Firm characteristics and the cyclicality of R&D investments

Spyros Arvanitis and Martin Woerter

No 11-277, KOF Working papers from KOF Swiss Economic Institute, ETH Zurich

Abstract: Aim of this study is to combine micro-aspects of firm behaviour with macro-aspects of business development and identify market conditions (for example, price competition) and firm characteristics (for example, type of R&D partners) that enable a firm to have a procyclical, anti-cyclical or non-systematic R&D investment behaviour. New elements of our analysis are: (a) the identification in our data of the above three main types of R&D behaviour with respect to the fluctuation of overall economic activity as measured by a standard composite indicator of the business conditions at industry level and (b) the investigation of a series of hypotheses as to innovation-relevant firm characteristics that underline the three different behaviour categories. The empirical results confirm to large extent our hypotheses and allow us to make profiles of the three types of R&D behaviour.

Keywords: R&D; Anti-cyclical behaviour; Pro-cyclical behaviour (search for similar items in EconPapers)
Pages: 27 pages
Date: 2011-04
New Economics Papers: this item is included in nep-bec, nep-com, nep-ind, nep-ino, nep-sbm and nep-tid
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Citations: View citations in EconPapers (6)

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Journal Article: Firm characteristics and the cyclicality of R&D investments (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:kof:wpskof:11-277

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