Innovation and Firm Growth in High-Tech Sectors: A Quantile Regression Approach

نویسندگان

  • Alex COAD
  • Rekha RAO
  • Alex Coad
  • Rekha Rao
  • Stephen Machin
  • Peter Maskell
  • Stan Metcalfe
  • Bernard Paulré
  • Toke Reichstein
چکیده

We relate innovation to sales growth for incumbent firms in four high-tech sectors. A firm, on average, experiences only modest growth and may grow for a number of reasons that may or may not be related to ‘innovativeness’. However, given that firms are heterogeneous and that growth rates distributions are heavy-tailed, it may be misleading to use regression techniques that focus on the ‘average firm’. Using a quantile regression approach, we observe that innovativeness is of crucial importance for a handful of ‘superstar’ fast-growth firms. We also discuss policy implications of our results. JEL codes: O31, L25

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تاریخ انتشار 2006