Toke Reichstein

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We relate innovation to sales growth for incumbent firms in four high-tech sectors. A firm, on average, experiences only modest growth and may grow for a number of reasons that may or may not be related to ‘innovativeness’. However, given that firms are heterogeneous and that growth rates distributions are heavy-tailed, it may be misleading to use(More)
Although it retains a central position in the main theories of innovation, there are few studies that examine the factors that provide inducements for process innovation at the firm level. Using a large scale survey of UK manufacturing firms, we explore different explanations for why firms develop process innovations. Contrasting the sources of incremental(More)
S of career dynamics implicitly claim that government employees are not entrepreneurial. Utilizing longitudinal data from the U.S. Panel Study for Income Dynamics, we investigate the reasons for the low rate of entrepreneurship from the public sector. We conjecture that it is due to labor market matching processes and the bureaucratic nature of public(More)
This paper investigates the relationship between the level of experience of managers and founders, and the likelihood of survival of their new firms. We take advantage of a comprehensive dataset covering the entire Danish labor market from 1980-2000. This is used to trace the activities of top ranked members of start-ups prior to their founding, and follow(More)
This paper explores the firm growth rate distribution in a Gibrat's Law context. The aim is to provide an empirical exploration of the determinants of firm growth. The work is novel in two respects. First, rather than limiting the analysis to focus on the conditional mean growth level, we investigate the complete shape of the distribution. Second, we show(More)
In this paper, we examine the impact of technology licensing-in on firm invention performance. Studying a sample of 266 licensees and matched non-licensees using a two-part model specification, we find that licensees are more likely to introduce inventions than their non-licensee counterparts. This holds both if we consider invention in general, and(More)
One of the most interesting issues in economics is the study of industrial dynamics and evolution. Firm size distributions are central when analyzing market structures. The intimate relationship between the firm growth process and the emanating market structures demands attention to firm size distributions and firm growth rate distributions. The stochastic(More)
Recently empirical studies have focused on how capabilities of new entering firms are important for the evolution of industries over time. The performance of new entrants appears to be significantly influenced by their pre-entry background. The general impression of the literature is that firms founded by former employees of successful incumbents have shown(More)
Cover design by the author himself with inspiration from the many GNU publications. Among these the GNU Octave Manual, The GNU Plotting Utilities Documentation and The GNU Scientific Library Reference Manual. Most of these valuable publications are available under the GNU Free Documentation License. using GNU emacs as the T E Xfile editor. The editor was(More)
Recent studies have highlighted the superior performance of intra-industry spin-offs over both diversifying firms and other de novo entrants. It is often argued that superior knowledge endowments of founders are the explanation of these findings. However, the evidence is still very preliminary. We investigate this further using a detailed dataset covering(More)