In this article we study differences in the returns to R&D investment between firms that sell in international markets and firms that only sell in the domestic market. We use German firm-level data from the high-tech manufacturing sector to estimate a dynamic structural model of a firm's...

We present evidence on venture capitalists' (VCs) impact on turnover of executives for a sample of nearly 47,000 German high-tech start-ups between 1995 and 2004. We confirm that the presence of VCs increases the probability of a change in the initial executive team. Additionally, we take a...

This paper investigates whether the local infrastructure favours entrepreneurial activities. Besides the physical and knowledge infrastructure we take into account a county’s broadband availability by building an index which accounts for county-related specificities. We find that broadband...

The report focuses on résumé-based screening strategies for the recruitment of highly qualified research and development (R&D) workers (critical R&D workers) in high-tech firms. We investigate which kinds of professional background, job-related experience, motivations, specific skills, and...

This article investigates how a firm's financial strength affcts its dynamic decision to invest in R&D. We estimate a dynamic model of R&D choice using data for German firms in high-tech manufacturing industries. The model incorporates a measure of the firm's financial strength, derived from its...