Innovation through R&D activities in the European context: antecedents and consequences

  • David UrbanoEmail author
  • Andreu Turro
  • Sebastian Aparicio


Despite the fact that the determinants and the consequences of R&D activities have been extensively studied in previous research, further efforts to integrate disparate streams of literature might bring new insights into innovation decision-making by firms. In particular, this article studies the simultaneous effects that a set of factors (at both company and environmental levels of analysis) have on R&D activity, which explain firm growth. A two-stage probit least squares (2SPLS) estimation is applied to data from the EU-EFIGE/Bruegel-UniCredit dataset for seven European countries for the years 2007–2009. The main findings show that not all the R&D determinants lead to firm growth. In particular, R&D activities are affected by the employment of a significant number of foreign executives, a higher percentage of employees with fixed-term contracts, appropriate labour regulations and access to employees who have received external training, all of which are positively related to firm growth. Based on these results, policy and practical implications to improve firms’ performances are discussed.


R&D management Firm growth Innovation Institutional economics Resource-based theory 

JEL Classification

L2 M1 O32 J6 B52 



David Urbano and Andreu Turro acknowledge the financial support from the project ECO2017-87885-P (Spanish Ministry of Economy & Competitiveness). In addition, David Urbano acknowledges the financial support from project 2017-SGR-1056 (Economy & Knowledge Department, Catalan Government), and ICREA under ICREA Academia programme. Sebastian Aparicio acknowledges Durham University Business School for constant support. In addition, Sebastian acknowledges financial support from Colciencias Ph.D. programme Chapter 3 (617/2013), Enlaza Mundos Municipio de Medellín (2013), and Fundación ECSIM. Finally, the authors would also like to thank Prof. Albert N. Link and the two anonymous reviewers for their valuable comments during the publication process. A previous version of this article was presented at the Annual Meeting of the Academy of Management and several seminars. The authors appreciate all comments and suggestions made by participants.


  1. Acs, Z. J., Audretsch, D. B., & Lehmann, E. E. (2013). The knowledge spillover theory of entrepreneurship. Small Business Economics, 41(4), 757–774.CrossRefGoogle Scholar
  2. Aghion, P., & Howitt, P. (1992). A model of growth through creative destruction. Econometrica, 60, 323–351.CrossRefGoogle Scholar
  3. Ahn, S., Yoon, J., & Kim, Y. (2018). The innovation activities of small and medium-sized enterprises and their growth: quantile regression analysis and structural equation modeling. The Journal of Technology Transfer, 43(2), 316–342.CrossRefGoogle Scholar
  4. Aiello, F., & Ricotta, F. (2016). Firm heterogeneity in productivity across Europe: Evidence from multilevel models. Economics of Innovation and New Technology, 25(1), 57–89.CrossRefGoogle Scholar
  5. Alessandri, T. M., & Pattit, J. M. (2014). Drivers of R&D investment: The interaction of behavioral theory and managerial incentives. Journal of Business Research, 67, 151–158.CrossRefGoogle Scholar
  6. Altomonte, C. & Aquilante, T. (2012). The EU-EFIGE/Bruegel-Unicredit dataset. Working Papers, Bruegel 753, Bruegel.Google Scholar
  7. Altomonte, C., Aquilante, T., Békés, G., & Ottaviano, G. I. (2013). Internationalization and innovation of firms: evidence and policy. Economic Policy, 28(76), 663–700.CrossRefGoogle Scholar
