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New challenges in Eu opean inno a ion pa ne ships. SOEs,
POEs and o eign MNEs du ing c ises
An onio Ga cía-Sánchez
Uni e si y o Se ille h ps://o cid.o g/0000-0001-7747-6929
Ru h Rama (  u h. [email protected] )
Na ional Resea ch Council o Spain (CSIC) h ps://o cid.o g/0000-0003-0193-473X
Resea ch A icle
Keywo ds: coope a ion o inno a ion, in e na ionalisa ion o R&D, business cycle, c isis, o eign subsidia ies, s a e-
owned en e p ises
Pos ed Da e: No embe 28 h, 2023
DOI: h ps://doi.o g/10.21203/ s.3. s-3671644/ 1
License:   This wo k is licensed unde a C ea i e Commons A ibu ion 4.0 In e na ional License.  Read Full License
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Abs ac
Coope a ion o inno a ion, no only enhances he inno a i e and economic pe o mance o companies bu also os e s
g ow h and s eng hens he esilience o  ms in he ealm o inno a ion ac i i ies. In his s udy, we del e in o he
coope a i e ac i i ies o Spanish companies wi h hei Eu opean coun e pa s. We employ h ee logi models using panel
da a o sc u inize he impac o owne ship on inno a ion coope a ion and he de e minan s o collabo a ion ac oss
di e en phases o he business cycle, spanning om 2004 o 2016, which we di ide in o h ee sub-pe iods: he p e-c isis
(2004–2007), he c isis (2008–2013), and he eco e y (2014–2016). S a e-owned en e p ises a e he mos p one o
engage in coope a i e inno a ion wi h Eu opean pa ne s, while unalia ed domes ic  ms a e he leas p one. Fo eign
subsidia ies ou pe o m unalia ed domes ic  ms bu no domes ic business g oups no s a e-owned en e p ises.
D i e s o coope a ion o inno a ion wi h Eu opean pa ne s e ol e, wi h coope a ion becoming pa icula ly challenging
du ing imes o c isis. The esul s con ain policy and managemen implica ions.
1. In oduc ion
Fi ms a e inc easingly engaging in open inno a ion wi h a a ie y o pa ne s in o de o access new echnology, sha e
expendi u es, and educe ime o ma ke . One such open inno a ion s a egy is ha o coope a ion o inno a ion1, which
consis s o he ac i e pa icipa ion o a  m in inno a i e ac i i ies ca ied ou ei he wi h o he companies o wi h
ins i u ions, such as uni e si ies. The li e a u e sugges s ha his is a wo hy s a egy. Fi ms ha engage in coope a ion
o inno a ion a e mo e likely han o he s o be inno a i e, and e en o pe o m be e and g ow as e (A chibugi e al.,
2013; A ani is & Bolli, 2013; Can abene & G assi, 2022; Fe nández Sas e, 2012; F ei e & Gonçal es, 2022; Radicic e al.,
2019; S holec, 2014; Te he , 2002; T igo & Vence, 2012; Vega-Ju ado e al., 2009). Mos impo an ly,  ms ha a e able o
coope a e a e be e han o he s du ing c ises (D’Agos ino & Mo eno, 2018; Zouaghi e al., 2018; Xie e al., 2022). E en in
he mids o he 2008 c isis, ce ain  ms managed o boos hei R&D in es men o se e al easons, one o which was
hei ac i e pa icipa ion in open inno a ion (A chibugi e al., 2013; Hansen & Nybakk, 2018; Holl & Rama, 2016; Pauno ,
2012). Beyond i s impo ance a he mic oeconomic le el, coope a i e inno a ion also con ibu es owa ds he
de elopmen o he Na ional Inno a ion Sys em (NIS) and may be a ool o indus ial policy (Liu e al., 2017; F ei e &
Gonçal es, 2022). In e na ional coope a ion2 is o en c ucial o  ms loca ed in coun ies ha a e no a he o e on o
science and echnology since i enables hem o access esou ces, knowledge, ma ke s, and oppo uni ies ha may no
be eadily a ailable wi hin hei own bo de s (F ei e & Gonçal es, 2022). This scena io is pa icula ly ele an o many
pe iphe al Eu opean coun ies and eme ging economies.
Mos ly based on empi ical e idence p o ided by he Communi y Inno a ion Su ey (CIS) o he Eu opean Union (EU), he
ich li e a u e has now subs an ially inc eased ou unde s anding o coope a ion o inno a ion. None heless, a leas wo
aspec s dese e u he conside a ion. Despi e he po en ial bene s o coope a ion, i emains unce ain whe he  ms
can success ully pa ake in collabo a i e endea ou s, and wha dis inguishes hose ha can su moun such challenges
du ing imes o c isis. The exis ing li e a u e seldom add esses hese ques ions, wi h only a ew excep ions (Ga cía-
Sánchez & Rama, 2020 and 2022; Wang, 2021), as mos o he a ailable e idence on coope a ion p ima ily pe ains o
“no mal” phases o he business cycle. S holec (2015) no es ha he majo i y o s udies ocused on coope a ion o
inno a ion lean on c oss-sec ional e idence, hus obscu ing ou unde s anding o he dynamics in ol ed. This conce n is
also echoed by o he schola s in he eld o coope a ion (Bianchi e al., 2019; F iedbe g & Neu ille, 1999). The c ea ion o
inno a i e ne wo ks ac oss Eu ope s ands as a c ucial s a egy o he EU in he ealms o inno a ion, eindus ializa ion,
and educing global dependence. This is especially pe inen in c i ical sec o s like de ence, semiconduc o s, and
sus ainable ene gy 3. Howe e , he e emains a no able lack o unde s anding conce ning he dynamics o his
coope a ion. The e o e, he e is a need o mo e longi udinal esea ch in his a ea o add ess his limi a ion and gain a
deepe unde s anding o he subjec .
