nep-ino New Economics Papers
on Innovation
Issue of 2018‒06‒18
twenty-one papers chosen by
Uwe Cantner
University of Jena

  1. Knowledge Exhaustibility and Schumpeterian Growth. By Antonelli, Cristiano
  2. The Engines of the Creative Response: Reactivity and Knowledge Governance. By Antonelli, Cristiano
  3. Brain-driven entrepreneurship research: Expanded review and research agenda towards entrepreneurial enhancement By Pérez-Centeno, Victor
  4. Catching Up in Economic Transition: Innovation in the People’s Republic of China and India By Fan, Peilei
  5. Innovation at State Owned Enterprises By Bernardo Bortolotti; Veljko Fotak; Brian Wolfe
  6. That's classified! Inventing a new patent taxonomy By Billington, Stephen D.; Hanna, Alan J.
  7. From a hint of perfume to a sip of whisky: the recombination of knowledge from fragrance to spirits industry By Rani Jeanne Dang
  8. Business Cycles and Start-ups across Industries: An Empirical Analysis of German Regions By Konon, Alexander; Fritsch, Michael; Kritikos, Alexander S.
  9. Skill, Innovation and Wage Inequality: Can Immigrants be the Trump Card? By Gouranga Gopal Das; Sugata Marjit
  10. Innovation and Firm Performance in the People’s Republic of China: A Structural Approach with Spillovers By Howell, Anthony
  11. Green Technologies and Smart Specialisation Strategies: A European Patent-Based Analysis of the Intertwining of Technological Relatedness and Key-Enabling-Technologies. By Montresor, Sandro; Quatraro, Francesco
  12. Directed Technological Change and Technological Congruence: A New Framework for the Smart Specialization Strategy. By Antonelli, Cristiano; Feder, Christophe; Quatraro, Francesco
  13. Relative R&D intensity for exporters in an oligopolistic industry with spillovers. By Juan A. Mañez; Rafael Moner Colonques; Juan A. Sanchis; Jose J. Sempere-Monerris
  14. Labor Force Demographics and Corporate Innovation By Derrien, François; Kecskes, Ambrus; Nguyen, Phuong-Anh
  15. RIO Country Report 2017: Bulgaria By Angelina Todorova; Milena Slavcheva
  16. Is innovation happening in George Towns's creative and cultural sectors? A comparative analysis between traditional and modern organisations By Chan, Jin; Mohd Hashim, Intan Hashima; Khoo, Suet Leng; Lean, Hooi Hooi; Piterou, Athena
  17. Is it just Luring Reported Profit? The Case of European Patent Boxes By Marko Köthenbürger; Federica Liberini; Michael Stimmelmayr
  18. Developing Novel Drugs By Joshua L. Krieger; Danielle Li; Dimitris Papanikolaou
  19. Entrepreneurial Optimism and Creative Destruction By Persson, Lars; Seiler, Thomas
  20. Follow the leader: Evidence of the Productivity catch-up of European firms By Dolores Añón Higón; Juan A. Mañez; María E. Rochina-Barrachina; Amparo Sanchis; Juan A. Sanchis
  21. The Real Exchange Rate, Innovation and Productivity: Regional Heterogeneity, Asymmetries and Hysteresis By Alfaro, Laura; Cuñat, Alejandro; Fadinger, Harald; Liu, Yanping

  1. By: Antonelli, Cristiano (University of Turin)
    Abstract: This paper accommodates the new understanding of the limited exhaustibility of knowledge into the Schumpeterian frame of the creative response to articulate a comprehensive model of Schumpeterian growth. The limited exhaustibility of knowledge and its transient appropriability favor the accumulation of a stock of quasi-public knowledge. The increasing stock of quasi-public knowledge together with appropriate knowledge governance conditions account for the secular decline of knowledge costs and the increase of diachronic and pecuniary knowledge externalities. Because of its limited exhaustibility and the consequent cumulability, knowledge is an endogenous endowment that accounts for growth. Unexpected out-of-equilibrium conditions in product and factor markets stir the response of firms. The availability of knowledge externalities accounts for the rate of innovation as they help making the reaction creative so as to enable the introduction of innovations. The search for technological congruence and the secular decline of the cost of technological knowledge accounts for its knowledge intensive direction as it induces the introduction of biased technological changes that augment the output elasticity of knowledge as an input. The limited exhaustibility of knowledge accounts for the secular trend towards the knowledge economy.