  8. Altuzarra, A., & Serrano, F. (2010). Firms’ innovation activity and numerical flexibility. Industrial and Labor Relations Review, 63, 22.CrossRefGoogle Scholar
  9. Amorós, J. E., Poblete, C., & Mandakovic, V. (2019). R&D transfer, policy and innovative ambitious entrepreneurship: Evidence from Latin American countries. The Journal of Technology Transfer. Scholar
  10. Andersen, T. J., & Bettis, R. A. (2015). Exploring longitudinal risk-return relationships. Strategic Management Journal, 36(8), 1135–1145.CrossRefGoogle Scholar
  11. Aparicio, S., Urbano, D., & Audretsch, D. B. (2016). Institutional factors, opportunity entrepreneurship and economic growth: Panel data evidence. Technological Forecasting and Social Change, 102, 45–61.CrossRefGoogle Scholar
  12. Arenius, P., & Minniti, M. (2005). Perceptual variables and nascent entrepreneurship. Small Business Economics, 24(3), 233–247.CrossRefGoogle Scholar
  13. Aristei, D., Sterlacchini, A., & Venturini, F. (2017). Effectiveness of R&D subsidies during the crisis: firm-level evidence across EU countries. Economics of Innovation and New Technology, 26(6), 554–573.CrossRefGoogle Scholar
  14. Aristei, D., Vecchi, M., & Venturini, F. (2016). University and inter-firm R&D collaborations: propensity and intensity of cooperation in Europe. The Journal of Technology Transfer, 41(4), 841–871.CrossRefGoogle Scholar
  15. Auerswald, P. E., & Branscomb, L. M. (2003). Valleys of death and Darwinian seas: Financing the invention to innovation transition in the United States. The Journal of Technology Transfer, 28, 227–239.CrossRefGoogle Scholar
  16. Baden-Fuller, C. (1995). Strategic innovation, corporate entrepreneurship and matching outside-into inside-out approaches to strategy research. British Journal of Management, 6, S3–S16.CrossRefGoogle Scholar
  17. Barbosa, N., & Eiriz, V. (2011). Regional variation of firm size and growth: The Portuguese case. Growth and Change, 42(2), 125–158.CrossRefGoogle Scholar
  18. Bardasi, E., Sabarwal, S., & Terrell, K. (2011). How do female entrepreneurs perform? Evidence from three developing regions. Small Business Economics, 37, 417–441.CrossRefGoogle Scholar
  19. Barker, V. L., III, & Mueller, G. C. (2002). CEO characteristics and firm R&D spending. Management Science, 48, 782–801.CrossRefGoogle Scholar
  20. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.CrossRefGoogle Scholar
  21. Baum, J. R., & Wally, S. (2003). Strategic decision speed and firm performance. Strategic Management Journal, 24, 1107–1129.CrossRefGoogle Scholar
  22. Baysinger, B. D., & Hoskisson, R. E. (1989). Diversification strategy and R&D intensity in multiproduct firms. Academy of Management Journal, 32, 310–332.Google Scholar
  23. Becker, G. S. (1964). Human capital. Chicago: University of Chicago Press.Google Scholar
  24. Becker, B. (2015). Public R&D policies and private R&D investment: A survey of the empirical evidence. Journal of Economic Surveys, 29, 917–942.CrossRefGoogle Scholar
  25. Begley, T. M., Tan, W. L., & Schoch, H. (2005). Politico-economic factors associated with interest in starting a business: A multi-country study. Entrepreneurship Theory and Practice, 29, 35–55.CrossRefGoogle Scholar
  26. Bianchini, S., Pellegrino, G., & Tamagni, F. (2018). Innovation complementarities and firm growth. Industrial and Corporate Change, 27(4), 657–676.CrossRefGoogle Scholar
  27. Boockmann, B., & Hagen, T. (2008). Fixed-term contracts as sorting mechanisms: Evidence from job durations in West Germany. Labour Economics, 15(5), 984–1005.CrossRefGoogle Scholar
  28. Booltink, L. W., & Saka-Helmhout, A. (2018). The effects of R&D intensity and internationalization on the performance of non-high-tech SMEs. International Small Business Journal, 36(1), 81–103.CrossRefGoogle Scholar
