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Do locational spillovers pay? empirical evidence from German IPO data

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Author Info

  • David Audretsch
  • Erik Lehmann

Abstract

This study examines the impact that locational spillovers have on firm performance. On the basis of a uniquely created data set consisting of high-technology start-ups publicly listed in Germany, this paper tests the proposition of locational spillovers positively affecting firm performance, as measured by abnormally high profits on the stock market. The results provide evidence that geographic proximity and university spillovers are complementary determinants of firm performance. Although neither geographic proximity nor academic research spillovers alone can explain firm performance, a combination of both factors results in significant higher stock market performance. The results also show that academic spillovers are heterogeneous in their impact, depending on the type. In particular, spillovers from social sciences have a different impact on firm performance than do spillovers from natural sciences.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/1043859042000332187
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Economics of Innovation and New Technology.

Volume (Year): 15 (2006)
Issue (Month): 1 ()
Pages: 71-81

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Handle: RePEc:taf:ecinnt:v:15:y:2006:i:1:p:71-81

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Related research

Keywords: University spillover; Firm performance; University-firm collaboration;

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References

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Citations

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Cited by:
  1. Guenter Lang, 2008. "Measuring the Returns of Research and Development: An Empirical Study of the German Manufacturing Sector over 45 Years," Working Papers 10, The German University in Cairo, Faculty of Management Technology.
  2. Hülsbeck, Marcel & Lehmann, Erik E., 2010. "The role of regional knowledge production in university technology transfer: Isolating coevolutionary effects," UO Working Papers 01-10, University of Augsburg, Chair of Management and Organization.
  3. David B. Audretsch & Lehmann Erik E., 2004. "Universitäten als regionale Förderer der Wirtschaft?," ifo Dresden berichtet, Ifo Institute for Economic Research at the University of Munich, vol. 11(03), pages 18-23, 06.
  4. Cassia, Lucio & Colombelli, Alessandra & Paleari, Stefano, 2009. "Firms' growth: Does the innovation system matter?," Structural Change and Economic Dynamics, Elsevier, vol. 20(3), pages 211-220, September.

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