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Private equity buyouts have become a common element in the industrial development process. I survey the literature on the real economic effect of buyouts: employment, wages, productivity, and long-run investments. Employment tend to marginally fall after a buyout in most countries studied, with...
Persistent link: https://www.econbiz.de/10008548989
This paper analyzes the effect of an increase in patent scope on R&D and innovation. It presents a model where patent … duplication of R&D. The model predicts that an increase in patent scope can increase the probability of innovation if the … incumbent’s profit increase from innovation is large and the patented technology has a small advantage over the alternative …
Persistent link: https://www.econbiz.de/10005207060
entrepreneurial effort, entrepre-neurial innovation and capital investment. Because of these constraints, the entrepreneurial project …
Persistent link: https://www.econbiz.de/10005082489
In this paper entrepreneurs are defined as agents who bring about economic change by combining their own effort with other factors of production in search of economic rents. The institutional setup is argued to determine both the supply and direction of entrepreneurial activity. Four key...
Persistent link: https://www.econbiz.de/10005645286
Recent research has highlighted the role of institutions in channeling entrepreneurs into activities with positive or negative effects on overall productivity. Embedding central elements from these theories into a political economy framework reveals the bilateral causal relation between...
Persistent link: https://www.econbiz.de/10005645300
In this introductory chapter to a collective volume dealing with the political economy of entrepreneurship,* we argue, based on a suggested unifying framework, that political economy is a fruitful approach to entrepreneurship. The importance of institutions in structuring such an analysis is...
Persistent link: https://www.econbiz.de/10005645310
widely recognized that the supply of entrepreneurial talent is likely to be important for economic growth, innovation and job …
Persistent link: https://www.econbiz.de/10005645334
High-growth firms (HGFs) are critical for net job creation and economic growth. We analyze HGFs using the theory of competence blocs, linking firm growth to property rights and the interaction of complementary expertise. Specifically, we discuss how the institutional framework affects the...
Persistent link: https://www.econbiz.de/10005645380
The starting point of this paper is that the exit of venture-backed firms often takes place through sales to large incumbent firms. We show that in such an environment, venture-backed firms have a stronger incentive to develop basic innovations into commercialized innovations than incumbent...
Persistent link: https://www.econbiz.de/10005645429
We outline a politico-economic growth system centered around the entrepreneur. By defining entrepreneurs in relation to economic rents we are able to develop a more general theory comprising central aspects of research within the fields of entrepreneurship/small business, public choice and new...
Persistent link: https://www.econbiz.de/10005645430