This paper addresses the key determinants of merger failure, in particular the role of innovation (post-merger performance) and technology (ex-ante selection) when firms decide to separate. After a brief review of the existing literature we introduce a model of process innovation where merged...

In the pharmaceutical industry, firms frequently engage in licensing agreements to overcome innovation challenges and keep up with the pace of developing new drugs. Licensing helps firms jointly develop new drugs and acquire external knowledge, which helps improve their internal drug development...

In the pharmaceutical industry, firms frequently engage in licensing agreements to overcome innovation challenges and keep up with the pace of developing new drugs. Licensing helps firms jointly develop new drugs and acquire external knowledge, which helps improve their internal drug...

This paper investigates the determinants of success in the development of new drugs. In specific, it explores the factors of success in drug development programs at different stages of innovation process. We use economies of scale, scope, R&D competition and technological spillovers as...

We examine the role of spillover learning in shaping the value of exploratory versus incremental R&D. Using data from drug development, we show that novel drug candidates generate more knowledge spillovers than incremental ones. Despite being less likely to reach regulatory approval, they are...

The aim of this study is to inspect differences in internationalisation level of firms from a transitional economy based on their innovation outcomes, open innovation and organisational learning practices. Results indicate that firms with lower internationalisation level owe their innovation...

This paper sheds light on factors influencing to what extent MNCs are able to implement a global environmental strategy. We apply the concept of absorptive capacity to analyze what role the uptake and integration of external knowledge playsin implementing an environmental strategy and propose to...

This paper explores the sources of firm-level scale economies in R&D, based on unique project-level data from a new large-scale survey of Japanese inventors, matched with firmlevel data. We focus on four sources: complementary assets, internal and external knowledge inflows, and inventor team...

We examine the impact of R&D and technology imports on firm performance in Taiwan's manufacturing industry in a policy context of industrial upgrading. To do so, we estimate a Translog production function on two panels (covering 1992-1995 and 1997-2003), using stochastic frontier estimation. We...

A century ago, Britain produced 50% of the world demand for cloth and iron, and 70% of the world demand for pottery and coal. Today Britain's exports have grown by 300%, but manufacturing – in total – accounts for only 13% of that. The huge increase has been in areas associated with...