Innovation by start-up firms: The influence of the board of directors

Christopher Baum, Hans Lööf (), Andreas Stephan and Ingrid Viklund-Ros ()
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Ingrid Viklund-Ros: Royal Institute of Technology & Centre of Excellence for Science and Innovation Studies

No 483, Working Paper Series in Economics and Institutions of Innovation from Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies

Abstract: The paper examines whether the innovation potential of start-ups is influenced by existing innovative firms via the board of directors. This channel of spillover is largely unexplored. Our analysis of over 370,000 firm-year observations on more than 60,000 Swedish start-up firms which entered the market between 2002 and 2013 shows a positive effect of the boards’ innovation experience on the propensity to apply for patents, while no impact on trademark registration is found. The results are robust to controlling for unobserved heterogeneity as well as worker and managerial mobility, human capital, board diversity, venture capital, patent citations, firm size, region and industry.

Keywords: start-ups; board of directors; knowledge spillovers; innovation; instrumental variable estimation (search for similar items in EconPapers)
JEL-codes: C36 D24 L21 M13 O33 (search for similar items in EconPapers)
Pages: 51 pages
Date: 2019-11-29, Revised 2020-08-16
New Economics Papers: this item is included in nep-cse, nep-ent, nep-ore, nep-sbm and nep-tid
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Persistent link: https://EconPapers.repec.org/RePEc:hhs:cesisp:0483

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