2004/12 | LEM Working Paper Series | |
Chandlerian Firms vs. Entrepreneurship |
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Alfonso Gambardella and Marco Giarratana |
Keywords | |
Chandlerian Firms, Entrepreneurship, Diversification, Technology
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Abstract | ||
This paper employs an original dataset for 146 US metropolitan areas to test some propositions that
characterize two different models of organizing firms and industries: the managerial firm, epitomized
by the work of Alfred Chandler, and the entrepreneurial system, recently highlighted by many authors.
We discuss the reasons why, compared to the entrepreneurial systems, the Chandlerian world entails a
lower spread of managerial salaries, greater product diversification, and a greater degree of products
“exploitation” vs “exploration”. If there are knowledge spillovers, the entrepreneurial model produces
higher expected managerial salaries. By providing systematic evidence about their characteristics, our
study contributes to our understanding of the nature, the comparative advantages, and the potential
division of labor between the two models.
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