that the degree of uncertainty embodied in different innovation proxies does shape the pattern of company survival.

引用

页码：261 / 285

页数：25

共 53 条

[41] The making of an oligopoly: Firm survival and technological change in the evolution of the US tire industry [J].