size composition of firms changes, how innovation patterns (patents) change, as well as locational decisions of firms (NJ … observation, and that the growth advantage of small pharma firms increases after the 1980's as the process of innovation becomes … more guided and scale intensive and as small firm innovation becomes more persistent. Furthermore, at the end of the 1970's …

characterized by higher IR due to how innovation activity affects the uncertainty of expected future profits. While the industry …