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Secondly, he associa ion o owne ship and coope a ion in he con ex o inno a ion has ga ne ed signican a en ion
om esea che s (A ani is & Bolli, 2013; Cozza e al., 2018; Dachs e al., 2008; Ebe sbe ge e al., 2011; Holl & Rama,
2014; S holec, 2009; Veugele s & Cassiman, 2004). Howe e , i emains incomple e as i seldom inco po a es s a e-
owne ship in o i s analysis (Ga cía-Sánchez & Rama, 2022; Roud & Vlaso a, 2020; Wang, 2021). Add essing his gap in
he li e a u e is c ucial since s a ed-owned en e p ises (SOEs) ha e adi ionally played a majo ole in he economy o
many Eu opean coun ies and eme ging coun ies (Böwe , 2017; B u on e al., 2015). Thei numbe s and signicance
ha e inc eased wo ldwide, since hey a e conside ed as a policy ool in imes o c ises (Gaspe in, 2022; He e al., 2016;
Nu gozhaye a, 2022; UNCTAD, 2021). Howe e , hei inno a ion s a egies and, specically, hei coope a i e beha iou
ha e la gely emained o e looked (Cas elno o, 2022; Ge shman e al., 2016; González Ál a ez & A go hy, 2019).
We s i e o con ibu e owa ds lling he a o emen ioned gaps in he li e a u e and, in doing so, he ollowing ques ions
a e add essed. Which ypes o  ms a e mo e likely o success ully na iga e challenges du ing imes o c isis and
pa icipa e in coope a i e e o s? Do d i e s o coope a ion change when a c isis e up s? Does owne ship inuence he
p obabili y ha a  m pa icipa es in such pa ne ships du ing down u ns? Conside ing he a o emen ioned sca ci y o
analyses, ou pa icula in e es lies in compa ing he beha iou o SOEs wi h ha o o eign subsidia ies and p i a ely-
owned domes ic  ms. The idea behind his inqui y is ha SOEs a e subjec o unique ins i u ional a angemen s,
cons ain s, and s imuli ha posi i ely inuence hei coope a i e beha iou .
In his a icle, panel da a is employed o analyse a sample o  ms loca ed in Spain and hei collabo a ion wi h
Eu opean pa ne s 4 (ou side Spain) in 2004–2016. The pe iod is di ided in o h ee sub-pe iods: a p e-c isis phase
(2004–2007), a c isis phase (2008–2013), and a eco e y phase (2014–2016). The  s was cha ac e ised by high a es
o g ow h, bu Spain was subsequen ly badly hi by he 2008 nancial c isis, and i s eco e y pe iod s a ed la e han in
o he EU coun ies. The Eu opean Inno a ion Sco eboa d labels Spain as a “mode a e inno a o ”5. Du ing he c isis,
Spanish en e p ises o en abandoned inno a ion (B zozowski & Cucculelli, 2016; Holl & Rama, 2016; Zouaghi e al.,
2018), and public nance de o ed o inno a ion was subs an ially educed (C uz-Cas o e al., 2018). The signican
impac o he 2008 c isis on Spain's NIS makes i an in iguing case o he analysis o coope a ion o inno a ion wi h
Eu opean pa ne s (CIEP) h oughou he business cycle. On he o he hand, he analysis o coope a ion du ing he 2008
c isis may be o in e es since his a angemen cons i u es a coping s a egy ha can be applied o deal wi h o he
unce ain en i onmen s (Sholec, 2015; Wang, 2021). While di e en ypes o c ises a ec  ms in a ying ways, he p o-
cyclical na u e o inno a ion emains a consis en cha ac e is ic ac oss di e se c isis scena ios (A chibugi e al, 2013;
B zozowski & Cucculelli, 2016; Busom & Vélez-Ospina, 2021; F iz & Gün he , 2021; Ge oski & Wal e s, 1995). This means
ha in es men in inno a i e ac i i ies ends o decline du ing economic down u ns and, con e sely, inc eases du ing
economic up u ns. Gi en he ecen succession o c ises (e.g., he 2008 c isis, he COVID-19 pandemic, and wa ),
unde s anding he coope a i e beha iou o  ms du ing down u ns has become an u gen ask.
In his a icle, wo con ibu ions a e made o he li e a u e. Being a pionee ing s udy in dynamic analysis o in a-
Eu opean coope a ion ac oss he business cycle, his a icle sheds ligh on how he de e minan s o coope a ion unde go
ans o ma ions unde ha sh economic condi ions. Addi ionally, ou ndings unde sco e he signicance o accoun ing
o s a e owne ship as a c ucial ac o in examining he in e play be ween owne ship s uc u es and coope a ion
dynamics.
In Sec ion 2, we examine he ele an li e a u e ha o ms he heo e ical ounda ion and he con ex se ing o ou
in es iga ion, and a icula e ou hypo heses. Sec ion 3 p esen s he me hodology, and Sec ion 4 he esul s and he
discussion. Sec ion 5 concludes.
