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  • 1. Acs, Zoltan
    et al.
    Braunerhjelm, Pontus
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    The Entrepreneruship-Philanthropy Nexus: Implication for internationalization2005Report (Other academic)
    Abstract [en]

    This paper examines how Sweden and the United States have been impacted by philanthropicactivities, commercialization of university-based knowledge and internationalentrepreneurship. The analysis comprises a detailed case study of Swedish and U.S.universities, as well as a statistical analysis of the impact of philanthropy on economicgrowth. The results show that the United States has prompted a university system based oncompetition and variety, with an emphasis on philanthropy, promoting knowledge creation.International entrepreneurship has been an important mechanism by which this knowledge isglobalized leading to increased economic growth. Conversely, Swedish universities werecharacterized by less commercialized R&D and weak links to the commercial sector, rootedtraditionally in dependence on tax-financed and homogenous university structure. TheSwedish model has begun to change with important implications for development in smallerdomestic markets. The analysis has important implications for knowledge creation as asource of economic growth through international entrepreneurship taking advantage ofglobalization, especially for smaller countries.

  • 2.
    Andersson, Martin
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Baltzopoulos, Apostolos
    Lööf, Hans
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    R & D strategies and entrepreneurial spawning2012In: Research Policy, ISSN 0048-7333, E-ISSN 1873-7625, Vol. 41, no 1, p. 54-68Article in journal (Refereed)
    Abstract [en]

    This paper analyzes how different R&D strategies of incumbent firms affect the quantity and quality of their entrepreneurial spawning. When examining entrepreneurial ventures of ex-employees of firms with different R&D strategies, three things emerge: First, firms with persistent R&D investments and a general superiority in sales, exports, productivity, profitability and wages are less likely to generate entrepreneurs than firms with temporary or no R&D investments. Second, start-ups from knowledge intensive business service (KIBS) firms with persistent R&D investments have a significantly increased probability of survival. No corresponding association between the R&D strategies of incumbents and survival of entrepreneurial spawns is found for incumbents in manufacturing sectors. Third, spin-outs from KIBS-firms are more likely to survive if they start in the same sector, indicating the importance of inherited knowledge. These findings suggest that R&D intensive firms are less likely to generate employee start-ups, but their entrepreneurial spawns tend to be of higher quality.

  • 3. Andersson, Martin
    et al.
    Johansson, B.
    Karlsson, Charlie
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Entrepreneurship and innovation. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Lööf, Hans
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Entrepreneurship and innovation. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Introduction2013In: Innovation and Growth: From R&D Strategies of Innovating Firms to Economy-wide Technological Change, Oxford University Press , 2013Chapter in book (Other academic)
  • 4.
    Andersson, Martin
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Johansson, Börje
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics (Closed (20130101). KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Heterogeneous Distributions of Firms Sustained by Innovation Dynamics-A Model with Empirical Illustrations and Analysis2012In: Journal of Industry, Competition and Trade, ISSN 1566-1679, E-ISSN 1573-7012, Vol. 12, no 2, p. 239-263Article in journal (Refereed)
    Abstract [en]

    This paper develops a framework of innovation dynamics to appreciate observed heterogeneity of firm size distributions, in which dynamics refer to exit and entry of product varieties and variety markets of individual firms. The analysis is based on a model of variety-triplets where every such triplet in the economy is identified by a unique combination of a variety, destination and firm. New variety triplets are introduced by innovating firms in a quasi-temporal setting of monopolistic competition. Ideas for variety-triplets arrive to firms according to a firm-specific and state dependent Poisson process, whereas variety triplets exit according to a destination-specific Poisson process. The empirical analysis employs a detailed firm-level data base which provides information about all variety triplets. Firm size is measured by a firm's number of variety triplets. The empirical results are compatible with the model predictions of (i) a persistent distribution of firm sizes, (ii) frequent events of exit and entry, and (iii) state dependent entry, where a state may be given by each firm's composition of triplets and/or other firm attributes.

  • 5.
    Andersson, Martin
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Transport and Economics (closed 20110301). KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Johansson, Börje
    KTH, School of Architecture and the Built Environment (ABE), Transport and Economics (closed 20110301). KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Innovation Ideas and Regional Characteristics: product innovations and export entrepreneurship by firms in Swedish regions2008In: Growth and Change, ISSN 0017-4815, E-ISSN 1468-2257, Vol. 39, no 2, p. 193-224Article in journal (Refereed)
    Abstract [en]

    This paper focuses upon the ways in which characteristics of regions in regards to knowledge sources, communication opportunities, and absorptive capacity influence the development of innovation ideas among existing and potential entrepreneurs. We formulate a model where entrepreneurs or innovating firms introduce new products in a quasi-temporal setting. Market conditions are characterised by monopolistic competition between varieties belonging to the same product group, in which there is entry and exit of varieties. A stochastic process is assumed to generate new innovation ideas as time goes by, and a firm (entrepreneur) who receives such an idea has to transform the idea to an innovation, which in the model is specified as a particular variety combined with a specific destination market. The theoretical model is used as a reference when formulating two regression models, with which we estimate how a set of regional characteristics are associated with the likelihood of innovation ideas across Swedish local labour market regions. In one model, we examine the emergence of new export varieties, and in the second model, we investigate the appearance of new export firms. Results are consistent with the assumption that knowledge and information flows have a positive influence on the frequency of arrival of innovation ideas to firms.

