首页 | 本学科首页   官方微博 | 高级检索  
相似文献
 共查询到20条相似文献,搜索用时 0 毫秒
1.
    
ABSTRACT

Using firm-level data, we estimate the returns to R&D investments for a sample of European manufacturing firms over the period 2007–2009. Results confirm that R&D efforts are positively related to productivity regardless of firm type (family or nonfamily firms). Additionally, we find that family firms invested more in R&D than nonfamily firms, but the returns to their R&D investments are low, emphasizing that they have a lower capacity to translate R&D investments into economic gains.  相似文献   

2.
Relative to single-product firms, a multiproduct monopolist can internalize the negative externalities of its R&D investments (the ``cannibalization effect') in two ways: (1) To lower R&D investment for each product; and (2) To delete some of its product lines so as to enlarge the market size for the remaining lines. It is shown that line deletion is profitable if products are close substitutes. If products are not close substitutes, the multiproduct monopolist keeps all product lines and invests less in cost-reducing R&D than single-product firms engaging in Cournot competition with product differentiation. However, it invests more in R&D than single-product firms if there are significant economies of scope in R&D, or if the oligopolistic firms can cooperate in their R&D decisions.   相似文献   

3.
    
This paper analyses strategic R&D policy in a third-country trade model where multiproduct firms with different production technologies compete in a vertically differentiated market. I show that the optimal R&D policies for both countries are subsidies when the product market is under price competition.  相似文献   

4.
    
A considerable share of R&D investment is due to multinational firms that simultaneously operate R&D bases at home and abroad. We develop a simple model of foreign and domestic R&D investment and test the model's predictions on a sample of 146 Japanese multinational firms’ R&D investments in Japan and the United States in 1996. The empirical results confirm that the foreign to domestic R&D ratio depends on relative technological opportunities and relative demand conditions, with foreign research expenditures responding to technological opportunity and foreign development expenditures responding to demand.  相似文献   

5.
This paper evaluates the causal effect of issuing equities on the probability that a firm engages in R&D activity. Equity is a better source of external finance than debt for innovation. It does not require collateral, does not exacerbate moral hazard problems connected with the substitution of high-risk for low-risk projects, quite common when using debt, and, unlike debt, does not increase the probability of bankruptcy; equity also allows investors to reap the entire benefit of the returns of successful innovative projects. This paper focuses on high-tech firms for which asymmetric information problems are more pervasive. Implementing an instrumental variable estimation, we find that issuing equity increases the probability that the firm has R&D expenditures by 30–40%. We detect considerable heterogeneity in this effect: the impact of issuing equity is significant only for small, young and more highly leveraged high-tech firms. We also find interesting evidence that issuing equity increases R&D expenditures in relation to sales.  相似文献   

6.
    
This article focuses on the question of whether public policy changes and/or the new economy have influenced the social returns to R&D expenditure in UK manufacturing over the three decades up to the end of the millennium. The basic methodology is reasonably straightforward, to estimate a production function in which, in addition to labour and fixed capital, R&D appears separately in a form that directly enables estimates of the social return to investment in knowledge and how it has changed over time. The results suggest that neither changes in government R&D policy nor the new economy have raised social returns to R&D.  相似文献   

7.
    
Europe's innovation gap relative to the USA is often attributed to its industrial structure in which new firms do not play a significant role, especially in high-tech sectors. This view of a structural European Union (EU) innovation deficit is popular in European innovation policy discussions, but has received little or no thorough empirical investigation. This article aims to address this ‘evidence gap’. Using industrial R&D Scoreboard data from leading world innovators, we find that compared to the USA, the EU has fewer young firms among its leading innovators. Using a decomposition analysis, we show that having fewer young firms accounts for about one-third of the EU–US differential in R&D intensity, while 55% of the differential is due to the fact that young leading innovators in the EU are less R&D intensive than their US counterparts. Further analysis shows that this is almost entirely due to a different sectoral composition. We thus confirm that the EU–US private R&D gap is indeed mostly a structural issue.  相似文献   

8.
    
ABSTRACT

Using a vector-error-correction model (VECM) with total factor productivity (TFP), domestic and foreign research and development investment (R&D) as well as GDP, we find that for the Netherlands for the period 1968–2014, extra investment in public and private R&D has a clear positive effect on TFP growth and GDP. Taking into account the costs of these extra investments, we find that the rate of return to such a policy is positive and high. We also find dynamic complementarity of public and private stocks of R&D for a long period after the initial shock. However, our results also show that the productivity effects on the Dutch economy are weaker when they are part of an internationally concerted policy effort, i.e. when other OECD countries implement policies with the same effects on R&D stocks in their countries. While complements in the long run equations of the model, in the adjustment process Dutch domestic private R&D appears to consider foreign public R&D as a substitute, i.e. when foreign public R&D rises, Dutch private R&D tends to shrink.  相似文献   

