Understanding the role of IP protection in UK firms’ growth, productivity and innovation 1998-2016: Patents, trade marks and registered designs reconsidered. RP No 90
Published: 13 January 2021
Based on new intellectual property (IP) protection histories for around 110,000 UK firms from 1995-2018, we examine the contribution of UK registered patents, trade marks and registered designs to growth, productivity and innovation outcomes
Published: 24 September 2020
Research Paper No 89
Published: 17 June 2020
Abandoned and failed innovations can be regarded as a part of the natural process of experimentation by firms, which can lead to important lessons being learned. Although the literature suggests some benefit from failure or abandoned innovation activities, prior studies using relatively large firm-level datasets to test the nature of this link are often unable to deal explicitly with the time dimension of learning. We contribute to the literature by showing the dynamic and causal nature of the linkage between abandoned innovation and subsequent innovation outcomes at firms. We demonstrate based on balanced panel data of Spanish manufacturing firms from 2008-2016 that innovation failure not only leads to more successful innovation, but that there is an explicit time dimension to this. We demonstrate that firms which have experienced ‘failure’ (as evidenced by abandoned innovation activities) in the past will have stronger positive effects of recent abandoned innovation activities on innovation output. This is a strong test of the ‘learning-from-failure’ hypothesis. In addition, we find evidence that in addition to enabling cumulative learning processes, abandoning innovation may also act as a dynamic corrective mechanism preventing firms carrying weaker innovation portfolios through from one period to the next.
Consumer Spending Responses to the COVID-19 Pandemic: An Assessment of Great Britain – Research Paper No. 87
Published: 28 April 2020
Since the first death in China in early January 2020, the coronavirus (COVID-19) has spread across the globe, dominated the news headlines and led to fundamental changes in the health, social, political and economic landscape. In this paper, we examine consumer spending responses to the onset and spread of COVID-19, and subsequent government imposed lockdown in Great Britain, GB (England, Scotland, Wales).
What’s in a name? The impact of Geographical Indications of Origin on producer growth and food heritage. Research Paper No 86
Published: 6 March 2020
Post-Brexit the UK government has committed to the implementation of a new UK system of Protected Food Names (PFNs). These will replace the EU Geographical Indications of Origin (GI) regulations for sales in the UK market. GIs, and potentially PFNs, can have significant benefits. Here, we combine case study and econometric methods to consider GIs’ impact on preserving and strengthening food heritage and producer growth. Our case study analysis suggests that GIs can play an important role in the heritagisation of food products although this depends critically on a range of operational factors
Published: 21 February 2020
In order to observe a patent application at the firm level two conditions need to be met: new products need to be of patentable quality, which depends both on the degree of novelty of innovations and on the total number (portfolio) of innovations; and the benefits of patents need to be higher than the costs of owning them. Analyzing the patent propensity of small and large UK firms using a novel innovation-level survey (the SIPU survey) linked to Community Innovation Survey data we find that when we consider the whole innovation portfolio smaller firms do patent less than larger firms. However, using data on individual innovations, we find that smaller firms are no less likely to patent any specific innovation than larger firms. We argue that size differences in the probability to patent relate primarily to the ‘portfolio effect’, i.e. larger firms generate more innovations than smaller firms and therefore are more likely to create one or more which are patentable. As for the decision to patent a patentable innovation, we find that cost barriers, more than issues of innovation quality or enforceability, deter small firms from patenting specific innovations. Measures to address the costs of patenting for smaller firms – perhaps by considering patents as eligible costs for R&D tax credits – and/or subsidizing SMEs’ participation in IP litigation schemes may both encourage patent use by smaller firms.
Published: 18 February 2020
Improving productivity is critical to increasing economic growth and prosperity in the long-run and a key objective for UK national, regional and local policy. However, a long tail of low productivity businesses and significant spatial variations in productivity characterise the UK economy. This report presents an analysis of the determinants of Small and Medium Sized Enterprise (SME) labour productivity, with a particular focus on how place and productivity interact. The analysis draws on data from the UK Government’s Longitudinal Small Business Survey (LSBS) for the years 2015 to 2017. It employs a multilevel regression analysis to understand determinants in enterprise labour productivity in different localities and regions and effectively account for the contextual environment.
Pathways to efficiency, pathways to growth: Evidence from the UK Innovation Survey. Research Paper No. 83
Published: 11 February 2020
Previous studies have suggested there is little correlation between efficiency – measured by sales per employee - and growth at firm level. Here, using data from successive waves of the UK innovation survey we consider two questions.
- Do different types of innovation have different effects on efficiency and growth?
- We consider whether the source of firms’ R&D finance matters.
Together our results suggest the importance of aligning innovation investments with broader corporate and policy objectives and the potential value of policy support for process innovation to achieve positive growth and efficiency outcomes.
Published: 6 February 2020
The Longitudinal Small Business Survey (LSBS) allows for more consistent SME analyses for the UK than ever before by tracking the same firms over time. Our research looks at the regional context, as well as firm specific variables, that are associated with labour productivity outcomes for SMEs. The paper considers the role of City-Region characteristics, as defined in terms of labour market, business dynamics, R&D spend and City-Region agglomeration on labour productivity, alongside firm-level associations.
The paper addresses a research gap in our understanding of how City-Region characteristics support the SME community in Britain by seeking to tease out the channels through which the benefits might accrue. Improving our knowledge of these channels could potentially enable more effective support provision from a policy perspective.
Exploring the link between training and innovation using the Longitudinal Small Business Survey. Research Paper No 80
Published: 3 October 2019
This paper explores the link between different types of training and innovation outcomes using the Longitudinal Small Business Survey. Much of the evidence on innovation and the link to the capabilities of the workforce is based on evidence from the Community Innovation Surveys and as a result emphasis is on larger businesses and on formal skills acquired in Higher Education Institutions. This paper adds to the literature by focusing on a) micro businesses and b) on- and off-the-job training and manager vs. employee training. The main findings are that: a) there is a positive relationship between training and, in particular product innovation; b) that this relationship is strongest among micro-businesses with 1 to 9 employees; c) that the strength of the effect of on- and off-the-job training is similar; and that d) specific manager training in IT and ‘financial management’ shows relatively strong correlations with product and process innovation. Training leading to formal qualifications is not significantly associated with innovation. Novel – new-to-market – product innovation is also significantly enhanced by leadership training of managers, but not by other forms of training.