  • 6. Andersson, Martin
    et al.
    Johansson, Börje
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.). Jönköping International Business School (JIBS), Sweden .
    Karlsson, Charlie
    KTH. Jönköping International Business School (JIBS), Sweden .
    Lööf, Hans
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.). KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Reflections2013In: Innovation and Growth: From R&D Strategies of Innovating Firms to Economy-wide Technological Change, Oxford University Press, 2013Chapter in book (Refereed)
  • 7.
    Andersson, Martin
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Lööf, Hans
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics (Closed (20130101). KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Small business innovation: firm level evidence from Sweden2012In: Journal of Technology Transfer, ISSN 0892-9912, E-ISSN 1573-7047, Vol. 37, no 5, p. 732-754Article in journal (Refereed)
    Abstract [en]

    This paper examines innovation among very small firms and provides new insights into both internal and external determinants of patenting. Applying a non-linear panel data approach to about 160,000 observations on manufacturing firms in Sweden for the period 2000-2006, the following facts emerge: (i) in contrast to larger firms, innovation in micro firms with 1-10 employees is not sensitive to variation in internal financial resources, (ii) skilled labour is even more important for innovation among micro firms compared to other firms, (iii) affiliation to a domestically owned multinational enterprise group increases the innovation capacity of small businesses, (iv) small firms' innovation is closely linked to participation in international trade and exports to the G7-countries, and (v) there is no statistically significant evidence that proximity to metropolitan areas, or presence in a specialized cluster, increases the innovativeness of the smallest firm.

  • 8. Backman, Mikaela
    et al.
    Palmberg, Johanna
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Contextualizing small family firms: How does the urban-rural context affect firm employment growth?2015In: The Journal of Family Business Strategy, ISSN 1877-8585, E-ISSN 1877-8593, Vol. 6, no 4, p. 247-258Article in journal (Refereed)
    Abstract [en]

    This paper studies the effects of family governance and ownership on firm employment growth, extending existing knowledge by including in the analysis the regional context in which firms are located. We create a regional taxonomy to capture the urban-rural dimension and combine this with the corporate governance structure of the firm. Our results show that, being a family firm per se does not influence employment growth. However, when corporate governance structure and regional context are combined, the urban-rural context influences family firm and nonfamily firm employment growth differently, with family firms exhibiting greater employment growth, compared with nonfamily firms, in rural areas.

  • 9.
    Baltzopoulos, Apostolos
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.).
    Broström, Anders
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.). KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Attractors of Entrepreneurial Activity: Universities, Regions and Alumni Entrepreneurs2013In: Regional studies, ISSN 0034-3404, E-ISSN 1360-0591, Vol. 47, no 6, p. 934-949Article in journal (Refereed)
    Abstract [en]

    Baltzopoulos A. and Brostrom A. Attractors of entrepreneurial activity: universities, regions and alumni entrepreneurs, Regional Studies. This paper investigates how universities may affect regional entrepreneurship through the localization decisions of entrepreneurial alumni. Empirically, a comprehensive, individual-level data set from Sweden for the period 2003-2005 is employed. The results suggest that even when controlling for their spatial history, individuals have an increased propensity to set up in the region where they studied. This effect is found to substitute for both urbanization economies and localization economies as drivers of regional-level entrepreneurship. Thus, the present analysis provides evidence on how universities affect regional economic development that complements the strong focus on spin-off activities by university researchers in previous studies.

  • 10.
    Basir, Nada
    et al.
    Schulich School of Business, York University, Canada.
    Beyhaghi, Mehdi
    College of Business, University of Texas at San Antonio, USA.
    Mohammadi, Ali
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Entrepreneurship and innovation. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    The Fate of Patents: An Exploratory Analysis of Patents as Signals of Reputational Advantage2013Report (Refereed)
    Abstract [en]

    Drawing on the reputation literature and signaling theory, this article builds on work that looks at patents as reputation signals.We build a multi-industry database of patents that expire due to lack of maintenance fee payments and test for a relationship between these patents and the firm’s IPO date.We find a significant and positive relationship between the likelihood of patents expiring due to lack of maintenance fee payments and the time to IPO. We also find that patents associated with firms which are not venture capital backed,are more likely to expire. Our findings suggest that patents that are used for signaling intentions are more likely to be underutilized.Implications for research and policy are discussed.

  • 11.
    Beyhaghi, Mehdi
    et al.
    The U. of Texas at San Antonio .
    Mahmoodi, Babak
    Mohammadi, Ali
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Entrepreneurship and innovation. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Adverse Selection and Search Frictions in Corporate Loan Contracts2014Conference paper (Refereed)
    Abstract [en]

    We provide empirical evidence of both (1) price dispersion and (2) credit rationing in the corporate loan market. We argue that these properties are caused by two factors: an adverse selection resulting from the information asymmetry between lenders and borrowers, and search frictions in matching borrowers with lenders. We develop a model of loan markets in which lenders post an array of heterogeneous contracts, then borrowers tradeoff terms of loan contracts and matching probability between themselves. We show that a unique separating equilibrium exists where each type of borrower applies to a certain type of contract.

  • 12.
    Bjerke, Lina
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. Jönköping International Business School, Jönköping, Sweden.
    Karlsson, C.
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Metropolitan regions and export renewal2013In: Advances in Spatial Science, Springer International Publishing , 2013, p. 235-260Conference paper (Refereed)
    Abstract [en]

    Metropolitan regions are advantageous location for new export products due to factors such as external economies, diversified industry environment and a large share of skilled labour. This is the main assumption of this paper. What happens to these products when the technology becomes common knowledge? Using empirical data on exports, we find that products with a high specialisation in the metropolitan region have a tendency to be successful in the non-metropolitan regions subsequent years. Also, this export product diffusion does not seem to be related to a location in the immediate proximity to the metropolitan region. Instead, the recipient regions are mainly characterised as being centrally located in its labour market region, having a high share of highly educated individuals. Features related product standardisation such as a large manufacturing sector and low labour costs cannot be distinguished as prominent features.

