Product innovation, cost-cutting and firm economic performance in the post-crisis context: Canadian micro evidence
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Résumé
Purpose It has been suggested that to be successful in the current global economy with increased competition and ever changing markets, especially in the post-crisis context, firms need to focus more on innovation in exploring new ideas and designing new products to develop new markets than on cost-cutting strategies to maintain cost leadership in old markets. However, because of the lack of micro data, this conjecture has not been systematically evaluated. This paper aims to fill this important void by studying the economic performance associated with these two different business strategies using Canadian micro data. Design/methodology/approach The main data for our analysis are from the Survey of Innovation and Business Strategy (2009 and 2012) which is a sample-based survey of Canadian government. The authors used in this research regression models for the econometric analysis of the underlying factors for undertaking certain business strategies and how business strategies link to economic performance. They also used propensity score matching to ensure the group of firms with innovation strategy being comparable to that with cost-cutting. Findings The research shows that firms focusing on product innovation are indeed more productive than firms focusing on cost-cutting, although there is no evidence that these two different strategies make a difference in profitability. The first indication from the research has been that certain characteristics of Canadian firms are very useful predictors for firms to undertake product innovation. They are, among other things, the age of the firms, the single-establishment structure of the business and being multinationals. Research limitations/implications This empirical research opens up many interesting avenues for future research. Some other variables could be integrated into the models to increase the rate of explained variance. Moreover, because this research is based only on the case of Canadian firms and for a relatively short period of four years after the 2008 crisis, an extension to other context and to a longer period of time should be interesting. Practical implications The research has confirmed that Canadian firms adopting long-term business strategies based on product innovation are more productive. Social implications The results truly concur with the vision of the Government of Canada, like some other developed countries, on the importance of innovation and its policies in encouraging business innovation in driving the growth of the Canadian economy and improving the standard of living of country. Originality/value Mainly because of the lack of micro data, the existing researches have not provided solid evidence on why firms are choosing different business strategies when they are operating in the same business conditions and how the financial crisis has affected the undertaking of business strategies. They have not established a clear linkage between economic performance and different business strategies, although there has been some anecdotal evidence about their association. This study aims to bridge the knowledge gaps with theoretical and practical contributions.
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Prédiction distillée sur la base complète
Imitation des enseignantsNi prévalence calibrée, ni vérité terrain. Validation humaine à venir. Apprise à partir de 10 348 étiquettes directes de Codex et de 10 348 étiquettes directes de Gemma. Le mode candidate est l'union des têtes enseignantes seuillées; le consensus est leur intersection. Ces sorties portent le statut machine_predicted_unvalidated et ne sont ni des étiquettes humaines ni des étiquettes directes de modèles de pointe.
Scores Codex et Gemma par catégorie
| Catégorie | Codex | Gemma |
|---|---|---|
| Métarecherche | 0,011 | 0,001 |
| Méta-épidémiologie (sens strict) | 0,000 | 0,000 |
| Méta-épidémiologie (sens large) | 0,000 | 0,000 |
| Bibliométrie | 0,001 | 0,001 |
| Études des sciences et des technologies | 0,001 | 0,000 |
| Communication savante | 0,001 | 0,002 |
| Science ouverte | 0,001 | 0,000 |
| Intégrité de la recherche | 0,000 | 0,001 |
| Charge utile insuffisante (le modèle a refusé de juger) | 0,000 | 0,000 |
Scores machine (provisoires)
Les deux têtes enseignantes du modèle étudiant, lues sur ce travail. Un score ordonne la base pour la relecture; il n'affirme jamais une catégorie, et le statut de validation accompagne chaque rangée tel quel.
Scores de référence d'un modèle non mature (critères de maturité non atteints, 7 itérations). Un score ordonne; il n'affirme jamais une catégorie.
score_only:v0-immature-baseline · tel quel depuis la passe de notation : score_only signifie que le nombre peut ordonner les travaux, et qu'aucune étiquette de catégorie n'en découle