Firm characteristics and the cyclicality of R&D investments

• Autores: Spyros Arvanitis, Martin Woerter
• Localización: Industrial and Corporate Change, ISSN-e 1464-3650, Vol. 23, Nº. 5, 2014, págs. 1141-1169
• Idioma: inglés
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• Resumen

  • The aim of this study is to combine micro-aspects of firm behavior with macro aspects of business development and identify market conditions (e.g. price competition) and firm characteristics (e.g. type of R&D partners) that enable a firm to have a pro-cyclical, anti-cyclical, or non-systematic R&D investment behavior. The empirical results confirm to large extent a series of hypotheses as to innovation-relevant firm characteristics that underline the three different behavior categories and allow us to make profiles of the three types of R&D behavior.