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Financial constraints for investors and the speed of adaptation: Are innovators special?
von Kalckreuth, Ulf - 2004
?s Investment Tests (IT) during the years 1988-1998, we create a panel with information on investment, innovation activity and … financing conditions. Financial constraints affect the distribution of investment over time in a fundamental way. Following a … on Schworm?s (1980) model of optimal investment under financial constraints, we use it to test the empirical content of …
Persistent link: https://www.econbiz.de/10010295647
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Firm Level Implications of Early Stage Venture Capital Investment: An Empirical Investigation
Keilbach, Max; Engel, Dirk - 2002
The paper analyses the impact of venture capital finance on growth and innovation activities of young German firms … display higher growth rates but do not differ in their innovative output from otherwise comparable firms. We derive strategic …
Persistent link: https://www.econbiz.de/10010297278
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Firm Level Implications of Early Stage Venture Capital Investment - An Empiri cal Investigation
Engel, Dirk; Keilbach, Max - 2005
The paper analyses the impact of venture capital finance on growth and innovation activities of young German firms …
Persistent link: https://www.econbiz.de/10010261512
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Risk-Taking, Financial Distress and Innovation
Sheth, Arnav - 2011
We use our numerical technique to explore the optimality of risk-taking under financial distress. In our model, cash reserves are represented by a Brownian processes that includes an innovation parameter. When this innovation parameter goes to zero, our results show that risk-taking is optimal...
Persistent link: https://www.econbiz.de/10013130723
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The Search Function and Evolutionary Novelty
Felin, Teppo - 2019
In this paper we address the hard problem of search. Search is a pervasive phenomenon of biological and economic life. But search is hard—especially in uncertain and dynamic environments. We develop a generalized form of question-answer probing as a way of simplifying search, with implications...
Persistent link: https://www.econbiz.de/10012861355
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Do Firms Really Learn From Failure? The Dynamics of Abandoned Innovation
Love, James H. - 2020
Abandoned and failed innovations can be regarded as a part of the natural process of experimentation by firms, which can lead to important lessons being learned. Although the literature suggests some benefit from failure or abandoned innovation activities, prior studies using relatively large...
Persistent link: https://www.econbiz.de/10012831265
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Firm Level Implications of Early Stage Venture Capital Investment - an Empirical Investigation
Engel, Dirk; Keilbach, Max - 2015
The paper analyses the impact of venture capital finance on growth and innovation activities of young German firms … display higher growth rates but do not differ in their innovative output from otherwise comparable firms. We derive strategic …
Persistent link: https://www.econbiz.de/10014087214
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Entrepreneurial risk, investment, and innovation
Caggese, Andrea - In: Journal of Financial Economics 106 (2012) 2, pp. 287-307
I estimate the effect of uncertainty on risky innovation using a panel of 11,417 manufacturing firms. I find that an increase in uncertainty has a large negative effect on the risky innovation of entrepreneurial firms, while it does not have any significant impact on other firms. This negative...
Persistent link: https://www.econbiz.de/10010593844
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Beschäftigungsdynamik in jungen innovativen Unternehmen: Empirische Ergebnisse für West-Deutschland
Almus, Matthias; Nerlinger, Eric A. - 1998
Die Ergebnisse der multivariaten Analysen zur Beschäftigungsdynamik und dem Wachstumspotential junger innovativer Unternehmen lassen erkennen, daß junge innovative Unternehmen signifikant höhere Wachstumsraten erzielen als junge Unternehmen mit traditionellen Produkten. Die Abschätzung der...
Persistent link: https://www.econbiz.de/10010297577
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Growth determinants of start-ups in Eastern Germany: a comparison between innovative and non-innovative firms
Almus, Matthias; Nerlinger, Eric A.; Steil, Fabian - 1999
This empirical analysis deals with the determinants of growth and the explanation of variations in the growth between … innovative and non-innovative start-ups. Based on theoretical models explaining the growth of firms, hypotheses on potential … determinants are formulated. The regression results indicate strong correlations between the growth rate on the one side and …
Persistent link: https://www.econbiz.de/10010297608