2. Re iew o he li e a u e and hypo heses
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2.1. Dening in e na ional coope a ion
In e na ional coope a ion e e s o pa ne s loca ed in di e en coun ies wo king oge he o de elop new ideas,
echnologies, and p oduc s. Al hough he e a e excep ions (A ani is & Bolli, 2013; Cozza e al., 2018; De Fa ia & Schmid ,
2012; Ebe sbe ge e al., 2011; Fe nández-Sas e, 2012; Holl and Rama, 2014; S holec, 2014), he majo i y o he a ailable
s udies ail o dis inguish be ween domes ic and in e na ional coope a ion o inno a ion. The ques ion is impo an
since cul u al and ins i u ional dis ance may aise specic impedimen s o in e na ional coope a ion (Edwa ds-Schach e
e al., 2013; Ge shman, 2012; Possel & Rauch, 2011; Schmiele, 2012). He ein, he ocus is on he collabo a ion o  ms
loca ed in Spain wi h pa ne s loca ed in o he Eu opean coun ies since, in his case, he ins i u ional, egula o y, and
business en i onmen o such collabo a ions is likely o be ela i ely homogeneous.
Accessing new ma ke s cons i u es one o he goals o  ms ha engage in in e na ional coope a ion (A anz &
Fe nández de A oyabe, 2008; Cal o, 2023; Edwa ds-Schach e e al., 2013), bu no necessa ily he mos impo an .
Analyses o EU  ms signal size, abso p i e capaci y, app op iabili y, expo expe ience, incoming spillo e s, isk-sha ing,
and R&D cos -sha ing as he majo d i e s o in e na ional coope a ion (A ani is & Bolli, 2013; Ba ajas & Hue go, 2010;
De Fa ia & Schmid , 2012).
2.2. Explaining coope a ion
Ou opic s ands a he c oss- oads o se e al lines o esea ch. Th ee main heo e ical app oaches ha e sough o
elucida e coope a ion, each emphasizing dis inc aspec s: mo i es o coope a ion, oppo uni ies o coope a ion, and
conduci e en i onmen s o es ablishing such a angemen s. The esou ces-based- iew (RBV) o he  m ocuses on
d i e s
o coope a ion:  ms coope a e in o de o educe he isks and cos s o R&D, sho en he p oduc li e cycle,
expand hei p oduc ange, access new knowledge and new ma ke s, and sol e echnical dicul ies (A anz & Fe nández
de A oyabe, 2008; De Fa ia & Schmid , 2012; Edwa ds-Schach e e al., 2013; Mio i & Sachwald, 2003). This heo e ical
p oposi ion has ga ne ed empi ical suppo . Fo example, in a s udy on a F ench sample, i was ound ha  ms
encoun e ing impedimen s o inno a ion, pa icula ly hose ela ed o nancial challenges, end o pa icipa e in
coope a ion o inno a ion (An onioli e al., 2017). Simila ly, he majo i y o p io s udies ha e no ed ha knowledge-
ela ed challenges equen ly mo i a e  ms o emba k on collabo a i e ini ia i es (Salaza -Elena e al., 2023).
Howe e , o he au ho s ha e a gued ha
oppo uni ies
o collabo a e should also be conside ed since possession o
echnical o comme cial capi al de e mines he a ac i eness o a  m o po en ial pa ne s (Ahuja, 2000). In choosing
pa ne s, companies app aise bo h hei echnical skills and hei ma ke po en ial (Bianchi e al., 2019; Ga cía-Sánchez e
al., 2017). When analyzing indus ial pa ne ships, F iedbe g and Neu ille (1999) obse e ha decisions a e con ingen
upon he pe cei ed quali y o he  ms in ol ed. In he "ma ke " o pa ne ships, hey claim, o ganiza ions and hei
epu a ions a e in compe i ion. Each o hese heo ies would yield dis inc p edic ions ega ding he ole o c ises as
d i e s o coope a ion. The RBV sugges s ha  ms con on ing nancial cons ain s o R&D unding o encoun e ing
ma ke dicul ies du ing c ises a e mo e inclined o engage in coope a ion compa ed o hei coun e pa s. Con e sely,
he a gumen ocusing on coope a i e oppo uni ies sugges s ha companies acing ewe dicul ies a e mo e likely o
collabo a e han hei coun e pa s, owing o hei appeal o po en ial pa ne s amids challenging economic condi ions.
Finally, he social capi al heo y iden ies he
en i onmen al condi ions
ha acili a e coope a ion. Social ne wo ks
p o ide an e ec i e ool o he p e en ion o and punishmen o oppo unis ic economic beha iou , and ins ead c ea e
us be ween pa ne s (G ano e e , 2005). In he con ex o pa ne ships, us holds signican impo ance when i
comes o managing unce ain y, as i signies he abili y o an icipa e a pa ne 's u u e ac ions (Vahlne & Johanson,
2019). Ini ially, he concep o social capi al was linked o he idea o geog aphic p oximi y. Howe e , in mo e ecen
li e a u e, i has e ol ed o encompass he concep o in e na ional social capi al. In he in e na ional scene, he concep
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inco po a es a wide ange o asse s, such as an unde s anding o o eign-ma ke ins i u ions and o decision-making
p ocesses.
A a ie y o ela ionships and ag eemen s p o ide oppo uni ies o inc ease he social capi al o a company and,
consequen ly, i s abili y o coope a e, such as p oduc ion subcon ac ing, common membe ship o associa ions, and
p o essional connec ions (G ano e e , 2005). In e locking di ec o a es, which a e o med when an indi idual pa icipa es
in wo o mo e boa ds o di ec o s, also con ibu e owa ds c ea ing social s uc u es and us (Aguile a, 1998; Cao e . al,
2023; Wang, 2021). The e a e also
ansna ional
in e locking ies be ween  ms, as demons a ed by Valee a (2022) in
he s udy o global ci ies connec ed h ough he exchange o ansna ional boa d membe s. She main ains ha his
co po a e eli e communi y is buil upon well-es ablished na ional ne wo ks o ela ionships. S uc u al holes may also
c ea e oppo uni ies o ac o s who a e able o b idge such holes. These a e gaps be ween unconnec ed g oups o
economic playe s (Saglie o e al., 2020). A hi d playe may ob ain in e media ion bene s by linking hose unconnec ed
g oups, and he a angemen may c ea e new oppo uni ies since complex ne wo ks may gene a e a g ea e a ie y o
ideas and esou ces. The e o e, ex ended ne wo ks migh display bo h di ec ies and indi ec ies be ween playe s
h ough an in e media y (Saglie o e al., 2020). The ob aining o a subsidy may signal he ecei e as a aluable
po en ial pa ne and, consequen ly, may also mi iga e unce ain y and acili a e collabo a ion (Bianchi e al., 2019).
