See California's Technological Future: Emerging Economic Opportunities in the 1980's, The California Economy: 1970–1990, by the Center for Continuing Study of the California Economy, prepared for the Department of Economic and Business Development, March 1982.
2.
FarrellK., “High Tech Highways,”Venture (September 1983), pp. 38–50.
3.
PremusR., Location of High Technology Firms and Regional Economic Development, study prepared for the Subcommittee on Monetary and Fiscal Policy of the U.S. Congress, 1982, p. 16.
4.
GlasmeierA.HallP.MarkusenA., “Recent Evidence on High-Technology Industries' Spatial Tendencies: A Preliminary Investigation,” Working Paper No. 417, Berkeley, CA, Institute of Urban and Regional Development, October 1983.
5.
Farrell, op. cit., p. 43.
6.
The JEC study included the following Standard Industrial Classification (SIC) industries under the label of high technology: Chemicals and allied products (SIC 28); machinery except electrical (SIC 35); electrical and electronic machinery (SIC 36); transportation equipment (SIC 37); and instruments, including medical and optical goods (SIC 38). A narrower definition of high technology is used in reports prepared by the California Department of Economic and Business Development: Computers (SIC 357); communication equipment (SIC 366), electronic components (367), instruments (SIC 38); and computer services (SIC 737). This study generally followed the latter definition of high technology, but also included some biotechnology and chemical research firms normally classified under SIC 28.
7.
Agency costs refers to the costs associated with having non-owner managers, who are likely to optimize their own utility functions, directing the assets of others with different utility functions. The question here is to see if non-owner managers of high-technology firms decide to locate on “ambiance” type factors, when perhaps they should be maximizing profit by making location decisions based on business and input criteria. See JensenM.MecklingW., “Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure,”Journal of Financial Economics (October 1976), pp. 305–360.
