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��ࡱ�>�� uw����t��������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� �r�{ebjbjqq2fee�? ���������������������8\v�akl���������j�j�j�j�j�j�j$�l�oo:�j9�������j����4k�>�����j��j�����pǿ������j1k0ak�o�f�on/�o�tht��������j�j�"���ak�������������������������������������������������������������������������o���������� �: research policy volume 41, issue 5, june 2012 1. title: going, going, gone. exit forms and the innovative capabilities of firms authors: elena cefis; orietta marsili abstract: although innovation is essential to build a competitive advantage and survive in the long run, some firms choose to exit, through mergers and acquisitions (m&as), or radically change their business portfolio and identity. this paper examines how innovative capabilities influence the decision of a firm to exit, among business closure, m&a, and radical restructuring. using an analysis of a large and rich panel of dutch manufacturing firms, we find that product and process innovation are equally important to lower the probability to close down activities, and this effect is stronger when product and process innovations are pursed in combination. we also find that process innovation reduces the probability of exit by radical restructuring, while product innovation, when not supported by process innovation, especially increases the probability of exit by m&as. our findings suggest that exit strategies are intimately bound to the nature and synergies of innovative efforts. 2. title: new product introduction and product tenure: what effects on firm growth? authors: marco cucculelli; barbara ermini abstract: this study contributes to the recent empirical literature on the innovation�firm performance relationship by investigating the effect of product introduction on firm growth in a sample of italian firms from 2000 to 2006. we adopted a novel approach that exploits the interpretative content of the tenure of the last product introduced (i.e., the number of years since its first introduction) as an additional variable into the explanatory scheme of firm sales growth rate. this variable aims to capture peculiar characteristics of new goods, such as their novelty and complexity. the estimated results confirmed the relevance of this model specification and helps in understanding the reason why previous studies have failed to find a statistically robust relationship between product innovation and growth. moreover, we found the following: first, the release of a new product enhances growth opportunity among multiproduct firms; second, product development promotes the growth of firms belonging to sectors with stronger commitment to research and development; and third, new product development enhances firm growth substantially in those sectors that absorb externally originated patents. 3. title: managing open incremental process innovation: absorptive capacity and distributed learning authors: paul l. robertson; g.l. casali; david jacobson abstract: in this conceptual article, we extend earlier work on open innovation and absorptive capacity. we suggest that the literature on absorptive capacity does not place sufficient emphasis on distributed knowledge and learning or on the application of innovative knowledge. to accomplish physical transformations, organisations need specific innovative capacities that extend beyond knowledge management. accessive capacity is the ability to collect, sort and analyse knowledge from both internal and external sources. adaptive capacity is needed to ensure that new pieces of equipment are suitable for the organisation's own purposes even though they may have been originally developed for other uses. integrative capacity makes it possible for a new or modified piece of equipment to be fitted into an existing production process with a minimum of inessential and expensive adjustment elsewhere in the process. these innovative capacities are controlled and coordinated by innovative management capacity, a higher-order dynamic capability. 4. title: the effects of economic status and recent experience on innovative behavior under environmental variability: an experimental approach authors: frank j. van rijnsoever; marius t.h. meeus; a. rogier t. donders abstract: we build and empirically test a model that predicts the display of innovative behavior as a function of environmental change, with recent experience and economic status acting as moderators. we start with the model developed by slevin (1971), which evolved from the so-called innovation boundary. this is the threshold beyond which the display of innovative behavior becomes attractive. we show how environmental change creates uncertainty about the position of the innovation boundary; however, this uncertainty is reduced by recent experiences. furthermore, economic status serves as both an enhancer and an inhibitor of innovation. our model was tested and largely confirmed in two experiments: one conducted in a laboratory setting and one conducted as a discrete choice experiment. currently experiments are rarely conducted in the field of innovation studies. by presenting this evidence we also hope to encourage more authors to conduct experiments in their work. 5. title: the effects of global knowledge reservoirs