caa a22 4500 445854286 CHVBK 20180317145423.0 cr unu---uuuuu 170323e20110801xx s 000 0 eng 10.1007/s00191-010-0210-4 doi (NATIONALLICENCE)springer-10.1007/s00191-010-0210-4 Born to flip. Exit decisions of entrepreneurial firms in high-tech and low-tech industries [Elektronische Daten] [Elena Cefis, Orietta Marsili] This paper examines the way that the exit behavior of entrepreneurial firms is shaped by their innovative capabilities, and the technology environment in which they operate. We distinguish between exit by closing down activity and exit by merger or acquisition (M&A). Using a large sample of Dutch manufacturing firms, we explore the relationship between firm exit, age and innovative capabilities, in high and low innovation intensive industries. We find that for entrepreneurial firms, innovation may go some way towards compensating for the liability of newness, but also makes them more attractive M&A targets. More specifically, entrepreneurial firms in high-tech industries do not seem to improve their chances of survival by innovating; when technological change is rapid, innovation, especially in products, is necessary to participate in the innovation race in an industry, but is not sufficient to guarantee survival. In contrast, in low-tech industries, process innovation is a critical condition for the survival of entrepreneurial firms. In this context, entrepreneurial firms that are able to bring new product ideas, introducing ‘exceptional' variations into a stable environment, are most likely to exit by M&A, thereby transferring their knowledge and capabilities to the incumbent firms. The Author(s), 2011 Mergers and acquisitions nationallicence Firm exit nationallicence Innovation nationallicence Entrepreneurship nationallicence Cefis Elena Dep. of Economics, University of Bergamo, via dei Caniana 2, 24127, Bergamo, Italy aut Marsili Orietta Rotterdam School of Management, Erasmus University, Postbus 1738, 3000 DR, Rotterdam, The Netherlands aut Journal of Evolutionary Economics Springer-Verlag 21/3(2011-08-01), 473-498 0936-9937 21:3<473 2011 21 191 https://doi.org/10.1007/s00191-010-0210-4 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s00191-010-0210-4 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Cefis Elena Dep. of Economics, University of Bergamo, via dei Caniana 2, 24127, Bergamo, Italy aut NATIONALLICENCE 700 1- Marsili Orietta Rotterdam School of Management, Erasmus University, Postbus 1738, 3000 DR, Rotterdam, The Netherlands aut NATIONALLICENCE 773 0- Journal of Evolutionary Economics Springer-Verlag 21/3(2011-08-01), 473-498 0936-9937 21:3<473 2011 21 191 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer