Ricerc@Sapienza

This paper analyzes the connection between innovation activities of
companies – implemented before crisis – and their performance –
measured at time of crisis. The companies listed in the STAR Market
Segment of the Italian Stock Exchange are analyzed. Innovation is
measured through the level of investments in total tangible and
intangible fixed assets in 2006–2007, while performance is captured
through growth – expressed by variations of sales, total assets and
employees – profitability – through ROI or ROS – and productivity –
through asset turnover or sales per employee in the period 2008–2010.
The variables of interest are analyzed and compared through statistical
techniques and by adopting cluster analysis. In particular, a Voronoi
tessellation is also implemented in a varying centroids framework. In
accord with a large part of the literature, we find that the behaviour of
the performance of the companies is not univocal when they innovate.