    Date: 2017–06
  2. By: Antonelli, Cristiano (University of Turin)
    Abstract: The notion of endogenous innovation as the outcome of the creative response of firms to out-of-equilibrium conditions is the cornerstone of the new evolutionary complexity. This essay explores the role of the reactivity of firms to out-of-equilibrium conditions and of knowledge governance in assessing the chances that creative responses actually take place as an alternative to adaptive responses. It implements a systemic frame able to show that: i) the levels of reactivity of firms enhance the research efforts of rims that try and cope with out of equilibrium conditions; ii) the actual rates of introduction of innovations and increase of total factor productivity are contingent upon the quality of knowledge governance, and iii) out-of-equilibrium conditions, as well as the amount of knowledge externalities are the endogenous outcome of the creative response.
    Date: 2017–06
  3. By: Pérez-Centeno, Victor
    Abstract: The advent of significant advances in neuroscience has produced the capacity to examine the human brain at a profound level, yet the academic and practical value of existing evidence based on neuroscience techniques and methods within the field of entrepreneurship remains unexplored. To address these issues, the author draws from entrepreneurship research and presents a braindriven approach as a basis for future in-depth studies on the role of cognitive, affective, motivational and hormonal mechanisms in entrepreneurship theory and practice. To further articulate a research agenda, the author reviews the state of knowledge of existing evidence by content analysis of articles published until 2016. The analysed articles incorporate the use of a brain-driven research perspective in their studies. It is found that although neuroscience affords unique technological opportunities, few studies have thus far benefited from these advances, and among existing studies, only the topic of entrepreneurial decision-making has been partially covered. Building on these observations, the author proposes a definition of brain-driven entrepreneurship research and a research agenda to advance the integration of neuroscience tools and technologies in entrepreneurship research.
    Keywords: entrepreneurial neuroscience,neuro-entrepreneurship,entrepreneurial enhancement,cognition,brain-driven entrepreneurship,entrepreneurial enhancement
    JEL: L26 M13 O33
    Date: 2018
  4. By: Fan, Peilei (Asian Development Bank Institute)
    Abstract: We examine how the People’s Republic of China (PRC) and India, two of the largest transitional economies in Asia, have improved their innovation capability during economic transition. First, we measure and compare innovation capability of both countries by using not only various input and output indicators of innovation systems but also the contribution of technological progress to economic development at different periods of their economic transition. Then we compare how both countries developed their innovation capabilities by focusing on the transformation of their national innovation systems since the economic reform and evolving technology policies. Then we provide a brief view on how the emerging innovative cities in both countries became dominated by the innovation activities of their respective countries.
    Keywords: innovation; R&D; China; India; innovation systems
    JEL: L65 O30 O31
    Date: 2018–02–14
  5. By: Bernardo Bortolotti; Veljko Fotak; Brian Wolfe
    Abstract: We investigate the impact of state ownership on the innovativeness of firms, as measured by the number, quality, and value of the patents produced. In a sample of listed European firms, we find that minority government ownership increases investment in research and development, especially for financially constrained firms and during “normal” macroeconomic conditions. Yet, government control leads to the opposite effect, by imposing myopic goals and complicating access to private equity markets. Overall, state owned enterprises (SOEs) produce fewer patents per dollar invested and about 10% fewer patents in absolute terms. When comparing SOE patents to private-sector patents, we find no difference in patent quality as measured by the number of citations received per patent or by the market reaction at patent publication. Furthermore, we find no increase in the number of patents focused on sustainable technologies, suggesting that SOEs do not emphasize innovation that produces public goods or social spillovers.
    Keywords: Innovation, state ownership
    JEL: G32 G15 G38
    Date: 2018
  6. By: Billington, Stephen D.; Hanna, Alan J.
    Abstract: Patent studies inform our understanding of innovation. Any study of patenting involves classifying patent data according to a chosen taxonomy. The literature has produced numerous taxonomies, which means patents are being classified differently across studies. This potential inconsistency is compounded by a lack of documentation provided on existing taxonomies, making them diffcult to replicate. Because of this, we develop a new patent taxonomy using machine learning techniques, and propose a new methodology to automate patent classification. We contrast existing taxonomies with our own upon a widely used patent dataset. In a regression analysis of patent classes upon patent characteristics, we show that classification bias exists: the size, statistical significance, and direction of association of coefficients depend upon how a patent dataset has been classified. We recommend investigators adopt our approach to ensure future studies are comparable and replicable.
