Productivity and R&D: an econometric evidence from Spanish firm-level data

Jorge Mate-Garcia and Jose Rodriguez-Fernandez

Applied Economics, 2008, vol. 40, issue 14, 1827-1837

Abstract: This article analyses the relationship between productivity growth and R&D investments of Spanish manufacturing firms during the 1990s. The theoretical model is a version of the Cobb-Douglas production function in its growth rate form. The purpose is to estimate the rate of return to R&D expenditures. The econometric specification is a distributed lag model. The estimation applies the generalized method of moments method. The main empirical finding is that a positive and significant role is played by R&D expenditures on productivity growth. The rate of return to R&D expenditures is 26.598%.

Date: 2008
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DOI: 10.1080/00036840600905217

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