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Do Locational Spillovers Pay? Empirical Evidence from German IPO Data

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  • Audretsch, David B
  • Lehmann, Erik E

Abstract

This study examines the impact locational spillovers have on firm performance. Based on a uniquely created dataset 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. While 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 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 science.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 4949.

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Date of creation: Mar 2005
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Handle: RePEc:cpr:ceprdp:4949

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Keywords: firm performance; university spillover; 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. 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.
  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. 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.

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