2.3. Coope a ion and c ises
E en hough coope a ion appea s o be a esilience-enhancing ac o , he e has been a no iceable lack o comp ehensi e
analysis conce ning he collabo a i e beha io o  ms du ing pe iods o c isis (D'Agos ino & Mo eno, 2018). The ew
a ailable empi ical s udies on his subjec e eal ha  ms end o exhibi ei he no coun e cyclical inclina ions o , in
some cases, a educ ion in hei coope a i e ini ia i es du ing c ises (Azag a-Ca o e al., 2019; Lincoln e al., 2017;
Ho mann e al., 2017). Coope a ion comes wi h associa ed cos s, isks, agency p oblems and he challenge o
iden i ying eliable pa ne s, which can become e en mo e daun ing in imes o c isis (Edwa ds-Schach e e al., 2013;
F iedbe g & Neu ille, 1999; Vi ona e al, 2023; Williams & Ecke , 2014). Based on he limi ed a ailable e idence, i
appea s ha os e ing
domes ic
coope a ion poses g ea e challenges in imes o economic ha dship; ne e heless,  ms
wi h coope a i e expe ience demons a e a esilience ha enables hem o main ain a coope a i e s ance (Ga cía-
Sánchez & Rama, 2022). Pe sis ing in coope a i e ac i i ies has he po en ial o enable a company o expand i s
in e na ional social capi al and enhance i s manage ial capabili ies o collabo a ion, hus enabling i o o e come
challenges. Howe e , o he bes o ou knowledge, his pa icula ques ion has no ye been explo ed in an in e na ional
con ex . The p ima y obs acle seems o be he sca ci y o a ailable panel da a.
2.4. Coope a ion and owne ship
This subsec ion explo es whe he a ious ypes o owne ship ac as ca alys s o in e na ional coope a ion.
2.4.1. G oup owne ship
A business g oup consis s o wo o mo e legally dened en e p ises unde common owne ship. G oups may be na ional
o mul ina ional. G oup membe ship acili a es he engagemen o a  m in coope a i e inno a ion since g oups p o ide
access o g ea e esou ces, such as nance, equipmen , and acili ies (A anz & Fe nández de A oyabe, 2008; A ani is
& Bolli, 2013; Mole o & Heijs, 2002). In con as , unalia ed  ms a e, in mos cases, SMEs ha expe ience dicul ies in
es ablishing coope a i e ela ionships (Belde bos e al., 2006; Ebe sbe ge e al., 2011; Radicic e al., 2019; Sega a-
Blasco & A auzo-Ca od, 2008). The e o e, we expec ha business g oups a e mo e likely han unalia ed  ms o
sus ain success ul CIEP du ing down u ns.

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2.4.2. Fo eign owne ship
Rega ding o eign owne ship, he concep o in e na ional coope a ion is oo ed in he con e gence o s udies on
coope a ion and he in e na ionaliza ion o R&D (Ba ajas and Hue go, 2010). Recen con ibu ions in he eld o
In e na ional Business (IB) li e a u e accen ua e he e ol ing ne wo k-like cha ac e is ics inhe en in in e na ional R&D
ac i i ies (Papanas assiou e al., 2020). Building on his pe spec i e, Schmiele (2012, p. 101) asse s ha "in e na ional
inno a ion ac i i ies ep esen a dis inc o m o Fo eign Di ec In es men (FDI)." Fu he mo e, Cal o (2023) challenges
he con en ional no ion ha FDI is he sole a enue o a  m o en e he in e na ional se ice sec o . Pa icula ly in
knowledge and capi al-in ensi e se ices, collabo a i e p ocesses can un old wi hou he need o sha eholding
ansac ions, a phenomenon he e ms "in e na ionaliza ion h ough coope a ion" (p. 243). This unde sco es he dynamic
na u e o in e na ional business s a egies, whe e coope a ion plays a pi o al ole alongside adi ional FDI app oaches.
The empi ical li e a u e has in es iga ed he impac o o eign owne ship on coope a i e beha io , o en using domes ic
business g oups (DBG) as a con ol g oup (Dachs e al., 2008; Ebe sbe ge e al, 2011; Fe nández Sas e, 2012; Holl &
Rama, 2014; S olec, 2009 and 2015). Compa ing o eign subsidia ies (FS) wi h DBG is iewed as a mo e symme ical
exe cise han compa ing FS wi h all ypes o domes ic  ms (unalia ed  ms included), gi en ha FS inhe en ly belong
o a business g oup. Highligh ing he di e si y among domes ic  ms, ecen s udies ha e sc u inized he
local
coope a i e beha iou o FS, pa icula ly in compa ison o o he ypes o domes ic  ms such as DBG in ol ed in
in e na ional ne wo ks o coope a ion, as well as wi h na i e MNEs (Holl & Rama, 2019; Cozza e al., 2018). Fu he mo e,
some s udies ha e specically examined how he
local
coope a i e beha iou o FS con as s wi h ha o SOEs (Ga cía-
Sánchez & Rama, 2022, Wang, 2021).
