Department of Business Economics International Doctorate in Entrepreneurship and Management DOCTORAL DISSERTATION Degree of Doctor of philosophy †Ph d
Submitted to the Department of Business Economics in partial fulfillment of the requirements for the degree of Doctor of philosophy †Ph d. by the
major driver of economic growth: entrepreneurship. It is acknowledged widely that entrepreneurship is one of the most important forces that shape the changes in the
economic growth, productivity, innovation and employment. In this sense, many countries members and partners of the Organization for Economic Co-operation and
the current economic crisis, as it is widely viewed as a key aspect of economic dynamism. It is acknowledged that economic crises are historically times of industrial
within the economy of a country, sometimes facing particular difficulties. Precisely, in Spain about 99%of the companies could be classified as SMES1.
change creates greater uncertainty in the world economy, entrepreneurship is believed to offer ways to help to meet new economic, social and environmental challenges
the gradual shift to a knowledge-based economy. Knowledge creation and diffusion are broader than R&d since a large and growing share of innovations is not necessarily
human resource management, economics and finance marketing, international business and corporate entrepreneurship In the field of entrepreneurship, Alvarez and Busenitz (2001) present RBV through the
1991), organizational economics (Rogers, 2004), international business (Eriksson et al 1997; Lane et al. 2001; Zahra et al.
highlighted as an important factor for aggregate economic growth and performance over time. In fact, Schumpeter (1934) was among the first to emphasize the role of
role in the economy of a country by generating employment and contributing to the GDP.
shareholders or expand its business. Otherwise, a negative FCF means that the company will sell part of its investment or increase its debt.
environment of the economic crisis in which our research is inserted. It would be explained by a stochastic factor, namely,
that Spanish economy was affected more by the economic crisis from 2008 on, and it would be reflected in the growth rates
presented by SMES. In this way, Hart and Oulton (1996) highlighted that, superimposed 90 upon all of the systematic forces, is a large stochastic factor such as wars, terrorism
economic crisis and so on Returning to our research questions and aims stated in Section 1, the first objective
could be a key to access the export market in a global economy. In turn, innovativeness reflects the tendency to new-idea generation, novelty,
that one of the keys to generate a competitive advantage in a global economy is through innovativeness (Flor and Oltra, 2005;
with the situational uncertainty and the current economic crisis, large economies are facing difficulties due to recessions in their domestic markets.
global economy (Akman and Yilmaz, 2008. In this way, there is a large volume of empirical literature testing the effect of innovative activity on international business
Small Business Economics, 31,305-322 Akman, G. and Yilmaz, C. 2008. Innovative capability, innovation strategy and
Review of World Economics, 146,657-689 Capelleras, J. L. and Greene, F. J. 2008. The determinants and growth implications of
The World Economy, 33,374-398 Da Rocha, A.,Kury, B. and Monteiro, J. 2009. The difusion of exporting in Brazilian
Small Business Economics, 21,409-422 Emsley, D. 2005. Restructuring the management accounting function: a note on the
The Journal of Industrial Economics, 35,567-81 Fariã as, J. C. and Martã n-Marcos, A. 2007.
The World Economy, 30,618-646 Fernã¡ndez, Z. 1999. El estudio de las organizaciones (la jungla dominada.
Small Business Economics, 24,205-231 Rhee, J.,Park, T. and Lee, D. H. 2010. Drivers of innovativeness and performance for
Absorptive capability and economic growth: how do countries catch up? Cambridge Journal of Economics, 28,577-596 152
Roper, S. and Love, J. H. 2002. Innovation and export performance: evidence from the UK and German manufacturing plants.
Journal of Economics and Management Strategy, 14 431-461 Schreider, J. B.,Stage, F. K.,King, J.,Nora, A. and Barlow, E. A. 2006.
Journal of Evolutionary Economics, 17,161-85 Urban, B. 2008. The prevalence of entrepreneurial orientation in a developing country
economic growth: evidence from GEM data. Small Business Economics, 24,335 -350 Yamada, K. and Eshima, Y. 2009.
