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Innovation and the Survival of New Firms Across British Regions

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Author Info
Christian Helmers
Mark Rogers

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Abstract

This paper analyses the survival of the complete cohort of more than 162,000 limited companies incorporated in Britain in 2001 over the subsequent five-year period. For this purpose, we estimate firms’ hazards of failure and survival functions using nonparametric and semi-parametric techniques. The paper focuses on two important policy-related issues. The first is to what extent survival rates vary across regions in Britain. A second, and related, policy issue concerns innovation. The data available allows us to look at the intellectual property (IP) activity of all British firms, including that of the 162,000 new firms in 2001. The results indicate substantial differences in survival rates across regions, and also that IP activity is associated with a higher probability of survival. These differences across regions, and the importance of IP activity, remain when we condition on a large range of regional, industry and firm-level characteristics shifting firms’ hazards of failure.

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Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 416.

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Date of creation: 2008
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Handle: RePEc:oxf:wpaper:416

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Related research
Keywords: Start-ups; Firm Survival; Region; IP;

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Find related papers by JEL classification:
D21 - Microeconomics - - Production and Organizations - - - Firm Behavior
L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
M13 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - New Firms; Startups

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  1. Mata, Jose & Portugal, Pedro, 1994. "Life Duration of New Firms," Journal of Industrial Economics, Blackwell Publishing, vol. 42(3), pages 227-45, September. [Downloadable!] (restricted)
  2. Sandro Mendonça & Tiago Santos Pereira & Manuel Mira Godinho, 2004. "Trademarks as an Indicator of Innovation and Industrial Change," LEM Papers Series 2004/15, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy. [Downloadable!]
    Other versions:
  3. Dunne, Timothy & Roberts, Mark J & Samuelson, Larry, 1989. "The Growth and Failure of U.S. Manufacturing Plants," The Quarterly Journal of Economics, MIT Press, vol. 104(4), pages 671-98, November. [Downloadable!] (restricted)
    Other versions:
  4. Griliches, Zvi, 1990. "Patent Statistics as Economic Indicators: A Survey," Journal of Economic Literature, American Economic Association, vol. 28(4), pages 1661-1707, December. [Downloadable!] (restricted)
    Other versions:
  5. Tor Jakob Klette & Samuel Kortum, 2004. "Innovating Firms and Aggregate Innovation," Journal of Political Economy, University of Chicago Press, vol. 112(5), pages 986-1018, October.
    Other versions:
  6. Elena Cefis & Orietta Marsili, 2005. "A matter of life and death: innovation and firm survival," Industrial and Corporate Change, Oxford University Press, vol. 14(6), pages 1167-1192, December.
  7. Andrew B Bernard & J. Bradford Jensen, 2007. "Firm Structure, Multinationals, and Manufacturing Plant Deaths," The Review of Economics and Statistics, MIT Press, vol. 89(2), pages 193-204, 02. [Downloadable!] (restricted)
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  8. Landes, William M & Posner, Richard A, 1987. "Trademark Law: An Economic Perspective," Journal of Law & Economics, University of Chicago Press, vol. 30(2), pages 265-309, October.
  9. Richard Disney & Jonathan Haskel & Ylva Heden, 2003. "Entry, Exit and Establishment Survival in UK Manufacturing," Journal of Industrial Economics, Blackwell Publishing, vol. 51(1), pages 91-112, 03. [Downloadable!] (restricted)
  10. Michael Fritsch & Oliver Falck & Udo Brixy, 2004. "The Effect of Industry, Region and Time on New Business Survival - A Multi-Dimensional Analysis," Papers on Entrepreneurship, Growth and Public Policy 2004-31, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group. [Downloadable!]
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  11. Christine Greenhalgh & Mark Rogers, 2004. "The Value of Innovation: The Interaction of Competition, R&D and IP," Economics Series Working Papers 192, University of Oxford, Department of Economics. [Downloadable!]
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  12. Nicholas Bloom & John Van Reenen, 2002. "Patents, Real Options and Firm Performance," Economic Journal, Royal Economic Society, vol. 112(478), pages C97-C116, March. [Downloadable!] (restricted)
  13. repec:fth:harver:1473 is not listed on IDEAS
  14. Paul H. Jensen & Elizabeth Webster & Hielke Buddelmeyer, 2006. "Innovation, Technological Conditions and New Firm Survival," Melbourne Institute Working Paper Series wp2006n26, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne. [Downloadable!]
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  15. Christine Greenhalgh & Mark Rogers, 2007. "Trade Marks and Performance in UK Firms: Evidence of Schumpeterian Competition through Innovation," Economics Series Working Papers 300, University of Oxford, Department of Economics. [Downloadable!]
  16. Elena Cefis & Orietta Marsili, 2005. "A Matter of Life and Death: Innovation and Firm Survival," LEM Papers Series 2005/01, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy. [Downloadable!]
  17. Philippe Aghion & Nick Bloom & Richard Blundell & Rachel Griffith & Peter Howitt, 2005. "Competition and Innovation: An Inverted-U Relationship," The Quarterly Journal of Economics, MIT Press, vol. 120(2), pages 701-728, May.
    Other versions:
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