Agglomeration theory has long explored and asserted that similar firms locate in close geographic proximity for performance-related benefits. However, no study has systematically assessed the literature to determine whether the relationship between agglomeration and firm performance holds. Through a meta-analysis of 42 studies and nearly 200,000 firm-level observations, our study estimates the relationship between agglomeration and performance, showing the importance of knowledge spillovers in this relationship. Specifically, we find although agglomeration confers innovation benefits, it does not consistently offer financial performance benefits. We also highlight several important conditions, including firm age, industry technology intensity, and economic development level that impact the agglomeration–performance relationship. Together, our work advances agglomeration theory by suggesting when, and to what extent, agglomeration holds the most promise for organizations.

中文翻译：

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集聚和风险绩效的元分析：公司层面的证据

集聚理论长期以来一直在探索和断言，类似的公司位于地理上很近的地方，以获得与绩效相关的利益。然而，没有研究系统地评估文献以确定集聚与公司绩效之间的关系是否成立。通过对 42 项研究和近 200,000 个公司层面观察的元分析，我们的研究估计了集聚与绩效之间的关系，显示了知识溢出在这种关系中的重要性。具体而言，我们发现虽然集聚带来创新收益，但它并不能始终如一地提供财务绩效收益。我们还强调了影响集聚-绩效关系的几个重要条件，包括企业年龄、行业技术强度和经济发展水平。一起，