Impact of entrepreneurial orientation: Longitudinal analysis of small technology firms in Japan. The Academy of Management, Annual
knowledge economy EUROPEAN COMMISSION Directorate-General for Research and Innovation Directorate C †Research and Innovation
in the globalised knowledge economy Innovation Union Competitiveness papers Issue 2013/3 Europe Direct is a service to help you find answers
1. Europe†s position in the globalised knowledge economy...6 2. Technology profiles of the world†s major knowledge centres...
With the economic crisis in Europe and the US, activities for incremental innovation are located increasingly close to the more dynamic
economy producing knowledge-intensive and high value -added goods and services. Porter, 1990 This paper presents an overview of technology
knowledge economy. It presents the latest data on the process of global technology development and future
at the same time transforming the broader economy. 2 An evidence-based approach is important for going beyond
Europe†s compet it ive technology prof i le in the g lobal ised knowledge economy
knowledge economy The total amount of knowledge produced every year grew remarkably in the first decade of the 21st century.
in the global knowledge economy The worrying trends for Europe are more in R&d investments
in Japan, China and other developed Asian economies 3 PCT: Patent Cooperation Treaty. †International†patent application seeking patent protection for an invention in several countries.
ii) Other Developed Asian Economies does not include SG and TW iii) BRIS does not include India and South africa
ii) Other Developed Asian Economies does not include SG and TW iii) BRIS does not include South africa
EU-28 United states Japan China Other Developed Asian Economies (KR+SG+TW) BRIS (BR+RU+IN+ZA) Rest of the World (5
with the current economic downturn Concerning FDI, the data shows that the EU is still the
At the same time, emerging economies such as China and India have increased their share of total world FDI inflows
emerging economies are increasingly acting as FDI investors Even though non-EU firms increasingly consider comparative advantages for investment in geographical
Europe†s compet it ive technology prof i le in the g lobal ised knowledge economy
etc. an increasing interest from emerging economies is seen in investments in technology and knowledge -intensive fields
With the economic crisis, outward foreign direct investment flows of European firms have reached the level of FDI flows inside the European union
The internationalisation of the economy has moved to cover the higher end of the value
Europe†s compet it ive technology prof i le in the g lobal ised knowledge economy
Europe†s compet it ive technology prof i le in the g lobal ised knowledge economy
economic crisis. Technology production in the US when measured in PCT patent applications, was more heavily affected by the economic crisis, although
there has also been a clear recovery trend since 2010 Even though both the EU and the US have increased
Europe†s compet it ive technology prof i le in the g lobal ised knowledge economy
world†s knowledge economy in the decade to come Figure 12 presents a further step in disaggregation, in this case
share of Asian economies is also clear at this level. Already in 2008, Asia took the world lead in technology development for
Europe†s compet it ive technology prof i le in the g lobal ised knowledge economy
Europe†s compet it ive technology prof i le in the g lobal ised knowledge economy
Europe†s compet it ive technology prof i le in the g lobal ised knowledge economy
The demographic evolution in developed economies is leading to an ageing population, with public health systems under increasing cost pressure.