  • 13. Bornhäll, A.
    et al.
    Johansson, D.
    Palmberg, Johanna
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. Swedish Entrepreneurship Forum, Stockholm, Sweden.
    The capital constraint paradox in micro and small family and nonfamily firms2016In: Journal of Entrepreneurship and Public Policy, ISSN 2045-2101, E-ISSN 2045-211X, Vol. 5, no 1, p. 38-62Article in journal (Refereed)
    Abstract [en]

    Purpose – The purpose of this paper is to investigate the importance of the entrepreneur’s quest for independence and control over the firm for governance and financing strategies with a special focus on family firms and how they differ from nonfamily firms. Design/methodology/approach – The analysis is based on 1,000 telephone interviews with Swedish micro and small firms. The survey data are matched with firm-level data from the Bureau van Dijks database ORBIS. Findings – The analysis shows that independence is a prime motive for enterprises, statistically significantly more so for family owners. Family owners are more prone to use either their own savings or loans from family and are more reluctant to resort to external equity capital. Our results indicate a potential “capital constraint paradox”; there might be an abundance of external capital while firm growth is simultaneously constrained by a lack of internal funds. Research limitations/implications – The main limitation is that the study is based on cross-section data. Future studies could thus be based on longitudinal data. Practical implications – The authors argue that policy makers must recognize independence and control aversion as strong norms that guide entrepreneurial action and that micro- and small-firm growth would profit more from lower personal and corporate income taxes compared to policy schemes intended to increase the supply of external capital. Originality/value – The paper offers new insights regarding the value of independence and how it affects strategic decisions within the firm.

  • 14.
    Braunerhjelm, Pontus
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Academic Entrepreneurship: Social norms, university culture and policies2007Report (Other academic)
    Abstract [en]

    Is a shift in intellectual property rights to universities the key instrument in increasing com-mercialization of publicly funded research? How much can actually be learned from the U.S. system, disregarding the ongoing debate as to whether the U.S. do actually outperform Europe in terms of commercializing university based research? Taking Sweden as a role model I claim that this policy will not work. This allegation stems from the analysis of a unique data-base giving individual university researchers view on participation in commercialization of public research, their commercialization experiences, and the obstacles researchers claim exist to increase academic entrepreneurship. Despite researchers positive attitudes towards engag-ing in commercial activities, the university culture, weak incentive structures and badly man-aged support facilities impede the creation of efficient links to markets. I conclude that meas-ures must be taken at primarily the national level, but also at the university level, to enhance commercialization activities.

  • 15.
    Braunerhjelm, Pontus
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Entrepreneurship, Innovation and Economic Growth - past experience, current knowledge and policy implications2010Report (Other academic)
    Abstract [en]

    Considerable advances, even breakthroughs, have been made during the last decades in our understanding of the relationship between knowledge and growth on one hand, and entrepreneurship and growth on the other. Similarly, more profound insights have also been gained as to how entrepreneurship, innovation and knowledge are interrelated. Yet, a comprehensive understanding is still lacking concerning the interface of all of those variables: knowledge, innovation, entrepreneurship and growth. The link between the micro-economic origin of growth and the macro-economic outcome is still too rudimentary modeled to grasp the full width of these complex and intersecting forces. The main objective of this paper is hence to shed light on recent advances in our understanding of the forces that underpin the creation of knowledge, its diffusion and commercialization through innovation, and the role of the entrepreneur in the growth process. The policy implications of recent research findings conclude this survey. Particularly important policy implications refer to the design of regulation influencing knowledge production, ownership, entry barriers, labor mobility and (inefficient) financial markets. They all have implication for the efficient diffusion of knowledge through entry. Knowledge creation has to be matched by incentives that induce mechanisms to convert knowledge into societal and useful needs.

  • 16.
    Braunerhjelm, Pontus
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Entrepreneurship, Knowledge and Economic Growth2007Report (Other academic)
    Abstract [en]

    Knowledge plays a critical role in economic development, still our understanding of how knowledge is created, diffused and converted into growth, is fragmented and partial. The neoclassical growth models disregarded the entrepreneur and viewed knowledge as an exogenous factor. Contemporary current knowledge-based growth models have re-introduced the notion of the entrepreneur, however stripped of its most typical characteristics, and the diffusion of knowledge is kept exogenous. It implies that the predictions and policy conclusions derived from these models may be flawed. This paper reviews the literature that addresses the issues of knowledge creation, knowledge diffusion and growth, and the role attributed the entrepreneur in such dynamic processes. I will explore how these insights can be integrated into existing growth models and suggest a more thorough microeconomic foundations from which empirically testable hypotheses can be derived.

  • 17.
    Braunerhjelm, Pontus
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Madonna and the Music MiracleThe genesis and evolution of a globally competitive cluster2005Report (Other academic)
    Abstract [en]

    The issue addressed in this paper concerns the emergence and dynamics of a regional cluster inthe music industry. Whereas mainstream economic geography models explain agglomeration ofexisting economic activities, an evolutionary approach is necessary to understand the emergenceof genuinely new clusters. Based on an empirical analysis of the major Swedish music cluster, itis shown how cognitive features, the institutional and organizational framework, as well aseconomic incentives, were interlinked in the process of cluster emergence. A multitude of forcesthus coincided in time and space to support the emerging music cluster. A latent knowledge base,language skill and path-dependence all played a significant role. It is also shown how mobile anddensely located agents, displaying a high degree of connectivity, together with external impulsesthrough immigrants, contributed to the dynamics and re-vitalization of the Stockholm musiccluster.

