“…The innovation resource inputs of firms are summarized in the construct “knowledge capital.” The knowledge capital is estimated from several proxy variables of innovation inputs: the capital stock accumulated through internal investment in research and development (Griliches, 1979; Crépon et al , 1998; Kang et al , 2017; Zouaghi et al , 2018); the training of employees in innovation activities (Fossas et al , 2015; Mohnen et al , 2010); the innovative inputs from collaboration with external partners (Calvo et al , 2018; Moazzez et al , 2020; Mowery et al , 1996; Pasciaroni and Barbero, 2020; Tether, 2002); and the receipt by the firm of public innovation subsidies (Busom et al , 2011; Busom and Vélez-Ospina, 2020; David et al , 2000; Antonelli, 2020). The hypothesis is that firms with greater knowledge capital are in a more favorable position to initiate innovation projects than firms with lesser knowledge capital, because what innovation does is transforming scientific, technical, organizational and commercial knowledge into new products and processes [1].…”