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The role of R&D investments in highly R&D-based firms

Author

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  • Antje Schimke
  • Thomas Brenner
Abstract
Purpose - – This paper aims to examine the short-term structure of the impact of R&D investments on turnover growth, indicating differences between tangible and intangible investments. The main questions are whether R&D and capital investments accompany firms' growth in the subsequent periods and how this relationship depends on other characteristics of the firms, such as size and industry. In addition, the authors study the relationship between R&D investments and the autocorrelation dynamics of firm growth. Design/methodology/approach - – The paper uses the European Industrial R&D Investment Scoreboard as data source. This data source includes 1,000 European companies with information on employees, turnover, sector affiliation and details on capital expenditure and R&D expenditure. Findings - – The authors find that R&D activities have, on average, a positive effect on turnover growth, while capital investments show both, positive and negative, relationships with firm growth. The relationship and its temporal structure strongly depend on firm size and industry affiliation as well as whether investments are considered as one-time or permanent activities. Originality/value - – Usually, the impacts of firm characteristics on firm growth are studied without explicitly considering time. Firm characteristics and firm growth are usually measured and examined at the same point in time. In contrast, the study will focus on the short-term structure of the influence of firm characteristics on turnover growth, especially the impact of R&D investments.

Suggested Citation

  • Antje Schimke & Thomas Brenner, 2014. "The role of R&D investments in highly R&D-based firms," Studies in Economics and Finance, Emerald Group Publishing Limited, vol. 31(1), pages 3-45, February.
    • Handle: RePEc:eme:sefpps:v:31:y:2014:i:1:p:3-45
    DOI: 10.1108/SEF-02-2012-0017
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    Cited by:

    1. Thomas Brenner, 2014. "Science, Innovation and National Growth," Working Papers on Innovation and Space 2014-03, Philipps University Marburg, Department of Geography.
    2. Nina Bočková & Tomáš Meluzín, 2016. "R&D investments as Possible Factors of Company's Competitiveness," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 64(6), pages 1857-1867.

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