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ICC Advance Access originally published online on November 3, 2005
Industrial and Corporate Change 2005 14(6):1167-1192; doi:10.1093/icc/dth081
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© The Author 2005. Published by Oxford University Press on behalf of Associazione ICC. All rights reserved.

A matter of life and death: innovation and firm survival

Elena Cefis

Orietta Marsili

Correspondence: Elena Cefis, Utrecht School of Economics, Utrecht University, Vredenburg 138, 3511 BG Utrecht, The Netherlands. e-mail: e.cefis{at}econ.uu.nl.

Correspondence: Orietta Marsili, Rotterdam School of Management, Erasmus University, Burg. Oudlaan 50 3000 DR Rotterdam, The Netherlands.

This article examines the effects of innovation on survival using data on all manufacturing firms active in the Netherlands and the Community Innovation Survey. By estimating a parametric duration model, we show that firms benefit from an innovation premium that extends their life expectancy, independent of firm-specific traits such as age and size. Process innovation in particular seems to have a distinctive effect on survival. Furthermore, survival chances increase with the age and growth rate of a firm, the latter being more crucial than initial size. Finally, high intensity technology sectors are the most favorable to firm’s survival.


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