2015/12 | LEM Working Paper Series | |
Are R&D investments by incumbents decreasing in the availability of complementary assets for start-ups? |
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Luca Colombo, Herbert Dawid, Mariacristina Piva, Marco Vivarelli |
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Keywords | ||
R&D, Innovation, Start-up, Complementary Assets
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JEL Classifications | ||
O31, L26
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Abstract | ||
This paper investigates, both theoretically and empirically, the
implications that complementary assets needed for the formation of
start-ups —proxied by the ease of access to financial resources— have
on the innovative efforts of incumbent firms. In particular, we
develop a theoretical model, highlighting a strategic incentive effect
by which the innovative efforts of incumbent firms are decreasing in
the availability of the complementary assets needed for the creation
of a startup. The empirical relevance of this effect is investigated
by using firm level data drawn from the third Italian Community
Innovation Survey covering the period 1998-2000. The results of our
empirical analysis support our theory-based insights.
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