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1.
The Great Recession, which began in 2008, brought about large contractions in aggregate consumption in many countries. In this research, we study the impact of heterogeneous decreases in demand on innovation investments by analyzing the evolution of innovation investments in a panel of Spanish manufacturing firms during the 2004–2013 period. We proxy heterogeneous variation in demand with net exit rates in the productive stratum of each firm, defined as the group of firms in the same industry and size class. These net exit rates are computed considering all firms in the stratum, including firms that are determined to be non-innovative firms. To support the identification strategy, we show that exit rates do not capture idiosyncratic unobservable characteristics among innovative firms. In addition, we control for the effect of time-varying credit constraints. We find that a one standard deviation increase in exit rates is associated with reductions of 1.5% in the share of firms investing in innovation. The drop is larger for smaller firms, which also experience greater decreases in sales. Since smaller firms are most sensitive to demand drops, they are the natural candidates to be the target of policies devoted to increasing R&D activities during crises. As additional analysis, we study firms’ perceptions of the main obstacles to innovation to find that net exit rates capture the heterogeneous variation in demand, rather than credit constraints. Finally, when analyzing the exit patterns of firms in the sample, we confirm that the net exit rate in a firm's stratum does not drive the exit of firms in our sample. 相似文献
2.
《Research Policy》2023,52(8):104778
We revisit the relationship between innovation and survival, tracking how innovation types (product, process, organizational, and marketing innovation) relate to exit routes (closure, failure, M&A) during different phases of the business cycle (i.e. normal times, the 2007–08 financial crisis and subsequent recovery). In particular, we implemented a new (to the economic field) econometric approach, landmark analysis, to include time-varying covariates in survival models with competing exit routes on our representative sample of Dutch firms (obtained merging monthly register data with biennial innovation surveys, for 2006–2015). Our most straightforward result is that each type of innovation, across the different phases of the business cycle, affects, in a substantially different way, the likelihood to exit the market through different modes of exit. Innovations seems to grant some innovation premium, but no common pattern appears between the evolution of the relationships between different types of innovation and exit routes across the business cycle. 相似文献
3.
Nishaal Gooroochurn 《Research Policy》2007,36(10):1483-1495
This paper investigates the relative importance of property rights and transactions cost factors in driving the decision of firms to outsource innovation. Using data for over 8000 firms from the UK Community Innovation Survey, we find that property right factors dominate over transaction cost factors. Transaction cost variables are more important for process innovation, while property rights variables are more significant for firms involved in product innovation. In addition, we find that firms involved in process innovation have a higher probability of outsourcing innovation than firms involved in product innovation. 相似文献
4.
We examine the determinants of firms’ innovation success, using the firm-level data from the Japanese National Innovation Survey. We focus on the relationship between organizational and human resource management practices for research and development (R&D) and product/process innovation. We find that interdivisional cooperation/teams and the creation/relocation/integration of R&D centers are positively associated with both product and process innovation. Having board members with an R&D background is positively associated with product innovation, implying that top-down R&D decision-making may be important for firms to introduce new products. Among the factors examined, personnel assessment reflecting R&D outcomes appears to have an especially strong relationship with product innovation. Moreover, the positive relationship between the creation/relocation/integration of R&D centers and innovation success suggests that drastic organizational changes can work as a clear signal of firms’ determination to pursue an innovation-oriented strategy and help to accelerate innovation success. 相似文献
5.
Determinants of industry-academy linkages and, their impact on firm performance: The case of Korea as a latecomer in knowledge industrialization 总被引：1，自引：0，他引：1
Boo-Young Eom 《Research Policy》2010,39(5):625-12407
This paper utilizes the Korea Innovation Survey data to identify the determinants of industry-university and industry-government research institute (IUG) cooperation, and its impact on firm performance. First, we find that among the determinants of IUG cooperation, traditional firm characteristic variables of size and R&D intensity are not significant, while participation in national R&D project turns out be most significant and robust in both cooperation modes. This is in contrast to the results from the cases in European countries and reflects the significance of government policies in promoting IUG cooperation in latecomer economies. Second, with regard to the impact of IUG cooperation, we conspicuously find no significant impact on the innovation probability of firms when we control the possible endogeneity, such that already innovative firms would participate more at such cooperation modes. This implies that the IUG cooperation cannot guarantee the success of a firm in technological innovation. Rather, it may have an influence on the selection or direction of the research projects of a firm. When we limited the analysis to innovative firms, we do find a positive impact of the IUG cooperation on patents generated from new product innovation but find none in terms of volume of sales or labor productivity. These results seem to reflect the still transitional nature of the national innovation system (NIS) and knowledge industrialization in Korea. 相似文献
6.