  29. Bornay-Barrachina, M., la Rosa Navarro, D., López Cabrales, A., & Valle Cabrera, R. (2012). Employment relationships and firm innovation: the double role of human capital. British Journal of Management, 23(2), 223–240.CrossRefGoogle Scholar
  30. Bowen, D. D., & Hisrich, R. D. (1986). The female entrepreneur: A career development perspective. Academy of Management Review, 11, 393–407.CrossRefGoogle Scholar
  31. Branscomb, L. M., Auerswald, P. E., & Chesbrough, H. (2001). Taking technical risks: How innovators, executives, and investors manage high-tech risks. Cambridge: MIT Press.Google Scholar
  32. Braunerhjelm, P., Ding, D., & Thulin, P. (2018). The knowledge spillover theory of intrapreneurship. Small Business Economics, 51, 1–30.CrossRefGoogle Scholar
  33. Brown, R., Mawson, S., & Mason, C. (2017). Myth-busting and entrepreneurship policy: the case of high growth firms. Entrepreneurship & Regional Development, 29, 414–443.CrossRefGoogle Scholar
  34. Brown, S., & Sessions, J. G. (2005). Employee attitudes, earnings and fixed-term contracts: International evidence. Review of World Economics, 141, 296–317.CrossRefGoogle Scholar
  35. Burghardt, D., & Helm, M. (2015). Firm growth in the course of mergers and acquisitions. Small Business Economics, 44, 889–904.CrossRefGoogle Scholar
  36. Calia, P., D’Attoma, I., & Pacei, S. (2016). Do Innovation and offshoring make a difference? an empirical exploration of the effects on the performance of european firms. International Business Research, 9(7), 98–115.CrossRefGoogle Scholar
  37. Carboni, O. A. (2017). The effect of public support on investment and R&D: An empirical evaluation on European manufacturing firms. Technological Forecasting and Social Change, 117, 282–295.CrossRefGoogle Scholar
  38. Carboni, O. A., & Medda, G. (2018). R&D, export and investment decision: Evidence from European firms. Applied Economics, 50, 187–201.CrossRefGoogle Scholar
  39. Chang, P. L., & Shih, H. Y. (2004). The innovation systems of Taiwan and China: A comparative analysis. Technovation, 24, 529–539.CrossRefGoogle Scholar
  40. Choi, J., Jun, S., & Park, S. (2016). A patent analysis for sustainable technology management. Sustainability, 8(7), 1–13.Google Scholar
  41. Coad, A., Frankish, J. S., Roberts, R. G., & Storey, D. J. (2016). Why should banks provide entrepreneurship training seminars? International Small Business Journal, 34, 733–759.CrossRefGoogle Scholar
  42. Coad, A., & Rao, R. (2008). Innovation and firm growth in high-tech sectors: A quantile regression approach. Research Policy, 37, 633–648.CrossRefGoogle Scholar
  43. Cosci, S., Meliciani, V., & Sabato, V. (2016). Relationship lending and innovation: Empirical evidence on a sample of European firms. Economics of Innovation and New Technology, 25(4), 335–357.CrossRefGoogle Scholar
  44. Crepon, B., Duguet, E., & Mairesse, J. (1998). Research, innovation and productivity: An econometric analysis at the firm level. Economics of Innovation and New Technology, 7, 115–158.CrossRefGoogle Scholar
  45. Cunningham, J. A., Lehmann, E. E., Menter, M., & Seitz, N. (2019). The impact of university focused technology transfer policies on regional innovation and entrepreneurship. The Journal of Technology Transfer. Scholar
  46. Damanpour, F., Sanchez-Henriquez, F., & Chiu, H. H. (2018). Internal and external sources and the adoption of innovations in organizations. British Journal of Management, 29, 712–730.CrossRefGoogle Scholar
  47. Davidsson, P., & Honig, B. (2003). The role of social and human capital among nascent entrepreneurs. Journal of Business Venturing, 18, 301–331.CrossRefGoogle Scholar
