Geographic cluster size and firm performance

We examine whether there are increasing returns to locating in clusters-a fundamental premise of agglomeration theory. This premise is worth exploring because a) it has infrequently been studied; b) recent evidence suggests that diseconomies of agglomeration change over time and may alter the payoffs to firms located in clusters; and c) recent evidence suggests that there may be negative returns to agglomeration. We examine firm payoffs to clustering in the biotechnology industry, and consider five different measures of performance. Our results lend support to the view that there are increasing returns to cluster size, but also suggest that diseconomies of agglomeration play an increasingly important role as clusters evolve. We believe these results help in reconciling previous findings. (c) 2005 Published by Elsevier Inc.
Publisher
ELSEVIER SCIENCE BV
Issue Date
2006-03
Language
ENG
Keywords

PRIVATE EQUITY PLACEMENTS; BIOTECHNOLOGY INDUSTRY; SPILLOVERS; INNOVATION; KNOWLEDGE; IMPACT; LOCALIZATION; CAPABILITIES; VENTURES

Citation

JOURNAL OF BUSINESS VENTURING, v.21, no.2, pp.217 - 242

ISSN
0883-9026
DOI
10.1016/j.jbusvent.2005.04.005
URI
http://hdl.handle.net/10203/6370
Appears in Collection
KGSM-Journal Papers(저널논문)
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