Can Institutional Change Impact High-technology Firm Growth?: Evidence from Germany’s Neuer Markt
AbstractTo facilitate the transformation of the German economy from the traditional manufacturing industries towards emerging new technologies, a new segment of the Frankfurt exchange was introduced in 1997 - Der Neue Markt. This study provides evidence that not only did many new firms obtain funding from the Neuer Markt, but that for the first time in recent history, Germany succeeded in enabling smaller firms to grow faster than larger firms. This suggests that the new policies were not only successful in promoting a new type of firm that otherwise might not exist, but in transforming the sources of growth and innovation within the German economy.
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Bibliographic InfoArticle provided by Springer in its journal Journal of Productivity Analysis.
Volume (Year): 25 (2006)
Issue (Month): 1 (04)
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Web page: http://www.springerlink.com/link.asp?id=100296
Entrepreneurship; Germany; Growth; Innovation; Institutions; O3; O4; L25;
Other versions of this item:
- David B. Audretsch & Julie Ann Elston, 2004. "Can Institutional Change Impact High-Technology Firm Growth?: Evidence from Germany's Neuer Markt," Papers on Entrepreneurship, Growth and Public Policy 2004-25, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group.
- O3 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights
- O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
- L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Bürgel, Oliver & Fier, Andreas & Licht, Georg & Murray, Gordon, 2000. "Internationalisation of high-tech start-ups and fast growth-evidence for UK and Germany," ZEW Discussion Papers 00-35, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
- Oleg Badunenko, 2010. "Downsizing in the German chemical manufacturing industry during the 1990s. Why is small beautiful?," Small Business Economics, Springer, vol. 34(4), pages 413-431, May.
- John Sell, 2006. "The Neuer Markt is Dead. Long Live the Neuer Markt!," International Advances in Economic Research, Springer, vol. 12(2), pages 191-202, May.
- Oleg Badunenko, 2007. "Downsizing in German Chemical Manufacturing Industry during the 1990s: Why Small Is Beautiful?," Discussion Papers of DIW Berlin 722, DIW Berlin, German Institute for Economic Research.
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