Abstract
This study explores SMEs' innovation investment strategy by assessing their innovation investment level and the relative innovation investment effort during crises. The relative effort is measured by the positive values of the difference between the innovation investment made for the SME and that expected considering its external and internal characteristics. This study adopts a sequential multistage approach with a Spanish SME panel. The results show the relevance of the relative effort for generating product innovations during crises. Furthermore, the relative effort is significant above a level of innovation investment which reconciles the results of previous studies.
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