  48. Del Canto, J. G., & Gonzalez, I. S. (1999). A resource-based analysis of the factors determining a firm’s R&D activities. Research Policy, 28, 891–905.CrossRefGoogle Scholar
  49. Delmar, F., Davidsson, P., & Gartner, W. B. (2003). Arriving at the high-growth firm. Journal of Business Venturing, 18, 189–216.CrossRefGoogle Scholar
  50. Di Cintio, M., & Grassi, E. (2017). Uncertainty, flexible labour relations and R&D. Metroeconomica, 68, 91–120.CrossRefGoogle Scholar
  51. Di Guardo, M. C., & Harrigan, K. R. (2016). Shaping the path to inventive activity: The role of past experience in R&D alliances. The Journal of Technology Transfer, 41, 250–269.CrossRefGoogle Scholar
  52. Djankov, S., La Porta, R., Lopez-De-Silanes, F., & Shleifer, A. (2002). The regulation of entry. Quarterly Journal of Economics, 117, 1–37.CrossRefGoogle Scholar
  53. Escribá-Esteve, A., Sánchez-Peinado, L., & Sánchez-Peinado, E. (2008). Moderating influences on the firm’s strategic orientation-performance relationship. International Small Business Journal, 26, 463–489.CrossRefGoogle Scholar
  54. Fassio, C. (2017). Export-led innovation: The role of export destinations. Industrial and Corporate Change, 27(1), 149–171.CrossRefGoogle Scholar
  55. Feldman, M. P. (2014). The character of innovative places: Entrepreneurial strategy, economic development, and prosperity. Small Business Economics, 43, 9–20.CrossRefGoogle Scholar
  56. Garcia Martinez, M., Zouaghi, F., & Garcia Marco, T. (2016). Diversity is strategy: The effect of R&D team diversity on innovative performance. R&D Management, 47, 311–329.CrossRefGoogle Scholar
  57. Ghignoni, E., Croce, G., & Ricci, A. (2018). Fixed term contracts and employers’ human capital: The role of educational spillovers. Papers in Regional Science, 97, 301–322.CrossRefGoogle Scholar
  58. Gonzalez, X., Miles-Touya, D., & Pazó, C. (2016). R&D, worker training and innovation: Firm-level evidence. Industry and Innovation, 23, 694–712.CrossRefGoogle Scholar
  59. Gonzalez-Alvarez, N., & Solis-Rodriguez, V. (2011). Discovery of entrepreneurial opportunities: A gender perspective. Industrial Management & Data Systems, 111, 755–775.CrossRefGoogle Scholar
  60. Graddy-Reed, A., Lanahan, L., & Ross, N. M. (2018). The effect of R&D investment on graduate student productivity: Evidence from the life sciences. Journal of Policy Analysis and Management, 37, 809–834.CrossRefGoogle Scholar
  61. Griffiths, W., & Webster, E. (2010). What governs firm-level R&D: Internal or external factors? Technovation, 30, 471–481.CrossRefGoogle Scholar
  62. Grossman, G. M., & Helpman, D. (1991). Innovation and growth in the global economy. Cambridge: MIT Press.Google Scholar
  63. Guerrero, M., & Peña, I. (2013). The effect of intrapreneurial experience on corporate venturing: Evidence from developed economies. International Entrepreneurship and Management Journal, 9, 1–20.CrossRefGoogle Scholar
  64. Guerrero, M., & Urbano, D. (2019). Effectiveness of technology transfer policies and legislation in fostering entrepreneurial innovations across continents: An overview. The Journal of Technology Transfer. Scholar
  65. Hagen, T. (2002). Do temporary workers receive risk premiums? Assessing the wage effects of fixed–term contracts in west germany by a matching estimator compared with parametric approaches. Labour, 16, 667–705.CrossRefGoogle Scholar
  66. Hausmann, R. (2016). Economic development and the accumulation of know-how. Welsh Economic Review, 24, 13–16.CrossRefGoogle Scholar