on the productivity of multinational enterprises: the role of international depth and breadth authors: mario i. kafouros; peter j. buckley; jeremy clegg abstract: this study rests upon the premise that differences in the productivity performance of multinational enterprises (mnes) stem from variations in their ability to access and combine globally distributed knowledge reservoirs within one organization. its contribution lies in demonstrating that this important source of variation is determined by (a) the idiosyncratic manner in which the mne's network of subsidiaries is structured, (b) the international breadth and depth of this network and (c) its location choices in the global landscape. we find that when multinationals spread their operations across many geographical markets, they benefit from knowledge externalities more than when they concentrate their activities in few countries. we further show that the ability to exploit spatially distant knowledge depends not only on idiosyncrasies specific to the mne, but also on exogenous forces associated with international variations in appropriability regimes and industry-specific technological opportunities. as our study considers how the subsidiaries of the mne collectively influence the productivity of the entire group, it captures complementarities and synergies within the group, and deepens understanding of how mne-specific and location bound factors jointly shape performance outcomes. 6. title: on the drivers of eco-innovations: empirical evidence from the uk authors: effie kesidou; pelin demirel abstract: the environmental economics literature emphasises the key role that environmental regulations play in stimulating eco-innovations. innovation literature, on the other hand, underlines other important determinants of eco-innovations, mainly the supply-side factors such as firms� organisational capabilities and demand-side mechanisms, such as customer requirements and societal requirements on corporate social responsibility (csr). this paper brings together the views of these different disciplines and provides empirical insights on the drivers of eco-innovations based on a novel dataset of 1566 uk firms that responded to the government survey of environmental protection expenditure by industry in 2006. by applying the heckman selection model, our findings indicate that demand factors affect the decision of the firm to undertake eco-innovations whilst these factors exhibit no impact upon the level of investments in eco-innovations. hence, we suggest that firms initiate eco-innovations in order to satisfy the minimum customer and societal requirements, yet, increased investments in eco-innovations are stimulated by other factors such as cost savings, firms� organisational capabilities, and stricter regulations. based on a quantile regression analysis, the paper offers interesting insights for policy makers, by showing that the stringency of environmental regulations affects eco-innovations of the less innovative firms differently from those of the more innovative firms. 7. title: dominance in the prototyping phase�the case of hydrogen passenger cars authors: sjoerd bakker; harro van lente; marius t.h. meeus abstract: the notion of dominant designs refers to dominance in the market, hence the literature on dominant designs ignores the selection process that already takes place in pre-market r&d stages of technological innovation. in this paper we address the question to what extent pre-market selection takes place within an industry and how this may lead to dominance of one design over others before the market comes into play. furthermore we study what selection criteria apply in the absence of actual market criteria. we do so through a historical analysis of design paths for hydrogen passenger cars. we argue that prototypes are used by firms in their internal search process towards new designs and at the same time as means of communicating technological expectations to competitors and outsiders. in both senses, prototypes can be taken as indicators of design paths in the ongoing search process of an industry. we analyzed the designs of prototypes of hydrogen passenger cars from the 1970s till 2008. a database is compiled of 224 prototypes of hydrogen passenger cars, listing the car's manufacturer, year of construction, hydrogen conversion technology, fuel cell type, and capacity of its hydrogen storage system. the analysis shows to what extent one design gained dominance and which strategies were adopted by the firms in their search processes. we conclude that indeed a dominant prototyping design has emerged: the fuel cell combined with high pressure gaseous storage. actual and expected performance acted as selection criterion, but so did regulation and strategic behaviour of the firms. especially imitation dynamics, with industry leaders and followers, is a major explanatory factor. our main theoretical claim is that the selection of a dominant prototyping design is based on an interaction of sets of expectations about future performance of technological components and regulatory pressure that results in herding behaviour of the firms. 