The effect of science and technology parks on a firm’s performance: a dynamic approach over time

We argue that the benefits provided by locations inside science and technology parks evolve over time. Firms inside parks can improve performance due to certain advantages related to knowledge spillovers and shared resources that can be particularly useful in earlier stages of the industry life cycl...

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Bibliographic Details
Published in:Journal of evolutionary economics 2017-07, Vol.27 (3), p.413-434
Main Authors: Diez-Vial, Isabel, Fernández-Olmos, Marta
Format: Article
Language:English
Subjects:
Companies
Economic Growth
Economic Theory/Quantitative Economics/Mathematical Methods
Economics
Economics and Finance
Entrepreneurship
Institutional/Evolutionary Economics
Knowledge sharing
Local knowledge
Microeconomics
Parks & recreation areas
R & D/Technology Policy
Regular Article
Research parks
Science and technology
Technology
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Summary:We argue that the benefits provided by locations inside science and technology parks evolve over time. Firms inside parks can improve performance due to certain advantages related to knowledge spillovers and shared resources that can be particularly useful in earlier stages of the industry life cycle. In these industries, local knowledge sharing is particularly useful because no standards are clearly established, as we have confirmed in a sample of 12,800 firms from the PITEC database, located either on- or off-park. We also find that young firms can benefit more from the park than more established businesses in terms of both business growth and innovative capacity. Although older firms have greater experience and investments that would increase their capacity to absorb external knowledge, their associated rigidities prevent them from incorporating changes into their structures.
ISSN:0936-9937
1432-1386
DOI:10.1007/s00191-016-0481-5