Wolfgang Becker 《Research Policy》2004,33(2):209-223
The aim of the paper is to investigate in a simultaneous equation framework the role of R&D cooperation in the innovation process—in context with other factors—from two specific aspects. First, analysis focuses on the impact of R&D cooperation on firms’ innovation input and output. Second, analysis is undertaken as to how the number of cooperation partners affects the innovation behaviour of firms. Starting with the discussion of theoretically expected effects of successful R&D cooperation on the innovation activities of firms, the importance of inter-organizational arrangements in R&D is empirically investigated in respect of firms in the German manufacturing industry. The estimation results can be summarized as follows: joint R&D is used to complement internal resources in the innovation process, enhancing the innovation input and output measured by the intensity of in-house R&D or the realization of product innovations. On the input side, the intensity of in-house R&D also stimulates the probability and the number of joint R&D activities with other firms and institutions significantly. 相似文献
7.
This paper studies the role of technology standards in firms’ product innovation in terms of both incremental innovation (within a technology life cycle) and radical innovation (beyond the present technology cycle). We first develop a theoretical model which predicts that technology standards can be used by firms as an “insurance” hedging against the risky process of developing new products. This insurance mechanism fosters incremental innovation and product growth especially for those further away from the technological frontier. Using data from a weighted panel of UK manufacturing firms over seven years, we find that the use of technology standards over past years significantly enables a firm’s incremental innovation while also reducing its incentive to deliver radical innovation. Additionally, we show that this relationship is contingent on a firm’s R&D intensity in line with predictions of our theoretical model. 相似文献
8.
This paper explores the relationship between innovation and the survival probability of manufacturing firms in the Netherlands, conditional on firm age and size. The empirical analysis combines firm level data on innovation, derived from the second Community Innovation Survey, and on the date of exit, from the Business Register of all firms active in the Netherlands. To estimate the survival probability of a firm we use a non-parametric approach, based on the calculation of Transition Probability Matrices over different time periods. The results show that innovation has a positive and significant effect on the probability of firms’ survival. This effect increases over time and is conditional on firm age and size; we observe that small and young firms are the most exposed to the risk of exit, as found in earlier studies, but also those that most benefit of innovation to survive in the market, especially in the longer term. 相似文献
9.
The concept of open innovation captures the increasing propensity of firms to work across their traditional boundaries of operation. This phenomenon has largely been studied from the viewpoint of manufacturing businesses while services have received much less attention despite the predominant role they play in advanced economies. This paper focuses on open innovation in services, both as a subsector of the economy and as a component of the activities of manufacturing firms. We study the open innovation practices of business services firms and then consider the implications for open innovation of the adoption of a service inclusive business model by manufacturing firms. Our analyses are based on a unique dataset with information on open innovation activities amongst UK firms. Overall, engagement in open innovation increases with firm size and R&D expenditure. Business services are more active open innovators than manufacturers; they are more engaged in informal relative to formal open innovation practices than manufacturers; and they attach more importance to scientific and technical knowledge than to market knowledge compared to manufacturing firms. Open innovation practices are also associated with the adoption of a service inclusive business model in manufacturing firms and service-integrated manufacturers engage in more informal knowledge-exchange activities. The paper contributes towards a reconceptualisation of open innovation in service businesses and a deeper evidence-based understanding of the service economy. 相似文献
10.
Mergers and acquisitions: Their effect on the innovative performance of companies in high-tech industries 总被引：6，自引：0，他引：6
This study examines the post-M&A innovative performance of acquiring firms in four major high-tech sectors. Non-technological M&As appear to have a negative impact on the acquiring firm's post-M&A innovative performance. With respect to technological M&As, a large relative size of the acquired knowledge base reduces the innovative performance of the acquiring firm. The absolute size of the acquired knowledge base only has a positive effect during the first couple of years after which the effect turns around and we see a negative effect on the innovative performance of the acquiring firm. The relatedness between the acquired and acquiring firms’ knowledge bases has a curvilinear impact on the acquiring firm's innovative performance. This indicates that companies should target M&A ‘partners’ that are neither too unrelated nor too similar in terms of their knowledge base. 相似文献
11.
