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High-growth firms and technological knowledge: do gazelles follow exploration or exploitation strategies? -super-1

Author

Listed:
  • Alessandra Colombelli
  • Jackie Krafft
  • Francesco Quatraro

Abstract

This article analyzes the contribution of high-growth firms (HGFs) to the process of knowledge creation. We articulate a demand-pull innovation framework in which knowledge creation is driven by sales growth, and knowledge stems from creative recombination. Building on the literature on HGFs and economic growth, we investigate whether "gazelles" follow patterns of knowledge creation dominated by exploration or exploitation strategies. We construct indicators for the structure of knowledge and identify firms' innovation strategies. The empirical results show that increasing growth rates are associated with exploration, supporting the idea that HGFs are key actors in the creation of new technological knowledge, and showing also that firms that achieve higher than average growth focus on exploration based on familiar technology. This suggests that exploration is less random than has been suggested. Our main result is that HGFs, especially gazelles, predominantly adopt exploration strategies that have the characteristics of organized search more often observed among firms following an exploitation strategy. Copyright 2014 The Author 2013. Published by Oxford University Press on behalf of Associazione ICC. All rights reserved., Oxford University Press.

Suggested Citation

  • Alessandra Colombelli & Jackie Krafft & Francesco Quatraro, 2014. "High-growth firms and technological knowledge: do gazelles follow exploration or exploitation strategies? -super-1," Industrial and Corporate Change, Oxford University Press, vol. 23(1), pages 261-291, February.
  • Handle: RePEc:oup:indcch:v:23:y:2014:i:1:p:261-291
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    File URL: http://hdl.handle.net/10.1093/icc/dtt053
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    Citations

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    Cited by:

    1. Francesco Bogliacino & Mario Pianta, 2016. "The Pavitt Taxonomy, revisited: patterns of innovation in manufacturing and services," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 33(2), pages 153-180, August.
    2. repec:col:000093:017127 is not listed on IDEAS
    3. Alessandra Colombelli & Jackie Krafft & Marco Vivarelli, 2016. "To be born is not enough: the key role of innovative start-ups," Small Business Economics, Springer, vol. 47(2), pages 277-291, August.
    4. Jackie Krafft & Francesco Quatraro & Pier Paolo Saviotti, 2014. "The Dynamics of Knowledge-intensive Sectors' Knowledge Base: Evidence from Biotechnology and Telecommunications," Industry and Innovation, Taylor & Francis Journals, vol. 21(3), pages 215-242, April.
    5. Alex Coad & Jacob Rubæk Holm & Jackie Krafft & Francesco Quatraro, 2018. "Firm age and performance," Journal of Evolutionary Economics, Springer, vol. 28(1), pages 1-11, January.
    6. repec:eee:respol:v:47:y:2018:i:1:p:139-157 is not listed on IDEAS
    7. Szalavetz Andrea, 2015. "A Dynamic Capabilities Perspective of High-Growth Firms: Organizational Aspects," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 48(1), pages 45-62, December.
    8. repec:oup:indcch:v:26:y:2017:i:4:p:537-554. is not listed on IDEAS
    9. Colombelli, Alessandra & Krafft, Jackie & Vivarelli, Marco, 2016. "New Firms and Post-Entry Performance: The Role of Innovation," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201602, University of Turin.
    10. Besnik A. Krasniqi & Sameeksha Desai, 2016. "Institutional drivers of high-growth firms: country-level evidence from 26 transition economies," Small Business Economics, Springer, vol. 47(4), pages 1075-1094, December.
    11. Soetanto, Danny & Jack, Sarah, 2016. "The impact of university-based incubation support on the innovation strategy of academic spin-offs," Technovation, Elsevier, vol. 50, pages 25-40.
    12. repec:wfo:wstudy:57897 is not listed on IDEAS
    13. Alessandra Colombelli, 2016. "The impact of local knowledge bases on the creation of innovative start-ups in Italy," Small Business Economics, Springer, vol. 47(2), pages 383-396, August.
    14. Daria Ciriaci & Pietro Moncada-Paternò-Castello & Peter Voigt, 2016. "Innovation and job creation: a sustainable relation?," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 6(2), pages 189-213, August.

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