    Keywords: Innovation,Invention,Machine Learning,Patents,Patent Classification,Taxonomy,Economic History
    JEL: K11 N24 N74 O31 O33
    Date: 2018
  7. By: Rani Jeanne Dang (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - CNRS - Centre National de la Recherche Scientifique - UNS - Université Nice Sophia Antipolis - UCA - Université Côte d'Azur)
    Abstract: The aim of this paper is to build, discuss and enrich a framework to examine the knowledge recombination process from an industry to another with the specific case of " Comte de Grasse Whisky ". The " Comte de Grasse Whisky " is a company that has set up an artisanal distillery in Provence (Grasse), South of France to develop a range of high-end spirits which production process derive from the well-known fragrance industry and savoir-faire of Grasse. The development of the Premium Whisky new market niche is a result of exaptation from the fragrance industry-in which numerous innovations are developed in the distillery process-to the spirits industry, in which only automating of the production has been observed. In order to operationalize this exaptation process, we mobilise the literature in knowledge management and innovation studies. Combining prior research on appropriate codification degree, exaptation and innovation through tradition, we develop a theoretical framework aimed at operationalizing the exaptation process, and identify the underlying challenges in this reinterpretation of knowledge.
    Keywords: knowledge recombination,exaptation,fragrance and spirits,search process,codification
    Date: 2018–05–22
  8. By: Konon, Alexander (DIW Berlin); Fritsch, Michael (University of Jena); Kritikos, Alexander S. (DIW Berlin)
    Abstract: We analyze whether start-up rates in different industries systematically change with business cycle variables. Using a unique data set at the industry level, we mostly find correlations that are consistent with counter-cyclical influences of the business cycle on entries in both innovative and non-innovative industries. Entries into the large-scale industries, including the innovative part of manufacturing, are only influenced by changes in the cyclical component of unemployment, while entries into small-scale industries, like knowledge intensive services, are mostly influenced by changes in the cyclical component of GDP. Thus, our analysis suggests that favorable conditions in terms of high GDP might not be germane for start-ups. Given that both innovative and non-innovative businesses react counter-cyclically in 'regular' recessions, business formation may have a stabilizing effect on the economy.
    Keywords: new business formation, entrepreneurship, business cycle, manufacturing, services, innovative industries
    JEL: E32 L16 L26 R11
    Date: 2018–04
  9. By: Gouranga Gopal Das (Department of Economics, Hanyang University.); Sugata Marjit (Centre for Studies in Social Sciences, Calcutta(CSSSC).)
    Abstract: With the ensuing immigration reform in the US, the paper shows that targeted skilled immigration into the R&D sector that helps low-skilled labor is conducive for controlling inequality and raising wage. Skilled talent-led innovation could have spillover benefits for the unskilled sector while immigration into the production sector will always reduce wage, aggravating wage inequality. In essence, we infer: (i) if R&D inputs contributes only to skilled sector, wage inequality increases in general; (ii) for wage gap to decrease, R&D sector must produce inputs that goes into unskilled manufacturing sector; (iii) even with two types of specific R&D inputs entering into the skilled and unskilled sectors separately, unskilled labor is not always benefited by high skilled migrants into R&D-sector. Rather, it depends on the importance of migrants’ skill in R&D activities and intensity of inputs. Inclusive immigration policy requires inter-sectoral diffusion of ideas embedded in talented immigrants targeted for innovation.
    Keywords: H1B, Immigration, Innovation, Wage gap, Skill, R&D, Policy, RAISE Act
    JEL: F22 J31 O15
    Date: 2018–05–22
  10. By: Howell, Anthony (Asian Development Bank Institute)
    Abstract: We adopt a structural framework to study the process of indigenous innovation and its impact on firm performance in the People’s Republic of China (PRC). In our analysis we use a rich source of panel data comprising almost 70,000 private Chinese firms operating in the PRC from 2004 to 2007. Relying on a structural innovation framework, we estimate the effects of technological learning during each phase of the structural model: (i) the firm’s decision to innovate, (ii) the innovation effort, (iii) the innovation throughput, and (iv) the firm performance. We show that in the early stages of innovation, Chinese firms fail to incorporate learning spillovers into their innovation effort, even when considering their absorptive capacity. Conversely, we found that in the later stages of innovation, learning spillovers positively increase firms’ innovation output as well as their performance, especially for firms with high absorptive capacity.
