intensive margin and extensive margin, but a possible lower impact on innovation than could have been expected. …

potential and, in particular when it comes to lack of risk capital, their innovation and R&D activity. Against this background …

competition on R&D according to the cost of the innovation. The effect of competition on R&D is an inverted U-shape. However, the … shape is flatter and competition policy is therefore less relevant for innovation when innovations are relatively costly …. Intuitively, if innovations are costly for a firm, competitive shocks have to be significant to alter its innovation decisions …