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Innovation in business groups / Sharon Belenzon in Management science, Vol. 56 N° 3 (Mars 2010) 

Public ISBD [article]  in Management science > Vol. 56 N° 3 (Mars 2010) . - pp. 519-535 Titre : Innovation in business groups Type de document : texte imprimé Auteurs : Sharon Belenzon, Auteur ; Tomer Berkovitz, Auteur Année de publication : 2010 Article en page(s) : pp. 519-535 Note générale : Management Langues : Anglais (eng) Mots-clés : Business  groups  Innovation  Patents  Internal  capital  markets  Knowledge  spillovers Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Using novel data on European firms, this paper investigates the relationship between business groups and innovation. Controlling for various firm characteristics, we find that group affiliates are more innovative than standalones. We examine several hypotheses to explain this finding, focusing on group internal capital markets and knowledge spillovers. We find that group affiliation is particularly important for innovation in industries that rely more on external funding and in groups with more diversified capital sources, consistent with the internal capital markets hypothesis. Our results suggest that knowledge spillovers are not the main driver of innovation in business groups because firms affiliated with the same group do not have a common research focus and are unlikely to cite each other's patents. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/3.toc [article] Innovation in business groups [texte imprimé] / Sharon Belenzon, Auteur ; Tomer Berkovitz, Auteur . - 2010 . - pp. 519-535. Management Langues : Anglais (eng) in Management science > Vol. 56 N° 3 (Mars 2010) . - pp. 519-535 Mots-clés : Business  groups  Innovation  Patents  Internal  capital  markets  Knowledge  spillovers Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Using novel data on European firms, this paper investigates the relationship between business groups and innovation. Controlling for various firm characteristics, we find that group affiliates are more innovative than standalones. We examine several hypotheses to explain this finding, focusing on group internal capital markets and knowledge spillovers. We find that group affiliation is particularly important for innovation in industries that rely more on external funding and in groups with more diversified capital sources, consistent with the internal capital markets hypothesis. Our results suggest that knowledge spillovers are not the main driver of innovation in business groups because firms affiliated with the same group do not have a common research focus and are unlikely to cite each other's patents. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/3.toc