    Keywords: innovation; firm performance; learning; agglomeration; institutions; People’s Republic of China
    JEL: O30
    Date: 2018–02–08
  11. By: Montresor, Sandro; Quatraro, Francesco (University of Turin)
    Abstract: This paper investigates the move of regions towards sustainable growth through their specialisation in new green technologies. In particular, we analyse the role that smart specialisation strategies (S3) can have in this respect by addressing two research questions. First of all, we investigate whether the environmental diversification of regional technologies is, according to the S3 logic, driven by their “relatedness” to existing knowledge of green and non-green nature. Second, we analyse the role of the Key Enabling Technologies (KETs) that S3 policies recommend regions to prioritise, not only in fostering the adoption of environmental technologies, but also in affecting its dependence on the pre-existing knowledge-base. Combining regional patent and economic data for a 34-year panel (1980-2013) of 180 European regions, we find that the relatedness to the existing technological-base of the region actually makes the acquisition of a new green-tech specialisation more probable. This holds true with respect to both the green and non-green extant knowledge, pointing to a regional diversification that also benefits from the “hybridisation” of non-environmental technologies. The latter however requires a higher degree of relatedness than a “pure” green branching process. Regional KETs also help the transition towards sustainable technologies. What is more, they negatively moderate the green impact of the relatedness to pre-existing technologies, of both green and non-green nature, and thus attenuate the boundaries the latter could pose to regions in their environmental specialisation. These results confirm that S3 policies can actually boost the intertwining of a smart and sustainable kind of growth, and that the KETs inclusion within S3 can amplify the virtuous interaction between these two objectives.
    Date: 2018–04
  12. By: Antonelli, Cristiano; Feder, Christophe; Quatraro, Francesco (University of Turin)
    Abstract: Technological congruence implements the analysis of directed technological change showing how the match between the relative size of outputs’ elasticity and the relative abundance and cost of production factors has powerful effects on total factor productivity (TFP). Smart specialization strategies can rely upon technological congruence to support the introduction and diffusion of new directed technologies characterized by the best mix of factors relative cost -as determined by pecuniary externalities in the regional factor markets- and output elasticity. The evidence of 278 European regions in the years 1980-2011 confirms that the levels and the changes in technological congruence, brought about by the introduction of directed technological changes, have significant effects on the levels and the changes of TFP. The key policy implication is that the optimal S3 policy mix should not only look at the history of local industrial or technological specializations, but it should also take into account the pecuniary externalities that characterize local factor markets to promote technological changes directed to augmenting the output elasticity of the cheaper regional production factors.
    Date: 2018–04
  13. By: Juan A. Mañez (Department of Applied Economics II (Economic Structure) and ERI-CES, University of Valencia, Spain); Rafael Moner Colonques (Department of Economic Analysis and ERI-CES, University of Valencia, Spain); Juan A. Sanchis (Department of Economic Structure, University of Valencia, Avda. dels Tarongers s/n, 46022 Valencia (Spain).); Jose J. Sempere-Monerris (Department of Economic Analysis and ERI-CES, University of Valencia, Spain and CORE, UCL, Louvain-la-Neuve, Belgium)
    Abstract: This paper explores the links between firms R&D investment decisions, and firms decisions on how much to sell at home and abroad in a heterogeneous-firm international oligopoly. The model provides analytical results that yield four testable hypotheses, which are empirically checked with data from the Spanish Survey on Business Strategies (ESEE) for the period 1992-2013. Our results confirm that exporters invest in R&D four times more than non-exporters in relative terms (Hypothesis H1). Our estimates confirm that past R&D intensity has a positive and significantly different effect on domestic and export outputs by exporters and that the effect on the rate of growth of exports is larger (H2). Econometric evidence suggests a positive and significant effect of appropriability on domestic sales, while a positive but non-significant effect on exports; thus partially confirming hypothesis H3. Finally, R&D efficiency measured as the propensity to obtain a patent or utility model is found to have a positive and significant effect on the rate of growth of exports, which confirms H4.
