Does Research and Development Intensity Enhance Industrial Growth Performance during Economic Downturns? Inter-Industry Evidence from Australia

Sam Hak Kan Tang

Australian Economic Review, 2015, vol. 48, issue 3, 243-257

Abstract: type="main" xml:lang="en">

This article studies the relationship between research and development intensity and growth performance during economic downturns at the industry level. Industries that are more research and development-intensive tend to perform better during downturns than industries that are less research and development-intensive. The panel fixed-effects estimations show that this link is particularly strong among manufacturing industries and is robust to various sensitivity checks. These results are consistent with previous firm-level studies that find innovating firms are much less sensitive to a particular cyclical shock than are non-innovating firms.

Date: 2015
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