An Investigation of UK SME Access to Finance, Growth and Productivity, 2015-2017. Research Paper No 79
Published: 16 September 2019
This paper summarises findings from a pilot study exploring UK SME access to external finance, growth and productivity, addressing three key research questions:
• What are the characteristics of SMEs that determine their funding and discouragement?
• What are the impacts of external finance on SME performance and productivity?
• What are the implications for policy?
University Engagement and Productivity in Innovative SMEs: An Empirical Assessment. Research Paper No 78
Published: 12 September 2019
Current debates around the nature of the innovation process increasingly stress its open character, whereby firms utilise knowledge and expertise from outside organisations. From the perspective of Small and Medium Enterprises (SMEs), open innovation allows the leveraging of additional resources which they would not necessarily be able to develop alone. In the context of open innovation universities are often cited as important sources of external knowledge and key nodes within innovation systems due to their ability to generate and transfer new, cutting edge, knowledge.
Getting the right recipe: collaboration strategies for radical and incremental innovators in services. Research Paper No 77
Published: 2 September 2019
Successful innovation requires both effective idea generation and commercialization. Here, we investigate the benefits of alternative collaboration strategies across the idea generation and commercialization stages of the innovation process. Does collaboration generate complementarities between stages of the innovation process? Or, as external collaboration is costly and risky, can having too many partners be detrimental for innovation performance?
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Published: 15 April 2019
This paper examines the unintended consequences of innovation. We show that innovative activity can have adverse outcomes in the form of increased customer complaints with the potential for reputational and financial damage. Complaints may arise directly from adverse reactions to innovative services or service failures where firms prioritise innovation. Our empirical analysis focuses on legal services in England and Wales. Survey data on innovation by legal service providers is matched with complaints data from the UK Legal Ombudsman. This allows us to identify causal links between innovation activity and subsequent customer complaints. Our analysis reveals that higher levels of innovation activity increase the probability and number of consumer complaints. We identify how firms can reduce the potential for consumer complaints by adopting collaborative innovation strategies and engaging in multi-functional teamworking. Our results have strategic, regulatory and policy implications
Published: 11 April 2019
Public policy related to the performance and growth of existing small firms has focused on improving access to finance and more recently on reducing regulatory burdens. However, there has also been an increasing recognition of the importance of management knowledge, skills and the adoption of best management practices. In this paper we match survey data on management skills and practices in a large group of SMEs with longitudinal data on productivity to examine the causal links between skills and management practices in 2014 and productivity performance in 2017. Our focus is on a group of firms led by a single entrepreneur or owner-manager.
Fecundity, fertility, survival and growth: high-growth firms in the UK and their contribution to job creation, a demographic perspective. Research Paper No 74
Published: 22 January 2019
High growth firms (HGFs) have attracted an increasing amount of attention in the last decade as economies begin to emerge from a period of deep recession and policymakers take a renewed interest in firms which generate jobs on a large scale However, despite the attention given to HGFs by policy-makers and researchers, surprisingly little seems to be known about the longer term performance of HGFs and, in particular, about their growth outside the period which led them to be classified as HGFs.
The principal contributions of this paper build on the distinction between high-growth episodes and high-growth firms. The ‘birth’ of an HGF is marked by its first high-growth episode (i.e., defined as a HGF for the first time according to the OECD definition, but the HGF may (indeed is quite likely to) record further high-growth episodes in subsequent years – that is, be defined for a second time as a HGF in a subsequent 3-year period.
Published: 22 January 2019
Small groups of fast-growth firms make a significant contribution to job creation and economic growth. Yet we know little about their broader impact on the economy. This research investigates how the number of fast-growth firms in a region and industry impacts on growth of other firms. By linking the ONS Business Structure Database (BSD) with additional data at the industrial and regional level over the period 1997-2013, we test different channels of wider effects of fast-growth firms in the manufacturing and professional service sectors.
Industry 4.0 is coming: Is digital adoption a new mechanism linking entrepreneurial ambition to business performance? Research Paper No 72
Published: 8 November 2018
The advent of Industry 4.0 emphasises the potential importance of digital adoption for sustained competitiveness. Here, based on new survey data for over 9,000 firms in the UK, Ireland and USA we consider whether digital adoption provides a new mechanism through which firms’ growth ambition is realised. Our analysis emphasises the commonality of factors linked to adoption in each of the three countries. Four key conclusions emerge.
Productivity of the UK’s small and medium sized enterprises: insights from the Longitudinal Small Business Survey. Research Paper No 67
Published: 13 June 2018
Since the 2007-08 Global Financial Crisis (GFC), the UK’s aggregate productivity growth, as measured by output per worker, has deteriorated. This deterioration is not only significant when compared to the UK’s previous experience, but also when compared to the performance of other advanced nations, such as the G7 nations, of which the UK is a member. Improvements in productivity performance are therefore a major economic challenge, especially in the context of ensuring the nation’s long-run wellbeing. Inspired by the UK’s recent productivity experience, in this study we seek to derive productivity insights from the firm-level micro data in the two waves of the UK’s Longitudinal
Small Business Survey (LSBS).
Management capability, business support and the performance of micro-businesses in the UK. Research Paper 68
Published: 31 May 2018
This report documents analysis from Waves 1 and 2 of the UK Longitudinal Small Business Survey, focused on the subsample of sole-proprietorships and micro-businesses (less than 10 employees), comprising 3,882 businesses. The report is specifically concerned with the impact of business planning, support and advice on performance outcomes. Performance is captured by indicators of innovation propensity, exporting propensity and intensity and turnover per employee (productivity) and in turn innovation and exporting are conceptualised as feeding into productivity performance.
Published: 24 May 2018
This paper investigates the differences between small and medium sized firms (SMEs) that apply for funding and those that are discouraged from applying for funding - so-called discouraged borrowers. The dynamics and determinants of borrower discouragement, together with its impact on the activities of SMEs are also investigated. Data from the Longitudinal Small Business Survey suggests that one in ten SMEs (9.3%) can be classified as being a discouraged borrower or as many as half a million UK SMEs could be discouraged borrowers.
Export status and SME productivity: learning-to-export versus learning-by-exporting. Research Paper No 71
Published: 16 May 2018
Exporting offers firms the opportunity both to maximise profits from their existing products and services and, through ‘learning-by-exporting’, to identify new innovation opportunities. In this paper, we exploit a unique data source to examine the strategic choices of smaller firms in terms of exporting or non-exporting. We pay particular attention to a substantial group of export-capable firms which state that they have products or services suitable for exporting but have no intention to export.
