A growing literature investigates how firms’ innovation input reacts to changes in the business cycle. However, so far … there is no evidence whether there is cyclicality in the effects of innovation on firm performance as well. In this paper …. (2014), our empirical analysis reveals four important findings: First, the net effect of product innovation on employment …

Innovation Survey (CIS). The empirical results demonstrate that R&D location matters for profitability. Firms with both domestic …