Regional Entrepreneurial Opportunities in the Biotech Industry: Exploring the Transition from Award-winning Nascent Entrepreneurs to Real Start-ups
Claus Michelsen, H. Wolf, Michael Schwartz
European Planning Studies,
2013
Abstract
Knowledge of factors that determine the transition from nascent entrepreneurship into real entrepreneurship is of major importance for policies aiming to effectively stimulate start-ups. Whereas scholars concentrated on person-specific factors to explain transition probabilities, environmental characteristics have been fairly neglected. Given that entrepreneurship is a strongly localized phenomenon, this paper argues that regional entrepreneurial opportunities are a driving force behind the transition from nascent entrepreneurship to new venture creation. Based on unique data on 103 nascent entrepreneurs in the German biotechnology industry, we empirically assess the importance of regional entrepreneurial opportunities on transition probabilities. Further, we introduce a new approach to measure nascent entrepreneurship by capturing individuals that actively participate in start-up competitions and have won at least one competition. Controlling for technology and individual characteristics, we find strong support for our hypotheses relating to the significant impact of general regional opportunities, specific regional opportunities and the entrepreneurial environment for the probability of transition from award-winning nascent entrepreneurs to real start-ups.
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Regions as Selection Environments? The Emergence of the Solar Industry in Germany from 1992 to 2008
Matthias Brachert, Christoph Hornych, Peter Franz
European Planning Studies,
No. 11,
2013
Abstract
The spatial evolution of the German solar industry is analysed in the light of the “window of locational opportunity” and the “selection environment” approach. The paper argues that differences in the regions' ability to promote the emergence of local external economies contribute to increasing regional differentiation in the German structure of the industry. Applied empirical methods enclose longitudinal firm entry and network analysis. A special focus is given upon the realignment processes in the science system. Our findings show a relatively rapid spatial concentration of production in eastern Germany since the year 2000. This process is accompanied by intensified networking between firms and between firms and universities as well as research institutes. The responsiveness of regional institutions and the self-organizing capabilities of the solar firms substantiate some propositions of the “selection environment” approach.
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Wissenstransfer in der Region Jena: Die Bedeutung von Innovationskooperationen
S. Pfeil, Michael Schwartz, K. Kaps, M.-W. Stoetzer
Contribution to IWH Volume,
aus: Vernetzung, Kooperationen, Metropolregionen – Effekte für die wirtschaftliche Zukunft der Städte. Dokumentationen des „3rd Halle Forum on Urban Economic Growth“
2012
Abstract
Beitrag aus: Vernetzung, Kooperationen, Metropolregionen – Effekte für die wirtschaftliche Zukunft der Städte. Dokumentationen des „3rd Halle Forum on Urban Economic Growth“.
Jena als Mitgliedsstadt des Kooperationsverbundes „Metropolregion Mitteldeutschland“ vereint eine stark ausgeprägte und vernetzte Wissenschafts- und Wirtschaftslandschaft, die bereits Gegenstand vielfältiger Analysen war. Neben der 450-jährigen Friedrich-Schiller-Universität und der Fachhochschule Jena, die dieses Jahr ihr 20-jähriges Jubiläum feiert, sind international renommierte Forschungseinrichtungen u. a. der Max-Planck- und Fraunhofer-Gesellschaft sowie der Leibniz-Gemeinschaft ansässig. Zudem finden sich eine Vielzahl junger innovationsorientierter Unternehmen, z. B. in der optischen Industrie, der Mikrosystemtechnik und der Biotechnologie auf der einen Seite sowie die Traditionsunternehmen Jenoptik, Zeiss und Schott auf der anderen Seite. Die Zusammenarbeit von Wissenschaft und Wirtschaft ist in Jena historisch verwurzelt – so arbeiteten bereits der Chemiker und Glastechniker Otto Schott, der Physiker und Professor Ernst Abbe und Universitätsmechaniker Carl Zeiss in der Mitte des 19. Jahrhunderts gemeinsam an der Entwicklung optischer Geräte.
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New Tendencies in Competition Between Cities and Regions: Empirical Results from Case Studies in Germany and Austria
Martin T. W. Rosenfeld
Economy and Geography,
2013
Abstract
It is often discussed that during the last decades, due to several new developments, locational competition at the local and regional scale has changed its appearance and has increased significantly, all over Europe. Modern economic theories are suggesting that some locational factors have become more important than in previous times and might have led to changing conditions for the competition between cities and regions. The intention of the paper is to bring more light into this discussion and to illustrate, with the help of case studies, whether locational competition has really become more intensive, and / or whether new categories of competition have evolved.
The paper is based on the work of an interdisciplinary research group which was initiated and partially financed by the German National Academy for Spatial Research and Planning (Akademie für Raumforschung und Landesplanung, ARL). The paper’s first part is reporting on a survey of recent theoretical and empirical literature on locational competition and has the task to classify the new tendencies systematically. The second part of the paper is presenting the results of case studies, which were carried out in order to find out about the importance of the expected changes in selected cities and regions in Germany and Austria. The main findings may be characterized as follows. For several cities and regions, we found out that the decrease of transportation and transaction costs had positive impacts on local and regional development, as within these cities and regions, industries are concentrated which benefit from technologies which are connected to transportation or transaction costs. Also for some regions, a positive impact of the downsizing of administrative borders was found – although especially in Eastern Germany, the process of catching up was restrained by agglomeration economies in the West. Although the impact of the new categories of locational competition on the economic development of the case cities and regions was, overall, limited, there was an important impact on the creation of new strategies by local and regional policymakers.
