Young innovative companies: Are they high performers in transition economies? Evidence for Vietnam

Journal of Technology Transfer

Volumn 42, Issue 5, 2017, Pages 1052-1076

  Santarelli, Enrico ^a   Tran, Hien Thu ^b  

^a UNIVERSITY OF BOLOGNA   (Italy)

^b EDGE HILL UNIVERSITY   (United Kingdom)

Author keywords

Embodied technological change; Profitability; R D; Vietnam; Young innovative companies

Indexed keywords

PROFITABILITY;

ECONOMIC DEVELOPMENT; ECONOMIC VALUES; INNOVATIVE ACTIVITIES; INNOVATIVE COMPANIES; RESEARCH AND DEVELOPMENT; TECHNOLOGICAL CHANGE; TRANSITION ECONOMY; VIET NAM;

ECONOMICS;

EID: 84962134110     PISSN: 08929912     EISSN: 15737047     Source Type: Journal    
DOI: 10.1007/s10961-016-9475-6     Document Type: Article

References (73)

1. Acs, Z. J., Autio, E., & Szerb, L. (2014). National systems of entrepreneurship. Research Policy, 43(3), 476–494.
2. Aghion, P., & Howitt, P. (1998). Endogenous growth theory. Cambridge, MA: MIT Press.
3. Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58(2), 277–297.
4. Audretsch, D. B. (1995). Innovation, growth and survival. International Journal of Industrial Organization, 13(4), 441–457.
5. Audretsch, D. B., Thurik, A. R., Verheul, I., & Wennekers, A. R. M. (Eds.). (2002). Entrepreneurship: Determinants and policy in a European–US comparison. Boston, MA: Kluwer Academic Publishers.
6. Autio, E., Kronlund, M., & Kovalainen, A. (2007). High-growth SME support initiatives in nine countries: Analysis, categorisation, and recommendations. Report prepared for the Finnish Ministry of Trade and Industry. MTI Publications 1/2007.
7. Barba Navaretti, G., Santarelli, E., & Vivarelli, M. (2002). The role of subsidies in promoting Italian joint ventures in least developed and transition economies. Applied Economics, 34(12), 1563–1569.
8. Barclay, M., & Holderness, C. (1989). Private benefits from control of public corporations. Journal of Financial Economics, 25(2), 371–395.
9. Baumol, W. J., Litan, R. E., & Schramm, C. J. (2007). Good capitalism, bad capitalism. New Haven: Yale University Press.
10. Bell, M. (2009). Innovation capabilities and directions of development. STEPS working paper 33. Brighton: STEPS Centre.
11. Bell, M., & Pavit, K. (1993). Technological accumulation and industrial growth: Contrasts between developed and developing countries. Industrial and Corporate Change, 2(2), 157–209.
12. Belloc, F. (2012). Corporate governance and innovation: A survey. Journal of Economic Surveys, 26(5), 835–864.
13. Blundell, R., & Bond, S. (1999). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143.
14. Branzei, O., & Vertinsky, I. (2006). Strategic pathways to product innovation capabilities in SMEs. Journal of Business Venturing, 21(1), 75–105.
15. Ca, T. N. (2002). Learning technological capability for Vietnam’s industrial upgrading: Challenges of globalization. Working paper 165. The European Institute of Japanese Studies at the Stockholm School of Economics.
16. Castellani, D. (2002). Export behavior and productivity growth: Evidence from Italian manufacturing firms. Weltwirtschaftliches Archiv, 138(4), 605–628.
17. Cefis, E., & Ciccarelli, M. (2005). Profit differentials and innovation. Economics of Innovation and New Technology, 14(1–2), 43–61.
18. Chen, E. K. Y. (1997). The total factor productivity debate: Determinants of economic growth in East Asia. Asian-Pacific Economic Literature, 10(1), 18–38.
19. Choi, S. B., Lee, S. H., & Williams, C. (2011). Ownership and firm innovation in a transition economy: Evidence from China. Research Policy, 40(3), 441–452.
20. Chuangn, Y., & Lin, C. (1999). Foreign direct investment, R&D and spillover efficiency: Evidence from Taiwan’s manufacturing firms. Journal of Development Studies, 35(4), 117–137.
21. Cohen, W. M., & Levinthal, D. (1990). Absorptive capacity: A new perspective on learning and innovation. Administrative Science Quarterly, 35(1), 128–152.
22. Czarnitki, D., & Kraft, K. (2004). Management control and innovative activity. Review of Industrial Organization, 24(1), 1–24.