Europe†s compet it ive technology prof i le in the g lobal ised knowledge economy
However, Asian economies are growing very swiftly and have already overtaken the technology lead of Europe and the US in certain sectors
security, while Asian economies have taken the lead in ICT and reached a technology position on par with
Asian economies are specialised in ICT, energy and the environment However, Europe has the potential to strengthen its
Europe†s compet it ive technology prof i le in the g lobal ised knowledge economy
Economy, Society and Cultureâ€, Volume I: The Rise of the Network Society Blackwell Publishers Ltd, Oxford, UK
Schã n, L. 2009) †Technological Waves and Economic growth †Sweden in an International Perspective 1850-2005â€
Europe†s competitive technology profile in the globalised knowledge economy Luxembourg: Publications Office of the European union
the context of a globalised knowledge economy and increasingly tougher world competition for the upper end of the global
Impact of E-commerce on the Economy page 16 GLOBAL B2c E-COMMERCE IN BRIEF page 17-19
influence on the European economy. Whereas the European Gross Domestic Product was more than â 16. 4trn in 2013,
infographics, we provide online retailers and other stakeholders with practical means that can help them to optimize their businesses
participating company members, business partners and stakeholders for their involvement. In addition, we are very grateful to the experts across the world who
Impact of E-commerce on the Economy Gross domestic product The total Gross domestic product (GDP) of Europe is estimated to have reached around â 16.4 trillion in 2013
Internet economy in the GDP at 2. 2%,a percentage that is set to double by 2016 and to triple by 2020
Department of Industrial Economics and International Management Centre for European Economic Research (ZEW L 7, 1
Strengthening the innovative performance of the EU economy is a main goal of both the
on a global level, it is critical for the EU economy to keep pace with the technological
to other sectors of the economy. Although new knowledge emerging in these technology areas may be acquired from sources outside the EU,
comparability of patent data is limited due to different economic values a patent may represent, different degrees of technological novelty and different degrees of actual
technology centres, financing institutions) and other stakeholders (e g. from education, the broader public The report is organised along KETS.
activities in an economy (see Helpman, 1998; see also van Ark and Piatkowski, 2004, on the
result from their spread through the economy which can take considerable time. A high rate of
particularly when the use of KETS affect many sections of the economy simultaneously. A prominent example of an escalating technical progress in the recent past was information and
KETS that exert less significant network effects are likely to result in lower economy-wide
Economies that are able to open up new KET-based markets earlier than others could gain a temporary
economies and can secure a long term lead in a certain KET History provides many examples for such cumulative technological advantages of economies
e g. the U s. in aircraft, space and defence technologies, Japan in microelectronic household applications, or Germany in mechanical engineering.
Provided that economy-wide productivity and wealth effects of KETS primarily depend on the speed and breadth of their diffusion, the issue of technological competitiveness could be
it is important for the EU economy to keep pace with the technological development in KETS.
Nevertheless, advancing KETS may require joint efforts of European economies, particularly in the areas of regulation and standardisation.
patent data is limited due to different economic values a patent may represent, different degrees of technological novelty and different regulations of national patent offices, patent
Patents represent different economic values and different degrees of technological novelty Though many efforts have been made to quantify the value of patents, e g. through
These patents are likely to represent higher economic values since these applications are more costly than applying just at a single national patent office
commodity. As a consequence, market potentials strongly depend on the underlying definition of a KET and which sections of a value added chain are considered.
2009, and hardly any has considered systematically the impacts of the economic crisis, which further limits the accuracy of market forecasts
competitors, shareholder pressure Strong network failure, closed group think hinders innovation Interaction Weak network failure, lack of connections for
http://hesa. etui-rehs. org/uk/dossiers/files/Nano-economics. pdf 3. 3. 1. Nanotechnology cluster Europe:
multinational enterprises act as anchor companies to stimulate economic growth, while network organisations are in place to nurture academia-industry collaborations
http://hesa. etui-rehs. org/uk/dossiers/files/Nano-economics. pdf 18 http://www. nanoforum. org/dateien/temp/European percent20nanotechnology percent20infrastructures percent20and
stimulate economic growth. This market structure of a scientific base with MNES acting as anchor companies offers start-ups a good opportunity to settle down on the interface between
http://hesa. etui-rehs. org/uk/dossiers/files/Nano-economics. pdf Chapter 3 Nanotechnology EN 83error!
and technology) and METI (economy, trade and industry) are the main funding ministries and JSPS (Japan Society for the Promotion of Science), JST (Japan Science and Technology
METI (Japan†s Ministry of economy, trade and industry) accompanies cluster development in two ways.
