“…The majority of the existing studies rely on R&D expenditures as a measure of innovation (Hirsch & Bijaoui, 1985;Kumar & Siddharthan, 1994;Braunerhjelm, 1996;Basile, 2001;Cieślik, Michałek, & Michałek, 2012;2014a, b, c;. There is a limited number of studies that employ survey data with explicit information on actual innovation outcomes (Wagner, 1996;Wakelin, 1998;Bernard & Jensen, 1999;Roper & Love, 2002;Lachenmaier & Wößmann, 2006;Cassiman, Golovko, & Martínez-Ros, 2010;Van Beveren & Vandenbussche 2010;Becker & Egger 2013, Cieślik et al, 2016, Brodzicki, 2017, Cieślik & Michałek, 20172018).…”