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Sailing in all winds: Technological search over the business cycle |
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| Authors: | Daniela Silvestri Massimo Riccaboni Antonio Della Malva |
| Institution: | 1. IMT School for Advanced Studies, Piazza S. Francesco 19, 55100 Lucca, LU, Italy;2. Katholieke Universiteit Leuven, Dept. of Managerial Economics, Strategy and Innovation (MSI), Naamsestraat 69, B-3000 Leuven, Belgium |
| Abstract: | Business cycles modify firms’ incentives to innovate and the direction of innovation. By introducing a new measure of patent unconventionality this paper explores the impact of the business cycle on firms’ technological search strategies. We find that during upturns firms generate inventions characterized by a higher level of technological unconventionality. We also find that financially resilient and diversified firms produce more unconventional patents. While patent unconventionality is associated with technological impact and market value, firms extract more value by investing in unconventional inventions in downturns. |
| Keywords: | E32 O32 O33 Innovation Technological change Business cycle Patent indicators |
| 本文献已被 ScienceDirect 等数据库收录！ | |