A semi-parametric modeling of firms' R&D expenditures with zero values

Seung-Hoon Yoo () and Hye-Seon Moon
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Hye-Seon Moon: Korea Institute of Science and Technology Evaluation and Planning

Scientometrics, 2006, vol. 69, issue 1, No 4, 57-67

Abstract: Summary Modeling firms' R&D expenditures often become complicated due to the zero values reported by a significant number of firms. The maximum likelihood (ML) estimation of the Tobit model, which is usually adopted in this case, however, is not robust to heteroscedastic and/or non-normal error structure. Thus, this paper attempts to apply symmetrically trimmed least squares estimation as a semi-parametric estimation of the Tobit model in order to model firms' R&D expenditures with zero values. The result of specification test indicates the semi-parametric estimation outperforms the parametric ML estimation significantly.

Date: 2006
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DOI: 10.1007/s11192-006-0138-5

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