Determinants of investment and innovation expenditure in Polish manufacturing industries

Michał Brzozowski ()

Post-Communist Economies, 2008, vol. 20, issue 2, 219-230

Abstract: This article analyses determinants of sectoral R&D and innovation expenditure as well as investment in Polish manufacturing industries in 1994-2004. The estimated coefficients for user cost of capital are generally in line with the neoclassical model of investment, except for R&D intensity. The latter are primarily discouraged by systemic uncertainty. The rate of growth of sales is not a prominent determinant of investment and innovation expenditure. Market concentration coupled with uncertainty has a damaging effect on physical capital investment but it promotes R&D expenditure and leaves innovation intensity unaltered.

Date: 2008
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DOI: 10.1080/14631370802018981

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