9.
Previous empirical literature has tested the demand-pull hypothesisand found that innovation may be driven by output. Using a balancedpanel of 216 Italian manufacturing firms (1995–2000) andchecking for the path-dependent nature of R&D we find arole of sales in inducing R&D. However, the demand-pulleffect plays a varying role for different sub-samples of firms.Exporting firms, liquidity-constrained firms, unsubsidised firmsand those not heading a group seem to be sensitive to salesin deciding R&D. These results have been obtained usinga Least Squares Dummy Variable Corrected Estimator, a recentpanel-data technique suitable for small samples.  相似文献   

10.
Using a translog production function we estimate the impact of R&D spillovers on the output performance of Italian manufacturing firms over the period 1998-2003. Technological flows are measured through an asymmetric similarity index that takes also into account the geographical proximity of firms. Results show that R&D spillovers positively affect firms production and that geography matters in determining the role of the external technology. Moreover, we find that the effect of R&D spillovers is high in the Centre-South of Italy and that the stock of R&D spillovers is Morishima complement to the stock of R&D own-capital. The authors thank Giovanni Anania, Olof Ejermo, Vincenzo Scoppa, Alessandro Sterlacchini and Marco Vivarelli for useful comments on an earlier draft. We are also grateful to the participants at the Workshop on “Spatial Econometrics and Statistics” in Rome (University “Guido Carli, May 2006) and at the 2006 ADRES Conference, “Networks of Innovation and Spatial Analysis of Knowledge Diffusion” in St Etienne for helpful discussion and to an anonymous referee for many detailed and constructive comments on an earlier version. All remaining errors and omissions are our own. Financial support received by MIUR is gratefully acknowledged.  相似文献   

11.
This paper is one of the first attempts in the literature to evaluate the effectiveness of R&D policies in Europe during the great crisis of the late 2000s. Using homogenous firm-level data for the largest EU Member States over the period 2007–2009, we test whether manufacturing firms receiving public subsidies spent more on R&D. The analysis is performed using both non-parametric techniques and parametric estimation methods accounting for the possible endogenous selectivity of R&D subsidies. The hypothesis of full crowding-out is rejected in all countries under exam as firms did not replace their own resources with public grants. However, these firms did not allocate additional funds to research and hence, differently from earlier works, we do not find evidence for additionality effects of R&D subsidies. Our estimates indicate that, albeit not expansive, public subsidies to R&D thwarted the reduction of firm R&D efforts in the aftermath of economic crisis.  相似文献   

12.
    
Research and Development (R&D) service firms make significant contributions to innovation in other businesses. The extant literature considers these firms a homogenous sub-group of Knowledge Intensive Business Service firms (KIBS). The objective of this study is to investigate how R&D service firms innovate and the variety of innovation practices within these firms. Employing data from semi-structured interviews with senior managers from 32 UK-based R&D service firms, we suggest that there are two different modes of innovation: in the first mode, R&D service firms innovate similarly to KIBS whose innovation is ad-hoc in nature and driven by customers’ requests; another group of R&D service firms innovate like New Technology-based Firms (NTBFs) relying more on structured in-house R&D activities.  相似文献   

13.
This paper measures the cumulative change in research and development (R&D) efficiency of globally leading R&D companies in the technology industry. We use Data Envelopment Analysis /Malmquist index to analyse 49 such companies. The change in R&D efficiency is analysed by decomposing the Malmquist index into ‘catch-up’ and ‘frontier shift’ indices, and by comparing cumulative indices to those at the starting period. Those cumulative indices are obtained at both a firm and an industry level. Results indicate that the overall R&D efficiency of these globally leading R&D companies declined slightly during the period 2007–2013. At a firm level, this study determines in detail how the trend of each firm in R&D activities differs from other companies.  相似文献   

14.
    
We analyze the influence of endogenous productivity asymmetries between firms, in terms of competitiveness and size, on multinational activity. In the model, productivity depends on cost-reducing R&D (research and development). We show that when firms differ on commitment power in R&D, the R&D leader, independently of being a multinational or a domestic firm, tends to invest more in R&D than the R&D follower. Because of these productivity advantages, the R&D leader can more easily become multinational. Therefore, in addition to the proximity-concentration trade-off, we identify another FDI (foreign direct investment) determinant: technological competition.  相似文献   

