Journal
RESEARCH POLICY
Volume 37, Issue 4, Pages 633-648Publisher
ELSEVIER
DOI: 10.1016/j.respol.2008.01.003
Keywords
innovation; firm growth; quantile regression; fast-growth firms; patents
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We relate innovation to sales growth for incumbent firms in 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 innovative activity. However, given that the returns to innovation are highly skewed and that growth rates distributions are heavy-tailed, it may be misleading to use regression techniques that focus on the 'average effect for the average firm'. Using a quantile regression approach, we observe that innovation is of crucial importance for a handful of 'superstar' fast-growth firms. (C) 2007 Elsevier B.V. All rights reserved.
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