The Impact of Clustering Degree on the Intensity of Innovation: Evidence from the Crisis

The paper studies the impact of the clusterisation degree on the intensity of the innovations during the global financial crisis in 2008-2009. In theoretical and empirical works on this subject there was never an attempt to capture the effect of an external factor such as the global financial crisis. In order to study the existence of the influence, the sample of 77 small biotechnology companies operating across and within the United States was studied during the time period from 2006 to 2012. The results obtained from the research provide the evidence for insignificant effect of the crisis on the innovation activity and on the relationship of the industrial clusterisation and innovation intensity. However, there are evidence for the significant effect of the crisis influence on the relationship between the patenting and innovation intensity.