Can Small Firms Innovate Away From Competition?
研究了创新是否帮助小企业从高竞争市场转向低竞争市场，发现创新对感知竞争的边际效应递减，且有形与无形创新活动的互补性在竞争市场中作用更强，有助于企业应对疫情冲击。
Abstract In this paper we test whether innovation allows entrepreneurs to navigate their way out of highly competitive markets into calmer waters where competitive pressures are reduced. In doing so, we establish three key findings: first, in line with the Schumpeterian creative destruction theory, our results document a decreasing marginal effect of prior innovation on consecutive perceived competition, an effect that is stronger for small firms operating in more competitive markets; then, we highlight the different synergistic effects generated by the complementarity between tangible and intangible innovation activities in competitive and oligopolistic markets that support the Schumpeterian view; finally, we establish that such synergies have proven crucial in navigating out of the COVID‐19 pandemic.