Concentration of innovation investments along the business cycle
Keywords: 
Innovation
Concentration
Firm size
Exports
Great Recession
Spain
Issue Date: 
2023
Publisher: 
Springer
Project: 
info:eu-repo/grantAgreement/AEI/Proyectos de I+D de Generación de Conocimiento/PGC2018-098131-B-I00/[ES]/DISEÑO DE LAS ORGANIZACIONES Y PROVISION DE INCENTIVOS PARA LA INNOVACION
ISSN: 
1868-7873
Note: 
This article is licensed under a Creative Commons Attribution 4.0 International License
Citation: 
Mendi, P. (Pedro). "Concentration of innovation investments along the business cycle". Journal of the Knowledge Economy. 14, 2023,
Abstract
This paper addresses the question of the impact of demand reductions on frms’ concentration of innovation investments. Evidence is drawn from the PITEC database, which includes a stable panel of frms yearly surveyed in the 2006–2013 period. Controlling for selection, frms in the sample are found, following a demand decrease, to reduce the number of innovation investment categories. The efect of demand decreases is stronger for small frms. No evidence is found of exporting being a moderator of the relationship between demand fuctuations and the concentration of innovation investments. These fndings suggest that downturns reduce the diversity in the innovation of frms, which could potentially have long-lasting efects on their innovation activities, and, ultimately, on their competitiveness.

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