The success of technology parks in promoting technology transfer and attracting clusters of highly innovative firms has motivated countries from around the world in an attempt to promote regional development, including the People's Republic of China. Due to its similarities with other formerly...

Research on agglomeration finds that either a higher survival rate of incumbent firms or a higher founding rate of new entrants, or both, can sustain an industry cluster. The conditioning effects of time on the two distinct mechanisms of survival and founding are, however, rarely examined. We...