Business support and SME performance: exploratory analysis of the Longitudinal Small Business Survey 2015 and 2016 Research Paper No 70
Published: 16 May 2018
This report presents findings from a study of the relationship between business support and Small and Medium-sized Enterprise (SME) performance. The analysis draws on two waves of data (2015, 2016) from the Longitudinal Small Business Survey (LSBS), a large-scale telephone survey of 15,502 SME employers (e.g. owners and managers).
The survey defines SMEs as businesses with between one and 249 employees, with further sub-group analysis based upon employment size: micro businesses (1-9 employees); small businesses (10-49 employees); and medium-sized businesses (50-249 employees). This report is delivered by the Enterprise Research Centre (ERC).
Published: 12 April 2018
Randomised controlled trials or RCTs have a number of theoretical advantages over more standard econometric evaluation approaches, particularly the avoidance of selection bias. Over the period since 2010 five publicly funded RCT projects and a range of communication trials have been undertaken in the UK designed to test aspects of small business and innovation policy. We briefly describe the trials and identify the operational and tactical issues which arose. Experience from medical trials also suggests the value of replication and synthesis, epitomised in the Cochrane Reviews.
Published: 15 February 2018
This paper describes what we know about the effect of top managerial teams (TMT) size and diversity on the performance of new ventures and SMEs. It does so by summarising the results of a thorough literature search of quantitative studies published on this topic between 1990 and 2016 and of a meta-analysis on the relationships reported in these studies.
1990 and 2016 and of a meta-analysis on the relationships reported in these studies.
The search revealed 47 studies and 266 measured relationships between TMT size or diversity and firm performance. These studies employed different samples, econometric techniques, geographical and industry sector focus. Almost 77% of the studies in our sample focus on new ventures, 60% on high-tech firms and 36% on SMEs.
While the meta-analysis reveals many significant and positive effects of team size and diversity, the range of effects varies quite widely depending on context, generating a range of effect sizes from small to large. This inconsistency in results suggests that more replicative studies are required to add to the body of knowledge on team effects on performance.
Organisational capital, exploration and exploitation: Econometric evidence for UK services firms. Research Paper No 65
Published: 8 February 2018
Across all sectors, firms face pressure to serve their customers better by innovating in the delivery of goods and services. Undertaking innovation involves a range of different activities, however, from exploratory knowledge creation or acquisition to commercial exploitation. This may create tensions due to the very different resource and organisational requirements of effective exploration and exploitation. Here, we draw on new survey data for five UK service sectors which separately identifies firms’ exploratory and exploitative activities, to identify those organisational practices which are associated with effective exploration and effective exploitation. Strong contrasts emerge, with more ‘organic’ practices associated with exploration and more ‘mechanistic’ practices better supporting exploration. We find no evidence, however, that those organisational practices associated with effective exploration have any detrimental effect on exploitation, and vice versa. Our results suggest very different organisational strategies for services firms adopting business models which emphasise exploration, exploitation or both.
Published: 4 December 2017
This research note aims to establish an evidence-based understanding about how fast-growth firm definitions differ and what they mean to policy. Employing the UK business population data over 1998-2013, we compare and contrast several popular fast-growth firm definitions based on their coverage in the business population, the contribution to the aggregate economy and their key characteristics, all discussed in context of the conceptual grounds of these definitions. The key message from our finding is that definition matters. Fast-growth definitions in terms of employment and productivity capture rather different sets of firms, indicating potential conflict in goals. It is possible that polices supporting fast-growth of employment may impair productivity growth, and likewise productivity-driving measures may lead to dwindling employment growth. On the whole, employment-based fast-growth firms generate lots of jobs but have mixed productivity records, while productivity-based fast-growth firms have lower job creation records but show productivity superiority.
Published: 7 September 2017
During the last decade High-Growth Firms (HGFs) – sometimes referred to as ’Scale-Ups’ – have increasingly become an established feature of the UK business policy landscape. Indeed, HGFs are mentioned in the government’s recently published policy document ”Building our Industrial Strategy”, and are now considered sufficiently important that the Minister for Small Business has taken on the role of ”Scale-Up Champion”.
Whilst we know something of the characteristics of these firms – about their age, size, sector and location – we know relatively little about the dynamics of the HGF population as it evolves over time. For the most part attention is focused simply on the annual count which, as we shall see, is not an entirely appropriate measure of HGF activity.
Assessing the business performance effects of receiving publicly-funded science, research and innovation grants – Research Paper No 61( Revised )
Published: 6 September 2017
UK Research Councils spend around £1.7bn pa on supporting research. Here, we provide the first comprehensive assessment of these research grants on the performance of UK firms. Using data on funding and partnership from Gateway to Research on all funded projects by the UK Research Councils over the 2004 to 2016 period and business performance data from the Business Structures Database we have applied a difference-in-differences propensity score matching technique to evaluate the performance of UK firms who participated in publicly-funded research projects. Our analysis suggests five key conclusions. First, firms who participated in research projects funded by UK research councils grew their turnover and employment 5.8-6.0 per cent faster in the three years after the project, and 22.5-28.0 per cent faster in the six years after the project, than similar firms which did not receive support. Second, the impact of participating in projects is larger for firms in high-tech manufacturing and knowledge intensive services. Third, we find evidence that the impact of participating in projects is larger for small firms and those with lower starting productivity (turnover per employee). Growth impacts on firms in the top quartile of the productivity (turnover per employee) distribution are small. Fourth, support relevant to businesses is provided largely by EPSRC and Innovate UK. Participation in projects funded by both organisation increases both employment and turnover growth in the short and medium terms with only marginal differences in their impact. Fifth, the effects of grants vary depending on the size of the project. Participating in projects involving small and very large grants have smaller growth effects than medium-sized support packages. Our results have implications for the extent and targeting of future Research Council funding.
Our analysis is subject to a number of caveats. First, data limitations mean that we measure economic impacts using turnover and employment data rather than value added per worker or hour worked. Secondly, at this point we only consider the direct impacts on firms. Spillovers or multiplier effects may significantly enlarge these effects; displacement may reduce them. Both will be considered in a future study. Thirdly, data linking and the timing of some grant awards in recent years mean we are able to consider growth effects for only around two-thirds of firms which participated in publicly funded science and innovation projects.
