A Test of the Schumpeterian Hypothesis using a selection of European Electric Utilities

Evens Salies ()

Sciences Po Economics Publications (main) from HAL

Abstract: Evidence is mounting of the decline in R&D investment by US and UK electric utilities in the wake of liberalisation in those markets. The present study attempts to identify the drivers of a similar decline seen in Europe, using a sample of major electric utilities. Unlike previous econometric studies, the paper explores the so-called Schumpeterian hypothesis. Model estimation indicates that R&D spending varies at least proportionally with size and that electricity deregulation had a negative impact on R&D efforts. Potential knock-on effects of firms' financial policy and other firm-level variables on R&D are investigated. The role of factors at the country-level is also considered, including M&A activity and the national share of electricity generated from "green" sources.

Keywords: Innovation; Electric utilities; Market liberalization (search for similar items in EconPapers)
Date: 2010-05-28
Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-05534454v1
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Published in Innovation, Economic Growth and the Firm, Edward Elgar Publishing, 2010, 9781847208323. ⟨10.4337/9781781000632.00015⟩

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Working Paper: A Test of the Schumpeterian Hypothesis using a selection of European Electric Utilities (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:spmain:hal-05534454

DOI: 10.4337/9781781000632.00015

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