Patent evolution in relation to public/private R&D investment and corporate profitability: Evidence from the United States

Arnold Verbeek and Koenraad Debackere
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Arnold Verbeek: K.U. Leuven, Steunpunt O&O Statistieken; IDEA Consult
Koenraad Debackere: Faculty of Economics and Applied Economics and Steunpunt O&O Statistieken, K. U. Leuven; Research Division INCENTIM, Faculty of Economics and Applied Economics, K. U. Leuven

Scientometrics, 2006, vol. 66, issue 2, No 5, 279-294

Abstract: Summary In this paper we analyze the (historical) co-evolution of technological development and economic progress (by relating public and private R&D investment, patenting, and corporate profitability). We relate to the work ofSchmookler(1966),Griliches(1990),Pakes&Griliches(1980) andPakes(1986) who all have studied the techno-economic interplay by considering patents as in indicator of technological performance. We use United States industry and government data over the period 1953-1998 (45 years). Co-evolution analysis over this period reveals a strong interdependency among the variables. Patent evolution is strongly related to the development of private R&D and corporate profitability; the levels of public and private R&D expenditure in combination with the level of technological output (i.e. patents) have a strong predictive and explanatory power towards corporate profitability (R2 value of 94.9%). Causality tests reveal a joint determination between R&D investment and corporate profitability (L=2; p

Date: 2006
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DOI: 10.1007/s11192-006-0021-4

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