23. Czarnitzki, D., & Delanote, J. (2013). Young innovative companies: The new high-growth firms? Industrial and Corporate Change, 22(5), 1315–1340.
24. Ferguson, R., & Olofsson, C. (2004). Science parks and the development of NTBFs—Location, survival and growth. Journal of Technology Transfer, 29(1), 5–17.
25. Freel, M. (2000). Do small innovating firms outperform non-innovators? Small Business Economics, 14(3), 195–210.
26. Fritsch, M., Brixy, U., & Falck, O. (2006). The effect of industry, region, and time on new business survival—A multi-dimensional analysis. Review of Industrial Organization, 28(3), 285–306.
27. García-Quevedo, J., Pellegrino, G., & Vivarelli, M. (2014). R&D drivers and age: Are young firms different? Research Policy, 43(8), 1544–1556.
28. Geringer, J. M., Beamish, P. W., & daCosta, R. C. (1989). Diversification strategy and internationalization: Implications for MNE performance. Strategic Management Journal, 10(2), 109–119.
29. Geroski, P., & Gugler, K. (2004). Corporate growth convergence in Europe. Oxford Economic Papers, 56(4), 597–620.
30. Geroski, P., & Machin, S. (1992). Do innovating firms utperform non-innovators? Business Strategy Review, 3(1), 79–90.
31. Geroski, P., Machin, S., & Van Reenen, J. (1993). The profitability of innovating firms. RAND Journal of Economics, 24(2), 198–211.
32. Gibrat, R. (1931). Les InegalitesEconomiques. Paris: Librairie du RecueilSirey.
33. Guiso, L., & Rustichini, A. (2011). Understanding the size and profitability of firms: The role of a biological factor. CEPR discussion paper No. DP8205.
34. Haggard, S. (1994). Panel discussion. In J. Williamson (Ed.), The political economy of policy reform (pp. 467–471). Washington, DC: Institute for International Economics.
35. Hall, B. H., & Ziedonis, R. H. (2001). The patent paradox revisited: An empirical study of patenting in the US semiconductor industry, 1979–95. RAND Journal of Economics, 32(1), 101–128.
36. Hölzl, W. (2009). Is the R&D behaviour of fast growing SMEs different? Evidence from CIS III data for 16 countries. Small Business Economics, 33(1), 59–75.
37. Hoskisson, R. E., Hitt, M. A., Johnson, R. A., & Grossman, W. (2002). Conflicting voices: The effects of institutional ownership heterogeneity and internal governance on corporate innovation strategies. Academy of Management Journal, 45(2), 697–716.
38. Hu, A. G. Z., Jefferson, G. H., & Jinchang, Q. (2005). R&D and technology transfer: Firm level evidence from Chinese industry. Review of Economics and Statistics, 87(4), 780–786.
39. Johnson, S., Kaufmann, D., & Shleifer, A. (1997). The unofficial economy in transition. Brookings Papers on Economic Activity, 2, 159–221.
40. Kaplinsky, R. (2011). Schumacher meets Schumpeter: Appropriate technology below the radar. Research Policy, 40(2), 193–203.
41. Kennedy, P. (2008). A guide to econometrics (6th ed.). New York: Wiley-Blackwell.
42. Kim, L., & Nelson, R. R. (2000). Technology, learning and innovation: Experiences of newly industrializing economies. Cambridge: Cambridge University Press.
43. Klepper, S. (1996). Entry, exit, growth, and innovation over the product cycle. American Economic Review, 86(3), 562–583.
44. Krugman, P. R. (1979). A model for innovation, technology transfer and the world distribution of income. Journal of Political Economy, 87(2), 253–263.
45. Kumar, N., & Saqib, M. (1996). Firm size, opportunities for adaptation and in-house R&D activity in developing countries: The case of Indian manufacturing. Research Policy, 25(5), 713–722.
46. Leiponen, A. (2000). Competencies, innovation and profitability of firms. Economics of Innovation and New Technology, 9(1), 1–24.
47. Licht, G., & Nerlinger, E. (1998). New technology-based firms in Germany: A survey of the recent evidence. Research Policy, 26(9), 1005–1022.
48. Lotti, F., Santarelli, E., & Vivarelli, M. (2003). Does Gibrat’s law hold among young, small firms? Journal of Evolutionary Economics, 13(3), 213–235.
49. Lotti, F., Santarelli, E., & Vivarelli, M. (2009). Defending Gibrat’s law as a long-run regularity. Small Business Economics, 32(1), 31–44.