  67. Hausmann, R., & Neffke, F. M. (2019). The workforce of pioneer plants: The role of worker mobility in the diffusion of industries. Research Policy, 48(3), 628–648.CrossRefGoogle Scholar
  68. Hayton, J. C., & Kelley, D. J. (2006). A competency-based framework for promoting corporate entrepreneurship. Human Resources Management, 45(3), 407–427.CrossRefGoogle Scholar
  69. Hodges, N. J., & Link, A. N. (2019). Innovation by design. Small Business Economics, 52(2), 395–403.CrossRefGoogle Scholar
  70. Hughes, M., & Mustafa, M. (2017). Antecedents of corporate entrepreneurship in SMEs: Evidence from an emerging economy. Journal of Small Business Management, 55, 115–140.CrossRefGoogle Scholar
  71. Johnson, P. D., Smith, M. B., Wallace, J. C., Hill, A. D., & Baron, R. A. (2015). A review of multilevel regulatory focus in organizations. Journal of Management, 41(5), 1501–1529.CrossRefGoogle Scholar
  72. Judge, W. Q., Liu–Thompkins, Y., Brown, J. L., & Pongpatipat, C. (2015). The impact of home country institutions on corporate technological entrepreneurship via R&D investments and virtual world presence. Entrepreneurship Theory and Practice, 39(2), 237–266.CrossRefGoogle Scholar
  73. Kang, M., & Lee, M. J. (2017). Absorptive capacity, knowledge sharing, and innovative behaviour of R&D employees. Technology Analysis & Strategic Management, 29, 219–232.CrossRefGoogle Scholar
  74. Keshk, O. M. (2003). CDSIMEQ: A program to implement two-stage probit least squares. The Stata Journal, 3, 1–11.CrossRefGoogle Scholar
  75. Keshk, O. M., Pollins, B. M., & Reuveny, R. (2004). Trade still follows the flag: The primacy of politics in a simultaneous model of interdependence and armed conflict. The Journal of Politics, 66(4), 1155–1179.CrossRefGoogle Scholar
  76. Kitching, J., Smallbone, D., & Athayde, R. (2009). Ethnic diasporas and business competitiveness: Minority-owned enterprises in London. Journal of Ethnic and Migration Studies, 35, 689–705.CrossRefGoogle Scholar
  77. Kleinknecht, A., van Schaik, F. N., & Zhou, H. (2014). Is flexible labour good for innovation? Evidence from firm-level data. Cambridge Journal of Economics, 38, 1207–1219.CrossRefGoogle Scholar
  78. Krasniqi, B. A., & Desai, S. (2016). Institutional drivers of high-growth firms: Country-level evidence from 26 transition economies. Small Business Economics, 47(4), 1075–1094.CrossRefGoogle Scholar
  79. Krishna Dutt, A., Charles, S., & Lang, D. (2015). Employment flexibility, dual labour markets, growth, and distribution. Metroeconomica, 66(4), 771–807.CrossRefGoogle Scholar
  80. Lajqi, S., & Krasniqi, B. A. (2017). Entrepreneurial growth aspirations in challenging environment: The role of institutional quality, human and social capital. Strategic Change, 26(4), 385–401.CrossRefGoogle Scholar
  81. Lamperti, F., Mavilia, R., & Castellini, S. (2017). The role of Science Parks: a puzzle of growth, innovation and R&D investments. The Journal of Technology Transfer, 42(1), 158–183.CrossRefGoogle Scholar
  82. Lee, H. U., & Park, J. H. (2006). Top team diversity, internationalization and the mediating effect of international alliances. British Journal of Management, 17(3), 195–213.CrossRefGoogle Scholar
  83. Li, L., Qian, G., & Qian, Z. (2012). Early internationalization and performance of small high-tech “born-globals”. International Marketing Review, 29(5), 536–561.CrossRefGoogle Scholar
  84. Link, A. N., & Scott, J. T. (2019). The economic benefits of technology transfer from US federal laboratories. The Journal of Technology Transfer. Scholar
  85. Maddala, G. S. (1983). Limited dependent and qualitative variables in econometrics. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
