Giuseppe Simone, Rinaldo Evangelista, Mario Pianta
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Profits, Innovation, Investment. Exploring the Virtuous Circle
The article explores the dynamic relationships between profits, product innovation and capital investments. A virtuous circle model is proposed where product innovation and investment are the key drivers of profits, which in turn support technological change and capital accumulation. In our model industries are characterised by two different trajectories for innovation and investments—either ‘embodied’ in machinery and equipment, aiming at cost competitiveness, or knowledge-related and aiming at technological competitiveness. The model is empirically tested on 40 manufacturing and service industries in six major European countries. The empirical analysis confirms that product innovations and capital investments are distinct drivers of profit growth. A virtuous circle between profit, innovation and investment is mainly found in the industries characterised by strategies of technological competitiveness.
期刊介绍：
Italian Economic Journal (ItEJ) is the official peer-reviewed journal of the Italian Economic Association. ItEJ publishes scientific articles in all areas of economics and economic policy, providing a scholarly, international forum for all methodological approaches and schools of thought. In particular, ItEJ aims at encouraging and disseminating high-quality research on the Italian and the European economy. To fulfill this aim, the journal welcomes applied, institutional and theoretical papers on relevant and timely issues concerning the European and Italian economic debate.ItEJ merges the Rivista Italiana degli Economisti (RIE), the journal founded by the Italian Economic Association in 1996, with the Giornale degli Economisti (GdE), founded in 1875 and enriched by contributions from renowned economists, including Amoroso, Black, Barone, De Viti de Marco, Edgeworth, Einaudi, Modigliani, Pantaleoni, Pareto, Slutsky, Tinbergen and Walras.
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