  This paper analyzes the connection between innovation activities of companies
-- implemented before crisis -- and their performance -- measured at time of
crisis. The companies listed in the STAR Market Segment of the Italian Stock
Exchange are analyzed. Innovation is measured through the level of investments
in total tangible and intangible fixed assets in 2006-2007, while performance
is captured through growth -- expressed by variations of sales, total assets
and employees -- profitability -- through ROI or ROS -- and productivity --
through asset turnover or sales per employee in the period 2008-2010. The
variables of interest are analyzed and compared through statistical techniques
and by adopting cluster analysis. In particular, a Voronoi tessellation is also
implemented in a varying centroids framework. In accord with a large part of
the literature, we find that the behavior of the performance of the companies
is not univocal when they innovate.
