Landmarks as lighthouses: firms' innovation and modes of exit during the business cycle |
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| Institution: | 1. University of Bergamo, Bergamo, Italy;2. Sant''Anna School of Advanced Studies, Pisa, Italy;3. Waseda Business School, Waseda University, Tokyo, Japan;4. Politecnico di Milano, Department of Management, Economics, and Industrial Engineering, Italy;5. University of Bath, School of Management, UK;1. Nord University, Nord University Business School, Innovation and Entrepreneurship Division, Universitetsalléen 11, 8026 Bodø, Norway;2. Rudolfovo - Science and Technology Centre Novo mesto, Podbreznik 15, 8000 Novo mesto, Slovenia;3. NIHR Newcastle In Vitro Diagnostics Co-operative, Translational and Clinical Research Institute, William Leech Building, Medical School, Newcastle University, Newcastle NE2 4HH, UK;1. Ohio State University, Columbus, Ohio, United States of America;2. Tilburg School of Economics and Management, Tilburg University, Tilburg, The Netherlands;1. Centre for Business in Society (CBiS), Coventry University, Priory Street, Coventry CV1 5FB, UK;2. School of Slavonic and East European Studies, University College London, Taviton Street 16, London WC1H 0BW, UK;3. School of Applied Sciences, University of Campinas, Rua Pedro Zaccaria, 1300, Limeira, São Paulo 13484-350, Brazil;1. Department of Management and Organization, Marshall School of Business, University of Southern California, 701 Exposition Blvd., HOH 512, Los Angeles, CA 90089, United States of America;2. Department of Management and Organization, Marshall School of Business, University of Southern California, 701 Exposition Blvd., HOH 520, Los Angeles, CA 90089, United States of America;3. Department of Management and Organization, Marshall School of Business, University of Southern California, 701 Exposition Blvd., HOH 519, Los Angeles, CA 90089, United States of America;1. Institute for Small Business Economics at the Georg-August-University Göttingen, Heinrich-Düker-Weg 6, 37073 Göttingen, Germany;2. University of Bremen, Faculty of Business Studies and Economics, Max-von-Laue-Str. 1, 28359 Bremen, Germany;3. Institute for Small Business Economics at the Georg-August-University Göttingen, Heinrich-Düker-Weg 6, 37073 Göttingen, Germany |
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| Abstract: | We revisit the relationship between innovation and survival, tracking how innovation types (product, process, organizational, and marketing innovation) relate to exit routes (closure, failure, M&A) during different phases of the business cycle (i.e. normal times, the 2007–08 financial crisis and subsequent recovery). In particular, we implemented a new (to the economic field) econometric approach, landmark analysis, to include time-varying covariates in survival models with competing exit routes on our representative sample of Dutch firms (obtained merging monthly register data with biennial innovation surveys, for 2006–2015). Our most straightforward result is that each type of innovation, across the different phases of the business cycle, affects, in a substantially different way, the likelihood to exit the market through different modes of exit. Innovations seems to grant some innovation premium, but no common pattern appears between the evolution of the relationships between different types of innovation and exit routes across the business cycle. |
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