The nanotech versus the biotech revolution: Sources of productivity in incumbent firm research
نویسندگان
چکیده
Does the adaptation of incumbent firms to new methods of inventing follow similar patterns across industries and inventions? We investigate this question in the context of the revolutionary scientific advances enabling biotechnology and nanotechnology, both of which represent inventions of methods of inventing for incumbent firms. We hypothesize that an incumbent firm’s ability to exploit these new methods of invention depends initially on access to tacit knowledge on how to employ the new methods. Over time, however, as firms learn and/or the knowledge becomes codified in routine procedures or commercially available equipment, inventive output is more highly dependent on traditional R&D investments. We empirically test these hypotheses on two longitudinal samples over the 21-year time period between 1980 and 2000: 80 incumbent pharmaceutical firms generating 15,607 biotechnology patents, and 249 firms across a diverse set of industries that were granted a total of 3236 nanotechnology patents. We find broad support for our conjectures. © 2007 Elsevier B.V. All rights reserved. estment
منابع مشابه
The nanotech vs. the biotech revolution: sources of productivity in incumbent firm research
Does the adaptation of incumbent firms to new methods of inventing follow similar patterns across industries and inventions? We investigate this question in the context of the revolutionary scientific advances enabling biotechnology and nanotechnology, both of which represent inventions of methods of inventing for incumbent firms. We hypothesize that an incumbent firm’s ability to exploit these...
متن کاملThe Relationship between Capital Investment Choice and Capital Productivity: A Test of Firm Life Cycle Theory (A Comparative Investigation of Cyclical and Non-Cyclical Companies)
According to the firm life cycle theory, companies go through certain behavioral patterns in various stages of their life. A thorough understanding and recognition of these behavioral patterns, new investment in assets and the optimal use of assets can considerably enhance the capital productivity. In the current study, the relationship between the stages of firm life cycle and capital producti...
متن کاملThe Aggregate Implications of Innovative Investment in the Garcia-Macia, Hsieh, and Klenow Model
In this paper, we extend the model of firm dynamics of Garcia-Macia, Klenow, and Hsieh (2016) (GHK) to include a description of the costs of innovative investments as in the models of Klette and Kortum (2004), Luttmer (2007, 2011), and Atkeson and Burstein (2010). In this model, aggregate productivity (TFP) grows as a result of innovative investment by incumbent and entering firms in improving ...
متن کاملA Tabu Search Based Solution Approach to the Competitive Multiple Allocation Hub Location Problem
The hub location problems (HLP) constitute an important class of facility location problems that have been addressed by numerous operations researchers in recent years. HLP is a strategic problem frequently encountered in designing logistics and transportation networks. Here, we address the competitive multiple allocation HLP in a duopoly market. It is assumed that an incumbent firm (the leader...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
عنوان ژورنال:
دوره شماره
صفحات -
تاریخ انتشار 2007