Is there a linear relationship between R&D intensity and growth? Empirical evidence of non-high-tech vs. high-tech SMEs
Paulo Maçãs Nunes,
Zelia Serrasqueiro () and
João Leitão ()
Research Policy, 2012, vol. 41, issue 1, 36-53
To investigate whether there is a similar relationship between R&D intensity and growth in high-tech and non-high-tech small and medium-sized enterprises (SMEs), we examine two samples of SMEs in manufacturing industries, applying the two-step estimation method. Our findings are that R&D intensity restricts the growth of high-tech SMEs at lower levels of R&D intensity and stimulates their growth at higher levels. However, R&D intensity restricts the growth of non-high-tech SMEs regardless of the level of R&D. The relationships obtained between other determinants considered in the literature and the growth of high-tech and non-high-tech SMEs allow us to conclude that (i) smaller, younger, non-high-tech SMEs grow more quickly than larger, older, non-high-tech SMEs, which does not occur in the case of high-tech SMEs; and (ii) financing restrictions are especially important in financing the growth of high-tech SMEs, compared with non-high-tech SMEs.
Keywords: High-tech SMEs; Non-high-tech SMEs; R&D intensity; Two-step estimation (search for similar items in EconPapers)
JEL-codes: L25 L26 O32 (search for similar items in EconPapers)
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Persistent link: http://EconPapers.repec.org/RePEc:eee:respol:v:41:y:2012:i:1:p:36-53
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