Firm-level impact of the global financial crisis: evidence on innovation from Latin America

Morris, D. ORCID: 0000-0001-9268-1293 and Lim, K.Y. ORCID: 0000-0003-1978-176X, 2022. Firm-level impact of the global financial crisis: evidence on innovation from Latin America. International Journal of Finance and Economics, Early. ISSN 1076-9307

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Abstract

The long-term effects of the 2007–2009 Global Financial Crisis on Latin American economies depend on how firms altered their innovation activities in response to this and similar financially initiated shocks. We develop and test a novel theoretical framework that analyses the return to innovation for firms that survived this crisis in Latin America. We use detailed firm-level data that allows us to understand how firms reacted to the crisis and their subsequent outcomes post-crisis. We show, subsequent to several robustness checks, that: (i) product and process innovation are strongly correlated with each other over the business cycle; and (ii) although the return to innovation is positive (independent of the business cycle), the return to product innovation may be greater during recessionary periods.

Item Type:	Journal article
Publication Title:	International Journal of Finance and Economics
Creators:	Morris, D. and Lim, K.Y.
Publisher:	Wiley
Date:	20 June 2022
Volume:	Early
ISSN:	1076-9307
Identifiers:	Number Type 10.1002/ijfe.2627 DOI 1595368 Other
Rights:	This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.© 2022 The Authors. International Journal of Finance & Economics published by John Wiley & Sons Ltd.
Divisions:	Schools > Nottingham Business School
Record created by:	Linda Sullivan
Date Added:	08 Sep 2022 10:23
Last Modified:	08 Sep 2022 10:23
URI:	https://irep.ntu.ac.uk/id/eprint/46984

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