This study empirically tests Pouder & St. John's propositions (1996) on the evolutions of geographic clusters, in the context of the U.S. biotechnology industry. We find that during the origination period of the cluster evolution clustered biotechnology firms exhibit higher cost economies and...

Firms need to possess the dynamic capabilities to adapt to turbulent technological environments, and hence, maintain competitive advantage over time. Frequent changes of industry leadership in the history of various industries, however, highlight the difficulty of large established firms in...