The local innovation spillovers of listed firms
By Adrien Matray. Journal of Financial Economics, 2021
150 citations recorded by the source corpus.
Abstract This paper provides evidence of local innovation spillovers (i.e., innovation by one firm fostering innovation by neighboring firms). First, I document that exogenous shocks to innovation by listed firms affect innovation by private firms in the same geographical area and that such local innovation spillovers decline rapidly with distance. Second, these local innovation spillovers stem from knowledge diffusing locally through two channels: learning across local firms and inventors moving from their employer to both existing firms and newly started spin-outs. Finally, I study the two-way relations between innovation spillovers and the availability of capital. I find that local innovation spillovers cause venture capital funds from outside the area to invest more in the local area, and that capital availability amplifies local innovation spillovers.
Subfields: Accounting, Economics and Econometrics
View Paper: https://www.semanticscholar.org/paper/312be69bc6ec6b3268e6e75e40e9d8d80781f51b
How researchers see this paper
The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.
In Accounting
In Economics and Econometrics
Citations in the corpus
- The Life Cycle of Corporate Venture Capital (2019, background): “Using CVCs in the computer and communications industries in the later 1990s, Maula (2001) show that CVCs hold board seats or observer seats in more than 70% of the cases, which provide CVC parents with knowledge of ventures’ key activities and technologies.”