Industry Evolution in Varieties-of-Capitalism: a Survival Analysis on Wind Turbine Producers in Denmark and the USA
AbstractKlepper developed a theory that explains the evolution of industries purely by the inheritance of firm-specific factors. Institutional approaches argue that the evolution of industries differ according to their institutional environment. We prose an extension of the heritage theory to analyse institutionally induced differences in evolutionary patterns. In doing so, assumptions from the Varieties of Capitalism approach on firm performance in different institutional contexts are integrated into the heritage theory. Such a perspective would expect that institutional differences affect the connection of a new industry to established resources. We apply a survival analysis of wind turbine manufacturers in Denmark and the USA, which represent different types of capitalism. We find that the industries differ both in entry pattern and performance. Compared to the US, the Danish industry forms slower and firms benefit when they adhere to already established resources like diversifiers, while others like startups of spinoffs perform worse.
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Bibliographic InfoPaper provided by Utrecht University, Section of Economic Geography in its series Papers in Evolutionary Economic Geography (PEEG) with number 1220.
Length: 34 pages
Date of creation: Oct 2012
Date of revision: Oct 2012
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