Firm growth and R&D: Evidence from the Portuguese manufacturing industry
Blandina Oliveira () and
Adelino Fortunato ()
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Blandina Oliveira: Polytechnic Institute of Leiria
Adelino Fortunato: University of Coimbra
Journal of Evolutionary Economics, 2017, vol. 27, issue 3, 613-627
Abstract This work studies the effects of R&D activities and investment, both physical and R&D, on the growth of firms by considering a dynamic firm growth model with serial correlation. The main hypotheses maintain that firms with a strong commitment to R&D have a higher growth rate, and investment has a positive effect on firm growth. We investigate such relations with reference to an unbalanced panel data set of Portuguese manufacturing firms over the period of 1990 to 2001. We find that a systematic tendency for smaller firms to grow more quickly is the main reason why firm growth is not entirely stochastic.
Keywords: Firm growth; R&D; GMM system estimator (search for similar items in EconPapers)
JEL-codes: L11 L13 C23 (search for similar items in EconPapers)
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