Financial Shocks and Firm Innovation in Supply Chain Networks
利用2007-2017年意大利企业-银行匹配数据，研究发现供应链增强了企业创新活动对银行冲击的韧性，通过贸易信贷和联合研发支持创新，但对激进产品创新帮助有限。
We study the influence of supply chains on the transmission of financial shocks to firms’ innovation. Using matched Italian firm-bank data over the 2007–2017 period, we find that firms’ engagement in supply chains enhanced the resilience of innovation activities to the banking shock caused by the “twin financial crises” (Great Financial Crisis and sovereign debt crisis). The results suggest that, amid the banking shock, supply chains facilitated purchases of innovative intermediates through trade credit provision and helped to sustain firms’ joint research and development efforts. The estimates imply, however, that the support offered by supply chains did not extend to radical product advances. This paper was accepted by Bo Becker, finance. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2023.03601 .