Competitive environment and innovation intensity

被引：18
|
作者：
Cornett, Marcia Millon [1 ]
Erhemjamts, Otgontsetseg [1 ]
Tehranian, Hassan [2 ]
机构：
[1] Bentley Univ, Dept Finance, Waltham, MA 02452 USA
[2] Boston Coll, Carroll Sch Management, Chestnut Hill, MA 02467 USA
来源：
GLOBAL FINANCE JOURNAL | 2019年 / 41卷
关键词：
Industry concentration; Neck-and-neck industries; Strategic substitutes; R&D; Patents; RESEARCH-AND-DEVELOPMENT; PRODUCT MARKET COMPETITION; INDUSTRY CONCENTRATION; EFFICIENCY; EQUITY; FIRMS; SENSITIVITY; INCENTIVES; OLIGOPOLY; GROWTH;
D O I：
10.1016/j.gfj.2019.02.002
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We find a U-shaped relation between industry concentration and innovation. The relation is driven by neck-and-neck industries where firms operate with similar productivity. When industry concentration is low, innovation intensity decreases as concentration increases. However, when industry concentration is high, increased concentration causes industry firms to increase innovation intensity to escape competition. The U-shaped relation is more pronounced in industries where firms compete in strategic substitutes. Using tariff rate reductions as an exogenous shock to the competitive environment, firms in neck-and-neck industries and industries where firms compete in strategic substitutes respond to foreign competitive threats by increasing innovation intensity.
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页码：44 / 59
页数：16
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