as reduced remuneration and job loss. However, managers might over-invest into innovation for reasons of growth implying … their own interests. When entrenched, managers do not fear detrimental effects of risky innovation projects on their career …, and hence tend to over-invest into innovation …

This paper analyses the relationship between past innovation output, competition, and future innovation input in a … results for both countries. Innovation output in t-1 as measured by the sales share of innovative products is positively …