An Explanation Of The Inverted U Relationship Between Profitability And Innovation
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An Explanation Of The Inverted U Relationship Between Profitability And Innovation
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Author : Ondřej Krčál
language : en
Publisher: Masarykova univerzita
Release Date : 2015-01-01
An Explanation Of The Inverted U Relationship Between Profitability And Innovation written by Ondřej Krčál and has been published by Masarykova univerzita this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-01 with Crafts & Hobbies categories.
V této knize jsou formulovány dva inovační modely, které vysvětlují vztah mezi ziskovostí a inovacemi ve tvaru obráceného U a vztahy mezi ziskovostí a rozdíly mezi produktivitou jednotlivých firem v daném odvětví, které nachází Aghion et al. (2005) a Hashmi (2005). Základní model (basic model) přináší jednoduché a obecné vysvětlení těchto stylizovaných faktů a prospektově teoretický model (prospect-theory model) předkládá specifické vysvětlení stylizovaných faktů, které obsahuje behaviorální teorii manažerského rozhodování. Pro určité hodnoty parametrů generují oba modely predikce, které odpovídají vztahům, jež nachází Aghion et al. (2005) a Hashmi (2005). Dále je zde ukázáno, že oba modely vytvářejí realistické předpovědi i pro širší rozmezí parametrů kolem těchto specifických hodnot.
Credit Constraints And The Inverted U Relationship Between Competition And Innovation
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Author : Luigi Pisano
language : en
Publisher:
Release Date : 2020
Credit Constraints And The Inverted U Relationship Between Competition And Innovation written by Luigi Pisano and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
Empirical studies have uncovered an inverted-U relationship between product-market competition and innovation. This is inconsistent with the original Schumpeterian model, where greater competition always reduces the profitability of innovation and thus the incentives to innovate. We show that the model can predict the inverted-U if the innovators' talent is heterogeneous and asymmetrically observable. When competition is low and profitability is high, talented innovators are credit-constrained, since untalented innovators are eager to mimic them. As competition increases and profitability decreases, untalented innovators become less eager to mimic, and talented innovators can invest more. This generates the increasing part of the relationship. When competition is high and profitability is low, credit constraints disappear, and the relationship is decreasing. Our theory generates additional specific predictions that are well borne out by the existing evidence.
Reconciling The Original Schumpeterian Model With The Observed Inverted U Relationship Between Competition And Innovation
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Author : Roberto Bonfatti
language : en
Publisher:
Release Date : 2018
Reconciling The Original Schumpeterian Model With The Observed Inverted U Relationship Between Competition And Innovation written by Roberto Bonfatti and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Empirical studies have uncovered an inverted-U relationship between product-market competition and innovation. This is inconsistent with the original Schumpeterian Model, where greater competition reduces the profitability of innovation. We show that the model can predict the inverted-U if the innovators' talent is heterogenous, and privately observable. With competition low and profitability high, talented innovators are credit constrained, since others are eager to mimic them. As competition increases, the mimickers become less eager, and talented innovators can invest more. This generates the increasing part of the relationship. With competition high, talented innovators are unconstrained, and the relationship is decreasing.
An Inverted U Relationship Between Competition And Innovation
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Author : Chol-Won Li
language : en
Publisher:
Release Date : 2007
An Inverted U Relationship Between Competition And Innovation written by Chol-Won Li and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Competition And Innovation
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Author : Philippe Aghion
language : en
Publisher:
Release Date : 2014
Competition And Innovation written by Philippe Aghion and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This paper investigates the relationship between product market competition and innovation. It uses the radical policy reforms in the UK as instruments for changes in product market competition, and finds a robust inverted-U relationship between competition and patenting. It then develops an endogenousm growth model with step-by-step innovation that can deliver this inverted-U pattern.In this model, competition has an ambiguous effect on innovation. On the one hand, it discourages laggard firms from innovating, as it reduces their rents from catching up with the leaders in the same industry. On the other hand, it encourages neck-and-neck firms to innovate in order to escape competition with their rival. The inverted-U pattern results from the interplay between these two effects, together with the effect of competition on the equilibrium industry structure. The model generates two additional predictions: on the relationship between competition and the average technological distance between leaders and followers across industries; and on the relationship between the distance of an industry to its technological frontier and the steepness of the inverted-U. Both predictions are supported by the data.
Competition And Innovation
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Author : Aamir Rafique Hashmi
language : en
Publisher:
Release Date : 2014
Competition And Innovation written by Aamir Rafique Hashmi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
I re-examine the inverted-U relationship between competition and innovation (originally modeled and tested by Aghion et al. (2005)) by using data from publicly traded manufacturing firms in the US. I control for the possible endogeneity of competition by using various measures of foreign competition as instruments. I find a positive relationship between competition (as measured by the inverse of markups) and innovation (as measured by citation-weighted patents). The positive relationship is robust to many alternative assumptions and specifications. To reconcile the positive relationship in the US data with the inverted-U relationship that Aghion et al. (2005) find in the UK data, I modify their theoretical model and show that the modified model can explain both positive and inverted-U relationships. The key theoretical assumption is that the US manufacturing industries are technologically more neck-and-neck than their counterparts in the UK. There is some, though not strong, support for this assumption in the data.
Inverted U Relationship Between Innovation And Survival
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Author : Francesco Guidi
language : en
Publisher:
Release Date : 2015
Inverted U Relationship Between Innovation And Survival written by Francesco Guidi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Managerial Strategies For Business Sustainability During Turbulent Times
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Author : Leon, Ramona-Diana
language : en
Publisher: IGI Global
Release Date : 2017-07-12
Managerial Strategies For Business Sustainability During Turbulent Times written by Leon, Ramona-Diana and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-12 with Business & Economics categories.
As the economy fluctuates, so does the need for resilient business practices. If organizations can remain strong and steady during difficult times, they will be more fruitful during successful periods as well. Managerial Strategies for Business Sustainability During Turbulent Times is a crucial resource that discusses successful methods and techniques for building sturdy company practices. Featuring pertinent topics such as sustainable supply chains, knowledge management, information sharing, and performance evaluations, this is an ideal scholarly reference source for CEOs, managers, business students, and researchers that would like to discover more unique and engaging ways to build a strong business foundation.
Competition And Innovation
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Author : Philippe Aghion
language : en
Publisher:
Release Date : 2004
Competition And Innovation written by Philippe Aghion and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Out Of Equilibrium Profit And Innovation
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Author : Cristiano Antonelli
language : en
Publisher:
Release Date : 2013
Out Of Equilibrium Profit And Innovation written by Cristiano Antonelli and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Innovation is the result of intentional decision-making that takes place in out-of-equilibrium conditions. The farther is profitability from the average and the deeper the out-of-equilibrium conditions. The farther away is the firm from equilibrium and the stronger the likelihood for innovation to take place. The hypothesis of a U-relationship between levels of profitability and innovative activity, as measured by the rates of increase of total factor productivity, is articulated and tested. The evidence of a large sample of 7000 Italian firms in the years 1996-2005 confirms that a strong causal relation holds between the quadratic specification of profitability and the growth rates of total factor productivity. The results are robust to different approaches to evaluate productivity growth rates.