Showing papers by "Zoltan J. Acs published in 1992"
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TL;DR: In this article, the authors compared Jaffe's work on the use of patents as a measure of the spillover of university research with the work of Acs and Audretsch in which innovation activity is measured by number of innovations.
Abstract: Compares Jaffe's work on the use of patents as a measure of the spillover of university research with the work of Acs and Audretsch in which innovation activity is measured by number of innovations. Jaffe's work, which modified the knowledge production function proposed by Griliches, showed a positive relationship between corporate patent activity and commercial spillovers from university research. This research approach was criticized by many. In 1987, Acs and Audretsch proposed measuring innovative activity by the number of innovations recorded in 1982 by the U.S. Small Business Administration. It was believed that using number of innovations, using those provided a more direct measure than Jaffe's work because inventions that were not patented but were introduced into the market were counted and inventions that were patented but never introduced were not counted. This analysis seeks to compare the two works. Jaffe used a pool of data that spanned an eight-year period while Acs and Audretsch considered a single year, 1982. It is shown that using a single year sample in Jaffe's model does not greatly alter the results, which means that both private corporate expenditures on R&D and university expenditures on research both positively and significantly influence patent activity. The impact of university spillovers is greater on innovations than patents using Jaffe's model. By directly substituting the innovation measure for the patent measure, this research approach shows further support for Jaffe's findings and arguments. (SRD)
533 citations
TL;DR: In this article, Small Business Economics: A Global Perspective, the authors present a global perspective on small business economics and discuss the challenges faced by small businesses in terms of globalization and international trade.
Abstract: (1992). Small Business Economics: A Global Perspective. Challenge: Vol. 35, No. 6, pp. 38-44.
246 citations
TL;DR: In this paper, the authors examined the degree to which the biotechnology industry in Maryland is supported by the "local" venture capital community and found that Maryland venture capital firms may not be playing an active enough role in economic development.
Abstract: A well-developed venture capital network is important for launching regional science-based industries. Although these networks are not absolutely necessary for high-technology development, they help facilitate entrepreneurial start-ups and speed development. This article examines the degree to which the biotechnology industry in Maryland is supported by the "local" venture capital community. The authors find that the biotechnology industry is a significant importer of capital, suggesting that Maryland venture capital firms may not be playing an active enough role in economic development. Government policy should be used to strengthen the linkages between the venture capital community and the region's high-technology firms.
9 citations
TL;DR: The pervasive role of information costs in contracting forms the basis of the new institutional economics of the firm as mentioned in this paper, and there is much evidence supporting important and practical lessons from Japan for American and other Western firms.
8 citations