The local innovation spillovers of listed firms *

• 成果类型: Article
• 署名作者: Matray, Adrien
• 署名单位: Princeton University; Center for Economic & Policy Research (CEPR)
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2021.04.009
• 发表日期: 2021
• 页码: 395-412
• 关键词: Innovation spillovers; Knowledge diffusion; patents; Financing of innovation

摘要

This paper provides evidence of local innovation spillovers (i.e., innovation by one firm fostering innovation by neighboring firms). First, I document that exogenous shocks to in-novation by listed firms affect innovation by private firms in the same geographical area and that such local innovation spillovers decline rapidly with distance. Second, these local innovation spillovers stem from knowledge diffusing locally through two channels: learn-ing across local firms and inventors moving from their employer to both existing firms and newly started spin-outs. Finally, I study the two-way relations between innovation spillovers and the availability of capital. I find that local innovation spillovers cause ven -ture capital funds from outside the area to invest more in the local area, and that capital availability amplifies local innovation spillovers. (c) 2021 Elsevier B.V. All rights reserved.