Abstract
This paper investigates, both theoretically and empirically, the implications that complementary assets needed for the formation of start-ups -- proxied by the ease of access to financial resources -- have on the innovative efforts of incumbent firms. In particular, we develop a theoretical model, highlighting a strategic incentive effect by which the innovative efforts of incumbent firms are decreasing in the availability of the complementary assets needed for the creation of a start-up. The empirical relevance of this effect is investigated by using firm level data drawn from the third Italian Community Innovation Survey covering the period 1998-2000. The results of our empirical analysis support our theory-based insights.
Lingua originale | English |
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Editore | Bonn: Forschungsinstitut zur Zukunft der Arbeit GmbH, 1998- |
Numero di pagine | 21 |
Stato di pubblicazione | Pubblicato - 2013 |
Keywords
- Complementary Assets
- Innovation
- R&D
- Start-up