Analyzing a cross-country panel of 16 OECD countries from 2002 to 2005, we find that higher unemployment benefits crowd out nascent entrepreneurial activity. Our results hold regardless of entrepreneurial motivation (necessity or opportunity) and entrepreneurial type (imitative or innovative)

The Bayh-Dole Act attempts to utilize the incentives of the patent system to persuade companies to develop inventions arising from government-funded research, allowing recipients of government funding to patent their inventions and then sell or license those patents as they see fit. The Act has,...

This paper revisits the quot;what causes innovation - market pull or technology push?quot; debate to argue that the conceptualisation is flawed and that the firm is the only quot;agentquot; capable of innovative action. The paper differentiates between quot;usequot;, quot;needquot; and...

In this paper we examine the cross-sectional determinants of idiosyncratic volatility of biotech IPO firms. We extend current research in two directions. First, we test whether CEO stock options impact on idiosyncratic volatility. Second, we test new hypotheses that relate some easily...

Il lavoro descrive le strategie di ricerca e sviluppo (R&S) delle imprese italiane, usando i dati dell'indagine annuale sulle imprese (Invind) condotta dalla Banca d'Italia. I risultati, relativi al periodo 2008-2010, fanno emergere per le imprese italiane una serie di fatti stilizzati della...

Managers and management scholars have traditionally embraced the premise that sustainable competitive advantage must be developed by firms to achieve and perpetuate competitive superiority. The validity of the notion that competitive advantages are sustainable began to be questioned toward the...

In this study, we assess the causal impact of stakeholder orientation on innovation. To obtain exogenous variation in stakeholder orientation, we exploit the enactment of state-level constituency statutes, which allow directors to consider stakeholders' interests when making business decisions....

We extend theories of the firm to the entrepreneurial finance setting and argue that R&D-focused start-up firms will have a greater likelihood of financing themselves with equity rather than debt. We argue that mechanisms that reduce information asymmetry, including owner work experience and...

This paper considers the role of the allocation of scientific credit in determining the organization of science. We examine changes in that organization and the nature of credit allocation in the past half century. Our contribution is a formal model of that organizational choice that considers...

The purpose of this paper is to provide additional research on the market valuation of R&D in Europe, and also to shed light on some firm and country characteristics which sensibly modulate the effect of R&D on firms' value. The analysis is performed using a panel regression approach with fixed...