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

Christopher Baum, Hans Lööf, Andreas Stephan and Ingrid Viklund-Ros
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Ingrid Viklund-Ros: CESIS, KTH Royal Institute of Technology

No 988, Boston College Working Papers in Economics from Boston College Department of Economics

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)
Date: 2019-11-29, Revised 2021-08-31
New Economics Papers: this item is included in nep-cse, nep-ino, nep-knm, nep-ore and nep-sbm
Note: previously circulated as "The impact of board directors on the innovation of new ventures"
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