The Impact of R&D Investment on Productivity--New Evidence Using Linked R&D-LRD Data
AbstractThis paper uses confidential Census longitudinal microdata to examine the association between R&D and productivity for the period 1972-85. These data allow for significant improvements in measurement and model specification, yielding more precise estimates of the returns to R&D. The authors' results confirm the findings of existing studies: (1) positive returns to R&D investment; (2) higher returns to company-financed research; and (3) a productivity "premium" on basic research. These results are robust to adjustments for "influential outliers." Also, the authors' evidence suggests that the return to company-financed R&D is an increasing function of firm size. Copyright 1991 by Oxford University Press.
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Bibliographic InfoArticle provided by Western Economic Association International in its journal Economic Inquiry.
Volume (Year): 29 (1991)
Issue (Month): 2 (April)
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Other versions of this item:
- Frank R. Lichtenberg & Donald Siegel, 1991. "The Impact of R&D Investment On Productivity - New Evidence Using Linked R&D-LRD Data," NBER Working Papers 2901, National Bureau of Economic Research, Inc.
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- Zvi Griliches, 1979.
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- Zvi Griliches, 1998. "Issues in Assessing the Contribution of Research and Development to Productivity Growth," NBER Chapters, in: R&D and Productivity: The Econometric Evidence, pages 17-45 National Bureau of Economic Research, Inc.
- Kim B. Clark & Zvi Griliches, 1982.
"Productivity Growth and R&D at the Business Level: Results From the PIMS Data Base,"
NBER Working Papers
0916, National Bureau of Economic Research, Inc.
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- Zvi Griliches, 1998. "Productivity Growth and R&D at the Business Level: Results from the PIMS Data Base," NBER Chapters, in: R&D and Productivity: The Econometric Evidence, pages 134-156 National Bureau of Economic Research, Inc.
- Stern, Robert M & Baum, Christopher F & Greene, Mark N, 1979. "Evidence on Structural Change in the Demand for Aggregate U.S. Imports and Exports," Journal of Political Economy, University of Chicago Press, vol. 87(1), pages 179-92, February.
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- Cohen, Wesley M & Levin, Richard C & Mowery, David C, 1987. "Firm Size and R&D Intensity: A Re-examination," Journal of Industrial Economics, Wiley Blackwell, vol. 35(4), pages 543-65, June.
- Minasian, Jora R, 1969. "Research and Development, Production Functions, and Rates of Return," American Economic Review, American Economic Association, vol. 59(2), pages 80-85, May.
- William D. Nordhaus, 1980. "Policy Responses to the Productivity Slowdown," Cowles Foundation Discussion Papers 555, Cowles Foundation for Research in Economics, Yale University.
- Wesley M. Cohen & Richard C. Levin & David C. Mowery, 1987. "Firm Size and R&D Intensity: A Re-Examination," NBER Working Papers 2205, National Bureau of Economic Research, Inc.
- Mansfield, Edwin, 1980. "Basic Research and Productivity Increase in Manufacturing," American Economic Review, American Economic Association, vol. 70(5), pages 863-73, December.
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