This paper explores the main drivers of firms’ external competitiveness in times of crisis. We focus on the aftermath of the Great Recession (2008–2015) and present evidence based on a comprehensive survey of Italian companies (the MET dataset). Overall, our results highlight not only the strict correlation between internationalization and innovative activities but also a positive change of attitude of Italian firms towards these strategies. We show that, while structural factors play a key role for external competitiveness, other critical aspects trigger superior performances, especially strategic profiles, technological capabilities, and proactive behaviors such as innovativeness and R&D investment. Importantly, we document disproportionate effects of innovation for smaller and less productive companies. This points at dynamic strategies as a potential tool to fill the gap between larger/more productive companies and the set of less structured firms, a segment representing an ideal target for policy measures.

本文探讨了危机时期企业外部竞争力的主要驱动因素。我们关注大衰退（2008-2015）的后果，并根据对意大利公司的全面调查（MET 数据集）提供证据。总体而言，我们的结果不仅突显了国际化与创新活动之间的严格相关性，而且突显了意大利企业对这些战略的态度的积极转变。我们发现，虽然结构性因素对外部竞争力发挥着关键作用，但其他关键方面也会引发卓越绩效，特别是战略概况、技术能力以及创新和研发投资等主动行为。重要的是，我们记录了创新对规模较小、生产力较低的公司产生的不成比例的影响。这表明动态战略是填补规模较大/生产力较高的公司与结构较弱的公司之间差距的潜在工具，而结构较弱的公司是政策措施的理想目标。