Actual and intended growth in family firms and non-family owned firms: Are they different? Research Paper No 60
Published: 13 July 2017
This article uses the first wave of Longitudinal Small Business Survey (SBS, 2015), and investigates the role of owner-management structure in affecting the growth behaviours of small- and medium-sized enterprises (SMEs) in the UK. Specifically, the study compares the growth propensities among family firms managed by the family member(s) only, family firms managed by externally sourced manager(s), and non-family-owned small firms. Based on the change-in-amount perspective (Penrose, 1951), growth is measured using three different indicators, including growth in employment size, growth in turnover, and growth in sales.
Home Alone: Innovation and sales growth intentions among the sole self-employed. Research Paper No 59
Published: 12 July 2017
It is widely known that solo self-employed entrepreneurs enjoy non-pecuniary benefits from their employment status and earn less compared to those employed. They have greater ‘freedom and autonomy’ in running their business and as such they pursue their intrinsic commercial ambitions relying on their experience, abilities and exploiting the available opportunities from their external environment. In this paper we argue that solo self-employed entrepreneurs’ growth ambitions shape their future innovation strategy. We develop a theoretical framework and empirically analyse the relationship and the determinants of innovation and growth intentions using a large sample of UK self-employed entrepreneurs. In doing so we extend the theory of planned behaviour to incorporate the role of entrepreneurs’ past experience in innovation and growth in shaping their corresponding future intentions. Our empirical results suggest that past innovation performance and achieved growth rates shape future entrepreneurial intentions and ambitions through an adaptive learning process given the level of entrepreneurial capabilities and external environment opportunities.
Rural business aspirations, obstacles and support: an analysis of the Longitudinal Small Business Survey 2015 Research Paper No. 58
Published: 22 March 2017
A rural-urban analysis of the UK’s Governments Longitudinal Small Business Survey (LSBS) responses for 2015 has been undertaken to understand spatial variations in performance and uptake of external support services. The analysis is based on 15,500 survey responses from across the UK and uses official rural-urban classifications. Approximately 28 per cent of survey responses to the LSBS are classified as rural. Within the rural context, conclusions relating to growth have previously been hampered by difficulties in separating out whether rural location has a distinctive effect or whether spatial variations in business performance reflects differences in size, sector and age of business. Therefore this analysis used Propensity Score Matching (PSM) to control for these and other profile variables, allowing for an assessment of rural effects on business performance.
Accessibility, utility and learning effects in university-business collaboration. Research Paper No 57.
Published: 7 March 2017
UK government reports have emphasised the potential role of universities in driving localised economic development. There may be a utility-accessibility trade-off, however, between the accessibility of local university knowledge and its ‘fit’ with the specific needs of local firms. Here, using data from UK Innovation Surveys (UKIS) covering the period 2004 to 2012, we examine this trade-off and how it differs for firms of different sizes. Our analysis suggests four main empirical results. First, we find support for the predicted inverted-U shape relationship between the distance between collaborators and the innovation benefits. Second, we find evidence, in accord with the utility/accessibility trade-off, that local university collaboration benefits only small and medium firms. Third, we find that learning effects from previous collaborations with customers, suppliers etc. increase the probability of collaborative activity. Fourth, we find strong evidence of the persistence of university collaborations. Our results re-affirm the evidence from other studies of the value of university collaboration and suggest the value of policy action to address market failures which arise in the formation of university-small business collaborations.
Does learning from prior collaboration help firms to overcome the “two worlds” paradox in university-business collaboration? Research Paper No 55
Published: 23 February 2017
There is now substantial evidence on the positive contribution universities can make to helping firms’ innovation. Building university-business collaborations, however, confronts the ‘two-worlds’ paradox, and the difference in institutional logics and priorities between businesses and universities. Here, we consider whether firms’ experience from prior collaboration can generate learning which can help to overcome the two-world’s paradox and improve their ability to generate new-to-the-market innovations in collaboration with universities. Based on panel data for UK companies, we find evidence of significant learning effects in the commercialisation pipeline for new-to-the market innovation. Firms working with, say, customers in one period are significantly more likely to collaborate with universities in subsequent periods. Further down the pipeline, collaborating with universities increases the probability of a firm making new-to-the-market innovations (as opposed to new-to-the-firm innovation) by 21-24 per cent regardless of firm size. The commercial benefits of collaborative, new-to-the-market innovation are concentrated in medium and larger firms with no significant effect for small companies. There is the potential for policy intervention both to increase levels of small business-university collaboration and assist smaller firms to maximise the commercial benefits of collaborative, new-to-the-market innovations.
The relationship between middle market firms’ access to finance and internationalization intentions. Research Paper No 54
Published: 22 February 2017
This article examines the relationship between middle market firms’ access to finance and their exporting intentions. We hypothesise that this relationship is positive but moderated by a firm’s age. We test our hypotheses using a novel dataset of middle market firms across four large EU economies. Our analysis demonstrates that the relationship between middle market firms’ access to finance and their exporting intentions is different for younger and older firms. When younger firms have ready access to finance they are less likely to enter new geographic markets, while when older firms have ready access to finance they are actually more likely to enter new geographic markets.
Assessing the characteristics, determinants and spatial variations of internationalised new ventures in the UK. Research Paper No 56
Published: 16 February 2017
This study focuses on internationalised new ventures, here defined as firms that have been trading for 5 years or fewer and which have already engaged in selling their goods and/or services abroad. The report presents analysis of data from the Longitudinal Small Business Survey that: 1) examines differences between internationalised and non-internationalised new ventures, 2) assesses the factors which determine whether a new firm is likely to engage in export activity early in its lifetime; and 3) maps the geographic distribution of these internationalised new ventures across the UK.
The effectiveness of regional, national and EU support for innovation in the UK and Spain. Research Paper No 52
Published: 9 January 2017
Innovation policy aims to stimulate innovation and hence firm-level productivity and growth. Here, we use data from the national innovation panel surveys in the UK and Spain over the 2004 to 2012 period to explore the effectiveness of regional, national and EU innovation support in promoting the extent of innovation activity, its novelty, and market success. Allowing for potential selection effects, our results suggest that regionalised support is most influential in increasing the probability of undertaking both process and organisational innovations. For both the UK and Spain, national innovation support is associated with a higher probability of product or service innovation, and the degree of novelty of product or service innovations. In terms of innovation success (sales) we see a rather different pattern in the UK and Spain. In the UK only regionalised support is associated with increased innovative sales. In Spain, innovative sales are influenced by both regional, national and EU support measures. Our results suggest that moves towards more centralised innovation policy in the UK since 2012 may reinforce a focus on leading edge, novel product and service innovation while placing less emphasis on broadly based process and organizational innovation.
