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Tytuł pozycji:

Do locational spillovers pay? empirical evidence from German IPO data.

Tytuł :
Do locational spillovers pay? empirical evidence from German IPO data.
Autorzy :
Audretsch, David B.
Lehmann, Erik E.
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Temat :
PERFORMANCE evaluation
NEW business enterprises
HIGH technology
PUBLIC companies
DETERMINANTS (Mathematics)
Źródło :
Economics of Innovation & New Technology; Jan2006, Vol. 15 Issue 1, p71-81, 11p, 3 Charts
Terminy geograficzne :
GERMANY
Czasopismo naukowe
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. [ABSTRACT FROM AUTHOR]
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