  • 18.
    Braunerhjelm, Pontus
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    REGIONAL SPECIALIZATION AND UNIVERSITIES: THENEW VERSUS THE OLD2006Report (Other academic)
    Abstract [en]

    This paper analyzes the impact universities have on regional development and as to whether adifference can be detected between the influence of the old and new universities. To achievethis end a unique dataset on the researchers’ view regarding the universities role in commercialization,distinguishing between new universities (established around 1970) and old universities(established in the 15th and 17th century), is initially utilized. In the subsequent stagespatially disaggregated data is implemented in a two-step Heckman regression analysis to examinewhether a relationship exists between the universities research specialization and regionalproduction specialization 1975 to 1999. The results reveal that there are considerabledifferences across universities, albeit primarily unrelated to the age of the universities. Finally,the impact of universities on regional productivity in knowledge-based industries is examined.

  • 19.
    Braunerhjelm, Pontus
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Specialization of Regions and Universities The New Versus the Old2007Report (Other academic)
    Abstract [en]

    This paper analyzes whether there is a correspondence between a university’s research spe-cialization and industrial specialization in the region hosting the university, and to what extent universities influences regional productivity. Moreover, the analysis seeks to answer if a dif-ference can be detected between the influences of old and new universities on regional per-formance. To achieve this end we utilize a unique dataset on spatially disaggregated data for Sweden in the period 1975-1999. A two-step Heckman regression analysis is implemented to examine whether the universities research specialization match regional specialization in pro-duction as compared to the average region. The results suggest a correspondence in speciali-zation, as well as positive productivity effects. However, there are also considerable differ-ences across regions, albeit primarily unrelated to the age of the universities.

  • 20.
    Braunerhjelm, Pontus
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Acs, Zoltan
    Audretsch, David
    Carlsson, Bo
    The Knowledge Spillover Theory of Entrepreneurship2006Report (Other academic)
    Abstract [en]

    Contemporary theories of entrepreneurship generally focus on the recognition of opportunities and the decision to exploit them. While the prevailing view in the entrepreneurship literature is that opportunities are exogenous, the most prevalent theory of economic growth suggests that opportunities are endogenous. This paper bridges the gap between the entrepreneurship and economic growth literatures by developing a knowledge spillover theory of entrepreneurship. Knowledge created endogenously results in knowledge spillovers that give rise to opportunities to be identified and exploited by entrepreneurs.

  • 21.
    Braunerhjelm, Pontus
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Andersson, Martin
    Thulin, Per
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Creative Destruction and Productivity: Entrepreneurship by type, sector and sequence2011Report (Other academic)
    Abstract [en]

    Schumpeter claimed the entrepreneur to be instrumental for creative destruction and industrial dynamics. Entrepreneurial entry serves to transform and revitalize industries, thereby enhancing their competiveness. This paper investigates if entry of new firms influences productivity amongst incumbent firms, and the extent to which altered productivity can be attributed sector and time specific effects. Implementing a unique dataset we estimate a firm-level production function in which the productivity of incumbent firms is modeled as a function of firm attributes and regional entrepreneurship activity. The analysis finds support for positive productivity effects of entrepreneurship on incumbent firms, albeit the effect varies over time, what we refer to as a delayed entry effect. An immediate negative influence on productivity is followed by a positive effect several years after the initial entry. Moreover, the productivity of incumbent firms in services sectors appears to be more responsive to regional entrepreneurship, as compared to the productivity of manufacturing firms.

  • 22.
    Braunerhjelm, Pontus
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Baltzopoulos, Apostolos
    Tikoudis, Ioannis
    Spin-off: Individual, Firm, Industry and Regional Determinants2012Report (Other academic)
    Abstract [en]

    The extent and importance of spin-offs for industrial dynamics have been analysed in a number of previous studies, yet knowledge is surprisingly scarce about the determinants that trigger such entrepreneurial ventures. In the current analysis we use unique and detailed Swedish data to comprehensively explore how individual, firm, regional, and industry variables influence spin-offs during 1999-2005. In addition to the expected general positive impact of regional size and entrepreneurial culture, we find specific features for knowledge intensive manufacturing and service production on the propensity of employees to spin off a new venture. Moreover, we use an entropy measure to disentangle unrelated and related variety, and find that the former has a significantly negative impact while the latter a significantly positive effect on the propensity of the individual to start a spin-off.

  • 23.
    Braunerhjelm, Pontus
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics (Closed (20130101).
    Birkinshaw, Julian
    Holm, Ulf
    Terjesen, Siri
    WHY DO SOME MULTINATIONAL CORPORATIONS RELOCATE THEIR HEADQUARTERS OVERSEAS?2006Report (Other academic)
    Abstract [en]

    This paper examines the decision by a multinational corporation (MNC) to relocate itsbusiness unit and/or corporate HQ overseas. We argue that business unit HQs move overseasin response to changes in the internal configuration of their unit’s activities and the demandsof the product markets in which they operate, whereas corporate HQs move overseas isresponse to the demands of external stakeholders, in particular global financial markets andshareholders. Using data on 125 business unit HQs and 35 corporate HQs, we test and findsupport for these arguments. The research highlights important differences betweencorporate- and business-level strategy, and it suggests ways in which the theory of the MNCneeds to be reconsidered.