8. title: institutional entrepreneurship in constructing alternative paths: a comparison of biotech hybrids authors: lori divito abstract: this paper investigates how firms adapt their innovation strategies to cope with constraints in national institutional environments. it is a comparative case study of dutch and british dedicated biotechnology firms focusing on a particular type of strategy, the hybrid model. patterns of skill accumulation and learning present in the dutch hybrids are indications of how they use institutional advantages to focus on low-risk innovation and build deeper competences while also pursuing high-risk innovation strategies. the dutch hybrid model offers insight into how firms comply with the dominant logic of the biotechnology field even when their institutional frameworks encourage the pursuit of low-risk innovation strategies. 9. title: how venture capitalists spur invention in spain: evidence from patent trajectories authors: pere arqu�-castells abstract: venture capitalists (vcs) fund the development of promising inventions to turn them into marketable innovations. during this development stage portfolio firms are likely to garner even more inventions at least until the product is fully developed. once the product is fully developed the focus shifts from development to sales so the number of generated inventions should decrease. this behavior implies that vcs are likely to spur invention according to an inverted u-shape over time. we empirically examine whether patent trajectories are consistent with this hypothesized inverted u-shape using a self-collected dataset containing 233 vc-backed firms and a large set of controls operating in spain. we find that firms� patenting activity increases after vc investments. this increase is substantially more pronounced the first two years following vc investments, i.e., patent trajectories follow an inverted u-shape over time. our more demanding specifications suggest that the sharp increase in patenting right after vcs� investments is caused by a positive treatment effect over and beyond any likely selection effect. moreover, we defend that the increase in patenting is not just due to the fact that vcs give money so that firms can patent pre-vc inventions, but also to the fact that vcs fund the development of inventions. 10. title: long-run effects of public�private research joint ventures: the case of the danish innovation consortia support scheme authors: ulrich kaiser; johan m. kuhn 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 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 effects for large firms. the insignificant results we document for large firms coupled with the fact that these type of firms are over-represented in many support programs, including the one considered here, leads us to suggest a rethinking of support policies that often aim at large firms. 11. title: higher growth through the blue ocean strategy: implications for economic policy authors: jaka lindi ; mojca bavda~; helena kova i  abstract: higher growth is a key goal of companies, governments, and societies. economic policies often attempt to attain this goal by targeting companies of certain sizes that operate in specific industries and focus on a specific business activity. this approach to policy making has considerable shortcomings and seems to be less than fully effective in increasing economic growth. we suggest a new approach to policy making that stems directly from the entrepreneurial perspective. this approach examines a successful business strategy framework � the blue ocean strategy � to discover conditions for high growth. we test the propositions on empirical data for two cases of successful high-growth business, namely slovenian gazelles and amazon.com. the results reveal a gap between the macro level of economic policy making to achieve higher growth and the micro level of business growth. the findings call for a change in the focus of economic policies on specific size companies, industries, and business activities to intraindustry cooperation, collaboration between companies of different sizes, value innovation, and creation of uncontested markets. 12. title: development of university life-science programs and university�industry joint research in japan authors: masatoshi kato; hiroyuki odagiri abstract: how are new university educational programs established in response to expanding sciences and how do they promote university�industry (ui) joint research? to study these questions in relation to life sciences and biotechnology, we first compiled the data on the establishment of new undergraduate and graduate programs on these fields in japanese universities since the 1950s. we then analyzed statistically whether and how such establishment contributed to the occurrence and frequency of ui joint research in biotechnology. we found that the expansion of such university programs in fact contributed to the promotion of ui joint research. w!"$( -./1:�������ʹʹʹ���}pbtdb9thicy5�ojqj^jhvi�hu<�5�ojqj^jo(h�o�h�o�5�ojqj^jh�"�hu<�5�ojqj^jh�ud5�ojqj^jo(h�"�h�"�o(&h�"�h�"�5�cjojqj^jajo( h@_5�cjojqj^jajo(h 2e5�cjojqj^jaj h/�5�cjojqj^jajo(#h�"�h�"�5�cjojqj^jaj h.7�5�cjojqj^jajo(#h.7�h.7�5�cjojqj^jaj./0��� � �  ��!ypqk !������������������������gd�psgd)w�gd$?�gdgt�gdto�gd�sxgd�l$gd%j,gd�o�gdu<�gd�"�$a$gd�"�������� � � � � � � 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