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Increased Internal Risk-Taking and Competitiveness in Biotechnology Organizations Open Access

This paper examines differences in risk-taking and competitiveness among biotechnology and pharmaceutical firms. It has been argued that biotechnology firms, in contrast to pharmaceutical firms, face higher levels of competitiveness and must pursue higher levels of risk-taking as a result. Using a sample of 40 biotechnology firms and 40 pharmaceutical firms, we analyze financial data, particularly research and development (R&D) expenditures, to assess the impact of levels of competitiveness and risk-taking. We discuss our results and implications for the literature on the management of R&D.

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