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Innovation and new business formation: the role of innovative large firms

Author

Listed:
  • Pu Liu

    (University of Arkansas)

  • Yingying Shao

    (Towson University)

Abstract

The present study uses patent data for US public firms from 1986 through 2018 to investigate the impact of large corporate sector innovation activities on new business creation at the county level. Consistent with the knowledge spillover theory of entrepreneurship, the results show that large firms’ inventive activities exhibit a positive relationship with new business formation in the local manufacturing sector, and the positive effect is significant to small startup firms. Further tests reveal that when inventing firms are financially constrained, the positive effect of their innovations on local new business formation becomes more pronounced. This study suggests that financial constraints of large corporates have positive externalities to the real economy, highlighting the importance of financial capital resources to the regional entrepreneurship process.

Suggested Citation

  • Pu Liu & Yingying Shao, 2022. "Innovation and new business formation: the role of innovative large firms," Small Business Economics, Springer, vol. 59(2), pages 691-720, August.
    • Handle: RePEc:kap:sbusec:v:59:y:2022:i:2:d:10.1007_s11187-022-00603-y
    DOI: 10.1007/s11187-022-00603-y
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    Cited by:

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    2. Fei Zhou & Xue Li & Chunjia Han & Lan Zhang & Brij B. Gupta, 2023. "Unpacking the effect of institutional support on international corporate entrepreneurship in entrepreneurial support systems," International Entrepreneurship and Management Journal, Springer, vol. 19(3), pages 1101-1130, September.
    3. Jevgenij Gladevich, 2023. "Assessment of the innovation potential of the selected regions," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 10(3), pages 22-43, March.

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    More about this item

    Keywords

    Innovation; New business formation; Financial constraints;
    All these keywords.

    JEL classification:

    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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