cluster) economies (regional technology division, business environment promotion division and there are divisions to nurture technological development (research and development
http://hesa. etui-rehs. org/uk/dossiers/files/Nano-economics. pdf 37 http://unit. aist. go. jp/nanotech/apnw/articles/library3/pdf/3-34. pdf
ministries of technology and economy that combine technological development with regional cluster) development. This synergy could be seen as one of the success factors of this cluster
http://hesa. etui-rehs. org/uk/dossiers/files/Nano-economics. pdf 41 http://eco-pro. biz/ecopro2009/events/E1000. php?
economy, trade and industry) are the main funding ministries, which initiated several governmental organisations to promote research programmes.
http://hesa. etui-rehs. org/uk/dossiers/files/Nano-economics. pdf Chapter 3 Nanotechnology EN 89error!
highly visible in the private economy Lack of entrepreneurial spirit, strong research focus Rules and regulations
nanotechnology-based innovations complain about high costs, a lack of scale economies and a lack of consumer acceptance (see Palmberg et al.
economy and society. The most prominent example is the U s. National Nanotechnology Initiative (NNI; see Box below.
During economic downturns production drops sharply but when the economy recovers, semiconductor production does so as well.
Nevertheless, long-term growth prospects are given very positive the general societal trend towards digital appliances, media,
Owing to the recent economic downturn, sales had declined by 5. 9 percent in 2009 Regarding the market size in different world regions,
components, primarily in advanced economies. At the same time, they rely on specialised manufacturers, so called semiconductor foundries, to make the products in locations with low
and 2) interactions with actors of related economic activities. Several initiatives support collaborative research efforts between industry and academia and firms (as outlined in the
scheme of Western economies ($49 costs for $100 Â'R&d investment Network and collaborative research support
basically considered as commodity goods with rather low profit margins. As a consequence semiconductor manufacturers are typically reluctant to invest into new plants
During economic downturns production drops sharply but when the economy recovers semiconductor production does so as well.
-technology content, almost reached commodity status which further requires that technical solutions to present physical limits be cost-efficient without raising high investment needs for
development efforts even in times of economic downturn in order to stay fully operational and innovative when the economy catches up again.
Policy should therefore be concerned with the smoothing of growth cycles as far as research and development activities are concerned
assigned to one industrial or institutional sector based on their main economic activity. In Europe and East asia, applicants from the chemical industry clearly dominate, while in North
Commodity USDA (2008) 0. 9 5-11 50-86 Base chemicals billion â Festel Capital
during this period as well as a rapidly growing global economy investing venture capital in high-tech industries have spurred the cluster†s growth.
-based bio-economy should be built by bringing together science, industry and other stakeholders In addition, financial support for spin-offs from public research can help to enlarge the
community of industrial biotechnology start-ups. In the US funds of the Small Business Innovation Research Program (SBIR) provide critical seed money to new business innovators
transmission media which allow transferring new scientific knowledge in economic activities and thus introducing new biotechnological products and methods on the market.
Information and knowledge are becoming our most valuable commodities †unlimited access to which is becoming arguably the most significant driver of productivity and
advanced economies. Within Europe for example, Germany accounts for 39 percent of European production volume, followed by France and the UK (12 percent each), the
provide economic stability and strong international research links. Instead, this role is filled in part by larger public research
provide economic stability and strong international research links. Instead, this role in case of Optecbb is filled in part by larger public research
Commission treats photonics as a key technology for the economy of the 21st century because
as most other KETS, contribute to economic growth through two ways. On the other hand, photonics applications can help to increase the efficiency of production processes
expected mid-term real growth of the world economy (between 4 and 5 percent) which is
In the economics of materials, newly introduced materials often reach their maximum penetration rate only after
and increase opportunity costs of introducing advanced materials European Competitiveness in KETS ZEW and TNO EN 266error!
regional economy in 2006 (the rest corresponds to services)( Biatour et al. 2010). ) From there the chemical industry represents a share of about 25 percent in relation to the whole industry
industrial employer and an important driver of economic growth in the region (ECRN, 2010 82 We only consider those clusters in Europe with high focus
aiming to reinvigorate the regional economy. The government presented its objectives in a document entitled †Priority actions for the future of Wallonia††subsequently called the new
development for the Chinese government for the modernisation of their economy by 2050. By 2020 the goal is to get breakthrough developments in advanced materials,
economy grew at an annual rate of 15.1 percent and had a GDP per capita of about $6, 700.
