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Tesi etd-03042019-110513

Type of thesis
Dottorato
Author
SANTOLERI, PIETRO
URN
etd-03042019-110513
Title
Essays on young firms' dynamics
Structure
SECS-P/01
Course
SCIENZE ECONOMICHE E MANAGERIALI - International Doctoral Program in Economics
Committee
Membro Prof. COAD, ALEXANDER
Membro Prof.ssa LOTTI, FRANCESCA
Membro Prof. TAMAGNI, FEDERICO
Membro Prof. NUVOLARI, ALESSANDRO
Membro Prof. SECCHI, ANGELO
Membro Prof. FONTAINE, FRANCOIS
Keywords
  • entrepreneurship policy
  • firm age
  • firm growth
  • great recession
  • innovation
  • start-ups
  • young firms
Exam session start date
;
Availability
parziale
Abstract
In light of the prominent role played by young firms in shaping the creative destruction process and contributing to overall job creation, this thesis provides novel evidence on the dynamics of these segment of the productive system. In particular, the dissertation revolves around the following topics: i) the role played by innovation activities in fostering employment growth in young firms; ii) the impact of the economic recession of the growth rates of young vs. small firms; iii) the role played by public policies in supporting innovative entrants. In more detail, Chapter 1 examines the under-researched nexus between innovation activities and employment growth in newly born firms. Based on a representative dataset for a cohort of US firms born in 2004, the results highlight the relevance of R&amp;D and patenting to foster growth and, especially, high-growth performance for newly-born firms. Chapter 2 provides additional evidence on the relationship between innovation and growth by using Chilean data and focus on how returns to innovation differ for young and mature firms. Results show that innovation benefits high-growth firms. However, these results materialize especially for mature firms and in the case of process innovation whereas innovative activities do not appear to be a prerequisite for high-growth performance in young businesses. These findings highlight how the returns to innovation might be context specific.<br>Chapter 3 focuses on the impact of the double-dip recession on the growth performance of young vis-à-vis small firms. Using data for ten Eurozone countries, the findings show that small firms were not particularly affected - if anything they performed better - whereas young firms experienced a marked decrease in their growth rates. In the analysis we also find that the financial constraint channel appears to be one of the forces responsible for the above results. In Chapter 4 the main focus is the investigation of the role of public policy in providing support for the performance of innovative new firms. In particular, we investigate the impact of a recent policy implemented in Italy (i.e. the &#34;Start-up Act&#34;). The analysis indicates an overall positive effect of the program on a wide range of firm-level outcomes.
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