The Risks of Innovation: Are Innovating Firms Less Likely to Die?
利用智利工厂产品数据和离散时间风险模型，研究发现创新工厂倒闭风险更低，但仅当它们收入来源多样化或面临较低市场风险时；单一产品创新者倒闭风险更高。
While innovation matters for competitiveness, it may expose firms to survival risks. Using plant-product data for Chile and discretetime hazard models, we show that innovating plants have a lower hazard of exit. However, risk has a strong impact on the innovation-exit relationship: only innovators that retain diversified sources of revenue or face lower market risk are less likely to die. Single-product innovators are at greater risk of exiting. Exposure to technical risk does not affect exit probabilities differentially. We provide tentative evidence that singleproduct innovators have higher profits, which helps to rationalize their innovation decision despite the increased risk of exit.