Exploring the success and barriers to SME access to finance and its potential role in achieving growth. Research Paper No53 ( Revised )
Published: 14 December 2016
Exploring the success and barriers to SME access to finance and its potential role in achieving growth
What are the potential growth impacts of external finance on UK SMEs? Who seeks it, who gets it, and who is discouraged? Drawing on analysis of the 2015 UK Longitudinal Small Business Survey of 15,502 SMEs and interviews with six senior staff from Oxford Innovation who provide finance support to high growth firms, we provide robust contemporary evidence and key policy implications.
Published: 8 December 2016
This paper analyses the characteristics and activities of firms that use crowdfunding, using data from the Longitudinal Small Business Survey (LSBS). Our aim is to better understand the role that crowdfunding plays in the business lending market, and potential implications for policymakers
Published: 8 December 2016
Persistence in exporting matters, because firms with continuous exposure to export markets derive greater benefit from exporting than do sporadic exporters. Conceptually, however, export persistence is poorly understood, and is typically explained by sunk costs leading to high export exit costs.
Published: 2 November 2016
Open innovation provides significant advantages for individual firms and may generate wider social benefits. Positive externalities related to knowledge sharing may result from openness itself, and enhanced levels of innovation may lead to otherwise unachieved innovation spillovers. A number of studies have suggested, however, that average levels of OI activity remain well below the level which maximises innovation outputs. Here, we identify four market failures which arise in the process of OI partnership formation and which may be limiting firms OI engagement. Information failures occur which mean firms are unaware of the benefits of OI, lack information on the capabilities of partners and their trustworthiness. Appropriability issues may also mean that levels of OI remain below the social optimum. We develop policy responses to each market failure linked to the development of an OI intermediary and develop a related logic model.
Decomposing UK aggregate labour productivity and growth: 1998-2013 using the ONS business structure database data. Research Paper No. 48
Published: 12 July 2016
This study provides a comprehensive analysis of UK labour productivity patterns and contributing factors over the 1997-2013 period. Based on the ONS Business Structure Database (BSD), we present a full picture of the UK firms’ productivity patterns in the whole economy over the examined period and in particular during the “Great Recession”, at aggregate level, sector level, and among heterogeneous groups. We observe significant business demographic changes underlying UK aggregate productivity change, featuring an increasing number of small businesses especially single-employee firms, less entrants and more exits and discuss the implications of these changes in explaining the productivity decline. When differentiating firm growth types, we find “Growth heroes” and “Decline by efficiency loss” firms over-contribute to aggregate labour productivity compared to their weight in the business population. In contrast, an already large group of ‘Decline by contraction’ firms surged over the recent recession and under-contribute to aggregate labour productivity. We highlight that within firm productivity improvement has been mainly responsible for aggregate productivity changes in the UK while resource allocation on average played a limited role in driving the aggregate productivity change.
Ambitious Entrepreneurship and Migration A Multi-Level Study across the Local Authorities in England and Wales. Research Paper No 47
Published: 6 July 2016
We consider why both immigrants and regional migrants may embark on different types of entrepreneurial projects: high versus low aspiration; opportunity driven versus necessity driven. Next, using Global Entrepreneurship Monitor data, we construct a multiple-years sample of UK working age population with wide spatial coverage, and apply a multi-level multinomial logit model to test and compare propensities of migrants to enter into different forms of entrepreneurship. We find that – compared with those who are not spatially mobile – both internal (regional) migrants and immigrants are more likely to start new ventures characterised by high growth aspirations. Immigrants are more likely than non-migrants to engage in both opportunity-driven and high-aspiration entrepreneurship, but, unlike regional migrants, not in necessity-driven and low-aspiration entry.
Published: 26 May 2016
There is now a general consensus that high growth firms (HGFs) are economically important, and governments across the world have targeted resources to help firms achieve high growth. Yet while there is a large evidence base on the nature of HGFs, little research considers ‘how’ potential HGFs are trying to grow and ‘what’ is preventing firms from achieving sustained growth (i.e. the barriers firms face to sustain a longer period of rapid growth). This report aims to better understand the nature of growth processes within high growth firms (HGFs).
Published: 24 May 2016
Previous evidence shows that business advice helps businesses and that more advice is generally better [1-4]. Most firms will take advice from outsiders at some point in their development but fewer firms take advice than seems warranted by the evidence . The reasons for the reluctance to take advice are varied and have been relatively intractable; moreover our understanding of the ‘subtle processes’ within advice has been hampered by the few inductive investigations  with recent exceptions [7-9]. These ‘subtle processes’ imply that advice is not a single process but is made up of a series of sub-processes.
Work organization and innovation in legal services: analysis from a ‘deep dive’ study. Research Paper No 45
Published: 24 May 2016
Despite its potential social and economic benefit, innovation in legal services has to date received little academic attention. Drawing on the largest survey of legal services innovation ever undertaken (c. 1500 firms) this paper explores the strategic, resource and environmental drivers of service and delivery innovation among solicitors, barristers and other legal service providers.
Published: 10 May 2016
The social benefit of a patent system lies in its ability to underpin the circulation of technology in the economy through technology licensing and in facilitating the growth of technology markets. This evidence brief considers the main dimensions of the technology licensing market in the UK, drawing on expenditure data from the Community Innovation Survey in order say more about the characteristics of buyers in the market. This is an area which remains relatively under explored and can provide a useful basis upon which to develop effective policy. We estimate the size of the technology licensing market, highlight the temporary nature of licensing expenditure and explore the participation of firms. We find small firms are more frequent purchasers of technology licensing but large firms account for the larger shares of spending. Similarly, R&D services firms are large buyers of technology licenses and dominate spending in the technology licensing. We also find the participation of innovative firms dominates that by non-innovative firms.
Absorptive capacity and ambidexterity in R&D: linking technology alliance diversity and firm innovation. Research Paper No. 42
Published: 10 May 2016
The aim of this study is to examine how firms realize the benefits associated with a diverse range of technology alliances. We propose and test the hypothesis that firms’ knowledge combination capabilities mediate the relationship between technology alliance diversity innovation. Using panel data for Spanish manufacturing companies during the period 2004-2011, we provide evidence that firms’ absorptive capacity and ambidexterity in R&D serve as mediating mechanisms between technology alliance diversity and innovative performance Our study advances the literature on technology alliances by showing how firms use their portfolios of technology alliances to form their combination capabilities, and subsequently, to enhance innovation outcomes.
