Entrepreneurship in a Hub-and-Spoke Industrial District: Firm Survey Evidence from Seattle's Technology Industry

Mayer H. Entrepreneurship in a hub-and-spoke industrial district: firm survey evidence from Seattle's technology industry, Regional Studies. The paper investigates entrepreneurial dynamics in a hub-and-spoke industrial district. Using data on the genealogy of high-technology firms in Seattle, Washington State, the study examines the ways in which entrepreneurial firms relate to their parent firms and the role of agglomeration economies. The results illustrate that entrepreneurship is an important vehicle for the diversification of such a district. When compared, hub-related spinoffs such as those founded by former Microsoft employees do not differ much from other start-ups. The differences between Microsoft spinoffs and start-ups are very limited; both diversify the regional economy by entering new markets when compared with their parents.

Executive compensation and the performance of the firm

A sample of large industrial corporations is examined to determine whether there is a relationship between the levels of compensation received by the senior executives of those firms and the firms' economic performances. We find consistent evidence of such a relationship, with differences across firms in the total compensation of their three highest-paid officers being positively related to differences in both the common stock returns and operating profitability of the firms. The implication is that compensation packages are designed to reduce agency costs.

Efficacy and Safety of Natalizumab in Crohn’s Disease Patients Treated at 6 Boston Academic Hospitals

BACKGROUND: Despite trials demonstrating its efficacy, many physicians harbor concerns regarding the use of natalizumab in the treatment of patients with refractory Crohn's disease (CD). The purpose of this study was to perform a descriptive analysis of a series of CD patients not currently enrolled in a clinical trial. METHODS: A retrospective case review of patients treated with natalizumab at 6 sites in Massachusetts: Boston Medical Center, Beth Israel Deaconess Medical Center, Brigham & Women's Hospital, Lahey Clinic, Massachusetts General Hospital, and UMass Medical Center. RESULTS: Data on 69 CD patients on natalizumab were collected. At the start of treatment, patients' disease duration was 12 years. A high proportion of patients were women (68%), presented with perianal disease (65%) and upper gastrointestinal tract involvement (14%). Prior nonbiologic therapies were steroids (96%), thiopurines (94%), antibiotics (74%), methotrexate (58%), and at least two anti-tumor necrosis factor agent failures (81%). Sixty-nine percent (44 of 64 patients) with available medical evaluation had a partial or complete clinical response. Loss of response was 13% after an average of 1 year of treatment. Adverse events were infusion reactions, headaches, fever, and infections. No case of progressive multifocal leukoencephalopathy was observed. CONCLUSIONS: In our clinical experience outside the context of a clinical trial, natalizumab is largely reserved for CD patients with extensive ileocolonic disease who have failed conventional immunosuppressants and of at least 2 anti-tumor necrosis factor agents. This drug is, however, well tolerated and offers significant clinical improvement for more than a year in one-third of these difficult-to-treat CD patients.

What Makes a Family Firm Innovative? CEO Risk-Taking Propensity and the Organizational Context of Family Firms

Investigating the new product portfolio innovativeness of family firms connects two important topics that have recently received considerable attention in innovation and family firm research. First, new product portfolio innovativeness has been identified as a critical determinant of firm performance. Second, research on family firms has focused on the questions of if and why family firms are more or less innovative than other organizational forms. Research investigating the innovativeness of family firms has often applied a risk-oriented perspective by identifying socioemotional wealth (SEW) as the main reference that determines firm behavior. Thus, prior research has mainly focused on the organizational context to predict innovation-related family firm behavior and neglected the impact of preferences and the behavior of the chief executive officer (CEO), which have both been shown to affect firm outcomes. Hence, this study aims to extend the previous research by introducing the CEO's disposition to organizational context variables to explain the new product portfolio innovativeness of small and medium-sized family firms. Specifically, this study explores how the organizational context (i.e., ownership by top management team [TMT] family members and generation in charge of the family firm) of family firms interacts with CEO risk-taking propensity to affect new product portfolio innovativeness. Using a sample of 114 German CEOs of small and medium-sized family firms operating in manufacturing industries, the results show that CEO risk-taking propensity has a positive effect on new product portfolio innovativeness. Moreover, the analyses show that the organizational context of family firms impacts the relationship between CEO risk-taking propensity and new product portfolio innovativeness. Specifically, the relationship between CEO risk-taking propensity and new product portfolio innovativeness is weaker if levels of ownership by TMT family members are high (high SEW). Additionally, the effect of CEO risk-taking propensity on new product portfolio innovativeness is stronger in family firms at earlier generational stages (high SEW). This result suggests that if SEW is a strong reference, family firm-specific characteristics can affect individual dispositions and, in turn, the behaviors of executives. Therefore, this study helps extend the knowledge on the determinants of new product portfolio innovativeness of family firms by considering an individual CEO preference and the organizational context variables of family firms simultaneously.

Internationalität und Interdisziplinarität der Editionswissenschaft, Berlin/Boston 2014 (Beihefte zu editio 38) [Beiträge der Tagung InterNationalität und InterDisziplinarität der Editionswissenschaft, 15. – 18. Februar 2012 in Bern]

Thema des Bandes ist die in der internationalen Praxis der Editionswissenschaft beobachtbare Vielfalt von wissenschaftsgeschichtlichen Traditionen, texttheoretischen Zugängen und editionspragmatischen Verfahren, die häufig aus der jeweils unterschiedlichen Entwicklung einzelner Nationalphilologien und ihrer tragenden Institutionen resultiert. Diese Heterogenität bereichert die länder- und sprachübergreifende editionswissenschaftliche Kommunikation, erschwert sie aber auch. Hinzu tritt die Tatsache, dass die Editionswissenschaft zunehmend in einem interdisziplinären Austausch steht, an dem in jüngerer Zeit auch die Informations- und Naturwissenschaften teilhaben. In einer von beschleunigter Kommunikation und Globalisierung geprägten Wissensgesellschaft berühren und vermischen sich diese verschiedenen Ansätze, dies nicht zuletzt im Kontext medialer Veränderungen. Zugleich erweisen sich nationale und fachspezifische Konventionen auch unter diesen gewandelten Bedingungen als erstaunlich zählebig – sie bestimmen wissenschaftliche Formen der Interaktion und Kooperation mitunter mehr, als dies den beteiligten Partnern bewusst ist. Diese komplexe Situation bildet den Rahmen für die im Band versammelten Beiträge, die sich mit dem ‚Dazwischen‘ (inter), d.h. mit Synergien und Brüchen nationaler und disziplinärer Zugänge in der Editionswissenschaft auseinandersetzen. Sie dokumentieren die Praxis des gegenwärtigen editorischen Alltags und zeigen, wie unterschiedliche textliche und methodische Voraussetzungen das editorische Endprodukt prägen.

The relationship between top management team innovation orientation and firm growth: The mediating role of firm innovativeness

Upper echelon theory and research on innovation have considered top management teams and their behaviour and characteristics as important factors that positively influence innovativeness and organizational outcomes. Yet, innovation research has mostly focused on individual new product projects, and their performance and impact on firm performance. Recent research has started to apply a more holistic view in terms of innovation, by considering firm-wide innovation instead of single new products. Upper echelon research has concentrated on direct relationships between top management team characteristics and organizational outcomes. But recent research calls for mediating effects of the relationship between top management team characteristics and organizational outcomes. Hence, this study introduces firm innovativeness as a mediator between top management team innovation orientation and firm growth. Focusing on small and medium-sized firms, which often represent highly innovative firms, results show that firm innovativeness fully mediates the relationship between top management team innovation orientation and firm growth. Implications and future research are discussed.