Innovation strategies and firm growth

Stefano Bianchini (), Federico Tamagni and Gabriele Pellegrino

No 2016/10, Working Papers from Institut d'Economia de Barcelona (IEB)

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.

Keywords: Firm growth; product and process innovation; internal and external R&D; embodied and disembodied technical change; fixed-effects quantile regressions; complementarity (search for similar items in EconPapers)
JEL-codes: C21 D22 O31 O32 (search for similar items in EconPapers)
Pages: 43 pages
Date: 2016
New Economics Papers: this item is included in nep-bec, nep-com, nep-cse, nep-eur, nep-ino, nep-sbm and nep-tid
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (15)

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Related works:
Working Paper: Innovation Strategies and Firm Growth (2016)
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