Inlinewithbestpracticesin innovation studies, innovation performance is measured at the firm level and operationalized as the share of goods and services innovations in total subsequent sales (e.g., Faems et al., 2005; Mairesse and Mohnen, 2002). In particular, the share of turnover in 2012 from goods and services that were new to the market and that were introduced during the period 2010–2012 is used. Due to the skewed distribution, the natural logarithm of 1 plus this share was used to construct the innovation performance variable.