Using unique innovation survey data collected from a homogenous sample of firms in Pakistan, this paper presents an analysis of the firm level determinants of product innovation and its impact on firm performance. We employ a multi-stage structural model linking the decision of a firm to innovate, its innovation investment, product innovation, and firm performance using primary data from the textile and wearing apparel sector, which is the largest export sector of Pakistan. We find that product innovation leads to increased labor productivity as well as higher labor productivity growth. A 10 percent increase in innovative sales per worker is associated with a greater than 10 percent increase in labor productivity and labor productivity growth. On the determinants of innovation, we find that vertical knowledge flows from foreign clients and suppliers are important determinants of a firm's decision to innovate. Larger firms are more likely to engage in innovation, however, there is no significant evidence that they invest more in innovation. Exporting is positively associated with innovation performance and firms exporting to Europe and America are more likely to engage in innovation. There is mixed evidence on the impact of competition: foreign competition adversely affects a firm’s decision to innovate, whereas, local competition increases investment in innovation. Subsidies seem to have a crowding out effect since firms receiving national subsides invest less in innovation. Furthermore, firms that have higher investment in innovation, that are more productive, and that introduce organizational innovations have higher innovative sales per worker. 相似文献
12.
Knut Holt 《Research Policy》1978,7(4):342-360
For more and more firms product innovation is becoming the key to survival and future growth. Successful product innovation cannot be based only upon inspiration, fantasy and random ideas; in most firms a purposeful and systematic approach also is required. Information is a key concept in this context. As product innovation activities are very different from day-to-day activities, a special information system is required.Based on an in-depth study of a large firm, it appears that systematic innovation requires: (a) a sound business concept with future oriented strategies and policies; (b) a competent staff who master the necessary tools; (c) an efficient organization with an appropriate information system; (d) relevant methods for diversification studies and product planning; and (e) development of individual products based on systematical provision of information about user needs and proper specification of requirements.In small firms innovations are based more on the entrepreneurial approach. Such firms often demonstrate a very innovative attitude, but many of them are hampered by lack of skills in marketing and management. They also lack supporting services which can provide information about the environment.Considering the importance of small firms in economic development and social progress, they should be given support in their innovative attempts. This can be done by organizing innovation centers which arrange studies, develop courses, and give practical assistance to firms engaged in innovative work. Governments should develop policies and provide information stimulating both small and large firms to innovations that are more desirable from a social point of view. 相似文献
13.
This paper examines interdependencies between firms’ activities in the realms of open science and commercial product development. We present a theoretical framework that outlines when a firm’s involvement in academic communities enhances its innovative performance in terms of new products in development. We argue that the disclosure of more, valuable R&D work in quality scholarly publications and collaborations with academic partners positively affect firm innovation. We further hypothesize a differential effect of adopting open science strategies on the innovation type, being more pronounced for radical innovations than for incremental innovations. We empirically analyze a unique panel dataset containing information on the product innovation performance and R&D activities of 160 UK therapeutic biotechnology firms over the period 1998- 2009. Our results from count data models on the number of new products in development provide empirical support for our hypotheses. 相似文献
14.
This work explores the relationship between product innovation and the decision to invest in fixed capital assets among a sample of SMEs in six European Union countries located in both peripheral and more central areas. We find that the presence of product innovation reduces the probability to invest. A firm’s size exerts a direct, inverted U-shape effect on the probability to invest and an indirect effect through the linear effect of size on the probability to innovate. The gap in the probability to invest between innovative and non-innovative firms increases with size. 相似文献
15.
《国际创新研究学报(英文)》2023,7(1):32-46
This study aims to investigate the main factors driving technological innovation within firms in the manufacturing and service sectors of the Czech Republic. We apply a binary logistic regression model to cross-sectional data from 502 firms, obtained from the World Bank Enterprise Survey. The results of our empirical investigation show that certain elements of the business environment, such as the tax rate, serve as significant obstacles to firms’ product innovations. The results also confirm that international technological linkages—measured by international quality certificates and foreign technology licenses—affect technological innovations. Moreover, we found that internal R&D activities positively impact technological innovation across all sectors; contrarily, we found that process innovation in the manufacturing sector is positively influenced by foreign technology licenses and business association membership. Process innovations in the service sector are positively correlated with external R&D and financing from banking institutions. Finally, business association membership does not positively influence technological innovation in the service sector. Our findings have salient implications for firm managers, policymakers, and scholars aiming to explore and improve innovation outcomes in transitional economies. 相似文献
16.
