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This paper conducts a comprehensive study of patent citations in patents granted to the new economy firms in Belgium by the US and the EU Patent Offices using a general qualitative response variable analysis, allowing for asymmetries in size and other characteristics. The studied citation data provide evidence of very industry-specific inter-, intra-firm and inter-, intra-industry knowledge spillovers. No general high-tech or new economy knowledge spillovers pattern was observed in the data. Therefore, we advocate for a regulator to use the industry-specific natural market incentives in combination with particular regulatory measures to achieve the desired effects in promoting economic growth and new-economy firms' competitiveness.

Measuring knowledge spillovers in the new economy firms in Belgium using patent citations