    Keywords: International oligopoly, R&D, exports, knowledge spillovers.
    Date: 2018–07
  14. By: Derrien, François; Kecskes, Ambrus; Nguyen, Phuong-Anh
    Abstract: Firms in younger labor markets produce more innovation. We establish this using the local labor force projected based on historical births in each local labor market in the United States. Three successive levels of analysis – labor markets, firms, and inventors – allow us to separate out effects such as firm and inventor life cycles. We also find that corporate innovation activities reflect the innovative characteristics of younger labor forces, and firms in younger labor markets have higher valuations. Our results indicate that younger people as a group – inventors interacting with non-inventors – produce more innovation for firms through the labor supply channel rather than through a financing supply or consumer demand channel.
    Keywords: Innovation; Demographics; Age structure; Labor markets; Firms; Inventors; Patents
    JEL: G31 J11 J13 J21 J24 O31 O32 O33 O34
    Date: 2018–04–17
  15. By: Angelina Todorova (Institute of Consulting, UK; Cluster for Aero-Space Technologies, Research and Applications - CASTRA (Sofia, Bulgaria)); Milena Slavcheva (European Commission - JRC)
    Abstract: The R&I Observatory country report 2017 provides a brief analysis of the R&I system covering the economic context, main actors, funding trends & human resources, policies to address R&I challenges, and R&I in national and regional smart specialisation strategies. Data is from Eurostat, unless otherwise referenced and is correct as at January 2018. Data used from other international sources is also correct to that date. The report provides a state-of-play and analysis of the national level R&I system and its challenges, to support the European Semester.
    Keywords: Research and Innovation, Bulgaria, Innovation System
    Date: 2018–04
  16. By: Chan, Jin; Mohd Hashim, Intan Hashima; Khoo, Suet Leng; Lean, Hooi Hooi; Piterou, Athena
    Abstract: George Town World Heritage Site in Penang, Malaysia is well-endowed with creative and cultural resources, and has recently witnessed a rise in relevant activities. This study examines how 'innovation culture' is inculcated and embedded within two local organisations with distinct approaches to innovation. We adapted the measurements of entrepreneurship orientation constructs (innovativeness, risk-taking, pro-activeness), and conducted semi-structured interviews and archival study on the organisations and their networks. We documented the linkages in their value chains to understand the resulting social networks and whether such network fosters the incubation of an innovation cluster for the local creative and cultural sectors.
    Keywords: Innovativeness; World Heritage; Social Network; Cluster; Ecosystem
    Date: 2018–01–15
  17. By: Marko Köthenbürger; Federica Liberini; Michael Stimmelmayr
    Abstract: Patent box regimes have become increasingly popular as an instrument to attract taxable income from intellectual property (IP). This paper assesses the quantitative impact of patent box regimes on profit shifting by multinational enterprises (MNEs). We proxy the ability to access the tax benefit of the patent box by historical IP ownership. On average, affiliates belonging to MNEs with historical IP ownership report, after the introduction of a patent box, 8.5 percent higher profit compared to their counterparts with no IP ownership. Patent boxes do not only lure reported profit. The pre-tax profit change is a net effect and thus also accounts for reversed internal debt shifting out of the country and productivity changes. The overall behavioral adjustments might lower corporate tax revenues. Further, the design of the patent box and the existence of a tax haven affiliate within an MNE turn out to be critical for the amount of profits shifted.
    Keywords: corporate tax avoidance, patent box, multinational enterprise, profit shifting
    JEL: H25 H26 F23 C21 C23
    Date: 2018
  18. By: Joshua L. Krieger; Danielle Li; Dimitris Papanikolaou
    Abstract: We analyze the economic tradeoffs associated with firms' decisions to invest in incremental and radical innovation, in the context of pharmaceutical research and development. We develop a new, ex ante, measure of a drug candidate's innovativeness by comparing its chemical structure to that of previously developed drug candidates: this allows us to better distinguish between novel and so-called “me-too” drugs. We show that, on average, novel drug candidates 1) generate higher private and social returns conditional on approval (as measured by revenues, stock market returns, clinical value added, and patent citations) but 2) are riskier in that they are less likely to be approved by the FDA. Using variation in the expansion of Medicare prescription drug coverage, we show that firms respond to a plausibly exogenous positive shock to their net worth by developing more chemically novel drug candidates, as opposed to more “me-too” drugs. This pattern suggests that, on the margin, firms perceive novel drugs to be more valuable ex-ante investments, but that financial frictions may hinder their willingness to invest in these riskier candidates.
