PROFIT DIFFERENTIALS AND INNOVATION

被引：95
作者：
Cefis, Elena [1 ,2 ]
Ciccarelli, Matteo [3 ]
机构：
[1] Univ Bergamo, Bergamo, Italy
[2] Univ Utrecht, Utrecht Sch Econ, Utrecht, Netherlands
[3] European Cent Bank, DG Res, D-60311 Frankfurt, Germany
来源：
ECONOMICS OF INNOVATION AND NEW TECHNOLOGY | 2005年 / 14卷 / 1-2期
关键词：
Innovation; Profitability; Firms differentials; Bayesian estimation; Panel data models;
D O I：
10.1080/1043859042000232160
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The article aims to investigate empirically the effects of innovative activities on corporate profitability, using a panel of 267 UK manufacturing firms, over the period 1988-1992. Using the Bayesian approach to, explicitly, consider heterogeneity among firms, we find: (i) a positive and well-determined effect of innovation on profits that smoothly decreases as time passes by; (ii) a difference in profitability between innovators and non-innovators, greater when the comparison is between persistent innovators and non-innovators; and (iii) a long-run persistence in profit differentials.
引用
收藏
页码：43 / 61
页数：19
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