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Repeated innovations and excessive spin‐offs

Published version

Published version
Peer-reviewed

Repository DOI


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Authors

Mella‐Barral, Pierre  ORCID logo  https://orcid.org/0000-0002-4437-3592
Sabourian, Hamid 

Abstract

jats:titleAbstract</jats:title>jats:pFirms can voluntarily create independent firms to implement their technologically distant innovations and capture their value through capital markets. We argue that when firms repeatedly compete to make innovations, there is inefficient external implementation of innovations and “excessive” creation of such firms. This inefficiency is most exacerbated in the early stages of an industry, when the number of firms is still limited.</jats:p>

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Keywords

3502 Banking, Finance and Investment, 35 Commerce, Management, Tourism and Services, 3507 Strategy, Management and Organisational Behaviour, 9 Industry, Innovation and Infrastructure

Journal Title

Financial Review

Conference Name

Journal ISSN

0732-8516
1540-6288

Volume Title

Publisher

Wiley