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Science and Technology Parks (STPs) are one of the most important innovation policy initiatives. Previous studies show that location in a park promotes cooperation for innovation, but do not investigate whether this cooperation produces better results. We extend this literature by analyzing the effect of location on an STP on the results of cooperation for innovation and-the mechanism facilitating this effect. We rely on a much larger sample of firms and STPs than previous studies, and, where necessary, account for selection bias and endogeneity. The results show that location in an STP increases the likelihood of cooperation for innovation, and the intangible benefits of cooperation with the main innovation partner, due mainly to a more diverse relationship. (C) 2015 Elsevier B.V. All rights reserved.
science and technology parks; cooperation; innovation; effect; agglomerations; university industry collaboration; instrumental variables; knowledge spillovers; firms; proximity; performance; clusters; determinants; networks; distance