The path of R&D efficiency over time

被引：21
|
作者：
Beneito, Pilar [1 ,2 ,3 ]
Rochina-Barrachina, Maria Engracia [1 ,2 ]
Sanchis, Amparo [1 ,2 ]
机构：
[1] Univ Valencia, Valencia 46022, Spain
[2] ERI CES, Valencia, Spain
[3] ERI CES, Fac Econ, Dept Anal Econ, Valencia 46022, Spain
来源：
INTERNATIONAL JOURNAL OF INDUSTRIAL ORGANIZATION | 2015年 / 42卷
关键词：
R&D; Product innovation; Dynamic returns; Interruptions in R&D; Forgetting; Count data; PANEL-DATA; INNOVATION; MARKET; INDUSTRIAL; DYNAMICS; RETURNS; COSTS;
D O I：
10.1016/j.ijindorg.2015.07.001
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
In this paper we investigate the pattern of R&D efficiency in terms of the number of product innovations achieved by firms overtime. Using a panel dataset of Spanish manufacturing firms for the period 1990-2006, we follow the innovative performance of R&D active firms and observe that innovation rates change over firms' R&D histories. To explain these facts we propose a model that explicitly acknowledges the twofold composition of firms' R&D expenditures, comprising spending on both physical capital for R&D projects and payments to researchers. We regard this latter component of R&D as a source for dynamic returns to firms' R&D investments. Consequently firms' innovation outcomes clearly depend on how long they have been investing in R&D and also on whether there have been any interruptions in the temporal sequence of R&D activities. Our results suggest that R&D activities exhibit dynamic returns that are positive but at a decreasing rate, and that interruptions in R&D engagement reduce R&D efficiency. (C) 2015 Elsevier B.V. All rights reserved.
引用
收藏
页码：57 / 69
页数：13
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