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Demand drops and innovation investments: Evidence from the Great Recession in Spain

机译：需求下降和创新投资：西班牙大萧条的证据

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摘要

The Great Recession, which began in 2008, brought about large contractions in aggregate consumption in many countries. In this research, we study the impact of heterogeneous decreases in demand on innovation investments by analyzing the evolution of innovation investments in a panel of Spanish manufacturing firms during the 2004–2013 period. We proxy heterogeneous variation in demand with net exit rates in the productive stratum of each firm, defined as the group of firms in the same industry and size class. These net exit rates are computed considering all firms in the stratum, including firms that are determined to be non-innovative firms. To support the identification strategy, we show that exit rates do not capture idiosyncratic unobservable characteristics among innovative firms. In addition, we control for the effect of time-varying credit constraints. We find that a one standard deviation increase in exit rates is associated with reductions of 1.5% in the share of firms investing in innovation. The drop is larger for smaller firms, which also experience greater decreases in sales. Since smaller firms are most sensitive to demand drops, they are the natural candidates to be the target of policies devoted to increasing R&D activities during crises. As additional analysis, we study firms’ perceptions of the main obstacles to innovation to find that net exit rates capture the heterogeneous variation in demand, rather than credit constraints. Finally, when analyzing the exit patterns of firms in the sample, we confirm that the net exit rate in a firm's stratum does not drive the exit of firms in our sample.
机译：2008年开始的大萧条使许多国家的总消费量大幅收缩。在这项研究中，我们通过分析一组西班牙制造公司在2004-2013年期间的创新投资演变，研究了需求异类下降对创新投资的影响。我们用每个公司的生产层中的净退出率来替代需求的异质变化，每个公司的生产层定义为同一行业和规模级别的公司组。这些净退出率的计算考虑了阶层中的所有公司，包括被确定为非创新性公司的公司。为了支持这种识别策略，我们证明了退出率并未捕捉到创新企业中特有的，不可观察的特征。此外，我们控制时变信用约束的影响。我们发现，退出率增加一个标准差会导致投资于创新的公司份额减少1.5％。对于较小的公司而言，下降幅度更大，而小型公司的销售下降幅度也更大。由于较小的公司对需求下降最为敏感，因此自然而然地成为了在危机期间致力于增加研发活动的政策目标的候选人。作为额外的分析，我们研究了企业对创新主要障碍的看法，以发现净退出率反映了需求的异质变化，而不是信贷约束。最后，在分析样本中企业的退出模式时，我们确认企业层中的净退出率不会驱动样本中企业的退出。

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  • 来源
    《Research policy》 |2018年第7期|1321-1333|共13页
  • 作者

    Alex Armand; Pedro Mendi;

  • 作者单位

    University of Navarra and Navarra Center for International Development – Instituto Cultura y Sociedad, Edificio de Bibliotecas;

    University of Navarra, Department of Business, Edificio Amigos;

  • 收录信息 美国《科学引文索引》(SCI);美国《工程索引》(EI);
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    RD; Innovation; Firm entry; Firm exit; Great Recession;

    机译：研发;创新;坚定进入;坚定退出;经济大衰退;

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