    JEL: G31 I10 O3
    Date: 2018–05
  19. By: Persson, Lars (Research Institute of Industrial Economics (IFN)); Seiler, Thomas (Stockholm School of Economics)
    Abstract: We provide empirical evidence that uncertainty (rather than risk) and optimism are distinctive characteristics of high-impact entrepreneurial firms (recently listed firms) relative to old, incumbent firms. Based on this evidence, we construct an entrepreneurial entry predation model with uncertainty. We show that entrepreneurial optimism can mitigate problems associated with strong incumbents' attempts to protect markets using predatory threats. Entrepreneurial optimism can also create a strategic advantage for entrepreneurs since incumbents may react by being less aggressive in product market interactions, which will benefit not only the profitability of the entrepreneur's venture but also consumers via lower prices
    Keywords: Uncertainty; Optimism; Entrepreneurial firms; Predation; Positive externalities; Automatic textual analysis
    JEL: L20 L26 M20 O30
    Date: 2018–05–28
  20. By: Dolores Añón Higón (Department of Economic Structure, University of Valencia, Avda. dels Tarongers s/n, 46022 Valencia (Spain).); Juan A. Mañez (Department of Economic Structure, University of Valencia, Avda. dels Tarongers s/n, 46022 Valencia (Spain).); María E. Rochina-Barrachina (Department of Economic Structure, University of Valencia, Avda. dels Tarongers s/n, 46022 Valencia (Spain).); Amparo Sanchis (Department of Economic Structure, University of Valencia, Avda. dels Tarongers s/n, 46022 Valencia (Spain).); Juan A. Sanchis (Department of Economic Structure, University of Valencia, Avda. dels Tarongers s/n, 46022 Valencia (Spain).)
    Abstract: In this article we characterize Total Factor Productivity (TFP) frontier firms at the industry level within the European Union during the period 2003-2014, and explore the determinants of the firms’ distance to the frontier. We find that larger, more capital-intensive, and more labour skilled firms are closer to the productivity frontier. In contrast, older firms are further away from the frontier. In addition, we obtain that a number of countries' economic and institutional factors, such as tertiary education, trade openness, R&D stock, easiness in getting credit and governance quality, affect positively the catching up of laggards towards the productivity frontier. We also examine the moderating effect of the Great Recession as well as the effect of productivity improvements at the frontier.
    Keywords: TFP, frontier firms, laggard firms, Great Recession, European Union countries
    JEL: F43 O47 O52
    Date: 2018–06
  21. By: Alfaro, Laura; Cuñat, Alejandro; Fadinger, Harald; Liu, Yanping
    Abstract: We evaluate manufacturing firms' responses to changes in the real exchange rate (RER) using detailed firm-level data for a large set of countries for the period 2001-2010. We uncover the following stylized facts: In export-oriented emerging Asia, real depreciations are associated with faster growth of firm-level TFP, higher sales and cash-flow, and higher probabilities to engage in R&D and to export. We find negative effects for firms in other emerging economies, which are relatively more import dependent, and no significant effects for firms in industrialized economies. Motivated by these facts, we build a dynamic model in which real depreciations raise the cost of importing intermediates, affect demand, borrowing-constraints and the profitability of engaging in innovation (R&D). We decompose the effects of RER changes on productivity growth across regions into these channels. We estimate the model and quantitatively evaluate the different mechanisms by providing counterfactual simulations of temporary RER movements and conduct several robustness analyses. Effects on physical TFP growth, while different across regions, are non-linear and asymmetric.
    Keywords: exporting; Financial constraints; Firm-Level Data; importing; Innovation; productivity; real exchange rate
    JEL: F12 F14 F31 F41 F43 F47 L16 L52 O14 O24 O33
    Date: 2018–05

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