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Do country or firm-specific factors matter more to R&D spending in firms?

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  • Banerjee, Rajabrata
  • Gupta, Kartick

Abstract

To what extent can firm, industry- and country-level factors explain firm-level R&D spending? Using a comprehensive dataset, which consists of 94,178 firm-year observations covering 42 countries and spanning 1981–2013, we examine this question by capturing multiple dimensions of the market and institutional characteristics. Our findings suggest that firm, industry- and country-level determinants jointly have the maximum explanatory power. More importantly, firm- and industry-level determinants have higher explanatory power than country-level determinants. We also show that the effect is similar for countries with weaker and stronger institutional scores related to R&D and for industries that are R&D intensive. These results are robust to adopting alternative empirical specifications of R&D intensity and correcting for missing R&D values. Our study has strong policy implications that show when international firms are investing in R&D related to FDI, they need to focus more on their own organisation and capital structures in the host country based on how the project is managed internally.

Suggested Citation

  • Banerjee, Rajabrata & Gupta, Kartick, 2021. "Do country or firm-specific factors matter more to R&D spending in firms?," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 75-95.
    • Handle: RePEc:eee:reveco:v:76:y:2021:i:c:p:75-95
    DOI: 10.1016/j.iref.2021.05.008
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    Keywords

    R&D; Cross-country; Globalisation;
    All these keywords.

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O50 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - General
    • F01 - International Economics - - General - - - Global Outlook

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