  • 24.
    Braunerhjelm, Pontus
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Borgman, Benny
    Agglomeration, Diversity and Regional Growth: The effects of poly-industrial versus mono-industrial agglomerations2006Report (Other academic)
    Abstract [en]

    The objective of this paper is to empirically examine the importance of the structure of agglomeration on productivity and growth. To accomplish this we will include the degree of co-agglomeration of similar industries as an explanatory variable in the empirical analysis, while simultaneously controlling for the degree of industry-specific agglomeration. To the best of our knowledge, the impact of co-agglomerated industries on productivity has not previously been investigated. The empirical analysis confirms a positive statistical relationship between interdependent and co-located industries on labour productivity.

  • 25.
    Braunerhjelm, Pontus
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Borgman, Benny
    Entrepreneurship and Local Growth: A comparison of the U.S. and Sweden2007Report (Other academic)
    Abstract [en]

    The U.S. is traditionally viewed as an economy driven by entrepreneurs, whereas the Swedish model is associated with high welfare ambitions and less focus on entrepreneurial activities. This paper seeks to empirically investigate whether the connection between entrepreneurship and growth at the regional level differs between the U.S. and Sweden. By regressing annual entrepreneurship on regional employment growth (and controlling for other conceivable variables impacting employment growth) entrepreneurship is shown to be positively and significantly associated with regional growth in both countries in the 1990s. Still, the result is more robust for the U.S. Other important variables for regional growth is business density and, in the case of the U.S., educational levels and internal scale economies.

  • 26.
    Braunerhjelm, Pontus
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Carlsson, Bo
    Acs, Zoltan
    Audretsch, David
    THE KNOWLEDGE FILTER, ENTREPRENEURSHIP, AND ECONOMIC GROWTH2007Report (Other academic)
    Abstract [en]

    This paper explores the relationship between knowledge creation, entrepreneurship, and economic growth in the United States over the last 150 years. According to the “new growth theory,” investments in knowledge and human capital generate economic growth via spillovers of knowledge. But the theory does not explain how or why spillovers occur, or why large investments in R&D do not always result in economic growth. What is missing is “the knowledge filter” - the distinction between general knowledge and economically useful knowledge. Also missing is a mechanism (such as entrepreneurship) converting economically relevant knowledge into economic activity. This paper shows that the unprecedented increase in R&D spending in the United States during and after World War II was converted into economic activity via incumbent firms in the early postwar period and increasingly via new ventures in the last few decades.

  • 27.
    Braunerhjelm, Pontus
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Entrepreneurship and innovation.
    Ding, Ding
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Entrepreneurship and innovation.
    Thulin, Per
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Entrepreneurship and innovation.
    Does Labour Mobility Foster Innovation?: Evidence from Sweden2015Conference paper (Other academic)
    Abstract [en]

    By utilising a Swedish unique, matched employer-employee dataset that has been pooled with firm-level patent application data, we provide new evidence that knowledge workers’ mobility has a positive and strongly significant impact on firm innovation output, as measured by firm patent applications. The effect is particularly strong for knowledge workers that have previously worked in a patenting firm (the learning-by-hiring effect), but firms losing a knowledge worker are also shown to benefit (the diaspora effect), albeit more weakly. Finally, the effect is more pronounced when the joining worker originates in another region.

  • 28.
    Braunerhjelm, Pontus
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Halldin, Torbjörn
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Per, Heum
    Kalvet, Tarmo
    Pajarinen, Mika
    Pedersen, Torben
    Ylä-Anttila, Pekka
    Large firm dynamics on the Nordic-Baltic scene: Implications for innovation and growth2010Report (Other academic)
    Abstract [en]

    This paper investigates the role of the 30 largest firms in the respective Nordic country and in Estonia over the last decade and for some variables between 1975 to 2006. The analysis confirms that the largest firms play a critically important role for industrial dynamics in the Nordic countries. Statistics are presented with regard to e.g. ownership, the distribution of employment between home country and foreign units, internationalization, R&D, the share of overall employment and value-added, and the dynamics over time. Both firms in the manufacturing and the service sectors are included. Even though large firms differ in terms of size and industry distribution, they do still play a dominant in all Nordic countries, albeit somewhat diminished over the investigated time period. From a policy point of view it seems of vital concern for the Nordic countries to retain their increasingly foot-loose and globally oriented large firms.

  • 29.
    Braunerhjelm, Pontus
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Parker, Simon C
    Josh Lerner: recipient of the 2010 Global Award for Entrepreneurship Research2010Report (Other academic)
    Abstract [en]

    This article describes the academic contributions of the 2010 recipient of the Global Award for Entrepreneurship Research, Professor Josh Lerner of the Harvard Business School. Lerner’s empirical research on the inter-relationship between venture capital, innovation and entrepreneurship has greatly extended and improved our understanding of one of the major drivers of growth in modern economies. The first part of this article explains Lerner’s contributions as regards the structure and organization of the venture capital industry. Later, his most important publications on entrepreneurship, innovation and intellectual property rights are surveyed. Several aspects of Lerner’s policy-oriented work are then outlined, before the article closes with a brief conclusion.

  • 30.
    Braunerhjelm, Pontus
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Svensson, Roger
    The Inventor’s Role: Was Schumpeter Right?2006Report (Other academic)
    Abstract [en]

    According to Schumpeter, the creative process of economic development can be divided into three distinguishable stages of invention, innovation (commercialization) and imitation. We show why there is a rationale for the Schumpeterian entrepreneur to also include the inventor in the innovation process. In addition, we provide a framework where the theories of Knight’s risk defining entrepreneur and Schumpeter’s innovative entrepreneur can be bridged. Merging the two enhances the possibilities of successful commercialization since the inventor may further adapt the innovation to customer needs, transmit information and reduce uncertainty. This serves to expand the market opportunities for the entrepreneur. The empirical analysis is based on a survey covering Swedish patents granted to individuals and small firms, with a response rate of 80 %. The results show improved commercialization performance when the patent is licensed or sold to an entrepreneur, or if the inventor is employed in an entrepreneurial firm, as compared to commercialization in the inventor’s own firm. Another important result is that, irrespective of commercialization mode, an active involvement of the inventor is shown to have a positive impact on performance.

