Innovation, R&D Investment and Productivity in Colombia
MarÃa AngÃ©lica ArbelÃ¡ez () and
Mónica Parra Torrado ()
Authors registered in the RePEc Author Service: Maria Angelica Arbelaez ()
Informes de InvestigaciÃ³n from Fedesarrollo
Abstract: The main objective of this paper is to establish a formal relationship between innovation and performance using Colombian firm-level data. We find that, as predicted by the literature, the production of goods and services new to the firm and to the domestic market enhances firmsÂ´ productivity and sales. In the same way, innovation in management and marketing boosts firmsÂ´ productivity and sales. However, contrary to theoretical predictions, the production of goods and services new to the international market has a strong negative impact on TFP, although it largely increases sales when firms invest in R&D. We also study the factors behind the firmsÂ´ decision to invest in innovation, the intensity of such investment and the returns to investment in innovation.
Keywords: Innovation; Productivity; Economic Performance; Total Factor Productivity; Generalized Tobit model; Firm-level data; Colombia.Desarrollo industrial, Innovaciones, Productividad. (search for similar items in EconPapers)
JEL-codes: C21 C31 C34 C35 L60 O14 O31 O32 O40 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:col:000124:009062
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