Scandinavian Working Papers in Economics

Papers in Innovation Studies,
Lund University, CIRCLE - Center for Innovation, Research and Competences in the Learning Economy

No 2017/9: Industry Evolution in Varieties of Capitalism: a Comparison of the Danish and US Wind Turbine Industries

Max-Peter Menzel () and Johannes Kammer ()
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Max-Peter Menzel: University Bayreuth, Postal: Germany
Johannes Kammer: University Hamburg, Postal: Germany

Abstract: In this study, we combine Klepper’s framework on the evolution of industries with the Varieties of Capitalism approach to argue that industry evolution is mediated by institutional differences. We expect that new industries will evolve with a stronger connection to established industries in coordinated marked economies than in liberal market economies. Our assumptions are supported by the survival analysis of US and Danish wind turbine manufacturers from 1974 to 2014.

Keywords: industry evolution; varieties of capitalism; heritage theory; wind turbine industry; institutions

JEL-codes: L64; O15; P51

54 pages, June 9, 2017

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