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Competitive Distortions of Bank Bailouts
Michael Koetter, Felix Noth
Abstract
This study investigates if the Troubled Asset Relief Program (TARP) distorted price competition in U.S. banking. Political indicators reveal bailout expectations after 2009, manifested as beliefs about the predicted probability of receiving equity support relative to failing during the TARP disbursement period. In addition, the TARP affected the competitive conduct of unsupported banks after the program stopped in the fourth quarter of 2009. Loan rates were higher, and the risk premium required by depositors was lower for banks with higher bailout expectations. The interest margins of unsupported banks increased in the immediate aftermath of the TARP disbursement but not after 2010. No effects emerged for loan or deposit growth, which suggests that protected banks did not increase their market shares at the expense of less protected banks.
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Climate Change and Corporate Innovation Processes
Wilfried Ehrenfeld
IWH Discussion Papers,
No. 13,
2012
Abstract
This discussion paper provides the contextual framework of the cumulative disser-tation on “Climate Change and Corporate Innovation Processes” at the Technical University of Dresden. It consists of six already published papers and articles. Because of the present public discussion on climate change, European industrial companies face new requirements. This mainly includes new claims, which are imposed on them by the enterprises’ operational environment. One way to respond to these new claims is adaptation through innovation. The overall objective of this thesis is to investigate how the perception of climate change on the part of stakeholders affects corporate innovation processes. In this context, these issues are examined both theoretically and empirically. The thesis thus contributes to various literary strands in the area of “entrepreneurial strategies for adapting to climate change.”
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Corporate Boards and Bank Loan Contracting
Bill Francis, Iftekhar Hasan, Michael Koetter, Qiang Wu
Journal of Financial Research,
No. 4,
2012
Abstract
We investigate the role of corporate boards in bank loan contracting. We find that when corporate boards are more independent, both price and nonprice loan terms (e.g., interest rates, collateral, covenants, and performance-pricing provisions) are more favorable, and syndicated loans comprise more lenders. In addition, board size, audit committee structure, and other board characteristics influence bank loan prices. However, they do not consistently affect all nonprice loan terms except for audit committee independence. Our study provides strong evidence that banks recognize the benefits of board monitoring in mitigating information risk ex ante and controlling agency risk ex post, and they reward higher quality boards with more favorable loan contract terms.
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Industrieforschung in Ostdeutschland: Welchen Beitrag leisten die externen Industrieforschungseinrichtungen?
Iciar Dominguez Lacasa, Cornelia Lang, Nicole Nulsch, C. Rammer
Wirtschaft im Wandel,
No. 12,
2012
Abstract
Das ostdeutsche Forschungs- und Innovationssystem ist einerseits durch eine gut ausgebaute öffentliche Wissenschaftsinfrastruktur und andererseits durch ein relativ niedriges Niveau an industrieller Forschung und Entwicklung (FuE) charakterisiert. So erreichen die FuE-Ausgaben in der ostdeutschen Wissenschaft – gemessen am Bruttoregionalprodukt – das Niveau der Alten Bundesländer, während die FuE-Ausgaben der ostdeutschen Industrie deutlich unter Westniveau liegen. Ursächlich dafür ist die nach wie vor kleinteilig geprägte ostdeutsche Wirtschaft, es fehlen Großunternehmen und Konzernzentralen. Industrielle FuE geht daher in Ostdeutschland im Wesentlichen von kleinen und mittleren Unternehmen (KMU) aus. Diese können jedoch die Lücke, die durch die fehlende FuE der Großunternehmen entsteht, nicht komplett schließen. An dieser Stelle setzen die externen Industrieforschungseinrichtungen (IFE) an. Sie sind gemeinnützig und verstehen sich als FuE-Dienstleister. Die Ergebnisse ihrer FuE-Tätigkeit stellen sie der Allgemeinheit zur Verfügung, führen jedoch auch Aufträge der Privatwirtschaft aus. Im Vergleich zu kleinen und mittleren Unternehmen verfügen die IFE über deutlich größere FuE-Einheiten und können ein wesentlich breiteres Kompetenzfeld anbieten. Der Fokus liegt dabei auf Hochtechnologien. Im ostdeutschen Innovationssystem sind sie ein wichtiger Akteur und unterstützen ostdeutsche KMU in deren Innovationsbemühungen.
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IWH-Industrieumfrage im November 2012: Lage verschlechtert, Aussichten aufgehellt
Cornelia Lang
Wirtschaft im Wandel,
No. 12,
2012
Abstract
Die IWH-Industrieumfrage unter rund 300 Unternehmen des Verarbeitenden Gewerbes Ostdeutschlands zeigt im November eine Verschlechterung der Lage. Der Saldo der positiven und negativen Meldungen ist gegenüber der Vorperiode um acht Punkte zurückgegangen. Die in den vorherigen Umfragen immer pessimistischer beurteilten Aussichten schlagen sich nunmehr in der aktuellen Geschäftslage nieder. Allerdings geben immer noch mehr als drei Viertel der befragten Unternehmen eine positive Einschätzung ab.
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Increasing Pressure on East German Labor Market for Skilled Labor
Herbert S. Buscher
Wirtschaft im Wandel,
No. 11,
2012
Abstract
After a short break, the discussion of a possible labor market shortage for skilled and high skilled workers revived in the public debate. The paper evaluates the results of the latest IAB establishment survey for East German industrial firms with respect to planned employment within the next two years and the associated problems expected by the firms. The analysis distinguishes between the location of the firm, the size of the firms, measured by the number of employees, as well as with respect to the branch of industry the firm belongs to.. The results can be interpreted in a sense that actually there is no severe shortage of skilled labor at a large scale, but in the near future it will become more difficult for firms to find qualified employees.
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