The roles and effectiveness of design in new product development: a study of Irish manufacturers. Research Paper No. 41
Published: 10 May 2016
Investments in design can make a significant contribution to successful new product development (NPD). However, there is insufficient evidence on the most appropriate or effective role that design could play. Previous case-based research has identified alternative roles for designers in NPD, but there is only tentative evidence over such roles’ contribution to NPD outcomes. Using data on a large sample (c. 1300) of Irish manufacturing plants we are able to examine the effectiveness of three different levels of involvement of designers in NPD and their impact on NPD novelty and success.
Local and firm-level influences on innovation performance: linkages, climate and externalities. Research Paper No. 40
Published: 10 May 2016
Interest in the local dimension of economic development has intensified in recent years with changes in the English policy landscape emphasising local policy action. In this paper we use an augmented version of the UK Innovation Surveys 4-7 to explore firm-level and local area influences on firms’ innovation performance.
The legacy of public subsidies for innovation: input, output and behavioural additionality effects. Research Paper No 21
Published: 26 February 2016
In many countries significant amounts of public funding are devoted to supporting private firms’ R&D and innovation projects through subsidies or grants, loans, and other instruments such as loan guarantees or R&D tax credits. Our interest here is in exploring the mechanisms through which these positive effects occur and in evaluating the legacy effects of public subsidies for private innovation.
Firms’ innovation objectives and knowledge acquisition strategies: a comparative analysis . Research paper No 38
Published: 25 February 2016
External partnerships play an important role in firms’ acquisition of the knowledge inputs to innovation. Such partnerships may be interactive – involving exploration and mutual learning by both parties – or non-interactive – involving exploitative activity and learning by only one party. Examples of non-interactive partnerships are copying or imitation. Here, we consider how firms’ innovation objectives influence their choice of interactive and/or non-interactive connections. We conduct a comparative analysis for the economies of Spain and the UK, which have contrasting innovation eco-systems and regulation burdens
The marketization of higher education: A causal analysis of innovation in UK universities . Research Paper No 39
Published: 25 February 2016
Higher education is increasingly a marketised service sharing many characteristics with other professional services such as legal, medical or financial services. With marketization comes competition, and the need for HEIs to develop and maintain attractive undergraduate programmes to attract and retain strong faculty and fee-paying students. Here, we consider the drivers of programme innovation – the introduction of new programmes – and the withdrawal of existing programmes in UK universities. Using panel data for all UK universities provided by UCAS we identify significant resource, internationalisation and business engagement effects. Financial stringency encourages both programme innovation and withdrawal. More extensive international market engagement and research collaboration with business have similar effects increasing programme innovation. The results have both strategic and systemic implications.
Waves of Professionalization Before, During and After Management Buyouts and Buy-ins of Private Family Firms. Research Paper No 37
Published: 22 January 2016
We explore the process of professionalization pre- and post- buyout (MBO) or buyin (MBI) of former private family firms using longitudinal evidence from six UK family firms undergoing an MBO/I in 1998. Professionalization behaviour was monitored up to 2014. Previous studies have conceptualized professionalization as a threshold to be attained. We demonstrate that professionalization is a complex process occurring in waves, triggered by changes in firm ownership and management. Waves of professionalization converge during the MBO/I process. Buyouts provide a funnelling mechanism enabling diverse control
systems to be standardized. Post-MBO/I, divergence in the professionalization process reoccurs contingent on firm-specific contexts. Professionalization focuses on operations when stewardship relationships predominate, but on agency control mechanisms when there is increased potential for agency costs. Buyout organizational form is an important transitory phase facilitating the professionalization process. Professionalization is not a once for all development stage.
Investigating Schumpeter’s creative army: what drives new-to-the-market innovation in micro-enterprises? Research paper 36
Published: 28 September 2015
Schumpeterian arguments related to creative destruction place small, entrepreneurial firms at the centre of the innovation process. The exclusion of micro-enterprises (with less than 10 employees) from most innovation surveys means, however, that we know relatively little about innovation among this group of firms. Here, using new survey data on a thousand micro-enterprises we explore the determinants of new-to-the-market innovation, the basis for the Schumpeterian creative destruction (CD) process. Our results provide strong support for the interactive nature of micro-enterprise innovation and suggest the potential value of developing a model of interactive creative destruction (ICD). Our results also suggest that family-owned firms are more likely to introduce new-to-the-market innovations and therefore play an important role in the ICD process. In organisational terms, our analysis emphasises the range of technical and co-ordination capabilities required by micro-enterprises to innovate successfully. Policy implications relate to promoting awareness among micro-firms of the support available for innovation to reduce the impact of financial and risk constraints.
Published: 23 July 2015
This report presents the results of a comprehensive survey of UK university spin-out businesses.
In an effort to enhance our understanding of this sector, a database of 1044 active USOs was compiled from individual university records and internet searches, and matched to a published list of UK university spin-outs.Telephone interviews were conducted with USOs and a final sample of 350 was achieved. Non-response bias was tested for and weights were constructed to ensure that the findings were representative of the UK population of USOs.
Resources and innovation in family businesses: The Janus-face of family socio-emotional preferences. Research Paper No 34
Published: 20 July 2015
ERC Research Paper No 34. Resources and innovation in family businesses:The Janus-face of family socio-emotional preferences.
Family business socio-emotional preferences are often Janus-faced: Some strive to create a strong business they can pass on to offspring by building innovation-promoting resources such as human, relational and financial capital. Other family firms cater to family desires for unqualified nepotism, altruism towards undeserving kin, and appropriation of firm assets to fulfill parochial desires that erode these resources.
We explore how some such preferences, together with their impact on resources and the innovation demands of their markets, shape the approach to innovation.
Published: 17 July 2015
There is a need to rethink and redefine the social value added of entrepreneurial activities to society. In this paper we develop five pillars on which the evolving social role of entrepreneurship can rest and have its impact: (1) connecting entrepreneurial activities to other societal efforts aimed at improving the quality of life, achieving progress, and enriching human existence; (2) identifying ways to reduce the dysfunctional effects of entrepreneurial activities on stakeholders; (3) redefining the scope of entrepreneurial activities as a scholarly arena; (4) recognizing entrepreneurship’s social multiplier; and (5) pursuing blended value at the organizational level, centring on balancing the creation of financial, social and environmental wealth. In a final section we discuss implications for practices and for further research.