The ela ionship be ween o eign owne ship and
in e na ional
coope a ion emains con o e sial. Acco ding o ce ain
au ho s, o eign owne ship inc eases he likelihood o in e na ional coope a ion a he expense o collabo a ion in he
hos coun y. Fo ins ance, a Pan-Eu opean s udy de ec s a posi i e e ec o o eign owne ship on in e na ional
coope a ion bu a nega i e e ec on domes ic coope a ion (Ebe sbe ge e al., 2011). Simila esul s a e ound o
Belgium (Veugele s & Cassiman, 2004), I aly (Cozza e al., 2018), and 12 Eu opean coun ies o which se en a e new-
membe coun ies o he EU (S holec, 2009). A ani is & Bolli (2013) nd simila e ec s o pooled manu ac u ing in  e
Eu opean coun ies, and specically o No way a he coun y le el. Howe e , wo s udies on Spain ag ee in ha FS
display a lowe p opensi y han do DBG o engage in in e na ional coope a ion and a e, ins ead, s ongly o ien ed
owa ds local pa ne ships (Fe nández Sas e, 2012; Holl & Rama, 2014). The explana ion o di e ences may eside in
he cha ac e is ics o he hos coun y and he objec i es o he MNEs (De Fa ia & Schmid , 2012). The a o emen ioned
au ho s obse e ha FS ac i e in Po ugal a e p one o engaging in in e na ional coope a ion, while FS ac i e in Ge many
a e no . They conclude ha MNEs may be using Po ugal as a base o inno a ion ac i i ies wi h  ms loca ed in o he
Eu opean coun ies, possibly due o he dicul y in nding app op ia e pa ne s wi hin he hos coun y. Likewise, wi hin
Eu ope, S holec (2009) and Ebe sbe ge e al. (2011) nd ha FS a e mo e likely o pa ake in in e na ional collabo a ions
when loca ed in less de eloped coun ies, whe e es ablishing echnologically ad anced pa ne ships migh p o e
challenging. O he ac o s may also be a play. Fo ins ance, Holl & Rama (2014) sugges s ha in Spain, FS may show a
s ong inclina ion owa ds collabo a ing wi h local pa ne s, p ima ily because o hei ex ensi e subcon ac ing
ela ionships in he hos -coun y.
The a ailable e idence on coope a ion and o eign owne ship du ing c ises is inconclusi e. B anca i e al. (2017) and
Pauno (2012) sugges ha du ing he 2008 c isis, FS in I aly and La in Ame ica, espec i ely, we e likely o educe hei
collabo a ion wi h
domes ic
pa ne s. In Spain, FS ac i e in In o ma ion and Communica ion Technologies ou pe o med
domes ic POEs du ing he down u n, p obably due o hei easie access o in e na ional nance (Ga cía-Sánchez &
Rama, 2020). Ne e heless, du ing his pe iod, FS ac i e in Spanish manu ac u ing and se ices aken as a whole we e
mo e likely o coope a e locally han we e unalia ed domes ic  ms bu no mo e han DBG; and SOEs we e clea ly able
Page 7/23
han POEs, domes ic o o eign, o con inue domes ic collabo a ion (Ga cía-Sánchez & Rama, 2022). In Spain, domes ic
 ms encoun e ed mo e signican challenges han FS in ob aining c edi amid he c isis. As in many o he coun ies,
Spain's c edi a ings wi nessed downg ades om se e al c edi a ing agencies, esul ing in a diminished access o
domes ic companies o in e na ional c edi 6. This si ua ion coincided wi h a domes ic c edi c unch. Following he
discussion, wo conic ing ac o s may inuence he likelihood o FS pa icipa ing in CIEP. On one hand, easie access o
in e na ional c edi would undoub edly acili a e CIEP, in con as o DBG. On he o he hand, a pa icula ocus on local
coope a ion could se e as a de e en .
In he ealm o ins i u ional heo y, a pa allel domain o he a o emen ioned li e a u e has eme ged, in es iga ing he
ela ionship be ween s a e owne ship and economic eciency. This pa icula s and o esea ch compa es SOEs and
p i a ely-owned en e p ises (POEs), bu , as no ed, in es iga ions in e ms o inno a ion and coope a ion ha e equen ly
been o e looked (In oduc ion). We con end ha o a ain a comp ehensi e unde s anding o he owne ship s uc u es
inuencing choices in inno a ion collabo a ion, i is c ucial o in eg a e ins i u ional heo y. This is pa icula ly ele an
due o he subs an ial p esence o s a e-owne ship as a signican owne ship s uc u e in many economies. We add ess
his ques ion below.
2.4.3. S a e-owne ship
Acco ding o he O ganisa ion o Co-ope a ion and De elopmen (OECD), SOEs a e en e p ises whe e he s a e has
subs an ial con ol h ough ull, majo i y, o signican mino i y owne ship (Medina e al., 2022). Wi hin Eu ope, hei
p esence is signican in coun ies such as F ance, I aly, Sweden, and in new-membe coun ies o he EU. The goals o
SOEs and POEs di e . Those o SOEs go beyond me e p o maximisa ion o also include socie al goals, di e sica ion
o he economy, indus ial policy, monopoly con ol, suppo o new echnologies, knowledge di usion, g een ansi ion,
and de ence (An onelli e al., 2014; A chibugi & Ma iella, 2021; Benassi & Landoni, 2018; Ge shman e al., 2019;
Palmbe g, 2002; S e en e al., 2022; Tönu is & Ka o, 2016). In Eu ope, mos SOEs ha e e ol ed owa ds mo e ecien
o ms o co po a e o ganisa ion (He e al., 2016). Acco ding o he a o emen ioned au ho s, e o m o en en ailed
go e nance s uc u es o a mo e complex cha ac e wi h new sha eholde s ha ing a ole o play in SOEs
in e na ionaliza ion.