  86. Markham, S. K., Ward, S. J., Aiman-Smith, L., & Kingon, A. I. (2010). The valley of death as context for role theory in product innovation. Journal of Product Innovation Management, 27, 402–417.CrossRefGoogle Scholar
  87. Martin, B. R. (2016). R&D policy instruments–a critical review of what we do and don’t know. Industry and Innovation, 23, 157–176.CrossRefGoogle Scholar
  88. Medda, G. (2018). External R&D, product and process innovation in European manufacturing companies. The Journal of Technology Transfer. In press,
  89. Moreira, S., Markus, A., & Laursen, K. (2018). Knowledge diversity and coordination: The effect of intrafirm inventor task networks on absorption speed. Strategic Management Journal, 39(9), 2517–2546.CrossRefGoogle Scholar
  90. Moultrie, J. (2015). Understanding and classifying the role of design demonstrators in scientific exploration. Technovation, 43, 1–16.CrossRefGoogle Scholar
  91. Musteen, M., Datta, D. K., & Butts, M. M. (2014). Do international networks and foreign market knowledge facilitate SME internationalization? Evidence from the Czech Republic. Entrepreneurship theory and practice, 38(4), 749–774.CrossRefGoogle Scholar
  92. North, D. C. (1990). Institutions, institutional change and economic performance. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
  93. Oura, M. M., Zilber, S. N., & Lopes, E. L. (2016). Innovation capacity, international experience and export performance of SMEs in Brazil. International Business Review, 25(4), 921–932.CrossRefGoogle Scholar
  94. Patlibandla, M., & Petersen, B. (2002). Role of transnational corporations in the evolution of a high-tech industry: The case of India’s software industry. World Development, 30(9), 1561–1577.CrossRefGoogle Scholar
  95. Patriotta, G., & Siegel, D. (2019). The context of entrepreneurship. Journal of Management Studies, 56(6), 1194–1196.Google Scholar
  96. Puffer, S. M., McCarthy, D. J., & Boisot, M. (2010). Entrepreneurship in Russia and China: The impact of formal institutional voids. Entrepreneurship Theory and Practice, 34(3), 441–467.CrossRefGoogle Scholar
  97. Reagans, R., & McEvily, B. (2003). Network structure and knowledge transfer: The effects of cohesion and range. Administrative Science Quarterly, 48(2), 240–267.CrossRefGoogle Scholar
  98. Revilla, A. J., & Fernández, Z. (2012). The relation between firm size and R&D productivity in different technological regimes. Technovation, 32(11), 609–623.CrossRefGoogle Scholar
  99. Riley, S. M., Michael, S. C., & Mahoney, J. T. (2017). Human capital matters: Market valuation of firm investments in training and the role of complementary assets. Strategic Management Journal, 38(9), 1895–1914.CrossRefGoogle Scholar
  100. Ruiqi, W., Wang, F., Xu, L., & Yuan, C. (2017). R&D expenditures, ultimate ownership and future performance: Evidence from China. Journal of Business Research, 71, 47–54.CrossRefGoogle Scholar
  101. Saint-Paul, G. (2002). Employment protection, international specialization, and innovation’. European Economic Review, 46(2), 375–395.CrossRefGoogle Scholar
  102. Scherer, F. M. (1984). Innovation and growth: Schumpetarian perspectives. Cambridge: MIT Press.Google Scholar
  103. Stam, E., & Wennberg, K. (2009). The roles of R&D in new firm growth. Small Business Economics, 33(1), 77–89.CrossRefGoogle Scholar
  104. Stock, R. M., Totzauer, F., & Zacharias, N. A. (2014). A closer look at cross-functional R&D cooperation for innovativeness: Innovation-oriented leadership and human resource practices as driving forces. Journal of Product Innovation Management, 31(5), 924–938.CrossRefGoogle Scholar