  • 31.
    Braunerhjelm, Pontus
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Thulin, Per
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Can Countries Create Comparative Advantages?: R&D-expenditures, high-tech exports and country size in19 OECD-countries, 1981–19992006Report (Other academic)
    Abstract [en]

    This paper analyses how increased R&D expenditures and market size influencethe distribution of comparative advantage. Previous studies report ambiguousresults and also refer to periods when markets where much more segmented andproduction factors less mobile. The empirical analysis comprise 19 OECDcountriesand spans the period 1981 to 1999. It is shown how an increase inR&D-expenditures by one percentage point implies a three-percentage pointincrease in high-technology exports, whereas market size fails to attainsignificance. Also institutional factors influence the dynamics of comparativeadvantage.

  • 32.
    Braunerhjelm, Pontus
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Thulin, Per
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    The trade-off between agglomeration force: Evidence from firm-level location data 1974-19982005Report (Other academic)
    Abstract [en]

    The theoretical prediction of a trade-off between production costs and agglomeration economiesadvanced in recent “new economic” geography models has – despite its important policyimplications – not been exposed to empirical testing. Based on a standard model where labormobility is assumed to differ between two regions - the “European Union” (EU) and the “world”- the empirical analysis shows that a ten percent increase in relative wages decreases entry byMNCs by approximately nine percent in EU, but only by three percent in the “world.” Or, putdifferently, a ten percent increase in relative wages in EU requires an increase by 26 percent inagglomeration to keep production levels unaltered. To our knowledge, this is the first attempt toempirically estimate this trade-off.

  • 33.
    Braunerhjelm, Pontus
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Thulin, Per
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Oxelheim, Lars
    The Relationship Between Domestic and Outward ForeignInvestment Revisited: The Impact of Industry-Specific Effects2005Report (Other academic)
    Abstract [en]

    The ambiguity reported in previous research as regards the effect of foreign direct investment(FDI) on domestic investments is shown to be related to how industries are organized. Basedon a simple model including monitoring and trade costs, we argue that a complementaryrelationship should prevail in vertically integrated industries, whereas a substitutionaryrelationship can be expected in horizontally organized production. Applying iterative SURtechnique,the empirical analysis confirms a significant difference between the two categoriesof industries. To our knowledge, this is the first attempt to reconcile the inconclusivenessreported in previous empirical analyses.

  • 34.
    Broström, Anders
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Dimensionering av svensk forskarutbildning2012Report (Other (popular science, discussion, etc.))
  • 35.
    Broström, Anders
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    FIRMS’ RATIONALES FOR INTERACTION WITH RESEARCHUNIVERSITIES: the principles for public co-funding2008Report (Other academic)
    Abstract [en]

    R&D managers at 50 firms randomly selected from all firms who have formal relations withtwo research universities in Stockholm are being interviewed about their rationales forcollaboration. Drawing on this material, a distinctive typology of rationales and the therewithassociated effects from cooperative relations is presented. As expected, rationales related toinnovation, in terms of invented or improved products or processes, are found to be themain drivers for interaction. As regards the nature of the innovation process leading toinnovation, most respondents indicate that “indirect” relationships between collaborationoutcomes and successful innovation dominate over “direct” appropriation of results.Contrasting open ended search rationales with pursuit of defined objectives, we find thatboth types are strongly represented among the studied collaborative linkages. We also findthat interaction rationales often go beyond the pursuit of innovation per se; firms also workwith university researchers to access academic networks, to develop its human capital and torealise direct business opportunities. The consequences of these findings for policy measuressteered towards the strengthening of collaborative university-industry linkages are discussed.

  • 36.
    Broström, Anders
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Forskning för det 21:a århundradet: Slutrapport från Agenda för forskning2012Report (Other (popular science, discussion, etc.))
  • 37.
    Broström, Anders
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Entrepreneurship and innovation. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Från forskare till företagare: en lönsam karriärväxling?2013In: Institutioner och incitament för innovation: entreprenöriella vägval för svensk tillväxt / [ed] Pontus Braunerhjelm, Stockholm: Entreprenörskapsforum , 2013, p. 73-82Chapter in book (Other (popular science, discussion, etc.))
  • 38.
    Broström, Anders
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    How can we study innovation systems?: Introducing an actor-centralised perspective2008Report (Other academic)
    Abstract [en]

    The systems of innovation approach has helped advocating a view on innovation as dependent onthe interaction over time between different actors and brought the role of institutions to the centerof interest. However, the approach has remained a general framework rather than evolved into ananalytical tool for the study of the dynamics of innovation activities. In this discussion paper, weintroduce the concept of innovation system services, defined as the set of factors that have asignificant potential influence on the opportunities of a certain groups of actors to perform a certaintype of activities efficiently. We suggest that the relevant innovation system for the actors-activitiesnexus at hand can be defined as this set of system services. We examine this analytical framework ina case study on R&D investments of multinational enterprises in Sweden. In this context, innovationsystem services are defined as the set of external factors that the case study suggests to havesignificant impact on the decisions of MNEs to invest in R&D in Sweden. The focus on servicesallows us to analyse the influence of an innovation system on the long-term development of R&D inSweden in a structured and coherent manner and to identify critical dynamics.