A e SOEs inno a i e? Landoni (2020) con ends ha he ole o SOEs in inno a ion has been la gely unde es ima ed and
ce ain empi ical s udies suppo his iew. I alian business his o y (An onelli e al., 2014; Gaspe in, 2022) and case
s udies on Russian and Wes e n Eu opean SOEs sugges ha hese  ms a e able o inno a e (A chibugi & Ma iella,
2021; Benassi & Landoni, 2018; Ge shman e al., 2019; Palmbe g, 2002; Rama & Fe guson, 2007). Fu he mo e,
quan i a i e s udies ha ocus on EU  ms suppo he iew ha SOEs a e mo e p one o inno a ing han a e POEs, a
leas in ce ain sec o s (Cas elno o, 2022; S e en e al., 2022). Mo eo e , he ins i u ional li e a u e sugges s ha R&D
spending ends o dec ease when SOEs a e p i a ised due o he eo ien a ion o hese  ms o sho - e m bene s and
he new manage s’ lack o in e es in basic esea ch (Ca ei a Sánchez & Vence Deza, 2009).
The li e a u e sugges s se e al explana ions behind he inno a i eness o SOEs. Due o hei long- e m pe spec i e on
p o -making (“pa ien capi al”) and hei easie access o R&D unding, hese companies a e mo e p one han POEs o
in es in basic esea ch and in echnological elds ha a e isky and/o slow o p oduce esul s (An onelli e al., 2014;
Landoni, 2020; O ega, 2016; Yi e al., 2022). Fu he mo e, coo dina ion wi h go e nmen s p o ides SOES wi h s a egic
ad an ages in assessing linkages be ween di e en indus ies and knowledge elds (Benassi & Landoni, 2018).
Empi ical e idence on hei coope a i e ac i i ies is s ill sca ce. Howe e , acco ding o Benassi & Landoni (2018), SOEs
equen ly ne wo k wi h o he o ganisa ions and, in doing so, cons i u e ehicles o possible ecombina ion o
knowledge. Case s udies sugges ha Russian and Wes e n Eu opean SOEs pa icipa e in
domes ic
coope a ion o
Page 8/23
inno a ion wi h bo h domes ic POEs and uni e si ies; and, in he Wes , also wi h FS (Alonso-Gil & Vázquez-Ba que o,
2010; An onelli e al., 2014; Cal o, 2019; Ge shman e al., 2019; López e al., 2002; Rama and Fe guson, 2007). Recen ly, a
ew quan i a i e s udies es ablish ha compa ed o POEs, domes ic o o eign, SOEs a e mo e p edisposed o coope a e
locally
o inno a ion (Ga cía-Sánchez & Rama, 2022; Roud & Vlaso a, 2020; Wang e al., 2021). Wi hin he EU, ce ain
ins i u ional mechanisms a e a wo k o p omo e he engagemen o SOEs in Eu opean pa ne ships: o ins ance,
ins i u ional in e media ies (Landoni, 2018) and o ganisa ions in cha ge o public pu chases (Callado-Muñoz e al.,
2022). Se e al case s udies epo on he pa icipa ion o SOEs in
in e na ional
coope a i e ne wo ks (Ab amo sky e al.,
2009; A chibugi & Ma iella, 2021; Benassi & Landoni, 2018; Cal o, 2023; Ge shman, 2012; López e al., 2002; Sanz
Menéndez e al., 1999) bu , o he bes o ou knowledge, no sys ema ic quan i a i e e idence is a ailable.
In he in e na ional a ena, SOEs can be pe cei ed as an “ins i u ional excep ion" (O & Sco , 2008) due o hei dis inc
app oach o in es men e u n and a longe ime ame o ans o ming an in en ion in o a ma ke able p oduc (“pa ien
capi al”). Di e en logics and ules can po en ially c ea e cul u al challenges wi h p ospec i e o eign pa ne s.
None heless, as s a ed in he discussion SOEs also b ing ce ain ad an ages o he able as po en ial pa ne s.
2.5. Spanish SOEs
Since 1985, non-p o able Spanish SOEs we e sold mainly o o eign in es o s (A ocena, 2006), bu he s a e p ese ed a
ce ain deg ee o con ol o e p o able SOEs. SEPI (S a e Co po a ion o Indus ial Pa icipa ion) emains a majo s a e-
owned g oup, wi h di ec majo i y pa icipa ion in 14  ms, mino i y pa icipa ion in 10, and indi ec con ol in o e 1007.
Indi ec con ol in ol es a majo i y-owned SOE ac i ely pa icipa ing in he capi al o ano he company.
As men ioned, a c ucial equi emen o a company o engage in collabo a ion is social capi al. In his con ex , we a gue
ha di e se ac o s may ha e con ibu ed o he accumula ion o social capi al by Spanish SOEs, bo h domes ically and
in e na ionally. P i a isa ions we e sequen ial and in ol ed ela i ely small public-o e ing selling blocks (E chemendy,
2004). Acco ding o he a o emen ioned au ho , pu chases by ins i u ional in es o s and mino i y sha eholde s we e
p e e ed since such ypes o in es o s a e less likely han la ge o eign MNEs o demand ab up changes in co po a e
policies. The main objec i es o hese measu es we e o e ain con ol o key sec o s in Spanish hands and o p e en
hos ile o eign akeo e s (A ocena, 2006). Howe e , hese measu es also ga e ise o signican in e - m connec ions.
In e - m linkages we e p omo ed h ough c oss sha eholdings be ween companies and o en included la ge banks.
