An empirical investigation of the determinants of R&D cooperation: An application of the inverse hyperbolic sine transformation |
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| Authors: | Oliviero A Carboni |
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| Institution: | 1. Universidad de los Andes, Facultad de Ciencias Económicas y Empresariales, Av. San Carlos de Apoquindo 2200, Las Condes, Santiago, Chile;2. Pontificia Universidad Católica de Chile, Instituto de Economía, Vicuña Mackenna 4860, Macul, Santiago, Chile;1. Department of Economics, Moore School of Business, University of South Carolina, United States;2. Department of Economics and Finance, Durham University Business School, United Kingdom;3. Banco de Portugal, Faculdade de Economia Universidade Nova de Lisboa, Portugal;4. Faculdade de Economia da Universidade do Porto, CEF.UP, Portugal;1. Complex Systems Research Center, Shanxi University, Taiyuan, Shanxi 030006, China;2. Shanxi Key Laboratory of Mathematical Techniques and Big Data Analysis on Disease Control and Prevention, Shanxi University, Taiyuan, Shanxi 030006, China;3. School of Mathematical Sciences, Shanxi University, Taiyuan, Shanxi 030006, China |
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| Abstract: | This paper applies the Inverse Hyperbolic Sine (IHS) transformation to explore the variables that determine a firm’s R&D collaborative expenditure. The IHS specification is used to overcome the inconsistencies deriving from non-normality of error terms which are typical in censored data. This represents a novelty in R&D studies. The sample employed refers to 1231 Italian firms where the dependent variable under investigation is strongly skewed by the zero values and by the extreme observations. The results show that standard errors are smaller in the IHS model than in the more common logarithmic one. The analysis also shows that size and public grants are effective in determining the level of cooperative R&D expenditure. Absorptive capacity, outsourcing inputs or services externally and the industry, also play an important role. |
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