R&D and Innovation: Evidence from Patent Data

Yusuke Oh and Koji Takahashi

Economic Review, 2021, vol. 72, issue 3, 228-245

Abstract: We investigate innovation dynamics and R&D activity in Japanese listed firms by calculating an indicator, the citation stock, for the accumulation of innovation based on patent citations and obtain three main findings. First, an increase in a firmʼs citation stock contributes to its productivity growth. Second, entering into new technological fields for each firm has a positive effect on innovation, which implies that explorative R&D activity stimulates innovation. Finally, such explorative R&D is more pronounced in young but large firms with high leverage, low return on assets and a high market share.

JEL-codes: D24 E23 O31 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:hit:ecorev:v:72:y:2021:i:3:p:228-245

DOI: 10.15057/71968

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