2016/03 | LEM Working Paper Series | ||||||||||||||||
Innovation Strategies and Firm Growth |
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Stefano Bianchini, Gabriele Pellegrino and Federico Tamagni |
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Keywords | |||||||||||||||||
firm growth, product and process innovation, internal and external R&D, embodied
and disembodied technical change, fixed-effects quantile regressions, complementarity
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JEL Classifications | |||||||||||||||||
C21, D22, O31, O32
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Abstract | |||||||||||||||||
In this work, we explore the relations between sales growth and a set
of innovation indicators that capture the different sources, modes and
results of the innovative activity undertaken within firms. We
exploit a rich panel on innovation activity of Spanish manufacturing
firms, reporting detailed CIS-type information continuously over the
period 2004-2011. Standard GMM-panel estimates of the average effect
of innovation activities reveal significant and positive effect for
internal R&D, while no effect is found for external sourcing of
knowledge (external R&D, acquisition of embodied and disembodied
technologies) as well as for output of innovation (process and product
innovation). However, fixed-effects quantile regressions reveal that
innovation activities, apart from process innovation and disembodied
technical change, display a positive effect on high-growth
performance. Finally, we find evidence of super-modularity of the
growth function, revealing complementarities of internal R&D with
product innovation, and between product and process innovation.
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