  • 39.
    Broström, Anders
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Entrepreneurship and innovation. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Interaction with science: In what sense a case of learning by doing?2014In: Science and Public Policy, ISSN 0302-3427, E-ISSN 1471-5430, Vol. 41, no 2, p. 141-150Article in journal (Refereed)
    Abstract [en]

    Since the contribution of Cohen et al. (Management Science, 2002, 48: 1-23), it is well established that linkages between engineering firms and public research organisations serve to both suggest new R&D projects and comple existing projects. However, the literature has little to say about whether these two types of outcomes are linked or independent effects. Drawing on theories of organisational learning and empirical analysis of data on Swedish engineering firms, this paper establishes that the occurrence of useful impulses to further R& D is inherently linked to the achievement of objectives related to a firm's ongoing R& D projects. This connection is, however, mediated by the character of the project objective. Compared to linkages where objectives of exploration and exploitation are balanced, the connection between serendipitous learning and the achievement of established R& D objectives is stronger when these objectives are oriented towards exploration and weaker when objectives are oriented towards exploitation.

  • 40.
    Broström, Anders
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Learning by doing in science linkages2011Report (Other academic)
    Abstract [en]

    Since the contribution of Cohen et al. (2002), it is well established that linkages between firms and public research organisations (PROs) serve purposes of both suggesting new R&D projects and completing existing projects. However, the extant literature has little to say about whether these two types of outcomes are linked or independent effects. This paper examines how a firm‟s ability to absorb useful impulses to new R&D projects from interaction with public research organisations depends on how and how well the firm is able to utilise such linkages in project completion. An analysis of Swedish firms suggests that interaction provides impulses to further R&D primarily when it is successfully linked to achieving objectives in ongoing R&D projects of the firm. However, linkages which are focused on contributions to short-term projects are less likely to generate useful impulses. Moreover, not only are linkages which support both long-term and short-term objectives better than linkages which solely serve short-term objectives; firm-PRO linkages in which short-term objectives play a less accented role are most likely to facilitate valuable impulses to further R&D and innovation.

  • 41.
    Broström, Anders
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    Svenska forskarutbildade fem år efter disputation2012Report (Other (popular science, discussion, etc.))
  • 42.
    Broström, Anders
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Baltzopoulos, Apostolos
    Attractors of talent: Universities, regions, and alumni entrepreneurs2010Report (Other academic)
    Abstract [en]

    This paper investigates how universities may affect regional entrepreneurship through the localisation decisions of entrepreneurial alumni. Empirically a comprehensive, individual-level dataset from Sweden for the period 2003-2005 is employed. The results suggest that even when controlling for their spatial history, individuals have an increased propensity to set up in the region where they studied. This effect is found to substitute for both urbanisation economies and localisation economies as drivers of regional-level entrepreneurship. Thus, the present analysis provides evidence on how universities affect regional economic development that complements the strong focus on spin-off activities by university researchers in previous studies.

  • 43.
    Broström, Anders
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Entrepreneurship and innovation. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Lougui, Monica
    Johansson, Fredrik
    Mergers and acquisitions in the coming-to-age phase of the Swedish ICT services industry2015In: Small and beautiful: The ICT success of Finland and Sweden / [ed] E. Giertz, A. Rickne & P. Rouvinen, VINNOVA , 2015, p. 147-155Chapter in book (Other (popular science, discussion, etc.))
    Abstract [en]

    Industrial consolidation through mergers and acquisitions has been important for development of the IT sector. M&As constituted a force of creative destruction parallel to the mechanism of exit through bankruptcy. Drawing on new empiricalevidence, we argue that M&As also provided new impulses and opportunities for entrepreneurship and stimulated between-firm job mobility of key persons in the sector. We conclude that the intensive M&A-activity of the period contributed to renewal and growth of the ICT software and services industry at large, but did not lead to the creation of new Swedish-based multinationals in the sector.

  • 44.
    Broström, Anders
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Lööf, Hans
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    How Does University Collaboration Contribute to Successful R&D Management?: An examination of the Swedish setting2008Report (Other academic)
    Abstract [en]

    The issue of through what processes R&D collaboration with universities affects a firms’innovation performance remains under-researched. In particular, university relationships have notbeen fully integrated in the open innovation framework. This study explores the relationshipbetween firms’ collaboration with universities and their capabilities for innovation, as perceivedby R&D managers. Drawing on a series of interviews with R&D managers at 45 randomlyselected firms collaborating with two research universities in Sweden, we explicitly recognisemechanisms through which university relationships contribute to successful R&D management.

  • 45.
    Broström, Anders
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Lööf, Hans
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics.
    What do we know about Firms’ Research Collaborationwith Universities?: New Quantitative and Qualitative Evidence2006Report (Other academic)
    Abstract [en]

    This chapter provides an integrated view of knowledge transfer between university and industryby combining two different approaches. First, we report results from an econometric analysis,where recent matching techniques are used on a dataset of 2,071 Swedish firms. Our findingsfrom this analysis strongly suggest that university collaboration has a positive influence on theinnovative activity of large manufacturing firms. In contrast, there appears to be an insignificantassociation between university collaboration and the average service firm’s innovation output.Second, in the pursuit of credible explanations for these findings, we apply a semi-structuredinterview methodology on 39 randomly selected firms collaborating with two researchuniversities in Stockholm, Sweden. We identify three ideas for how collaboration may help firmsbecome more innovative in the literature of innovation studies. In analysis of the interviews, wefind very weak support for the first idea; that firms are able to exploit and market innovationsoriginating in the university. The second idea – that firms improve their internal innovativecapability by collaboration – is found to apply to about half of the investigated firms. Innovationefficiency gains in the form of reduced cost and risk for innovation projects, which is a third ideasuggested by the literature, are also suggested to be a major factor behind firms’ benefits. Finally,we offer tentative explanations for the lack of measurable effects of collaboration for servicefirms.

