entrepreneurship with respect to economic performance. This paper uses the knowledge spillover theory to explain different innovation …-to-the-market innovation but has no effect on the relationship between knowledge and new-to-the-firm innovation. Our results using European … chances that knowledge will become new-to-the-market innovation. The findings highlight the importance of Schumpeterian …

risk tolerance, the country’s level of innovation output, and the administrative difficulty of starting a new business are …