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Top R&D investors, structural change and the R&D growth performance of young and old firms

Pietro Moncada-Paternò-Castello ()

Eurasian Business Review, 2022, vol. 12, issue 1, No 1, 33 pages

Abstract: Abstract This paper investigates the structural change of the major economies through the lens of the leading global corporate R&D investors. Moreover, we explore the relationship between R&D intensity, capital intensity and profitability and R&D investment growth for young and old firms. Contrary to common understanding, our results show that in the EU the R&D distribution between sectors has changed – similar to the USA; however, the USA has experienced a very strong shift towards ICT-related sectors, which makes its change more visible. Both the EU and the USA have experienced a slower pace of structural change than emerging economies. Our results also indicate that capital and R&D intensity may have a complementary effect on long-term R&D performance, which can vary according to a firm’s age. The specific nature of the sample allows us to link our results to the Schumpeterian waves of innovation and the changes of techno-economic paradigms rather than alternative interpretation of management literature. Policy implications are discussed accordingly.

Keywords: Corporate R&D; Structural change; Firm’s age; Innovation (search for similar items in EconPapers)
JEL-codes: O30 O32 O38 O57 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/s40821-022-00206-3

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