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    The impact of the economic crisis on innovation: evidence from Europe

    Archibugi, Daniele and Filippetti, Andrea and Frenz, Marion (2013) The impact of the economic crisis on innovation: evidence from Europe. Technological Forecasting & Social Change 80 (7), pp. 1247-1260. ISSN 0040-1625.

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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.


    Item Type: Article
    Keyword(s) / Subject(s): Economic crisis, Innovation investment, Firm-level analysis, Creative destruction
    School: Birkbeck Faculties and Schools > Faculty of Business and Law > Birkbeck Business School
    Research Centres and Institutes: Innovation Management Research, Birkbeck Centre for
    Depositing User: Administrator
    Date Deposited: 13 Jun 2013 07:07
    Last Modified: 02 Aug 2023 17:05


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