Schumpeter Calling - Firm-level Innovation in Times of Increased Competition

该项目提案旨在了解企业层面的创新如何应对2015年1月瑞士法郎突然升值导致的竞争加剧。虽然人们普遍认为竞争能推动增长和创新，但在竞争与创新的实际关系上，存在着相互矛盾的观点。一些人认为竞争促进创新，而另一些人——回到熊彼特的开创性工作——提出更大的公司和集中的市场结构更有利于创新。该项目旨在进一步探索这种关系，利用瑞士汇率冲击提供的独特机会，在公司层面上精确测量外生冲击对竞争的影响。本研究建议的一个重要方面是拓宽创新的概念，不仅包括研发和专利等传统措施，还包括供应链组织、市场准入战略和企业整体组织结构的创新调整。公司层面调整的这些不同维度最近与公司业绩联系在一起，并在适应不断变化的市场条件方面发挥着关键作用。除了研究创新的各个方面，该项目还旨在确定导致跨公司和行业异质反应的因素。为了实现这一目标，瑞士的交易级贸易数据将与其他相关来源相结合，包括投资和创新调查、所有权联系和专利数据。本研究将采用冲击前的企业层面信息来隔离竞争加剧对创新结果的因果影响。它将分析公司的反应如何根据其年龄和创新能力等因素而变化。通过揭示企业层面创新的长期后果，该项目旨在得出在竞争加剧的情况下促进创新的政策含义。总而言之，该项目提案旨在为企业层面上竞争与创新之间错综复杂的关系提供有价值的见解，从而更好地理解其对经济增长和整体福利的影响。

The project proposal aims to understand how firm-level innovation responds to increased competition resulting from the sudden appreciation of the Swiss Franc in January 2015. While competition is widely believed to drive growth and innovation, conflicting views exist on its actual relationship with innovation. Some argue that competition fosters innovation, while others – going back to Schumpeter’s seminal work -- propose that larger firms and concentrated market structures are more conducive to innovation. This project aims to explore this relationship further, leveraging the unique opportunity provided by the Swiss exchange rate shock, which allows for the precise measurement of an exogenous shock to competition at the firm level. An essential aspect of this research proposal is to broaden the concept of innovation to include not only traditional measures like R&D and patents but also innovative adjustments in supply-chain organization, market access strategies, and firms' overall organizational structure. These different dimensions of firm-level adjustments have been recently linked to firm performance and play crucial roles in adapting to changing market conditions. In addition to examining various dimensions of innovation, the project aims to identify the factors that lead to heterogeneous responses across firms and industries. To accomplish this, Swiss transaction-level trade data will be combined with other relevant sources, including investment and innovation surveys, ownership linkages, and patent data. The research will employ firm-level information prior to the shock to isolate the causal impact of increased competition on innovation outcomes. It will analyze how firms' responses vary based on factors such as their age and innovative capacity. By shedding light on the long-term consequences of firm-level innovation, the project aims to derive policy implications for fostering innovation in the face of heightened competition. In conclusion, the project proposal seeks to contribute valuable insights into the intricate relationship between competition and innovation at the firm level, providing a better understanding of its implications for economic growth and overall welfare.