15.
ABSTRACT

Evaluating universities’ R&D performance can serve as a tool for policymakers, enabling them to identify the best R&D practitioners for benchmarking and develop strategies for enhancing performance by highlighting areas of weakness. This study divides universities’ R&D performance into two dimensions: efficiency and effectiveness. We employ a network data envelopment analysis approach to measure universities’ R&D efficiency, and separately use a multi-index comprehensive evaluation method to assess their R&D effectiveness from a multistage perspective. We calculate the comprehensive R&D performance of universities in 30 provinces in China from 2004 to 2014. An analysis of temporal variation reveals that universities’ R&D performance in some provinces improved rapidly, increasing gaps in performance as a whole. The spatial pattern for the 30 provinces shows that universities in provinces with medium or strong R&D performance are mainly in coastal provinces and central areas in China. Finally, universities’ R&D activities are considered ‘efficient and effective’ only in a small number of provinces, while in most provinces, these activities can generally be considered ‘less efficient and effective.’ Hence, universities in provinces with different R&D performance modes should implement targeted improvement strategies according to their characteristics.  相似文献   

16.
    
This paper analyzes how firms’ R&D investment decisions are affected by asymmetries in knowledge transmission, considering different sources of asymmetry such as unequal know-how management capabilities and spillovers localization within an international oligopoly. We show that a better ability to manage knowledge flows incentivizes the firm to invest more in R&D. By introducing geographically bounded spillovers, we also find that one-way foreign direct investment (FDI) stimulates the multinational enterprise to raise its own R&D and that an FDI equilibrium is more likely to occur. Finally, spillovers localization leading to two-way FDI is welfare improving when compared with non-localized spillovers.  相似文献   

17.
    
This study examined the moderating effects of two kinds of internal R&D (parent R&D and subsidiary R&D) on the relationship between local R&D outsourcing and subsidiary productivity as internal R&D challenges the collaborative relationships in the local environment. Due to the specific feature of a subsidiary mandate, we further investigate whether two distinct kinds of internal R&D have different moderating effects between exploitation-oriented subsidiaries and exploration-oriented subsidiaries, based on a sample of longitudinal data set of 263 Taiwan-based manufacturing subsidiaries over the period 2006–2009. The empirical results show that for exploitation-oriented subsidiaries parent R&D plays a significant and negative moderating role on the impact of local R&D outsourcing based on local collaboration, while a positive moderating role is observed with parent R&D and subsidiary R&D for exploration-oriented subsidiaries.  相似文献   

18.
    
In this study, we extend recent attempts to clarify the role of antecedents of absorptive capacity in realising purposive inflows of external knowledge in the biopharmaceutical industry. By assuming that internal R&D resources contribute to absorptive capacity as a multidimensional concept, we propose a framework for the integrated analysis of the interactions between the different antecedents of absorptive capacity and inbound open innovation of biopharmaceutical firms. Our analysis relies on a set-theoretic approach and uses fuzzy-set qualitative comparative analysis (fsQCA) to study a set of selected Italian biopharmaceutical firms. The analysis reveals that biopharmaceutical companies with a diversified R&D business domain and an extended entrepreneurial scientific network are likely to adopt an inbound open innovation strategy.  相似文献   

19.
    

This paper studies vertical R&D spillovers between upstream and downstream firms. The model incorporates two vertically related industries, with horizontal spillovers within each industry and vertical spillovers between the two industries. Four types of R&D cooperation are studied: no cooperation, horizontal cooperation, vertical cooperation, and simultaneous horizontal and vertical cooperation. Vertical spillovers always increase R&D and welfare, while horizontal spillovers may increase or decrease them. The comparison of cooperative settings in terms of R&D shows that no setting uniformly dominates the others. Which type of cooperation yields more R&D depends on horizontal and vertical spillovers, and market structure. The ranking of cooperative structures hinges on the signs and magnitudes of three \"competitive externalities\" (vertical, horizontal, and diagonal) which capture the effect of the R&D of a firm on the profits of other firms. One of the basic results of the strategic investment literature is that cooperation between competitors decreases R&D when horizontal spillovers are low; the model shows that this result does not necessarily hold when vertical spillovers are sufficiently high, and/or when horizontal cooperation is combined with vertical cooperation.  相似文献   

20.
    
A model is developed of the relation between adoption of an innovation by firms and firm size. Decision making is represented as a group assessment of the perceived ratio between expected returns after succesful introduction, and the risk that implementation will fail or will last too long to makc adoption worth while. In view of differences in thc assessment of uncertainty and corresponding demands on the perceived return-to-risk ratio, among influencers of decisions in the firm, decision making is taken as stochastic, with a probability of adoption related to (objective) net benefits, and probability of non-adoption related to risk. The model gives a new way of looking at the fact that small firms lag behind in the adoption of new technology. In contrast with previous models proposed by David and Davies the explanation has nothing to do with there being some critical size below which adoption is not profitable. The present model explains the adoption lag for smaller firms as the result of expected returns being proportional to size while risk of failed implementation is independent of size. The model is tested and estimated empirically on data for the adoption of computers in small scale retailing, in the Netherlands.  相似文献   

设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号