(A ocena, 2006; Bul one, 2019; Cal o, 2019; Cue o-Cazu a, 2018). These ypes o social ne wo ks may ha e a posi i e
impac on inno a ion by assis ing companies in ob aining R&D unding (Cao e al, 2023). Spanish SOEs ha e also been
able o acqui e subs an ial social capi al due o hei cen al posi ion in subcon ac ing ne wo ks (Al onso-Gil & Vázquez-
Ba que o, 2010; Rama and Fe guson, 2007; O ega, 2016; Rod íguez-Ruiz, 2015). Fu he mo e, in e locking has been a
popula p ac ice e en p eceding p i a iza ion policies (Aguile a, 1998; Cal o, 2019).
Second, Spain's economy s ands ou o i s ema kable openness and ex ensi e in e na ional connec ions. Be ween 2000
and 2018, Spain was he second mos open economy in he Eu ozone, wi h Ge many leading he way (Xi é, 2019).
Addi ionally, an analysis conduc ed by Valee a (2022) spo ligh ed Mad id, Vienna, and F ank u as h ee ci ies o
pa icula no e o hei high "be weenness" ankings. These ci ies play signican oles as hubs o in e locking
di ec o a es wi hin hei espec i e coun ies and he b oade Eu opean con ex . Simul aneously, hey se e as key
b oke s, connec ing Eu opean co po a e ne wo ks wi h eli es om a ious global egions. In he case o Mad id, hese
connec ions ex end o La in Ame ican eli es. This si ua ion makes ce ain majo Spanish companies a ac i e pa ne s
o hi d pa ies looking o en e he Spanish ma ke , La in Ame ican ma ke s, o bo h (Rama & Fe guson, 2007; Cal o,
2023). I is impo an o no e ha while SOEs we e no he sole benecia ies o hese de elopmen s in acqui ing
in e na ional social capi al, hey we e pionee s in his ega d. As o he 1950s, he only majo Spanish companies ha
Page 9/23
en u ed in o he in e na ional a ena we e SOEs (Binda, 2012). Indeed, his ea ly exposu e o in e na ional ma ke s could
ha e acili a ed he es ablishmen o pe sonal con ac s in o eign coun ies and bols e ed hei in e na ional expe ience.
The discussion implies ha ins i u ions and public policies ha e been ins umen al in assis ing Spanish SOEs in gaining
in e na ional expe ience and social capi al. This, in u n, could enhance hei pa icipa ion in CIEP.
Following he discussion, he ollowing hypo heses a e p oposed:
Hypo hesis 1
The 2008 c isis in Spain ac ed as a dissuade o  ms engaging in coope a ion o inno a ion wi h Eu opean pa ne s,
an e ec empe ed by he  ms' p io coope a i e expe iences.
Hypo hesis 2
The owne ship s uc u e o a  m inuences i s abili y o main ain coope a ion du ing a c isis.
H2.a: G oup owne ship posi i ely inuences he abili y o a  m o main ain coope a ion du ing a c isis.
H2.b: Fo eign owne ship posi i ely inuences he abili y o a  m o main ain coope a ion du ing a c isis.
H2.c: Fo eign owne ship nega i ely inuences he abili y o a  m o main ain coope a ion du ing a c isis.
H2.d: S a e-owne ship posi i ely inuences he abili y o a  m o main ain coope a ion du ing a c isis.
Hypo hesis 3
The condi ions o pa icipa ing in in a-Eu opean coope a ion o inno a ion become mo e challenging du ing a c isis.
3. Me hodology
The PITEC da abase u ilised he ein is annually collec ed by he Spanish Na ional S a is ics Ins i u e (INE) and cons i u es
he Spanish con ibu ion o he CIS o he EU. This da abase has he ad an age o p o iding panel da a and o being a
manda o y su ey. The balanced panel includes obse a ions o companies ha we e con inuously ac i e in Spain’s
manu ac u ing and se ices du ing he en i e 2004–2016 pe iod. As s a ed, his pe iod is subdi ided in o h ee sub-
pe iods in acco dance wi h he Spanish GDP pa h (Ga cía-Sánchez & Mon es-Luna, 2022). Da a o 2017 up o he
p esen day has no ye become a ailable. Those no engaged in inno a ion a e no conside ed, as he su ey specically
que ies inno a ing companies. In his con ex , inno a o s a e dened as hose who ha e in oduced p oduc o indus ial
p ocess inno a ion, a e cu en ly in ol ed in inno a i e endea ou s, o ha e conduc ed inno a ion ac i i ies wi hin he
su ey pe iod and he wo p eceding yea s. This is a common ea u e o CIS su eys. Acco ding o he ques ionnai e,
coope a ion o inno a ion consis s o wo di e en o ganisa ions joining o ces o sha e and de elop knowledge. This
deni ion excludes he acquisi ion o R&D se ices ia he ma ke o ia R&D ou sou cing bu does include R&D
collabo a ion. The da abase dis inguishes be ween unalia ed companies and companies belonging o a business
g oup. Wi hin he la e , in o ma ion is p o ided ega ding he loca ion o he headqua e s o he company. I i is loca ed
in a o eign coun y, hen i is classied as an FS (
mul ina ional
), o he wise i is classied as a DBG (
dom_g oup
).
Companies no belonging o a g oup a e classied as unalia ed domes ic  ms (
unal
). The PITEC ques ionnai e also
enqui es as o whe he he company is a SOE (
s a e-owned
). Fi ms a e asked o indica e he geog aphic loca ion o he
pa ne . Collabo a ion wi h pa ne s loca ed in Eu opean coun ies is selec ed o analysis. The ques ion e e s o he
physical loca ion o he pa ne , and no o hei na ionali y. The da abase includes in o ma ion on he ypes o pa ne s
(clien s, supplie s, compe i o s, uni e si ies, e c. In a-g oup coope a ion is excluded.
