Journal
TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE
Volume 80, Issue 7, Pages 1247-1260Publisher
ELSEVIER SCIENCE INC
DOI: 10.1016/j.techfore.2013.05.005
Keywords
Economic crisis; Innovation investment; Firm-level analysis; Creative destruction
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Economic crises cause companies to reduce their investment, including investment in innovation where returns are uncertain and long-term. This has been confirmed by the 2008 financial crisis, which has substantially reduced the willingness of firms to invest in innovation. However, the reduction in investment has not been uniform across companies and a few even increased their innovation expenditures. Through the analysis of a fresh European Survey, this paper compares drivers of innovation investment before, during and following on from the crisis, applying the Schumpeterian hypotheses of creative destruction and technological accumulation. Before the crisis, incumbent enterprises are more likely to expand their innovation investment, while after the crisis a few, small enterprises and new entrants are ready to swim against the stream by expanding their innovative related expenditures. (C) 2013 Elsevier Inc. All rights reserved.
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