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首页> 外文期刊>The journal of technology transfer >How do firms use innovations to hedge against economic and political uncertainty? Evidence from a large sample of nations
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How do firms use innovations to hedge against economic and political uncertainty? Evidence from a large sample of nations

机译：公司如何使用创新来对冲经济和政治不确定性？来自大型国家样本的证据

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Using data on 135 countries, this paper studies the determinants of process innovation introduction, focusing on the impacts of economic and political uncertainties. Greater uncertainty, on the one hand, can lower potential benefits from innovation introductions, while on the other hand, the introduction of innovations might enable firms to hedge against uncertainty. The empirical literature has mostly considered uncertainty-investment nexus, and this study uniquely considers uncertainty-innovation introductions. Employing two different measures of economic and political uncertainty across different time lags, results are consistent with the hedging story-greater economic and political uncertainties induce firms to introduce process innovations to the market. With regard to firms' attributes, sole proprietorships and R&D-performing firms were more likely to introduce innovations, while firms located in island nations were less likely to do so. Firms' size and vintage did not have an appreciable influence on the incentives to introduce innovations. Some policy implications of these findings are discussed.
机译：本文研究了135个国家的数据，研究了过程创新的决定因素，侧重于经济和政治不确定性的影响。一方面，更大的不确定性可以降低创新介绍的潜在好处，而另一方面，创新的引入可能使公司能够对冲对冲不确定性。经验文献主要考虑了不确定性 - 投资Nexus，这项研究唯一考虑了不确定性 - 创新介绍。在不同时间滞后，在不同的时间滞后，在不同的时间滞后，雇用两种不同的经济和政治不确定性措施，与对冲故事 - 更大的经济和政治不确定性诱导公司向市场引入流程创新。关于公司的属性，唯一的所有权和研发公司更有可能引入创新，而位于岛屿国家的公司则不太可能这样做。公司的规模和复古对引入创新的激励措施没有明显影响。讨论了这些调查结果的一些政策影响。

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