Following the methodology employed in studies for industrialized countries and using panel data from innovation surveys in Argentina with information for 1992-2001, this paper contributes to the nascent literature that analyzes the determinants of innovative inputs and outputs and their impacts on manufacturing firms’ productivity in developing countries. The econometric results show that in house R&D and technology acquisition expenditures have positive payoffs in terms of enhanced probability of introducing new products and/or processes to the market. In turn, innovators attain higher productivity levels than non-innovators. The results also show that large firms have a higher probability of engaging in innovation activities and of becoming innovators. 相似文献
17.
We examine patent licensing business models of non-practicing entities that generate revenue by selling, licensing, or litigating patents. They may also pursue R&D activities, invent new technologies, or provide services to inventors or product companies. We describe their business models and patent market behavior and then compare their litigation strategies against product companies using a matched sample of highly comparable patents. The main differences among patent licensing firms stem from their technological capabilities, patent portfolio sizes, and external relationships. We find that licensing firms with technological capabilities often pursue litigation until decision and engage in forum shopping. In contrast, litigation incidence, parties involved, and outcomes are primarily determined by patent characteristics, not entity types. Licensing business models drive the acquisition of certain types of patents that influence the outcomes of the patent system. We argue that patent policy should strengthen mechanisms to discover invention quality rather than focus on the amount of litigation or types of entities. 相似文献
18.
Sources of innovation and industry-university interaction: Evidence from Spanish firms 总被引：1，自引：0，他引：1
In this paper we use a sample of Spanish innovative firms to identify the determinants of R&D cooperation agreements between five types of partners: firms that belong to the same group; customers and suppliers; competitors; universities; public research centres. We focus on the determinants of R&D cooperation between innovative firms and universities. We used the Spanish version of the Community Innovation Survey (CIS-3) to obtain data about the R&D cooperation of 4150 innovative firms in Spain. To obtain empirical evidence about the determinants of this cooperation, we adopted an integrated approach that enables us to compare the effects of sectorial and individual determinants on the choice of partners. Our results show that a firm's cooperation activities are closely linked to the characteristics of the industry and the characteristics of the firm. These include R&D intensity, size, whether the firm belongs to a group, product and process innovation, and access to public funds for R&D activities. Internal R&D and agreements with customers, suppliers and competitor partners also increase firm's propensity for R&D cooperation with universities. 相似文献
19.
This paper analyses innovation paths and the innovation performance of low-technology firms in comparison to medium- and high-technology firms. Firstly, it shows that low-, medium- and high-technology sectors consist of a considerable mix of low-, medium- and high-technology firms. Thus, it is necessary to look at the firm level when analysing how innovation patterns differ depending on the level of R&D intensity. Secondly, the product and process innovation performance of low-technology firms in German industry is analysed based on data from 1663 firms in the German Manufacturing Survey 2006, applying a set of both product and process related innovation output indicators. The empirical results show that low-technology manufacturing firms lag behind their medium- and high-tech counterparts regarding their product and service innovation performance, to a large degree on purely definitional grounds, but that they seem to perform equally well and in some respects even better at process innovation. 相似文献
20.
考虑两个竞争企业的研发投资存在非对称溢出效应时的最优研发投资策略问题。运用博弈论构建有无研发投资的模型并求解分析,揭示不同强度的研发投资溢出、吸收能力和研发成功概率等因素对竞争企业研发投资博弈均衡的影响。结果表明：两个企业的研发投资溢出均较弱时,它们都会投资;一方的溢出较弱而另一方的较强时,双方将分别成为唯一的投资方和搭便车者;溢出效应中等时,它们或者都投资,或者都不投资;溢出效应均足够强时,二者都不投资。敏感性分析显示,企业会依据不同水平的产品差异度、吸收能力和研发成功概率调整最优研发投资策略。此外,消费者剩余和社会福利在两个企业都投资时最优,单一企业投资时次之,无研发投资时最差。 相似文献