To survive or succeed? An analysis of biotechnology firms

Kalle Pajunen () and Joonas Järvinen ()
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Kalle Pajunen: University of Jyväskylä
Joonas Järvinen: University of Jyväskylä

Small Business Economics, 2018, vol. 51, issue 3, No 13, 757-771

Abstract: Abstract In this paper, we address the question whether there exists differences in the determinants that support survival versus success of small and medium-sized high-tech firms. We examine this question in the context of Finnish biotechnology industry by analyzing the survival of all dedicated biotechnology firms in the period of 1978–2008. We argue and show that the success and survival of firms are not necessarily driven by similar determinants. Specifically, we find that while the role of different types of alliances, focused market scope as well as legitimacy of the industry seem to be important both in ensuring survival and enhancing successful performance, determinants related to sources of financing, clustering, and patenting show differences in terms of how they relate on survival and success.

Keywords: Firm survival; Biotechnology; Firm performance; Industry environment; Entrepreneurship; Institutional context; L20; L25; L26 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:kap:sbusec:v:51:y:2018:i:3:d:10.1007_s11187-017-9963-6

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DOI: 10.1007/s11187-017-9963-6

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