The Role of Innovation Efforts in Raising the Growth Performance of Technology and Knowledge-Based Small and Medium-Sized Firms. Evidence from the Italian Context
Benigno D'Orazio

Abstract
The paper aims to investigate, from a theoretical and empirical point of view, the effect emerging from the firm's innovative activity on the growth performance of technology and knowledge-based small and medium-sized enterprises (SMEs), with particular reference to university spin-offs (USOs). The results from the analysis conducted on a panel sample of 474 Italian USOs falling into the size category of SMEs, investigated in the time period between 2006 and 2014, highlight how the ability to generate innovation has positive effects on their growth performance, in terms of sales revenues. This evidence emphasizes how the effects generated by innovative efforts increase the level of business growth. Therefore, the results of the study support the theoretical proposal according to which the innovative activity of companies is one of the main contributors to the performance outcomes of technology and knowledge-based SMEs.

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