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The determinants of innovation: What is the role of risk?

Pierluigi Murro

No 32, SERIES from Dipartimento di Economia e Finanza - Università degli Studi di Bari "Aldo Moro"

Abstract: Because of its importance in understanding and explaining growth, the topic of innovation has received a huge attention in the economic literature. However, our knowledge of the factors that inuence in- novation and its related activities is not as exhaustive as it could be. The present study aims at contributing to analyse the determinants of innovation, with a special focus on rm risk. Employing a rich sample of Italian manufacturing rms, we tested for the impact on innovation of the riskiness of the rm, as proxied by the probability of default. We found that riskiness of enterprise reduces the tendency to innovate for the rms. The main channel through which rm risk aects innovation capability appears to be that of innovation nancing.

Keywords: Technological Change; Financial Risk and Risk Management (search for similar items in EconPapers)
JEL-codes: G32 O3 (search for similar items in EconPapers)
Pages: 896
Date: 2010-07, Revised 2010-07
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Journal Article: THE DETERMINANTS OF INNOVATION: WHAT IS THE ROLE OF RISK? (2013) Downloads
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