Economist, 2010 Chapter 7 Advanced Materials EN 281error! Unknown document property name. EN fourth fifths of the assets in the Chinese banking system is controlled by 17 institutions (from
through over the past hundred years from a centrally planned economy (until 1978), the reform period (1978-2000) and after that the opening of the economy (Liu and White, 2001
The differences in the type of interaction in the command era versus in the transition era are
firms in China have a lesser position in the economy, giving them less power and hence less
patents) though smaller European economies were able to increase their patent output in recent years substantially
slowly because of high opportunity costs in substituting established by new materials and often rather low price-cost advantages of more advanced materials.
platform comprising the main stakeholders in robotics in Europe. EUROP was established in 2004 and aims at strengthening Europe†s competitiveness in robotics R&d and global
arrive at global sales (prior to the economic crisis of 2009) of more than 150 billion When growth in the different subfields is analysed, the compound annual growth rate ranges
lessons could be transferred to European economies as we do not have a tradition of more
The more hierarchical structures that characterise their economies can form an obstacle for innovation as these lack the trust and openness for open knowledge exchange
they do not allow for leveraging scale economies Small firms need open markets to develop. Dominant firms that are blocking the market for
when compared to the efforts of emerging economies (such as China, India and may south -east Asian countries) to catch up with Western economies in education levels
System failures that hinder KET development System failures relate to those factors in the system that hinder innovation (Klein Woolthuis
to technology development as a basis for economic growth. European countries tend to emphasise the funding of (basic) research and industry-science collaboration, though they also
on the wider economy -KETS are strongly research driven. Maintaining a strong research base is thus essential
stakeholders and focusing on legislation that is flexible enough to adjust to technological progress within each KET is a promising approach
Research Program (SBIR), Small Business Economics 20,129-135 Baptista, R. 1999), The diffusion of process innovations:
the Economics of Business 6, 107-129 Barrel, A. 2004), Innovation Champions Network †The Cambridge Cluster Description
international diffusion of environmental innovations, Ecological Economics 52, 5†17 Biatour, B c. Chatelain, C. Kegels.
Analysis at the Firm Level, Economics of Innovation and New Technology 7, 115†158 David, P. 1997), Path dependence and the quest for historical economics:
One more chorus of the balad of QWERTY, Discussion Papers in Economic and Social History 20, Oxford:
Institute of Developing Economies, Japan External Trade Organization Dobson, W.,A e. Safarian (2008), The transition from imitation to innovation:
China's evolving institutions and firm capabilities, Journal of Asian Economics 19, 301†311 Doc (2007), Opportunities in Canada†s IT corridor †Industry Sector Analysis, Washington:
Journal of Economics 19, 243†256 Fagerberg, J. 2000), Technological progress, structural change and productivity growth:
economy, Birmingham: School of Public Policy University of Birmingham Gouvernement RÃ gion wallonne (2005a), Contrat d'avenir pour les Wallonnes et les Wallons, Namur
European countries, Oxford Review of Economic policy 22, 483†498 Griliches, Z. 1990), Patent Statistics as Economic Indicators:
Inventions, The Review of Economics and Statistics 81, 511†515 Harhoff, D.,F. M. Scherer, K. Vopel (2003), Citations, Family Size, Opposition and the Value of
Helpman, E. 1998), General Purpose Technology and Economic growth, Boston: MIT House of commons (2003), UK Biotechnology Industry, London:
and Long-term Economic growth, Oxford: Oxford university Press Liu, S.-J. 2007), Changsha government arranged the marriage of production industries trees produce
