Innovation in risky markets: ownership and location advantages in the UK regions
利用2002-2008年英国创新调查的企业面板数据，分析市场风险感知与创新行为的关系，发现所有权优势（如跨国公司）能调节这种关系，但仅在技术动态性较低的区域有效。
This article analyses the relationship between firm's perception of market risk and engagement in innovation. We conceptualise this relationship by integrating insights from the management literature on innovation barriers with those derived from the international business and economic geography perspectives on the interplay of ownership and location advantages. By exploiting a firm-level panel dataset based on the UK Innovation Survey for the period 2002-2008, we test the relationship between perception of market risk and innovation behaviour in relation to firm ownership-i.e. multinational enterprises (MNEs) versus single domestic enterprises-and location- across regional contexts characterised by different degrees of technological dynamism. Our main results show that ownership advantages operate as a moderator by fundamentally affecting the direction of the relationship: while MNEs react positively to risk perception, single domestic firms reduce their innovation engagement as a strategy to cope with market uncertainty. Yet, ownership advantages play a pivotal role only in relatively inert or stable contexts, as in technologically dynamic regions differences between domestic firms and MNEs disappear.