Published: 9 July 2015
Academic entrepreneurship, which refers to efforts undertaken by universities to promote commercialization on campus and in surrounding regions of the university, has changed dramatically in recent years. Two key consequences of this change are that more stakeholders have become involved in academic entrepreneurship and that universities have become more “strategic” in their approach to this activity. We assert that the time is ripe to rethink academic entrepreneurship. Specifically, theoretical and empirical research on academic entrepreneurship needs to take account of these changes, so as to improve the rigor and relevance of future studies on this topic. We outline such a framework and provide examples of key research questions that need to be addressed to broaden our understanding of academic entrepreneurship.
Published: 18 May 2015
ERC Research paper No 30
Quality improvement and innovation are central strategies for firms in an increasingly globalised marketplace. Implementing both quality improvement and innovation, however, poses significant managerial, organisational and technical challenges and may also involve significant lags before benefits are realised. Here, using panel data on a large group of Irish manufacturing firms and econometric analysis, we establish the dynamic influence of firms’ adoption of quality improvement methods (QIMs) on firms’ innovation performance. Our study highlights the short-term disruptive and longer-term beneficial effects of QIM adoption on innovation.
Creating value from embodied knowledge – the link between advanced manufacturing technologies and innovation. Research Paper No 31
Published: 18 May 2015
Research paper No 31
The ability to innovate successfully is a key corporate capability, depending strongly on firms’ access to knowledge capital: proprietary, tacit and embodied. Here, we focus on one specific source of embodied knowledge – advanced manufacturing technologies or AMTs – and consider its impact on firms’ innovation success.
Feasibility Study – Exploring the Long-Term Impact of Business Support Services. Research Paper No 29
Published: 27 March 2015
This report is a feasibility study examining whether it is possible to observe a longer term impact of business improvement schemes in general using the old Business Link (BL) offer in England in 2003 as an example. The report covers the methodological issues of assessing the economic impact of business support interventions over an extended time period, although the findings will be of interest to policy makers. Building on the published evaluation of BL in 2006 this new analysis uses 7 additional years of employment and turnover data from the ONS Business Structure Database (BSD) to demonstrate the value of longitudinal evaluation time frames.
Published: 23 March 2015
We provide a typology of corporate and academic spin-off types, distinguishing spin-offs involving new ventures from those that concern existing activities. We summarize the papers published in this special issue, relating them to the typology we develop. We conclude by developing an agenda for further research on spin-offs.
Published: 12 March 2015
It has often been argued that smaller firms face particularly strong resource constraints in developing an international market profile. Here we consider the determinants of SMEs exporting using a survey of internationally engaged UK SMEs. We first develop a theoretical model incorporating organisational and prior managerial learning effects. Our empirical analysis then allows us to separately identify the positive effects on exporting from the international experience of the firm and the negative effects of firm age. Positive exporting effects also result from grafted knowledge – acquired by the recruitment of management with prior international experience. Innovation also has positive exporting effects with more radical new-to-the-industry innovation most strongly linked to inter-regional exports; new-to-the-firm innovation is more strongly linked to intra-regional trade. Early internationalisation is also linked positively to the number of countries to which firms export and the intensity of their export activity. We find no evidence, however, relating early internationalisation to extra-regional exporting providing further evidence that firms tend be ‘born regional’ rather than ‘born global’. Implications for policy and practice are discussed.
Published: 10 March 2015
External partnerships play an important role in firms’ acquisition of the knowledge inputs to innovation. Such partnerships may be interactive – involving exploration and mutual learning by both parties – or non-interactive – involving exploitative activity and learning by only one party. Examples of non-interactive partnerships are copying or imitation. Here, we consider how firms’ innovation objectives influence their choice of interactive and/or non-interactive connections. Four empirical results emerge. First, we find strong and consistent support for complementarity between non-interactive and interactive connections across firms in all sectors and sizebands. Second, we find that innovation objectives related to new products and services are linked only to non-interactive connections. Third, we find tentative evidence that where firms have innovation objectives which relate to product or service improvement they are more likely to establish non-interactive rather than interactive connections. Fourth, the extent of firms’ interactive and non-interactive connections are strongly related firms’ human capital endowments. These latter results suggest interesting second-order innovation effects from human capital improvements.
Published: 10 March 2015
There is growing interest in entrepreneurial earnings; however prior studies have typically focused on incomes derived from business ownership - a highly problematic measure, which fails to fully capture the rewards of entrepreneurship. In contrast, wealth comprises a stock of accumulated assets providing a more robust measure of relative success and economic well-being over the life-course of the business and the individual entrepreneur.
Published: 9 September 2014
The importance of R&D investment in explaining economic growth is well documented in the literature. Policies by modern governments increasingly recognise the benefits of supporting R&D investment.
This paper offers the first systematic review and critical discussion of what the R&D literature has to say currently about the effectiveness of major public R&D policies in increasing private R&D investment. Public policies are considered within three categories, R&D tax credits and direct subsidies, support of the university research system and the formation of high-skilled human capital, and support of formal R&D cooperation's across a variety of institutions. Crucially, the large body of more recent literature observes a shift away from the earlier findings that public subsidies often crowd-out private R&D to finding that subsidies typically stimulate private R&D. Tax credits are also much more unanimously than previously found to have positive effects. University research, high-skilled human capital, and R&D cooperation also typically increase private R&D. Recent work indicates that accounting for non-linearities is one area of research that may refine existing results.
Fear of Failure and Entrepreneurship: A Review and Direction for Future Research – Research Paper No 24
Published: 9 September 2014
One of the most common fears among entrepreneurs is called the fear of failure (Bosma et al. 2008). Drawing on psychological and socio-psychological theories, the experience of fear of failure can be described as the appraisal of threats in evaluative situations with the potential for failure (Conroy 2001). These situations activate cognitive schema or beliefs associated with the aversive consequences of failing and may cause different behavioural responses: approach the threat aggressively (fight), avoid facing the situation (flight), or be paralyzed in the situation (freeze) (Conroy 2004; Gray 1971; Elliot 1997). However, an examination of the entrepreneurship literature shows that the fear of failure is predominantly assumed to be a barrier to entrepreneurship.