50. Love, J. H., Roper, S., & Du, J. (2009). Innovation, ownership and profitability. International Journal of Industrial Organization, 27(3), 424–434.
51. North, D., & Smallbone, D. (1995). “Employment generation and small business growth in different geographical environments”. In F. Chittenden, M. Robertson, & I. Marshall (Eds.), Small firms: Partnerships for growth (pp. 100–115). Paul Chapman: London.
52. Opler, T. C., & Titman, S. (1994). Financial distress and corporate performance. Journal of Finance, 49(3), 1015–1040.
53. Pellegrino, G., Piva, M., & Vivarelli, M. (2012). Young firms and innovation: A microeconometric analysis. Structural Change and Economic Dynamics, 23(4), 329–340.
54. Piergiovanni, R., & Santarelli, E. (2013). The more you spend, the more you get? The effects of R&D and capital expenditures on the patenting activities of biotechnology firms. Scientometrics, 94(2), 497–521.
55. Piva, M., & Vivarelli, M. (2009). The role of skills as a major driver of corporate R&D. International Journal of Manpower, 30(8), 835–852.
56. Rickne, A., & Jacobsson, S. (1999). New technology-based firms in Sweden—A study of their direct impact on industrial renewal. Economics of Innovation and New Technology, 8(2), 197–223.
57. Romer, P. M. (1986). Increasing returns and long-run growth. Journal of Political Economy, 94(5), 1002–1037.
58. Romijn, H. A., & Caniëls, M. C. J. (2011). Pathways of technological change in developing countries: Review and new agenda. Development Policy Review, 29(3), 359–380.
59. Rosenbusch, N., Brinckmann, J., & Bausch, A. (2011). Is innovation always beneficial? A meta-analysis of the relationship between innovation and performance in SMEs. Journal of Business Venturing, 26(4), 441–457.
60. Santarelli, E., & Sterlacchini, A. (1990). Innovation, formal vs. informal R&D, and firm size: Some evidence from Italian manufacturing firms. Small Business Economics, 2(3), 223–228.
61. Santarelli, E., & Tran, H. T. (2012). Growth of incumbent firms and entrepreneurship in Vietnam. Growth and Change, 43(4), 638–666.
62. Santarelli, E., & Tran, H. T. (2013). The interplay of human capital and social capital in shaping entrepreneurial performance: The case of Vietnam. Small Business Economics, 40(2), 435–458.
63. Schneider, C., & Veugelers, R. (2010). On young highly innovative companies: Why they matter and how (not) to policy support them. Industrial and Corporate Change, 19(4), 969–1007.
64. Sjoholm, F. (2006). State owned enterprises and equitization in Vietnam. No. 228 EIJS working paper series.The European Institute of Japanese Studies.
65. Song, J., Almeida, P., & Wu, G. (2003). Learning-by-hiring: When is mobility more likely to facilitate interfirm knowledge transfer? Management Science, 49(4), 351–365.
66. Storey, D. J., & Thether, B. S. (1998). New technology-based firms in the European Union: An introduction. Research Policy, 26(9), 933–946.
67. Tran, H. T., & Santarelli, E. (2014). Capital constraints and the performance of entrepreneurial firms in Vietnam. Industrial and Corporate Change, 23(3), 827–864.
68. Tran, H. T., Santarelli, E., & Zaninotto, E. (2015). Efficiency or bounded rationality? Drivers of firm diversification strategies in Vietnam. Journal of Evolutionary Economics, 25(5), 983–1010.
69. Van Dijk, B., Hertog, R., Menkveld, B., & Thurik, R. (1997). Some new evidence on the determinants of large and small—Firm innovation. Small Business Economics, 9(4), 335–343.
70. Vaona, A., & Pianta, M. (2008). Firm size and innovation in European manufacturing. Small Business Economics, 30(3), 283–299.
71. Veugelers, R. (1997). Internal R&D expenditures and external technology sourcing. Research Policy, 26(3), 303–315.
72. Veugelers, R. (2008). The role of SMEs in innovation in the EU: A case for policy intervention? Review of Business and Economics, 53(3), 239–262.
73. Wright, M., Filatotchev, I., Hoskisson, R. E., & Peng, M. W. (2005). Strategy research in emerging economies: Challenging the conventional wisdom. Journal of Management Studies, 42(1), 1–33.