Firm growth and R&D investment: SVAR evidence from the world’s top R&D investors

Alex Coad*, Nicola Grassano

*この研究の対応する著者

研究成果査読

5 被引用数 (Scopus)

抄録

Understanding causal relationships among key economic variables is crucial for policy makers, who wish to e.g. stimulate private R&D growth. To this end, we applied a technique recently imported from the Machine Learning community (Structural Vector Autoregressions (SVARs) identified using Independent Components Analysis (ICA)) to a data-set of the world’s largest R&D investors. Our analysis highlights the key role of firm growth in the areas of employment and sales, rather than growth of profits or market capitalization, in stimulating R&D growth. R&D growth appears toward the end of the causal ordering of the growth process. Our results suggest that policies to increase private R&D would do better to target growth of sales and employment rather than market capitalization or profits.

本文言語English
ページ(範囲)508-533
ページ数26
ジャーナルIndustry and Innovation
26
5
DOI
出版ステータスPublished - 2019 5 28
外部発表はい

ASJC Scopus subject areas

  • ビジネス、管理および会計(全般)
  • 技術マネージメントおよび技術革新管理

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