Page 16/23
5. Conclusions
Panel da a om a s a is ically ep esen a i e sample o  ms loca ed in Spain was examined, ocusing on hei
collabo a i e inno a ion e o s wi h Eu opean pa ne s be ween 2004 and 2016. The analysis e ealed ha he 2008
economic c isis, on i s own, had a discou aging e ec on  ms seeking coope a ion wi h Eu opean pa ne s o
inno a ion. Howe e , his nega i e impac was coun e balanced by he  ms' inc easing expe ience in collabo a ion.
Mo eo e , he numbe o pa ne ypes pe  m inc eased when he c isis un olded. Addi ionally, we es ed he inuence
o owne ship on  ms' abili y o main ain coope a ion o inno a ion wi h Eu opean pa ne s du ing he c isis. Du ing he
c isis and he en i e pe iod, o eign subsidia ies a e mo e p one o coope a ing o inno a ion wi h Eu opean pa ne s
han a e unalia ed domes ic  ms bu no mo e han domes ic business g oups. Unalia ed domes ic  ms a e he
leas inclined o pa icipa e in such pa ne ships, bo h du ing he c isis and h oughou he en i e pe iod. Finally, s a e-
owned en e p ises exhibi ed supe io pe o mance compa ed o bo h domes ically owned p i a e en e p ises and o eign
subsidia ies du ing he down u n.
We also asce ain whe he d i e s o coope a ion wi h Eu opean pa ne s emain s able h oughou he business cycle.
Al hough ce ain de e minan s, such as a la ge size, a e always associa ed o he p obabili y ha a  m engages in such
collabo a ion, he e is suppo o he idea ha o he d i e s o coope a ion o inno a ion modi y, o a leas augmen ,
hei in ensi y when he c isis e up s. Expe ience in coope a i e ac i i ies, expo business, an abo e-a e age numbe o
R&D employees, and ma ke po en ial become i al o he  ms o coope a e when he c isis e up s. Wi hou denying he
clea ele ance o he Resou ce-Based View o he Fi m, ou esul s do no con m he assump ion ha  ms acing
dicul ies in e ms o knowledge, nance, and/o he p esence o incumben s in hei ma ke a e p one o coope a ing. In
con as , he da a p o ides e ica ion o he impo ance o oppo uni ies in coope a ion ag eemen s (Ahuja, 2000): he
appeal o p ospec i e pa ne s in e ms o knowledge, money o ma ke po en ial is undeniable, especially du ing a c isis.
Ou esul s ha e policy and managemen implica ions. EU unding o inno a ion is ins umen al o companies s aying
connec ed o Eu opean ne wo ks o inno a ion, e en when he coun y in which hey loca e endu es a ecession as
se e e and long-las ing as he Spanish c isis in 2008. Bo h manage s and policy-make s need o encou age coope a ion
du ing expansi e pe iods since p e ious expe ience helps  ms o s ay inno a i e when new c ises b eak ou . To s a by
s imula ing domes ic coope a ion o inno a ion is a wo hy s a egy o p epa e condi ions o u u e collabo a ion wi h
Eu opean pa ne s. S a e-owned en e p ises a e pa icula ly well- sui ed o e ec i ely na iga e challenges in imes o
c isis, he eby main aining and s eng hening he linkages be ween he Na ional Inno a ion Sys em and Eu opean
ne wo ks o inno a o s in dicul imes. Du ing he c isis, hese  ms s ongly con ibu ed owa ds s abilising he
p esence o Spanish  ms in Eu opean inno a ion ne wo ks. The s abili y o pa ne ships is desi able as i acili a es
nding solu ions o echnical and comme cial p oblems. Ou s udy also has academic implica ions since i shows he
in e es o a dynamic app oach o coope a ion o inno a ion, beyond he me e conside a ion o “no mal” phases o he
business cycle ha p e ail in he li e a u e. Fu he mo e, i shows ha pe sis en dispa i ies in coope a i e inno a ion
pe o mance dis inguish s a e owne ship om o he owne ship s uc u es. The e o e, he inclusion o ins i u ional heo y
in he analysis becomes impe a i e o p edic ing he coope a i e beha iou o di e en ypes o owne ship s uc u e.
Ou s udy has limi a ions ha may p o ide oppo uni ies o u u e esea ch. Due o insucien da a, he ques ion le
unanswe ed he ein is whe he unalia ed  ms unde na ional py amidal o ganisa ions pa icipa e indi ec ly in ex ended
ne wo ks o inno a ion ac oss bo de s. Ano he limi a ion is ha he da a excludes he conside a ion o na i e MNEs.
Finally, as a po en ial esilience s a egy, we could only supe cially add ess he heigh ened complexi y o ne wo ks when
he c isis e up ed.
Despi e hese limi a ions, ou s udy con ibu es o he analysis o in e na ional coope a ion o inno a ion by being he
 s o p o ide a dynamic iew o in a-Eu opean pa ne ships and by imp o ing ou unde s anding o he c i ical ole o

Page 17/23
s a e-owned en e p ises du ing c ises.
Decla a ions
Funding: This wo k was suppo ed by p ojec [AICO/2021/021], INGENIO (CSIC)-UPV Gene ali a Valenciana. The unding
sou ce was no in ol ed in he p epa a ion o he a icle.
Compe ing in e es s: None
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. h ps://www.icex.es/es/ odos-nues os-se icios/in o macion-de-me cados/es adis icas May 2023.
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Tables
Tables 1 o 4 a e a ailable in he Supplemen a y Files sec ion.
Supplemen a y Files
This is a lis o supplemen a y les associa ed wi h his p ep in . Click o download.
Tables1 o4.docx