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Industry-university knowledge flows and product innovation: How do knowledge stocks and crisis matter?

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  • Caloghirou, Yannis
  • Giotopoulos, Ioannis
  • Kontolaimou, Alexandra
  • Korra, Efthymia
  • Tsakanikas, Aggelos

Abstract

Τhis paper explores the relationship between Industry-University (I-U) R&D collaborations and product innovation and how this nexus is affected by different types of firms’ knowledge stocks proxied by firm age, employees’ educational level and exporting activity. Our research is based on a unique dataset derived from a two-wave survey in 524 Greek manufacturing firms during the crisis period (2011 and 2013). The analysis also provides insights into the mechanisms through which the crisis may affect innovation. We find that I-U R&D collaborations are important in shaping firm innovation towards a form of an inverted U. In addition, the results show that crisis deepening is associated with reduced probability of introducing a product innovation, with liquidity constraints and public policies identified as mediators. Finally, knowledge stocks are found to play a moderating role in the relationship between I-U collaborations and product innovation suggesting that firms with low levels of knowledge stocks benefit more in terms of innovation from the development of knowledge flows with universities, especially in industries characterized by knowledge proximity with universities and regions with social trust.

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  • Caloghirou, Yannis & Giotopoulos, Ioannis & Kontolaimou, Alexandra & Korra, Efthymia & Tsakanikas, Aggelos, 2021. "Industry-university knowledge flows and product innovation: How do knowledge stocks and crisis matter?," Research Policy, Elsevier, vol. 50(3).
    • Handle: RePEc:eee:respol:v:50:y:2021:i:3:s0048733320302699
    DOI: 10.1016/j.respol.2020.104195
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    More about this item

    Keywords

    Industry-university R&D collaborations; Product innovation; Knowledge flows; Knowledge stocks; Economic crisis;
    All these keywords.

    JEL classification:

    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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