  • 46.
    Broström, Anders
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Entrepreneurship and innovation. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    McKelvey, Maureen
    Universities and Public Research Institutes as Collaboration Partners2015In: Innovation and Entrepreneurship in the Global Economy: Knowledge, Technology and Internationalization / [ed] Karlsson, C., Gråsjö, U., Wixe, S., Edward Elgar Publishing, 2015, p. 44-64Chapter in book (Refereed)
    Abstract [en]

    We examine how firms assess the value of R & D partnerships with two types of public research organizations: public research institutes (PRIs) and universities. Survey data on Swedish engineering and manufacturing firms suggest that contacts with universities provide firms with impulses to innovation and offer opportunities to learn to a higher extent that contacts with PRIs. Guided by a view of institutes as more oriented towards applied R & D than universities, we also test whether managers perceive institute contacts as contributing more strongly to short-term R & D projects than universities. This hypothesis cannot, however, be verified. Our results suggest that, in terms of perceived effects of R & D managers, PRIs and universities are more similar as collaboration partners than would be expected, given the differing institutional set-ups. Implications for current discussions about the role of PRIs in national research and innovation systems are discussed.

  • 47. Brown, James
    et al.
    Martinsson, Gustav
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Entrepreneurship and innovation. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Petersen, Bruce
    Do financing constraints matter for R&D?2012In: European Economic Review, ISSN 0014-2921, E-ISSN 1873-572X, Vol. 56, no 8, p. 1512-1529Article in journal (Refereed)
    Abstract [en]

    Information problems and lack of collateral value should make R&D more susceptible to financing frictions than other investments, yet existing evidence on whether financing constraints limit R&D is decidedly mixed, particularly in the studies of non-U.S. firms. We study a large sample of European firms and also find little evidence of binding finance constraints when we estimate standard investment-cash flow regressions. However, we find strong evidence that the availability of finance matters for R&D once we directly control for: (i) firm efforts to smooth R&D with cash reserves and (ii) firm use of external equity finance. Our study provides a framework for evaluating financing constraints when firms rely extensively on external finance and endogenously manage buffer stocks of liquidity to keep investment smooth, and our findings show that controlling for this smoothing behavior is critical for uncovering the full effect of financing constraints. Our findings also indicate a major role for external equity in financing R&D, highlighting a causal channel through which stock market development and liberalization can promote economic growth by increasing firm-level innovative activity.

  • 48. Brown, James R.
    et al.
    Martinsson, Gustav
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. Swedish Institute for Financial Research.
    Petersen, Bruce C.
    Law, Stock Markets, and Innovation2013In: Journal of Finance, ISSN 0022-1082, E-ISSN 1540-6261, Vol. 68, no 4, p. 1517-1549Article in journal (Refereed)
    Abstract [en]

    We study a broad sample of firms across 32 countries and find that strong shareholder protections and better access to stock market financing lead to substantially higher long-run rates of R&D investment, particularly in small firms, but are unimportant for fixed capital investment. Credit market development has a modest impact on fixed investment but no impact on R&D. These findings connect law and stock markets with innovative activities key to economic growth, and show that legal rules and financial developments affecting the availability of external equity financing are particularly important for risky, intangible investments not easily financed with debt.

  • 49. Chen, Taotao
    et al.
    Kokko, Ari
    Gustavsson Tingvall, Patrik
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    FDI and spillovers in China: non-linearity and absorptive capacity2011In: Journal of Chinese Economic and Business Studies, ISSN 1476-5284, E-ISSN 1476-5292, Vol. 9, no 1, p. 1-22Article in journal (Refereed)
    Abstract [en]

    Using a fixed effect variance decomposition model we estimate SURmodels to analyse FDI spillovers from contagion and spillovers fromcompetition on local firms in China. While the former type of spillovermainly depends on the degree of foreign presence, the latter kind is relatedto how foreign and local firms interact. The main conclusion is that FDIhas been beneficial for the Chinese economy but that spillovers are notevenly distributed across firms and industries. Spillovers from contagiontend to exhibit an inverse U-shaped pattern with respect to the degree offoreign presence at the industry level, whereas spillovers from competitionare more linear. Industries with high absorptive capacity and/or highefficiency are the ones best equipped to take advantage of spillovers fromforeign-owned firms.

  • 50. Colombo, Massimo
    et al.
    Cumming, Douglas
    Mohammadi, Ali
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.). KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Rossi Lamastra, Cristina
    Anu, Wadhwa
    Open Business Model and Venture Capital Finance2016In: Industrial and Corporate Change, ISSN 0960-6491, E-ISSN 1464-3650, Vol. 25, no 2, p. 353-370Article in journal (Refereed)
    Abstract [en]

    We investigate the differences in venture capital (VC) governance of investee firms with Open Business Models, specifically Open Source Software (OSS), versus closed business models. Due to OSS's pronounced complexity and uncertainty, we conjecture that VC-backed OSS firms are more frequently staged and syndicated. We present robust empirical evidence from the United States that OSS ventures have more financing rounds and are more likely to be syndicated, and mixed evidence that OSS ventures have a larger number of syndicated investors.

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