Do Agency Costs Explain Variation in Innovative Performance?
Iain Cockburn & Rebecca Henderson 1995 There is considerable evidence that there are significant and persistent “fixed effects” across firms. The classic production function literature demonstrated that some firms were persistently “inside” the efficiency frontier, and more recent work exploring the determinants of research productivity using panel data has consistently suggested that there are large and persistent differences in firm performance that cannot be ascribed to traditional measures of labor, knowledge or physical capital. Some authors have even suggested that the percentage of variance in profitability across firms that can be attributed to firm effects may be significantly greater than the percentage that can be attributed to industry effects. These results are consistent with a long stream of work in the traditions of organizational behavior and strategic management which has suggested that organizations change only very slowly, despite the fact that differences across fi
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- Do Agency Costs Explain Variation in Innovative Performance?
