R&D and productivity in OECD firms and industries: A hierarchical meta-regression analysis

Mehmet Ugur (), Eshref Trushin, Edna Solomon and Francesco Guidi

Research Policy, 2016, vol. 45, issue 10, 2069-2086

Abstract: The relationship between R&D investment and firm/industry productivity has been investigated widely following seminal contributions by Zvi Griliches and others from late 1970s onwards. We aim to provide a systematic synthesis of the evidence, using 1253 estimates from 65 primary studies that adopt the so-called primal approach. In line with prior reviews, we report that the average elasticity and rate-of-return estimates are positive. In contrast to prior reviews, however, we report that: (i) the estimates are smaller and more heterogeneous than what has been reported before; (ii) residual heterogeneity remains high among firm-level estimates even after controlling for moderating factors; (iii) firm-level rates of return and within-industry social returns to R&D are small and do not differ significantly despite theoretical predictions of higher social returns; and (iv) the informational content of both elasticity and rate-of-return estimates needs to be interpreted cautiously. We conclude by highlighting the implications of these findings for future research and evidence-based policy.

Keywords: R&D; Knowledge capital; Productivity; Meta-analysis (search for similar items in EconPapers)
JEL-codes: C49 C80 D24 O30 O32 (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (51)

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Related works:
Working Paper: R&D and productivity in OECD firms and industries: a hierarchical meta-regression analysis (2016)
Working Paper: R&D and productivity in OECD firms and industries: a hierarchical meta-regression analysis (2015)
Working Paper: R&D and productivity in OECD firms and industries: A hierarchical meta-regression analysis (2015)
Working Paper: R&D and productivity in OECD firms and industries: A hierarchical meta-regression analysis (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:respol:v:45:y:2016:i:10:p:2069-2086

DOI: 10.1016/j.respol.2016.08.001

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