Lucas, R. E. 1988), On the Mechanics of Economic Development, Journal of Monetary Economics 22, 3†42
Technology and Economic growth in the Age of Globalization, Hoboken: John Wiley & Sons, 255ff Mowery, D c.,J. T. Macher, A. Di Minin (2007), The"Non-Globalization"of Innovation in the
Technology and Economics. Cambridge: Cambridge University Press Sargent, J. F. 2008), Nanotechnology: A Policy Primer, CRS Report for Congress, Washington
International Economics and Economic policy 1, 215†246 van Beuzekom, B.,A. Arundel (2009), OECD Biotechnology Statistics 2009, Paris. OECD
 stakeholders  describes  factors  that  influence  cluster  success  and
 economy  media  co- †working      Introduction
 stakeholder  interests  and  influence  •Determine  factors  that
 economy  as  a  whole  can  be  recognised Â
 Economist  21st  Sept  2013  p  30  3  See
 stakeholders  and  enterprises  themselves  Hence  these  make  valid
 stakeholders    Whilst  creative  digital  clusters  do  not
 economy  through  investment  employment  infrastructure  and  profitability  Cluster
 economy  could  respond  to  addressing  a  problem  meeting
 stakeholders   A  good  example  to  consider  is
 economy  and  ecosystems  and  is  our  third  case
 economy  could  be  benefit  from  connecting  the  two
 (Economist  21st  Sept  2013  p30  Figure  Four  below
Stakeholder  Interests  and  Influence  With  recognition  of  the
 economies  there  is  a  discernible  interest  by  various
 stakeholders  to  engineer  the  development  of  viable  and
 stakeholders  who  may  hold  an  interest  and  influence
 stakeholders  identified  above  and  to  support  nascent  entrepreneurs
 stakeholder  position  the  reader  adopts  the  development  of
 stakeholders  to  take  advantage  of  the  benefits  that
economies  Various  credible  sources  have  offered  data  and
Economist  21st  Sept  2013  p  30  Tech  Nation
a Hasselt University, Faculty of business Economics, KIZOK/Innovation Management, Campus Diepenbeek, Agoralaan-Building D, 3590 Diepenbeek, Belgium
their research within a broader economic growth perspective as this paper reveals that OI practices are connected closely to a
especially during the 1990s †as big companies were pressured by shareholders to focus on short-term proï ts.
Economists have shown that the growth of amore complex division of labour is closely bound to the growth of total production
When closed innovation prevailed, the economy of specialisation was largely conï ned within ï rms 74.
economies Such networks are popular in NSI research. However, many scholars have noticed that even when they include other types of
national economies. In this study, we examine how open innovation practices in ï rms have an impact on the regional or national
Change and Economic theory, Pinter Publishers, London, 1988 41 M. P. Hekkert, S. O. Negro, Functions of innovation systems as a framework to understand sustainable technological change:
46 C. Freeman, Continental, national and sub-national innovation systems†complementarity and economic growth, Res. Policy 31 (2)( 2002) 191†211
NBER Innovation Policy & the Economy, 2 (1), MIT Press, Cambridge MA, 2002, pp. 51†77
Evolutionary Economics and Path Dependency, Elgar, Cheltenham, 1997 61 R. Rothwell, Successful industrial innovation: critical factors for the 1990s, R&d Manage. 22 (1992) 221†239
Knowledge-Based Economy OECD, Paris, 1996 64 M. E. Porter, The Competitive Advantage of Nations, Free Press, New york, 1990
73 J. Stiglitz, C. E. Walsh, Economics, third edition W. W. Norton & Company, New york, 2002
The Economics of Innovation and Corporate Strategy, MIT Press, Cambridge and London, 2001 76 D. A. Levinthal, J. G. March, The myopia of learning, Strategic Management Journal 14 (1993) 95†112
81 B.-Ã. Lundvall, P. Intarakumnerd, J. Vang-Lauridsen, Asia's Innovation Systems in Transition, New Horizons in the Economics of Innovation Series, Elgar
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