Industry Evolution in Varieties-of-Capitalism: a Survival Analysis on Wind Turbine Producers in Denmark and the USA

Max-Peter Menzel () and Johammes Kammer

No 1220, Papers in Evolutionary Economic Geography (PEEG) from Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography

Abstract: Klepper developed a theory that explains the evolution of industries purely by the inheritance of firm-specific factors. Institutional approaches argue that the evolution of industries differ according to their institutional environment. We prose an extension of the heritage theory to analyse institutionally induced differences in evolutionary patterns. In doing so, assumptions from the Varieties of Capitalism approach on firm performance in different institutional contexts are integrated into the heritage theory. Such a perspective would expect that institutional differences affect the connection of a new industry to established resources. We apply a survival analysis of wind turbine manufacturers in Denmark and the USA, which represent different types of capitalism. We find that the industries differ both in entry pattern and performance. Compared to the US, the Danish industry forms slower and firms benefit when they adhere to already established resources like diversifiers, while others like startups of spinoffs perform worse.

Pages: 34 pages
Date: 2012-10, Revised 2012-10
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Citations: View citations in EconPapers (13)

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