Innovation Strategies and Firm Growth

Stefano Bianchini (), Gabriele Pellegrino and Federico Tamagni

LEM Papers Series from Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy

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)
Date: 2016-03-02
New Economics Papers: this item is included in nep-bec, 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 (14)

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Working Paper: Innovation strategies and firm growth (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:ssa:lemwps:2016/03

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