The Impact of Regulations on Firms : A Case Study of the Biotech Industry

Drawing on semi-structured interviews carried out with founders, managers, and senior scientists in start-up biotech firms, this paper illustrates that the socio-legal literature's characterization of small firms as less compliance oriented is too neat. Small firms do not necessarily have a limited knowledge and comprehension of the law. Nor do they necessarily have low levels of motivation to improve and maintain health and safety standards. In fact, the opposite may be true. Small firms may approach the regulatory ideal where the routines, procedures, and precautionary measures prescribed by regulations permeate the organizations