Published: 12 August 2014
CREATING VALUE IN ECOSYSTEMS:CROSSING THE CHASM BETWEEN KNOWLEDGE AND BUSINESS ECOSYSTEMS
Published: 29 July 2014
The Legacy of Public Subsidies for Innovation
Knowledge context, learning and innovation: an integrating framework. Enterprise Research Centre ( ERC ) Research Paper No 20
Published: 2 July 2014
Knowledge context, learning and innovation: an integrating framework. Enterprise Research Centre ( ERC ) Research Paper No 20
In this paper we develop a framework to identify those elements of firms’ knowledge context which are important for innovation, and the mechanisms through which that knowledge impacts on firms’ innovation performance. We make four main contributions to the existing literature. First, our characterisation of knowledge context provides the basis for a more specific identification of which elements of firms’ knowledge environment are important for innovation, discriminating between spatial, industrial and network influences. Second, we reflect the role of innovation ambition in shaping firms’ knowledge search strategies. Third, we differentiate between firms’ interactive and non-interactive knowledge search activities and recognise that these may be complemented by unanticipated and serendipitous knowledge spillovers. Finally, we introduce the notion of encoding capacity to reflect firms’ internal ability to assimilate and apply external knowledge. Our framework provides an integrating mechanism for existing empirical studies, suggests a number of new research directions related to the determinants of innovation performance and the heterogeneity of innovation outcomes.
Published: 19 May 2014
We explore the relationship between two key aspects of open innovation in small firms – absorptive capacity and external relationships – and their effects on growth in the US and European biopharmaceutical sectors. Results from an international sample of 349 biopharmaceutical firms surveyed in the US, UK, France and Germany suggest that realized absorptive capacity plays an important role in determining firms’ growth. In terms of the interaction between firms’ absorptive capacity and external relationships, we find that engagement with exploratory relationships depends strongly on the continuity of R&D, while participation in exploitative relationships is more conditional on firms’ realized absorptive capacity.
Published: 19 May 2014
This paper contributes to our understanding of the finance issues currently facing diverse SMEs by presenting a new analysis of the SME Finance Monitor. While prior studies have contributed substantial evidence regarding the effects of either gender or ethnicity on finance outcomes, these analyses have typically focused on either women-owned or ethnic minority owned enterprises. This study considers the experiences and outcomes of both women-owned and ethnic minority-owned enterprises, including the interaction effects of ethnicity and gender.
Published: 24 February 2014
Innovation has a recognised effect on survival. Undertaking more risky innovation may increase the risk of business failure, while incremental innovation may reduce the risk. This paper investigates how firms’ innovation strategy choices affect the relationship between innovation and firm survival. The research suggests the notion of “survival additionality”, i.e. firms receiving public support derive more persistent benefits from innovation than firms which did not receive public support.
Published: 23 February 2014
Understanding the impact of national culture alone and in interaction with other contextual factors, is important for refining our knowledge of how entrepreneurs think and act. This paper presents a review of the literature on the link between cultural values and entrepreneurial beliefs, motives and behaviours. It suggests that there may not be a single entrepreneurial culture and suggests areas for future research.
Published: 31 December 2013
The Department for Business, Innovation & Skills commissioned the ERC to undertake an analysis of industrial clusters in the UK and to use the new Local Enterprise Partnerships (LEPs) as the sub-national spatial frame in England. The analysis is designed as an information source for the LEPs as they prepare their new strategic economic plans.
Published: 1 December 2013
This paper examines the processes that firms use to form strategic alliances. Drawing on data from 1063 US based firms who created R&D consortia over a 22 year period, it considers whether companies replicate existing approaches, gained from prior experience, in forming subsequent alliances or whether they can develop new skills as they adapt to changing conditions. It suggests that prior experience is a significant factor affecting subsequent formation processes and longer experience tends to increase the chances that firms will replicate a given approach. It also finds that smaller firms may be more able to flex their approach.
Published: 1 November 2013
Traditionally, literature on open innovation ( the number of links a firm has to customers, suppliers and other firms) has concentrated on analysis of larger firms. This paper explores if and how the benefits of openness in innovation are different for small firms compared to medium and large ones. It suggests that small firms can benefit disproportionately from adopting open innovation approaches but that they reach the benefits of this approach at lower levels than medium and larger firms making the choice of innovation partner critical.
Published: 6 October 2013
Entrepreneurship has long been seen as a route to socio-economic advancement for disadvantaged communities. This paper explores to what extent ethnic minority entrepreneurship promotes socio-economic advancement and suggests that the context in which the entrepreneurship exists is an important determinant and that entrepreneurship itself cannot be seen as the only or preferred route.
Published: 1 October 2013
The role of Households and Families in influencing entrepreneurship has long been underestimated. This paper explores the intricate relationship between the Household and the enterprise including the role it plays in identifying business opportunities and providing resources to new and existing ventures.
Published: 1 September 2013
This paper explores the characteristics of small firms who take advice and those that do not. It finds a number of factors associated with taking advice including the longevity of an owner-managers education, whether the business has growth objectives and, most significantly, a size threshold at 10 employees at which taking advice becomes much more likely. It suggests that significant challenges arise in making the transition to 10 employees or more and that further research is needed to understand this transition.
Published: 2 July 2013
Private Equity restructuring using debt has been criticised for increasing financial distress and bankruptcy. This paper compares the insolvency hazard of various buy-out types within the corporate population and investigates the risk profile of the companies pre-buyout.
Published: 1 July 2013
This paper contributes to contemporary debates concerning the impact of regulation on small business performance in the UK.
Published: 4 June 2013
This paper explores the claims of a ‘paradigm shift’ towards firms using open innovation as a conscious strategic choice.
Published: 3 June 2013
This paper explores the role of individual and collective knowledge processes in the capacities for acquiring, integrating and exploiting new knowledge and the influences they exert on long term organisational performance and growth.
An Experimental Approach to Industrial Policy Evaluation: the Case of Creative Credits. Research Paper No 4.
Published: 2 June 2013
This paper considers the arguments for applying experimental methods to industrial policy measures and proposes an experimental policy evaluation approach
Published: 1 June 2013
There is a broadly held assumption within the entrepreneurship literature that fear of failure is always and only an inhibitor of entrepreneurial behaviour. This paper provides a theoretic framework of the antecedents, moderators and consequences of fear of failure.
Published: 2 May 2013
It has recently been recognised that conclusions about firm size were confounded by the effect of the age of the firm. This paper explores the role of size, controlling for age, by comparing the cohorts of firms born in 1998 over their first decade of life.
Published: 1 May 2013
This paper examines the question of whether family firms are more likely to survive than non-family firms, focusing on the role of board composition.