innovation and imitation. We develop a theoretical model showing that skilled labour has a higher growth-enhancing effect closer … to the technological frontier under the reasonable assumption that innovation is a relatively more skill intensive …

routinized phase where innovation takes place within top-performing incumbents; (3) a second entrepreneurial phase characterized … routinization, in which no further innovation takes place, but is instead a phase of structural change. Using data on 74 West German …

-improving product innovation. We explicitly introduce product market characteristics into the analysis with the aim to identify their … capitalist. The entrepreneur has incentives to distort the innovation strategy so as to make an IPO the preferred exit. We derive …