Open access
Date
2024Type
- Journal Article
ETH Bibliography
yes
Altmetrics
Abstract
We examine how firms adjusted their open innovation strategy in response to the 2008 global financial crisis. While previous research has analysed the advantages, drawbacks, and methods of open innovation, less is known about how firms adjust their open innovation strategy in response to major economic shocks. Guided by theories of organisational learning and behavioural theory of the firm, we examine the impact of demand shock on firm openness to external knowledge. To test our hypotheses, we analyse a unique dataset on innovation in Swiss firms during the financial crisis. Our findings show that firms persisted with open innovation during the crisis, but the nature of the shock had a differential effect on how firms searched for external knowledge. This research contributes to a better understanding of the role of open innovation in times of crisis and provides insights into how firms adjust their innovation strategies in response to economic shocks. Show more
Permanent link
https://doi.org/10.3929/ethz-b-000622888Publication status
publishedExternal links
Journal / series
Industry and InnovationVolume
Pages / Article No.
Publisher
Taylor & FrancisSubject
Strategy; Financial crisis; Demand shock; Open innovation; External searchOrganisational unit
03719 - von Krogh, Georg / von Krogh, Georg
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ETH Bibliography
yes
Altmetrics