Firm‐level impact of the global financial crisis: Evidence on innovation from Latin America
研究了2007-2009年全球金融危机如何影响拉丁美洲企业的创新活动，发现产品创新在衰退期回报更高，且产品与过程创新在商业周期中高度相关。
Abstract The long‐term effects of the 2007–2009 Global Financial Crisis on Latin American economies depend on how firms altered their innovation activities in response to this and similar financially initiated shocks. We develop and test a novel theoretical framework that analyses the return to innovation for firms that survived this crisis in Latin America. We use detailed firm‐level data that allows us to understand how firms reacted to the crisis and their subsequent outcomes post‐crisis. We show, subsequent to several robustness checks, that: (i) product and process innovation are strongly correlated with each other over the business cycle; and (ii) although the return to innovation is positive (independent of the business cycle), the return to product innovation may be greater during recessionary periods.