Firm growth and R & D expenditure

We apply a panel vector autoregression model to a firm-level longitudinal database to observe the co-evolution of sales growth, employment growth, profits growth and growth of R&D expenditure. Contrary to expectations, profit growth seems to have little detectable effect on R&D investment. Instead, ... Ausführliche Beschreibung

Späterer Titel: Firm growth and R & D expenditure: research and development - In: Economics of innovation and new technology, Vol. 19, Nr. 2, 2010, S. 127 - 145
1. Person: Coad, Alexander
Weitere Personen: Rao, Rekha
Format: Sonstiges
Sprache: English
Veröffentlicht: Jena MPI zur Erforschung von Wirtschaftssystemen [2007]
Beschreibung: 31 S. graph. Darst.
Serien: Papers on economics & evolution / Max Planck Institute of Economics, Evolutionary Economics Group ; 0710
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Zusammenfassung: We apply a panel vector autoregression model to a firm-level longitudinal database to observe the co-evolution of sales growth, employment growth, profits growth and growth of R&D expenditure. Contrary to expectations, profit growth seems to have little detectable effect on R&D investment. Instead, firms appear to increase their total R&D expenditure following growth in sales and growth of employment. In a sense, firms behave 'as if' they aim for a roughly constant ratio of R&D to employment (or sales). We observe heterogeneous effects for growing or shrinking firms however, suggesting that firms are less willing to reduce their R&D levels following a negative growth shock than they are willing to increase R&D after a positive shock.

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