“…An absence of disruptive innovation does not mean an absence of any innovation. Indian BG firms do more R&D than stand-alone firms (Ashwin, Krishnan, & George, 2015;Chen, Chittoor, & Vissa, 2015;Komera, Jijo Lukose, & Sasidharan, 2018;Purkayastha, Manolova, & Edelman, 2018), although not in manufacturing (Sasidharan, Lukose, & Komera, 2015), and so do BG firms in Latin America (Castellacci, 2015), South Korea (Mahmood & Lee, 2004;Mahmood & Mitchell, 2004;Kim & Lui, 2015;Lee, Lee, & Gaur, 2017), Taiwan (Hsieh, Yeh, & Chen, 2010), and elsewhere (Crespi et al, 2008). IPOs in the US are often hightech startups, and most IPOs in most countries may be new BG affiliate listings (Larrain, Sertsios, & Urzú a, 2019).…”