Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/283909 
Year of Publication: 
2023
Series/Report no.: 
Research and innovation paper series No. 2023/01
Publisher: 
Publications Office of the European Union, Luxembourg
Abstract: 
This paper studies the firm-level drivers of product, process, organisation and marketing innovation in the EU with panel data from 2009 to 2021. Employing conditional logit and linear probability models we investigate how firms’ characteristics, firms’ sources of financing, and firm perception of different challenges influence their likelihood to innovate. In line with the academic literature, we find that firms’ size and profit level improve firms’ innovation performance, while firms’ age decreases it. We also observe that the effectiveness of different financing instruments varies considerably depending on whether the company is pursuing product, process, organisation or marketing innovation. Finally, innovative firms more frequently report access to finance and regulations as important challenges for their future, while the relevance of other challenges (e.g. the availability of skilled staff or finding customers) varies depending on what type of innovation activities companies are engaged in.
Subjects: 
Access to finance
Financing instruments
Innovation challenges
Firm innovation
JEL: 
G20
G23
O30
Persistent Identifier of the first edition: 
ISBN: 
978-92-68-00314-5
Creative Commons License: 
cc-by Logo
Document Type: 
Working Paper

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