  105. Storey, D. J. (2004). Exploring the link, among small firms, between management training and firm performance: A comparison between the UK and other OECD countries. The International Journal of Human Resource Management, 15(1), 112–130.CrossRefGoogle Scholar
  106. Talke, K., Salomo, S., & Rost, K. (2010). How top management team diversity affects innovativeness and performance via the strategic choice to focus on innovation fields. Research Policy, 39(7), 907–918.CrossRefGoogle Scholar
  107. Teece, D. J. (1986). Profiting from technological innovation: Implications for integration, collaboration, licensing and public policy. Research Policy, 15(6), 285–305.CrossRefGoogle Scholar
  108. Teece, D. J. (2007). Explicating dynamic capabilities: The nature and microfoundations of (sustainable) enterprise performance. Strategic Management Journal, 28(13), 1319–1350.CrossRefGoogle Scholar
  109. Teece, D. J. (2018). Reply to Nelson, Helfat and Raubitschek. Research Policy, 47(8), 1400–1402.CrossRefGoogle Scholar
  110. Teirlinck, P. (2017). Configurations of strategic R&D decisions and financial performance in small-sized and medium-sized firms. Journal of Business Research, 74, 55–65.CrossRefGoogle Scholar
  111. Thornhill, S. (2006). Knowledge, innovation and firm performance in high-and low-technology regimes. Journal of Business Venturing, 21(5), 687–703.CrossRefGoogle Scholar
  112. Turro, A., Urbano, D., & Peris-Ortiz, M. (2014). Culture and innovation: The moderating effect of cultural values on corporate entrepreneurship. Technological Forecasting and Social Change, 88, 360–369.CrossRefGoogle Scholar
  113. Urbano, D., Aparicio, S., & Audretsch, D. B. (2019a). Institutions, entrepreneurship, and economic performance. Cham: Springer.CrossRefGoogle Scholar
  114. Urbano, D., Aparicio, S., & Audretsch, D. (2019b). Twenty-five years of research on institutions, entrepreneurship, and economic growth: What has been learned? Small Business Economics, 53(1), 21–49.CrossRefGoogle Scholar
  115. Visintin, F., & Pittino, D. (2014). Founding team composition and early performance of university–based spin–off companies. Technovation, 34(1), 31–43.CrossRefGoogle Scholar
  116. Vohora, A., Wright, M., & Lockett, A. (2004). Critical junctures in the growth in university high–tech spinout companies. Research Policy, 33, 147–175.CrossRefGoogle Scholar
  117. Von Zedtwitz, M., Corsi, S., Soberg, P., & Frega, R. (2015). A typology of reverse innovation. Journal of Product Innovation Management, 32(1), 12–28.CrossRefGoogle Scholar
  118. Wang, E. C. (2007). R&D efficiency and economic performance: A cross-country analysis using the stochastic frontier approach. Journal of Policy Modelling, 29(2), 345–360.CrossRefGoogle Scholar
  119. Wang, K. J., & Dwi Lestari, Y. (2013). Firm competencies on market entry success: Evidence from a high-tech industry in an emerging market. Journal of Business Research, 66(12), 2444–2450.CrossRefGoogle Scholar
  120. Wiklund, J., & Shepherd, D. (2005). Entrepreneurial orientation and small business performance: A configurational approach. Journal of Business Venturing, 20(1), 71–91.CrossRefGoogle Scholar
  121. Zhou, H., Dekker, R., & Kleinknecht, A. (2011). Flexible labor and innovation performance: Evidence from longitudinal firm-level data. Industrial and Corporate Change, 20(3), 941–968.CrossRefGoogle Scholar

Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2019

Authors and Affiliations

  1. 1.Department of Business and Centre for Entrepreneurship and Social Innovation Research (CREIS)Universitat Autònoma de BarcelonaBarcelonaSpain
  2. 2.Durham University Business SchoolDurham UniversityDurhamUK
  3. 3.Fundación ECSIMMedellinColombia

Personalised recommendations